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Regulation 909/2014/EU - Central Securities Depositories Regulation (CSDR) (Assimilated Law)RecitalsTitle I Subject Matter, Scope and Definitions (arts. 1-2)Article 1 Subject matter and scopeArticle 2 DefinitionsTitle II Securities settlement (arts. 3-9)Chapter I Book-entry form (arts. 3-4)Article 3 Book-entry formArticle 4 EnforcementChapter II Settlement periods (art. 5)Article 5 Intended settlement dateChapter III Settlement discipline (arts. 6-8)Article 6 Measures to prevent settlement failsArticle 7 Measures to address settlement failsArticle 8 EnforcementChapter IV Internalised settlement (art. 9)Article 9 Settlement internalisersTitle III Central securities depositories (arts. 10-53)Chapter I Authorisation and supervision of CSDs (arts. 10-25)Section 1 Authorities responsible for authorisation and supervision of CSDs (arts. 10-15)Article 10 Competent authorityArticle 11 Designation of the competent authorityArticle 12 Relevant authoritiesArticle 13 Exchange of informationArticle 14 Cooperation between authoritiesArticle 15 Emergency situationsSection 2 Conditions and procedures for authorisation of CSDs (arts. 16-21)Article 16 Authorisation of a CSDArticle 17 Procedure for granting authorisationArticle 18 Effects of the authorisationArticle 19 Extension and outsourcing of activities and servicesArticle 20 Withdrawal of authorisationArticle 21 CSD registerSection 3 Supervision of CSDs (art. 22)Article 22 Review and evaluationSection 4 Provision of services in another member state (arts. 23-24)Article 23 Freedom to provide services in another Member StateArticle 24 Cooperation between authorities of the home Member State and of the host Member State and peer reviewSection 5 Relations with third countries (art. 25)Article 25 Third countriesChapter II Requirements for CSDs (arts. 26-48)Section 1 Organisational requirements (arts. 26-31)Article 26 General provisionsArticle 27 Senior management, management body and shareholdersArticle 28 User committeeArticle 29 Record keepingArticle 30 OutsourcingArticle 31 Services provided by parties other than CSDsSection 2 Conduct of business rules (arts. 32-35)Article 32 General provisionsArticle 33 Requirements for participationArticle 34 TransparencyArticle 35 Communication procedures with participants and other market infrastructuresSection 3 Requirements for CSD services (arts. 36-41)Article 36 General provisionsArticle 37 Integrity of the issueArticle 38 Protection of securities of participants and those of their clientsArticle 39 Settlement finalityArticle 40 Cash settlementArticle 41 Participant default rules and proceduresSection 4 Prudential requirements (arts. 42-47)Article 42 General requirementsArticle 43 Legal risksArticle 44 General business riskArticle 45 Operational risksArticle 46 Investment policyArticle 47 Capital requirementsSection 5 Requirements for CSD links (art. 48)Article 48 CSD linksChapter III Access to CSDs (arts. 49-53)Section 1 Access of issuers to CSDs or third-country CSDs (art. 49)Article 49 Freedom to issue in a CSD or third-country CSDSection 2 Access between CSDs and between CSDs and third-country CSDs (arts. 50-52)Article 50 Standard link accessArticle 51 Customised link accessArticle 52 Procedure for CSD linksSection 3 Access between a CSD or third-country CSD and another market infrastructure (art. 53)Article 53 Access between a CSD or third-country CSD and another market infrastructureTitle IV Provision of banking-type ancillary services for CSD participants (arts. 54-60)Article 54 Authorisation and designation to provide banking-type ancillary servicesArticle 55 Procedure for granting and refusing authorisation to provide banking-type ancillary servicesArticle 56 Extension of the banking-type ancillary servicesArticle 57 Withdrawal of authorisationArticle 58 CSD registerArticle 59 Prudential requirements applicable to credit institutions or CSDs authorised to provide banking-type ancillary servicesArticle 60 Supervision of designated credit institutions and CSDs authorised to provide banking-type ancillary servicesTitle V Sanctions (arts. 61-66)Article 61 Administrative sanctions and other measuresArticle 62 Publication of decisionsArticle 63 Sanctions for infringementsArticle 64 Effective application of sanctionsArticle 65 Reporting of infringementsArticle 66 Right of appealTitle VI Regulations, Transitional and Final Provisions (arts. 67-76)Article 67 RegulationsArticle 68 Committee procedureArticle 69 Transitional provisionsArticle 70 Amendments to Directive 98/26/ECArticle 71 Amendments to Directive 2014/65/EUArticle 72 Amendment to Regulation (EU) No 236/2012Article 73 Application of the UK law on markets in financial instruments and Regulation (EU) No 600/2014Article 74 ReportsArticle 75 ReviewArticle 76 Entry into force and applicationAnnex - List of servicesAnnex, Section A Core services of central securities depositoriesAnnex, Section B Non-banking-type ancillary services of CSDs that do not entail credit or liquidity risksAnnex, Section C Banking-type ancillary servicesDone at
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Version status: In force | Document consolidation status: Assimilated law updated to reflect all known changes
This version in force from: 31 December 2020

Article 44 General business risk

A CSD shall have robust management and control systems as well as IT tools in order to identify, monitor and manage general business risks, including losses from poor execution of business strategy, cash flows and operating expenses.

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