(1) The Central Securities Depositories Regulations 2014 [S.I. 2014/2879.] are amended as follows.

(2) After regulation 5N (Part 8) insert -

"Part 8A Fees

5O. Fees

(1) The Bank may, in connection with the discharge of any of its qualifying functions, require third country CSDs to pay fees to the Bank.

(2) The "qualifying functions" of the Bank are -

(a) its functions under or as a result of -

(i) the CSD regulation,

(ii) any EU regulation, originally made under the CSD regulation, which is retained direct EU legislation, or

(iii) any subordinate legislation (within the meaning of the Interpretation Act 1978 [1978 c.30.]) made under the CSD regulation on or after IP completion day,

so far as they are its functions by virtue of regulations made under section 8 of the European Union (Withdrawal) Act 2018 [2018 c.16.]; and

(b) any other functions it has by virtue of regulations made under section 8 of the European Union (Withdrawal) Act 2018 in connection with the CSD regulation.