Art. 54

02014R0909-20250117 → 02014R0909-20260117

Article 54 Authorisation and designation to provide banking-type ancillary services 1. A CSD shall not itself provide any banking-type ancillary services set out in Section C of the Annex unless it has obtained an additional authorisation to provide such services in accordance … 852 unchanged words … cash payments for all or part of its securities settlement systems, such cash payments shall not be in a currency of the country where the designating CSD is established. 5. Paragraph 4 shall not apply to credit institutions referred to in paragraph 2a, point (b) of (a), and paragraph 2 4a shall not apply to credit institutions and CSDs referred to in paragraph 2a, that offer to settle the cash payments for all or part of the CSD’s securities settlement system, systems, if the total value of such cash settlement through accounts opened with those credit institutions, institutions and CSDs, as applicable, calculated over a one-year period, is less than one per cent of the total value of all securities transactions against cash settled in the books of the CSD and does not exceed a maximum of EUR 2,5 billion per year. the threshold determined in accordance with paragraph 9. The competent authority shall monitor at least once per year that the threshold defined referred to in the first subparagraph is respected respected. The competent authority shall transmit its findings together with the underlying data to ESMA and report EBA. The competent authority shall also transmit its findings to ESMA. Where the members of the ESCB. Without prejudice to Article 40(1), where the competent authority determines that the threshold has been exceeded, it the competent authority shall require the CSD concerned to seek authorisation in accordance with paragraph 4. 2. The CSD concerned shall submit its application for authorisation within six months. 6. The Where the competent authority may require a CSD to designate more than one credit institution, or to designate a credit institution in addition to providing services itself in accordance with point (a) of paragraph 2 of this Article where it considers that the exposure of one credit institution to the concentration of risks under Article 59(3) and (4) is not sufficiently mitigated. The designated mitigated, the competent authority may require a CSD to designate more than one credit institutions shall be considered institution or CSD referred to be settlement agents. in paragraph 2a, or to designate a credit institution or a CSD referred to in paragraph 2a, in addition to providing services itself in accordance with paragraph 2 of this Article. 7. A CSD authorised to provide any banking-type ancillary services and a credit institution designated in accordance with paragraph 2a, point (b) of paragraph 2 (a), shall comply at all times with the conditions necessary for authorisation under this Regulation and shall, without delay, notify the competent authorities of any substantive changes affecting the conditions for authorisation. 8. EBA shall, in close cooperation with ESMA and the members of the ESCB, develop draft regulatory technical standards to determine the additional risk-based capital surcharge referred to in paragraph 3, point (d), and paragraph 4, point (d). EBA shall submit those draft regulatory technical standards to the Commission by 18 June 2015. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010. 9. EBA shall, in close cooperation with the members of the ESCB and ESMA, develop draft regulatory technical standards to determine the threshold referred to in paragraph 5 and accompanying appropriate risk management and prudential requirements to mitigate risks in relation to the designation of credit institutions in accordance with paragraph 2a. When developing those standards, EBA shall take into account the following: (a) the implications for the market stability that could derive from a change of risk profile of CSDs and their participants, including the systemic importance of CSDs for the functioning of securities markets; (b) the implications for the credit and liquidity risks for CSDs, for the designated credit institutions involved and for the CSD participants that result from the settlement of cash payments through accounts opened with credit institutions that are not subject to paragraph 4; (c) the possibility for CSDs to settle cash payments in several currencies; (d) the need to avoid both an unintended shift from settlement in central bank money to settlement in commercial bank money and disincentives to the efforts of CSDs to settle in central bank money; and (e) the need to ensure a level playing field amongst CSDs in the Union. EBA shall submit those draft regulatory technical standards to the Commission by 17 January 2025. Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.