Regulation (EU) No 909/2014

means a place of business other than the head office which is a part of a CSD, which has no legal personality and which provides CSD services for which the CSD has been authorised;

means business day as defined in point (n) of Article 2 of Directive 98/26/EC;

means a CCP as defined in point (1) of Article 2 of Regulation (EU) No 648/2012;

means close links as defined in Article 4(1), point (35), of Directive 2014/65/EU;

means the authority designated by each Member State in accordance with Article 11, unless otherwise specified in this Regulation;

means the relationship between two undertakings as described in Article 22 of Directive 2013/34/EU;

means a central securities depository as defined in point (1) of Article 2(1) of Regulation (EU) No 909/2014.’;

means a CSD link whereby a CSD that becomes a participant in the securities settlement system of another CSD is provided with additional specific services to the services normally provided by that CSD to participants in the securities settlement system;

means, in relation to a participant, a situation where insolvency proceedings, as defined in Article 2, point (j), of Directive 98/26/EC, are opened against a participant or an event defined in the CSD’s internal rules as constituting a default;

means a settlement mechanism whereby cash or securities transfer orders in relation to securities transactions of the participants in the securities settlement system are subject to netting, and whereby settlement of participants’ net claims and obligations takes place at the end of predefined settlement cycles during or at the end of the business day.

means the fact that financial instruments exist only as book entry records;

means a securities settlement mechanism which links a transfer of securities with a transfer of cash in a way that the delivery of securities occurs if and only if the corresponding transfer of cash occurs and vice versa;

means emission allowance as described in point (11) of Section C of Annex I to Directive 2014/65/EU, excluding derivatives in emission allowances;

means a group within the meaning of Article 2, point (11), of Directive 2013/34/EU;

means the Member State in which a CSD is established;

means the Member State, other than the home Member State, in which a CSD has a branch or provides CSD services;

means the act of concentrating the location of physical securities in a CSD in a way that enables subsequent transfers to be made by book entry;

means an arrangement between a CSD and a third party other than a CSD, that is a participant in the securities settlement system of another CSD.

means the date that is entered into the securities settlement system as the settlement date and on which the parties to a securities transaction agree that settlement is to take place;

means internationally accepted standards for communication procedures, such as standardised messaging formats and data representation, which are available on a fair, open and non-discriminatory basis to any interested party;

means a CSD link whereby CSDs agree to establish mutual technical solutions for settlement in the securities settlement systems that they operate;

means the body or bodies of a CSD, appointed in accordance with national law, which is empowered to set the CSD’s strategy, objectives and overall direction, and which oversees and monitors management decision-making and includes persons who effectively direct the business of the CSD.

means money-market instruments as defined in point (17) of Article 4(1) of Directive 2014/65/EU;

means multilateral trading facility as defined in point (22) of Article 4(1) of Directive 2014/65/EU;

means any participant, as defined in point (f) of Article 2 of Directive 98/26/EC in a securities settlement system;

means participation within the meaning of the first sentence of point (2) of Article 2 of Directive 2013/34/EU, or the ownership, direct or indirect, of 20 % or more of the voting rights or capital of an undertaking;

means a direct or indirect holding in a CSD which represents at least 10 % of the capital or of the voting rights, as set out in Articles 9, 10 and 11 of Directive 2004/109/EC of the European Parliament and of the Council, or which makes it possible to exercise a significant influence over the management of the CSD;

means the CSD which receives the request of another CSD to have access to its services through a CSD link;

means regulated market as defined in point (21) of Article 4(1) of Directive 2014/65/EU;

means any authority referred to in Article 12;

means the CSD which requests access to the services of another CSD through a CSD link;

means financial instruments as defined in point (15) of Article 4(1) of Directive 2014/65/EU;

means an account on which securities may be credited or debited;

means a system under the first, second and third indents of point (a) of Article 2 of Directive 98/26/EC that is not operated by a central counterparty whose activity consists of the execution of transfer orders;

means those natural persons who exercise executive functions within a CSD and who are responsible and accountable to the management body for the day-to-day management of that CSD;

means the completion of a securities transaction where it is concluded with the aim of discharging the obligations of the parties to that transaction through the transfer of cash or securities, or both;

means settlement agent as defined in point (d) of Article 2 of Directive 98/26/EC;

means the non-occurrence of settlement, or partial settlement of a securities transaction on the intended settlement date, due to a lack of securities or cash and regardless of the underlying cause;

means any institution, including one authorised in accordance with Directive 2013/36/EU or with Directive 2014/65/EU, which executes transfer orders on behalf of clients or on its own account other than through a securities settlement system;

means the time period between the trade date and the intended settlement date;

means securities specified in point (44)(a) of Article 4(1) of Directive 2014/65/EU;

means a CSD link whereby a CSD becomes a participant in the securities settlement system of another CSD under the same terms and conditions as applicable to any other participant in the securities settlement system operated by the latter;

means a subsidiary undertaking within the meaning of Article 2(10) and Article 22 of Directive 2013/34/EU;

means any legal entity established in a third country that provides a similar service to the core service referred to in point (3) of Section A of the Annex and performs at least one other core service listed in Section A of the Annex;

means a trading venue as defined in point (24) of Article 4(1) of Directive 2014/65/EU;

means transfer order as defined in the second indent of point (i) of Article 2 of Directive 98/26/EC;

means transferable securities as defined in point (44) of Article 4(1) of Directive 2014/65/EU;

means units in collective investment undertakings as referred to in point (3) of Section C of Annex I to Directive 2014/65/EU;