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ARTICLE · 19 NOVEMBER 2014

UK Regulations Implementing EU Central Securities Depositories Regulations

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On October 30, 2014, the UK Central Securities Depositories Regulations 2014 were published.

United KingdomCorporate/Commercial Law
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On October 30, 2014, the UK Central Securities Depositories Regulations 2014 were published. The Regulations implement parts of the EU Central Securities Regulation by designating (i) the BoE as the authority responsible for authorization and supervision of CSDs and the oversight of securities settlement systems in the UK; (ii) the FCA as the authority responsible for supervision of trading venues and supervision of the requirement to record transactions in transferable securities in book entry form following a financial collateral arrangement; and (iii) the PRA as the responsible authority for authorization of CSDs providing banking-type ancillary services. The Regulations come into effect on November 21, 2014.

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