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Commission Delegated Regulation (EU) 2017/392 of 11 November 2016 supplementing Regulation (EU) No 909/2014 of the European Parliament and of the Council with regard to regulatory technical standards on authorisation, supervisory and operational requirements for central securities depositories (Text with EEA relevance. )

Type Delegated Regulation

Publication 2017-03-10

Last updated 2026-10-14

State In force superseded text

Text As published

Department European Commission, FISMA

Source EUR-Lex

articles 96

This is the act as published. Later amendments are not folded into the text below: each one is a separate act in this repository and an entry in this law's history.

1 amending act · 2026-10-14, 32026R1519

Reform history JSON API

(i) a report on the performance of the securities settlement system, including an assessment of the system's availability during the review period, measured on a daily basis as the percentage of time the system is operational and functioning according to the agreed parameters;

(j) a summary of the types of manual intervention performed by the CSD;

(k) information concerning the identification of the CSD's critical operations, any substantive changes to its recovery plan, the results of stress scenarios, the recovery triggers and the recovery tools of the CSD;

(l) information on any formal complaints received by the CSD during the review period including information on the following elements:

(i) the nature of the complaint;

(ii) how the complaint was handled, including the outcome of the complaint;

(iii) the date when the treatment of the complaint ended;

(m) information concerning the cases where the CSD denied access to its services to any existing or potential participant, any issuer, another CSD or another market infrastructure in accordance with Articles 33(3), 49(3), 52(2) and 53(3) of Regulation (EU) No 909/2014;

(n) a report on changes affecting any CSD links established by the CSD, including changes to the mechanisms and procedures used for the settlement in those CSD links;

(o) information concerning all cases of identified conflicts of interests that materialised during the review period, including the description of how they were managed;

(p) information concerning internal controls and audits performed by the CSD during the review period;

(q) information concerning any identified infringement of Regulation (EU) No 909/2014, including those identified through the reporting channel referred to in Article 26(5) of Regulation (EU) No 909/2014;

(r) detailed information concerning any disciplinary actions taken by the CSD, including any cases of suspension of participants in accordance with Article 7(9) of Regulation (EU) No 909/2014 with a specification of the period of suspension and the reason for suspension;

(s) the general business strategy of the CSD covering a period of at least three years after the last review and evaluation and a detailed business plan for the services provided by the CSD covering at least a period of one year after the last review and evaluation.

Article 42

Statistical data to be delivered for each review and evaluation

For each review period, the CSD shall provide the competent authority with the following statistical data:

(a) a list of the participants of each securities settlement system operated by the CSD, specifying their country of incorporation;

(b) a list of issuers and a list of securities issues recorded in securities accounts centrally and not centrally maintained in each securities settlement system operated by the CSD, specifying the country of incorporation of the issuers and the identification of the issuers to whom the CSD provides the services referred to in points (1) and (2) of Section A of the Annex to Regulation (EU) No 909/2014;

(c) the total market value and nominal value of the securities recorded in securities accounts centrally and not centrally maintained in each securities settlement system operated by the CSD;

(d) the nominal and market value of the securities referred to in point (c) specified as follows:

(i) by each of the following types of financial instruments:

— transferable securities referred to in point (a) of Article 4(1)(44) of Directive 2014/65/EU,

— sovereign debt referred to in Article 4(1)(61) of Directive 2014/65/EU,

— transferable securities referred to in point (b) of Article 4(1)(44) of Directive 2014/65/EU, other than sovereign debt referred to in Article 4(1)(61) of Directive 2014/65/EU,

— transferable securities referred to in point (c) of Article 4(1)(44) of Directive 2014/65/EU,

— exchange-traded funds as defined in point (46) of Article 4(1) of Directive 2014/65/UE (ETF),

— units in collective investment undertakings, other than ETFs,

— money-market instruments, other than sovereign debt referred to in Article 4(1)(61) of Directive 2014/65/EU,

— emission allowances,

— other financial instruments;

(ii) by country of incorporation of the participant;

(iii) by country of incorporation of the issuer;

(e) the nominal and market value of the securities initially recorded in each securities settlement system operated by the CSD;

(f) the nominal and market value of the securities referred to in point (e) specified as follows:

(i) by types of financial instruments referred to in point (d)(i);

(ii) by country of incorporation of the participant;

(iii) by country of incorporation of the issuer;

(g) the total number and the values of the settlement instructions against payment and the total number and the values of the free of payment (FOP) settlement instructions settled in each securities settlement system operated by the CSD;

(h) the total number and the values of the settlement instructions categorised as follows:

(i) by types of financial instruments referred to in point (d)(i);

(ii) by country of the incorporation of the participant;

(iii) by country of incorporation of the issuer;

(iv) by settlement currency;

(v) by type of settlement instructions, as follows:

— a free of payment (FOP) settlement instructions that consist of deliver free of payment (DFP) and receive free of payment (RFP) settlement instructions,

— delivery versus payment (DVP) and receive versus payment (RVP) settlement instructions,

— delivery with payment (DWP) and receive with payment (RWP) settlement instructions,

— payment free of delivery (PFOD) settlement instructions;

(vi) for settlement instructions against payment, by whether the cash leg is settled in accordance with Article 40(1) of Regulation (EU) No 909/2014 or in accordance with Article 40(2) of Regulation (EU) No 909/2014;

(i) the number and value of buy-in transactions referred to in Article 7(3) of Regulation (EU) No 909/2014;

(j) the number and amount of penalties referred to in Article 7(2) of Regulation (EU) No 909/2014 per participant;

(k) the total value of securities borrowing and lending operations processed by the CSD acting as an agent or as principal for each type of financial instruments referred to in point (d)(i);

(l) the total value of settlement instructions settled via each CSD link, specifying whether the CSD is the requesting CSD or the receiving CSD;

(m) the value of guarantees and commitments received or provided by the CSD related to securities borrowing and lending operations;

(n) the value of treasury activities involving foreign exchange and transferable securities related to managing participants' long balances including categories of institutions whose long balances are managed by the CSD;

(o) the number of reconciliation processes revealing undue creations or deletions of securities as referred to in Article 65(2) where those processes concern securities issues recorded in securities accounts centrally and not centrally maintained by the CSD;

(p) the mean, median, and mode for the length of time taken to remedy the error identified according to Article 65(2).

The values referred to in points (g), (h) and (l) of subparagraph 1 shall be calculated as follows:

(a) in the case of settlement instructions against payment, the settlement amount of the cash leg;

(b) in the case of FOP settlement instructions, the market value of the financial instruments or, where not available, the nominal value of the financial instruments.

The market value referred to in paragraph 1 shall be calculated on the last day of the review period as follows:

(a) for financial instruments referred to in Article 3(1) of Regulation (EU) No 600/2014 of the European Parliament and of the Council [^ntr7-L_2017065EN.01004801-E0007] admitted to trading on a trading venue within the Union, the market value shall be the closing price of the most relevant market in terms of liquidity referred to in Article 4(6)(b) of that Regulation;

(b) for financial instruments admitted to trading on a trading venue within the Union other than those referred to in point (a), the market value shall be the closing price derived from the trading venue within the Union with the highest turnover;

(c) for financial instruments other than those referred to in points (a) and (b) the market value shall be determined on the basis of a price calculated using a pre-determined methodology that refers to criteria related to market data, such as market prices available across trading venues or investment firms.

The CSD shall provide the values referred to in paragraph 1 in the currency in which the securities are denominated, settled or in which credit is extended. The competent authority may request the CSD to provide these values in the currency of the home Member State of the CSD or in euro.

For the purposes of statistical reporting by a CSD, the competent authority may determine algorithms or principles for data aggregation.

Article 43

Other information

Documents provided by the CSD to the competent authority pursuant to Article 41 shall indicate the following:

(a) whether a document is provided for the first time or is a document that has already been provided and has been updated during the review period;

(b) the unique reference number of the document assigned by the CSD;

(d) the chapter, section or page of the document where changes have been introduced during the review period and any additional explanation in relation to the changes introduced during the review period.

Article 44

Information to be supplied to the authorities referred to in Article 22(7) of Regulation (EU) No 909/2014

For each review period, the competent authority shall supply the following information to the authorities referred to in Article 22(7) of Regulation (EU) No 909/2014:

(a) a report on the evaluation by the competent authority of the risks to which the CSD is or might be exposed or which it creates for the smooth functioning of securities markets;

(b) any envisaged or final remedial actions or penalties against the CSD as a result of the review and evaluation.

Where applicable, the report referred to in point (a) shall include the results of the competent authority's analysis of how the CSD complies with the requirements referred to in Article 24(2), and the relevant documents and information referred to in Article 24(2) submitted by the CSD.

Article 45

Exchange of information between the competent authorities referred to in Article 22(8) of Regulation (EU) No 909/2014

During the review and evaluation, the competent authority shall send to the competent authorities referred to in Article 22(8) of Regulation (EU) No 909/2014 any relevant information provided by the CSD in connection to staff, key individuals, functions, services or systems shared between that CSD and other CSDs with which it maintains the types of relations referred to in points (a), (b) and (c) of Article 17(6) of Regulation (EU) No 909/2014 within 10 working days from the receipt of that information.

After performing the review and evaluation, the competent authority shall send the following information to the competent authorities referred to in Article 22(8) of Regulation (EU) No 909/2014:

(a) a report on the evaluation by the competent authority of the risks to which the CSD is or might be exposed or which it creates for the smooth functioning of securities markets;

(b) any envisaged or final remedial actions or penalties against the CSD as a result of the review and evaluation.

CHAPTER VI RECOGNITION OF A THIRD-COUNTRY CSD (Article 25(6) of Regulation (EU) No 909/2014)

Article 46

Content of the application

An application for recognition shall include the information set out in Annex I.

An application for recognition shall:

(a) be provided in a durable medium;

(b) be submitted in both paper form and electronic form, the latter using open source formats that may be read easily;

(c) be submitted in a language customary in the sphere of international finance, including translations therein where the original documents are not drawn up in a language customary in the sphere of international finance;

(d) be provided with a unique reference number for each document included.

The applicant CSD shall provide evidence certifying the information included in Annex I.

CHAPTER VII RISK MONITORING TOOLS (Article 26(1) to (7) of Regulation (EU) No 909/2014)

Article 47

Risk monitoring tools of CSDs

A CSD shall establish, as part of its governance arrangements, documented policies, procedures and systems that identify, measure, monitor, manage and enable reporting on the risks that the CSD may be exposed to and the risks that the CSD poses to any other entities including its participants and their clients, as well as linked CSDs, CCPs, trading venues, payment systems, settlement banks, liquidity providers and investors.

The CSD shall structure the policies, procedures and systems referred to in the first subparagraph so as to ensure that users and, where relevant, their clients properly manage and address the risks they pose to the CSD.

For the purposes of paragraph 1, the governance arrangements of the CSD shall include the following:

(a) the composition, role, responsibilities, procedures for appointment, performance assessment and accountability of the management body and of its risk monitoring committees;

(b) the structure, role, responsibilities, procedures for appointment and performance assessment of the senior management;

The governance arrangements referred to in the first subparagraph shall be clearly specified and well documented.

A CSD shall establish and specify the tasks of the following functions:

(a) a risk-management function;

(b) a technology function;

(d) an internal audit function.

Each function shall have a well-documented description of its tasks, the necessary authority, resources, expertise and access to all relevant information to carry out those tasks.

Each function shall operate independently from the other functions of the CSD.

Article 48

Risk monitoring committees

A CSD shall establish the following committees:

(a) a risk committee responsible for advising the management body on the CSD's overall current and future risk tolerance and strategy;

(b) an audit committee responsible for advising the management body on the performance of the CSD's internal audit function, which it shall oversee;

(c) a remuneration committee responsible for advising the management body on the CSD's remuneration policy, which it shall oversee.

Each committee shall be chaired by a person who has appropriate experience in the field of competence of that committee and is independent from the CSD's executive members of the management body.

The majority of members of each committee shall not be executive members of the management board.

The CSD shall establish a clear and publicly available mandate and procedures for each committee, and shall ensure their access to external expert advice where necessary.

Article 49

Responsibilities of key personnel in respect to the risks

A CSD shall have adequate staff to meet its obligations. A CSD shall not share staff with other group entities, unless it does so under the terms of a written outsourcing arrangement in accordance with Article 30 of Regulation (EU) No 909/2014.

The management body shall assume at least the following responsibilities:

(a) establish well-documented policies, procedures and processes by which the management body, senior management and committees shall operate;

(b) establish clear objectives and strategies for the CSD;

(d) establish adequate remuneration policies;

(e) ensure the surveillance of the risk-management function and take the decisions related to risk management;

(f) ensure the independence and adequate resources of the functions referred to in Article 47(3);

(g) monitor outsourcing arrangements;

(h) monitor and ensure compliance with all relevant regulatory and supervisory requirements;

(i) be accountable to shareholders or other owners, employees, users and other relevant stakeholders;

(j) approve internal audit planning and review;

(k) review and update regularly the governance arrangements of the CSD.

Where the management body or its members delegate tasks, they shall retain the responsibility for decisions that may affect the smooth provision of services by the CSD.

The CSD's management body shall hold the final responsibility for managing the CSD's risks. The management body shall define, determine and document an appropriate level of risk tolerance and risk bearing capacity for the CSD and for all the services that the CSD provides. The management body and senior management shall ensure that the CSD's policies, procedures and controls are consistent with the CSD's risk tolerance and risk bearing capacity and that these policies, procedures and controls address how the CSD identifies, reports, monitors and manages risks.

The senior management shall have at least the following responsibilities:

(a) ensure consistency of the activities of the CSD with the objectives and strategy of the CSD as determined by the management body;

(b) design and establish risk-management, technology, compliance and internal control procedures that promote the objectives of the CSD;

(d) ensure that sufficient resources are devoted to risk management, technology, compliance and internal control, and internal audit.

A CSD shall establish lines of responsibility that are clear, consistent and well-documented. A CSD shall have clear and direct reporting lines between the members of its management body and the senior management in order to ensure that the senior management is accountable for its performance. The reporting lines for the risk-management function, compliance and internal control function and internal audit function shall be clear and separate from those for the operations of the CSD.

A CSD shall have a chief risk officer who shall implement the risk-management framework including the policies and procedures established by the management body.

A CSD shall have a chief technology officer who shall implement the technology framework including the policies and procedures established by the management body.

A CSD shall have a chief compliance officer who shall implement the compliance and internal control framework including the policies and procedures established by the management body.

A CSD shall ensure that the functions of the chief risk officer, chief compliance officer and chief technology officer are carried out by different individuals, who shall be employees of the CSD or of an entity from the same group as the CSD. A single individual shall have the responsibility for each of these functions.

The CSD shall establish procedures ensuring that the chief risk officer, the chief technology officer and the chief compliance officer have direct access to the management body.

10.

Persons appointed as chief risk officer, chief compliance officer or chief technology officer may undertake other duties within the CSD provided that specific procedures are put in place in the governance arrangements to identify and manage any conflict of interest that may arise from those duties.

Article 50

Conflicts of interest

A CSD shall put in place a policy in relation to conflicts of interest arising or affecting the CSD or its activities, including with respect to outsourcing arrangements.

Where a CSD is part of a group of undertakings, its organisational administrative arrangements shall take into account any circumstances, of which the CSD is or should be aware, which may give rise to a conflict of interest arising as a result of the structure and business activities of other undertakings of the same group.

Where a CSD shares the functions of chief risk officer, chief compliance officer, chief technology officer, or internal audit with other entities of the group, the governance arrangements shall ensure that related conflicts of interest at group level are appropriately managed.

The organisational and administrative arrangements referred to in Article 26(3) of Regulation (EU) No 909/2014 shall include a description of the circumstances which may give rise to a conflict of interest entailing a material risk of damage to the interests of one or more users of the CSD, or their clients, as well as the procedures to be followed and the measures to be adopted in order to manage those conflicts of interest.

The description of circumstances referred to in paragraph 4 shall take into account whether a member of the management body, senior management or staff of the CSD, or any person directly or indirectly linked to those individuals or to the CSD:

(a) has a personal interest in the use of the services, materials and equipment of the CSD for the purposes of another commercial activity;

(b) holds a personal or financial interest in another entity that enters into contracts with the CSD;

(c) holds a participation or a personal interest in another entity that provides services used by the CSD, including any entity to which the CSD outsources services or activities;

(d) has a personal interest in an entity that uses the service of the CSD;

(e) is related to any legal or natural person that has influence on the operations of any entity that provides the services used by the CSD or uses the services provided by the CSD;

(f) is member of the management body or any other bodies or committees of any entity that provides the services which are used by the CSD or uses the services provided for the CSD.

For the purposes of this paragraph, a direct or indirect link to a natural person shall comprise the spouse or legal partner, family members in direct ascending or descending line up to the second degree and their spouses or legal partners, the siblings and their spouse or legal partners, and any person having the same domicile or habitual residence as the employees, managers or members of the management body.

A CSD shall take all reasonable steps to prevent any misuse of the information held in its systems and shall prevent the use of that information for other business activities. A natural person who has access to information recorded in a CSD or a legal person that belongs to the same group as the CSD shall not use information recorded in that CSD for any commercial purposes without prior written consent of the person to whom the information refers.

Article 51

Audit methods

The internal audit function of a CSD shall ensure the following:

(a) establish, implement and maintain an all-encompassing audit plan to examine and evaluate the adequacy and effectiveness of the CSD's systems, risk-management processes, internal control mechanisms, remuneration policies, governance arrangements, activities and operations, including outsourced activities;

(b) review and report the audit plan to the competent authority at least annually;

(d) issue recommendations based on the result of work carried out in accordance with point (a) and verify compliance with those recommendations;

(e) report internal audit matters to the management body;

(f) be independent from the senior management and report directly to the management body;

(g) ensure that special audits may be performed at short notice on an event-driven basis.

Where the CSD belongs to a group, the internal audit function may be carried out at group level provided that the following requirements are complied with:

(a) it is separate and independent from other functions and activities of the group;

(b) it has a direct reporting line to the management body of the CSD;

(c) the arrangement concerning the operation of the internal audit function does not prevent the exercise of supervisory and oversight functions, including on-site access to acquire any relevant information needed to fulfil those functions.

The CSD shall assess the internal audit function.

Internal audit assessments shall include an on-going monitoring of the performance of the internal audit activity and periodic reviews performed through self-assessment carried out by the audit committee or by other persons within the CSD or the group with sufficient knowledge of internal audit practices.

An external assessment of the internal audit function shall be conducted by a qualified and independent assessor from outside the CSD and its group structure at least once every five years.

A CSD's operations, risk-management processes, internal control mechanisms and records shall be subject to regular internal or external audits.

The frequency of the audits shall be determined on the basis of a documented risk assessment. Audits referred to in the first subparagraph shall be carried out at least every two years.

A CSD's financial statement shall be prepared on an annual basis and be audited by statutory auditors or audit firms approved in accordance with Directive 2006/43/EC.

Article 52

A CSD shall share audit findings with the user committee in any of the following cases:

(a) where the findings relate to the criteria for accepting issuers or users to their respective securities settlement systems operated by the CSDs;

(b) where the findings relate to any other aspect of the user committee's mandate;

Members of the user committee shall not be provided with information that may place those members at a competitive advantage.

CHAPTER VIII RECORD-KEEPING (Article 29(3) of Regulation (EU) No 909/2014)

Article 53

General requirements

A CSD shall maintain full and accurate records of all its activities as specified in this Regulation at all times, including during disruption events when the business continuity policy and disaster recovery plans are activated. Those records shall be readily accessible.

The records kept by a CSD shall cover separately each individual service provided by the CSD in accordance with Regulation (EU) No 909/2014.

A CSD shall keep records in a durable medium that allows information to be provided to the authorities referred to in Article 29(2) of Regulation (EU) No 909/2014. The record-keeping system shall ensure that all of the following conditions are met:

(a) each key stage of the processing of records by the CSD may be reconstituted;

(b) the original content of a record before any corrections or other amendments may be recorded, traced and retrieved;

(d) measures are put in place to ensure the security and confidentiality of the data recorded;

(e) a mechanism for identifying and correcting errors is incorporated in the record-keeping system;

(f) the timely recovery of the records in the case of a system failure is ensured within the record-keeping system.

Article 54

Transaction/settlement instruction (Flow) records

A CSD shall maintain records of all transactions, settlement instructions and orders concerning settlement restrictions that it processes and it shall ensure that its records include all necessary information to accurately identify them.

In relation to every settlement instruction and order concerning settlement restrictions received, a CSD shall, immediately upon receiving the relevant information, make and keep updated a record of the following details, depending on whether the settlement instruction or settlement restrictions covers securities or cash only, or both securities and cash:

(a) type of settlement instruction as referred to in point (h)(v) of Article 42(1);

(b) type of transaction, as follows:

(i) purchase or sale of securities;

(ii) collateral management operations;

(iii) securities lending/borrowing operations;

(iv) repurchase transactions;

(v) others;

(d) trade date;

(e) intended settlement date;

(f) settlement timestamp;

(g) timestamp of the moment of entry of the settlement instruction into the securities settlement system;

(h) timestamp of the moment of irrevocability of the settlement instruction;

(i) matching timestamp in case of matched settlement instructions;

(j) securities account identifier;

(k) cash account identifier;

(l) settlement bank identifier;

(m) identifier of the instructing participant;

(n) identifier of the instructing participant's counterpart;

(o) identifier of the instructing participant's client, where known to the CSD;

(p) identifier of the client of the instructing participant's counterpart, where known to the CSD;

(q) securities identifier;

(r) settlement currency;

(s) settlement cash amount;

(t) quantity or nominal amount of securities;

(u) status of the settlement instruction covering:

(i) pending instructions which can still settle on the intended settlement date;

(ii) failed settlement instructions which cannot settle anymore on the intended settlement date;

(iii) fully settled settlement instructions;

(iv) partially settled settlement instructions, including the settled part and the missing part of either financial instruments or cash;

(v) cancelled settlement instructions, including information whether it is cancelled by the system or by the participant.

For each of the categories of settlement instructions referred to in the first subparagraph, the following information shall be recorded:

(a) whether an instruction is matched or not matched;

(b) whether an instruction can settle partially;

(d) where relevant, what the reasons are for instruction being pending or failing

(e) place of trading;

(f) if applicable, place of clearing;

where a buy-in process is initiated in accordance with Article 7(3) of Regulation (EU) No 909/2014, details regarding:

(i) the final results of the buy-in process on the last business day of the deferral period at the latest, including the number and value of the financial instruments where the buy-in is partially or fully successful;

(ii) the payment of cash compensation, including the amount of the cash compensation, where the buy-in is not possible, fails or is partially successful;

(iii) the cancellation of the initial settlement instruction;

(iv) for each settlement fail, the amount of the penalties referred to in Article 7(2) of Regulation (EU) No 909/2014.

Article 55

Position (Stock) records

A CSD shall keep records of positions corresponding to all securities accounts that it maintains. Separate records shall be held for each account kept in accordance with Article 38 of Regulation (EU) No 909/2014.

A CSD shall keep records of the following information:

(a) identifier of each issuer for which the CSD provides the core service referred to in point 1 or 2 of Section A of the Annex to Regulation (EU) No 909/2014;

(b) identifier of each securities issue for which the CSD provides the core services referred to in point 1 or 2 of Section A of the Annex to of Regulation (EU) No 909/2014, the law under which the securities recorded by the CSD are constituted and the country of incorporation of the issuers of each securities issue;

(c) identifier of each securities issue recorded in securities accounts not centrally maintained by the CSD, the law under which the securities recorded by the CSD are constituted and the country of incorporation of the issuers of each securities issue;

(d) identifier of the issuer CSD or of the relevant third country entity performing similar functions to an issuer CSD for each securities issue referred to in point (c);

(e) issuers' securities accounts identifiers, in the case of issuer CSDs;

(f) issuers' cash accounts identifiers, in the case of issuer CSDs;

(g) identifiers of settlement banks used by each issuer, in the case of issuer CSDs;

(h) participants' identifiers;

(i) participants' country of incorporation;

(j) participants' securities accounts identifiers;

(k) participants' cash accounts identifiers;

(l) identifiers of settlement banks used by each participant;

(m) country of incorporation of settlement banks used by each participant.

At the end of each business day, a CSD shall record for each position the following details to the extent that they are relevant for the position:

(a) identifiers of participants and of other account holders;

(b) type of securities accounts according to whether a securities account belongs to a participant (‘participant's own account’), to one of its clients (‘individual client segregation’) or to several of its clients (‘omnibus client segregation’);

(c) for each securities issue identifier (ISIN), end-of-day balances of securities accounts covering the number of securities;

(d) for each securities account and ISIN under point (c), the number of securities subject to settlement restrictions, type of the restrictions and the identity of the beneficiary of restrictions at the end of day.

A CSD shall keep records of settlement fails and the measures adopted by the CSD and its participants to prevent and address settlement fails in accordance with Articles 6 and 7of Regulation (EU) No 909/2014.

Article 56

Ancillary Services Records

A CSD shall keep the types of records specified in Annex II to this Regulation for each of the ancillary services provided by a CSD in accordance with Sections B and C of the Annex to Regulation (EU) No 909/2014, including the end-of-day balances of the cash accounts provided by the CSD or the designated credit institution for each currency.

Where a CSD provides ancillary services other than those explicitly mentioned in Sections B or C of the Annex to Regulation (EU) No 909/2014, it shall keep adequate records of those services.

Article 57

Business Records

A CSD shall maintain adequate and orderly records of activities related to its business and internal organisation.

The records referred to in paragraph 1 shall reflect any substantive changes in the documents held by the CSD and shall include the following:

(a) the organisational charts for the management body, senior management, relevant committees, operational units and all other units or divisions of the CSD;

(b) the identities of the shareholders, whether natural or legal persons, that exercise direct or indirect control over the management of the CSD or that have participations in the capital of the CSD and the amounts of those holdings;

(d) the documents attesting the policies, procedures and processes required under the CSD's organisational requirements and in relation to the services provided by the CSD;

(e) the minutes of management body meetings and of meetings of senior management committees and other committees;

(f) the minutes of meetings of the user committees;

(g) the minutes of consultation groups with participants and clients, if any;

(h) internal and external audit reports, risk-management reports, internal control and compliance reports, including responses from the senior management to the reports;

(i) all outsourcing contracts;

(j) business continuity policy and disaster recovery plan;

(k) records reflecting all assets, liabilities and capital accounts of the CSD;

(l) records reflecting all costs and revenues, including costs and revenues which are accounted separately in accordance with Article 34(6) of Regulation (EU) No 909/2014;

(m) formal complaints received, including information on the complainant's name and address; the date when the complaint was received; the name of all persons identified in the complaint; a description of the nature and content of the complaint; and the date when the complaint was resolved;

(n) records of any interruption of services or dysfunction, including a detailed report on the timing, effects and remedial actions of that interruption or dysfunction;

(o) records of the results of the back and stress tests performed by the CSDs providing banking-type ancillary services;

(p) written communications with the competent authority, ESMA and relevant authorities;

(q) legal opinions received in accordance with the relevant provisions on organisational requirements in accordance with Chapter VII of this Regulation;

(r) documentation regarding link arrangements in accordance with Chapter XII of this Regulation;

(s) tariffs and fees applied to the different services, including any discount or rebate.

Article 58

Additional records

A CSD shall keep the additional records requested by the competent authority for the purpose of enabling the competent authority to monitor compliance of the CSD with Regulation (EU) No 909/2014.

CHAPTER IX RECONCILIATION MEASURES (Article 37(4) of Regulation (EU) No 909/2014)

Article 59

General reconciliation measures

A CSD shall perform the reconciliation measures referred to in Article 37(1) of Regulation (EU) No 909/2014 for each securities issue recorded in securities accounts centrally and not centrally maintained by the CSD.

The CSD shall compare the previous end-of-day balance with all the settlements processed during the day and the current end-of-day balance for each securities issue and securities account centrally or not centrally maintained by the CSD.

A CSD shall use double-entry accounting, according to which for each credit entry made on a securities account maintained by the CSD, centrally or not centrally, there is a corresponding debit entry on another securities account maintained by the same CSD.

The audits referred to in Article 26(6) of Regulation (EU) No 909/2014 shall ensure that the records of a CSD related to securities issues are accurate, and that its reconciliation measures referred to in Article 37(1) of Regulation (EU) No 909/2014 and the measures concerning cooperation and exchanges of information with third parties related to reconciliation referred to in Article 37(2) of Regulation (EU) No 909/2014 are adequate.

Where the reconciliation process concerns securities subject to immobilisation, a CSD shall put in place adequate measures to protect the physical securities from theft, fraud, and destruction. Those measures shall at least include the use of vaults whose design and location ensure a high level of protection against floods, earthquakes, fire and other disasters.

Audits referred to in Article 26(6) of Regulation (EU) No 909/2014 with respect to the vaults, including physical inspections, shall be performed at least annually. The CSD shall share the results of those audit controls with the competent authority.

Article 60

Reconciliation measures for corporate actions

A CSD shall not determine the entitlements to the proceeds of a corporate action on stock that would change the balance of securities accounts maintained by the CSD until the reconciliation measures specified in Article 59 and in Articles 61, 62 and 63 are completed.

When a corporate action has been processed, a CSD shall ensure that all securities accounts maintained by the CSD, centrally or not centrally, are updated.

Article 61

Reconciliation measures for the registrar model

Where a registrar, issuance agent, or other similar entity is involved in the reconciliation process for a certain securities issue in accordance with Article 37(2) of Regulation (EU) No 909/2014, and maintains records of securities which are also recorded in the CSD, the measures to be taken by the CSD and that entity to ensure the overall integrity of the issue shall include a daily reconciliation of the total balance recorded on the securities accounts maintained by the CSD with the corresponding records of securities maintained by that entity. The CSD and that entity shall also conduct:

(a) where the securities have been transferred during a given business day, an end-of-day reconciliation of the balance of each securities account maintained by the CSD with the balance of the corresponding record of securities maintained by that entity;

(b) at least once every two weeks, a full reconciliation of all balances in a securities issue with all balances on the corresponding record of securities maintained by that entity.

Article 62

Reconciliation measures for the transfer agent model

Where a fund manager, transfer agent or other similar entity is responsible for the reconciliation process for an account that maintains a part of a securities issue recorded in a CSD, the measures to be taken by the CSD and that entity to ensure the integrity of this part of the issue shall include a daily reconciliation of the total balance of the securities accounts maintained by the CSD with that entity's records of securities maintained by the CSD, including the aggregated opening and closing balances.

Where the CSD maintains its accounts in that entity's register through a third party which is not a CSD, the CSD shall require the third party to inform that entity that it is acting on behalf of the CSD and to set up equivalent cooperation and information exchange measures with that entity to ensure that the requirements under this Article are met.

Article 63

Reconciliation measures for the common depository model

Where CSDs that have established an interoperable link use a common depository or any other similar entity, each CSD shall reconcile on a daily basis the total balance per securities issue recorded on the securities accounts it maintains, other than for other CSDs in the interoperable link, with the corresponding records of securities that the common depository or the other similar entity maintains for that CSD.

Where a common depository or any other similar entity is responsible for the overall integrity of a certain securities issue, the common depository or the other similar entity shall conduct a daily comparison of the total balance per securities issue against the balances in the securities accounts it maintains for each CSD.

Where the reconciliation process concerns securities subject to immobilisation, the CSDs shall ensure that the common depository or the other entity meets the requirements set out in Article 59(3).

Article 64

Additional measures where other entities are involved in the reconciliation process

A CSD shall review at least annually its cooperation and information exchange measures with other entities referred to in Articles 61, 62 and 63. This review may be conducted in parallel with a review of the CSD link arrangements. When required by the competent authority, the CSD shall implement other cooperation and information exchange measures in addition to those specified in this Regulation.

When a CSD establishes links, they shall comply with the additional requirements provided in Article 86.

A CSD shall require its participants to reconcile their records with the information received from that CSD on a daily basis.

For the purposes of paragraph 3, the CSD shall provide participants on a daily basis the following information specified for each securities account and for each securities issue:

(a) the aggregated balance of a securities account at the beginning of the respective business day;

(b) the individual transfers of securities in or from a securities account during the respective business day;

The CSD shall provide the information referred to in the first subparagraph at the request of other holders of securities accounts maintained by the CSD, centrally or not centrally, where that information is necessary for the reconciliation of those holders' records with the records of the CSD.

A CSD shall ensure that, upon its request, its participants, other holders of accounts in the CSD and the account operators provide the CSD with the information that the CSD deems necessary to ensure the integrity of the issue, in particular to solve any reconciliation problems.

For the purposes of this paragraph, ‘account operator’ shall mean an entity that is contracted by a CSD to record book entries into its securities accounts.

Article 65

A CSD shall analyse any mismatches and inconsistencies resulting from the reconciliation process and endeavour to solve them before the beginning of settlement on the following business day.

Where the reconciliation process reveals an undue creation or deletion of securities, and the CSD fails to solve this problem by the end of the following business day, the CSD shall suspend the securities issue for settlement until the undue creation or deletion of securities has been remedied.

In the event of suspension of the settlement, the CSD shall inform without undue delay its participants, competent authority, relevant authorities and all other entities involved in the reconciliation process referred to in Articles 61, 62 and 63.

The CSD shall take without undue delay all the necessary measures to remedy the undue creation or deletion of securities and shall inform its competent authority and relevant authorities with regard to the measures taken.

The CSD shall inform without undue delay its participants, competent authority, relevant authorities and the other entities involved in the reconciliation process that are referred to in Articles 61, 62 and 63, when the undue creation or deletion of securities has been remedied.

Where a securities issue is suspended from settlement, the settlement discipline measures set out in Article 7 of Regulation (EU) No 909/2014 shall not apply in relation to that securities issue for the period of suspension.

The CSD shall resume settlement as soon as the undue creation or deletion of securities has been remedied.

Where the number of instances of undue creation or deletion of securities referred to in paragraph 2 is higher than five per month, the CSD shall send within one month the competent authority and the relevant authorities a proposed plan of measures for mitigating the occurrence of similar instances. The CSD shall update the plan and shall provide a report on its implementation to the competent authority and the relevant authorities on a monthly basis, until the number of instances referred to in paragraph 2 falls below five per month.

CHAPTER X OPERATIONAL RISKS (Article 45(1) to (6) of Regulation (EU) No 909/2014)

SECTION 1 Identifying operational risks

Article 66

General operational risks and their assessment

The operational risks referred to in Article 45(1) of Regulation (EU) No 909/2014 comprise the risks caused by deficiencies in information systems, internal processes, and personnel's performance or disruptions caused by external events that result in the reduction, deterioration or interruption of services provided by a CSD.

A CSD shall identify all potential single points of failure in its operations and assess the evolving nature of the operational risk that it faces, including pandemics and cyber-attacks, on an ongoing basis.

Article 67

Operational risks that may be posed by key participants

A CSD shall, on an ongoing basis, identify the key participants in the securities settlement system that it operates based on the following factors:

(a) their transaction volumes and values;

(b) material dependencies between its participants and its participants' clients, where the clients are known to the CSD, that might affect the CSD;

(c) their potential impact on other participants and the securities settlement system of the CSD as a whole in the event of an operational problem affecting the smooth provision of services by the CSD.

For the purposes of point (b) in the first subparagraph, the CSD shall also identify the following:

(i) the participants' clients responsible for a significant proportion of transactions processed by the CSD;

(ii) the participants' clients whose transactions, based on their volumes and values, are significant relative to the respective participants' risk-management capacity.

A CSD shall review and keep the identification of the key participants up-to-date on an ongoing basis.

A CSD shall have clear and transparent criteria, methodologies and standards in order to ensure that key participants meet the operational requirements.

A CSD shall, on an ongoing basis, identify, monitor, and manage the operational risks that it faces from key participants.

For the purposes of the first subparagraph, the operational risk-management system referred to in Article 70 shall also provide for rules and procedures to gather all relevant information about their participants' clients. The CSD shall also include in the agreements with its participants all terms necessary to facilitate the gathering of that information.

Article 68

Operational risks that may be posed by critical utilities and critical service providers

A CSD shall identify critical utilities providers and critical service providers that may pose risks to CSD's operations due to its dependency on them.

A CSD shall take appropriate actions to manage the dependencies referred to in paragraph 1 through adequate contractual and organisational arrangements, as well as through specific provisions in its business continuity policy and disaster recovery plan, before any relationship with those providers becomes operational.

A CSD shall ensure that its contractual arrangements with any providers identified in accordance with paragraph 1 require a prior approval of the CSD for the service provider to further subcontract any elements of the services provided to the CSD.

Where the service provider outsources its services in accordance with the first subparagraph, the CSD shall ensure that the level of service and its resilience is not impacted and full access by the CSD to the information necessary for the provision of the outsourced services is preserved.

A CSD shall establish clear lines of communication with the providers referred to in paragraph 1 to facilitate the exchange of information in both ordinary and exceptional circumstances.

A CSD shall inform its competent authority about any dependencies on utilities and service providers identified under paragraph 1 and take measures to ensure that authorities can obtain information about the performance of those providers, either directly from utilities or service providers or through the CSD.

Article 69

Operational risks that may be posed by other CSDs or market infrastructures

A CSD shall ensure that its systems and communication arrangements with other CSDs or market infrastructures are reliable, secure and designed to minimise operational risks.

Any arrangement that a CSD enters into with another CSD or another market infrastructures shall provide that:

(a) the other CSD or other financial market infrastructure discloses to the CSD any critical service provider on which the other CSD or market infrastructure relies;

(b) the governance arrangements and management processes in the other CSD or other market infrastructure do not affect the smooth provision of services by the CSD, including the risk-management arrangements and the non-discriminatory access conditions.

SECTION 2 Methods to test, address and minimise operational risks

Article 70

Operational risk-management system and framework

As part of the policies, procedures and systems referred to in Article 47, a CSD shall have in place a well-documented framework for the management of operational risk with clearly assigned roles and responsibilities. A CSD shall have appropriate IT systems, policies, procedures and controls to identify, measure, monitor, report on and mitigate its operational risk.

The management body and the senior management of a CSD shall determine, implement and monitor the risk-management framework for operational risks referred to in paragraph 1, identify all of the CSD's exposures to operational risk and track relevant operational risk data, including any cases where material data is lost.

A CSD shall define and document clear operational reliability objectives, including operational performance objectives and committed service-level targets for its services and securities settlement systems. It shall have policies and procedures in place to achieve those objectives.

A CSD shall ensure that its operational performance objectives and service-level targets referred to in paragraph 3 include both qualitative and quantitative measures of operational performance.

A CSD shall regularly monitor and assess whether its established objectives and service-level targets are met.

A CSD shall have rules and procedures in place that ensure that the performance of its securities system is reported regularly to senior management, members of the management body, relevant committees of the management body, user committees and the competent authority.

A CSD shall periodically review its operational objectives to incorporate new technological and business developments.

A CSD's operational risk-management framework shall include change-management and project-management processes to mitigate operational risk arising from modifications to operations, policies, procedures and controls put in place by the CSD.

A CSD's operational risk-management framework shall include a comprehensive framework for physical security and information security to manage the risks that the CSD faces from attacks, including cyber-attacks, intrusions and natural disasters. That comprehensive framework shall enable the CSD to protect the information at its disposal from unauthorised access or disclosure, ensure data accuracy and integrity and maintain availability of the services provided by the CSD.

10.

A CSD shall put in place appropriate procedures concerning human resources to employ, train and retain qualified personnel, as well as mitigate the effects of personnel turnover or overreliance on key personnel.

Article 71

Integration of and compliance with the operational and enterprise risk-management system

A CSD shall ensure that its operational risk-management system is part of its day-to-day risk-management processes and that their results are taken into account in the process of determining, monitoring and controlling the CSD's operational risk profile.

A CSD shall have in place mechanisms for regular reporting to the senior management of operational risk exposures and losses experienced from operational risks, and procedures for taking appropriate corrective action to mitigate those exposures and losses.

A CSD shall have in place procedures for ensuring compliance with the operational risk-management system, including internal rules on the treatment of failures in the application of that system.

A CSD shall have comprehensive and well-documented procedures to record, monitor and resolve all operational incidents, including:

(a) a system to classify the incidents taking into account their impact on the smooth provision of services by the CSD;

(b) a system for reporting material operational incidents to the senior management, the management body and the competent authority;

(c) a ‘post-incident’ review after any material disruption in the CSD's activities, to identify the causes and required improvements to the operations or business continuity policy and disaster recovery plan, including to the policies and plans of the users of the CSD. The result of that review shall be communicated to the competent authority and relevant authorities without delay.

Article 72

Operational risk-management function

As part of the risk-management function, the operational risk-management function of a CSD shall manage the CSD's operational risk. It shall in particular:

(a) develop strategies, policies and procedures to identify, measure, monitor and report on operational risks;

(b) develop procedures to control and manage operational risks, including by introducing any necessary adjustments in the operational risk-management system;

Article 73

Audit and testing

A CSD's operational risk-management framework and systems shall be subject to audits. The frequency of those audits shall be based on a documented risk assessment and shall be conducted at least once every two years.

The audits referred to in the previous paragraph shall include both the activities of the internal business units of the CSD and those of the operational risk-management function.

A CSD shall regularly evaluate and, where necessary, adjust the system for the management of operational risk.

A CSD shall periodically test and review the operational arrangements, policies and procedures with users. The testing and review shall also be performed where substantive changes occur to the securities settlement system operated by the CSD or after operational incidents that affect the smooth provision of services by the CSD.

A CSD shall ensure that data flows and processes associated with the operational risk-management system are accessible to the auditors without delay.

Article 74

Mitigation of operational risk through insurance

A CSD may only contract insurance to mitigate the operational risks referred to in this Chapter where the measures referred to in this Chapter do not fully mitigate operational risks.

SECTION 3 IT systems

Article 75

IT tools

A CSD shall ensure that its information technology (IT) systems are well-documented and that they are designed to cover the CSD's operational needs and the operational risks that the CSD faces.

The CSD IT systems shall be:

(a) resilient, including in stressed market conditions;

(b) have sufficient capacity to process additional information as a result of increasing settlement volumes;

A CSD systems shall have sufficient capacity to process all transactions before the end of the day even in circumstances where a major disruption occurs.

A CSD shall have procedures for ensuring sufficient capacity of its IT systems, including in the case of the introduction of new technology.

A CSD shall base its IT systems on internationally recognised technical standards and industry best practices.

A CSD's IT systems shall ensure that any data at the disposal of the CSD is protected from loss, leakage, unauthorised access, poor administration, inadequate record-keeping, and other processing risks.

A CSD's information security framework shall outline the mechanisms that the CSD have in place to detect and prevent cyber-attacks. The framework shall also outline the CSD's plan in response to cyber-attacks.

The CSD shall subject its IT systems to stringent testing by simulating stressed conditions before those systems are used for the first time, after making significant changes to the systems and after a major operational disruption has occurred. A CSD shall, as appropriate, involve in the design and conduct of these tests:

(a) users;

(b) critical utilities and critical service providers;

(d) other market infrastructures;

(e) any other institutions with which interdependencies have been identified in the business continuity policy.

The information security framework shall include:

(a) access controls to the system;

(b) adequate safeguards against intrusions and data misuse;

(d) reliable networks and procedures for accurate and prompt data transmission without major disruptions; and

(e) audit trails.

The CSD shall have arrangements for the selection and substitution of IT third party service providers, CSD's timely access to all necessary information, as well as proper controls and monitoring tools.

The CSD shall ensure that the IT systems and the information security framework concerning the CSD's core services are reviewed at least annually and are subject to audit assessments. The results of the assessments shall be reported to the CSD's management body and to the competent authority.

SECTION 4 Business continuity

Article 76

Strategy and policy

A CSD shall have a business continuity policy and associated disaster recovery plan that is:

(a) approved by the management body;

(b) subject to audit reviews that shall be reported to the management body.

A CSD shall ensure that the business continuity policy:

(a) identifies all its critical operations and IT systems and provides for a minimum service level to be maintained for those operations;

(b) includes the CSD's strategy and objectives to ensure the continuity of operations and systems referred to in point (a);

(i) users;

(ii) critical utilities and critical service providers;

(iii) other CSDs;

(iv) other market infrastructures;

(d) defines and documents the arrangements to be applied in the event of a business continuity emergency or major disruption of the CSD's operations in order to ensure a minimum service level of critical functions of the CSD;

(e) identifies the maximum acceptable period of time which critical functions and IT systems may be out of use.

A CSD shall take all reasonable steps to ensure that settlement is completed by the end of the business day even in case of a disruption, and that all the users' positions at the time of the disruption are identified with certainty in a timely manner.

Article 77

Business impact analysis

A CSD shall conduct a business impact analysis to:

(a) prepare a list with all the processes and activities that contribute to the delivery of the services it provides;

(b) identify and create an inventory of all the components of its IT system that support the processes and activities identified in point (a) as well as their respective interdependencies;

(c) identify and document qualitative and quantitative impacts of a disaster recovery scenario to each process and activity referred to in point (a) and how the impacts change over time in case of disruption;

(d) define and document the minimum service levels considered acceptable and adequate from the perspective of the users of the CSD;

(e) identify and document the minimum resource requirements concerning personnel and skills, work space and IT to perform each critical function at the minimum acceptable level.

A CSD shall conduct a risk analysis to identify how various scenarios affect the continuity of its critical operations.

A CSD shall ensure that its business impact analysis and risk analysis fulfil all of the following requirements:

(a) they are kept up to date;

(b) they are reviewed following a material incident or significant operational changes and, at least, annually;

Article 78

Disaster recovery

A CSD shall have in place arrangements to ensure the continuity of its critical operations in disaster scenarios, including natural disasters, pandemic situations, physical attacks, intrusions, terrorist attacks, and cyber-attacks. Those arrangements shall ensure:

(a) the availability of adequate human resources;

(b) the availability of sufficient financial resources;

The CSD's disaster recovery plan shall identify and include a recovery-time objective for critical operations and determine for each critical operation the most suitable recovery strategies. The recovery-time objective for each critical operation shall not be longer than two hours. The CSD shall ensure that back-up systems commence processing without undue delay unless this would jeopardise the integrity of the securities issues or the confidentiality of the data maintained by the CSD. A CSD shall ensure that two hours from a disruption, it is capable of resuming its critical operations. In determining the recovery times for each operation, the CSD shall take into account the potential overall impact on the market efficiency. Those arrangements shall at least ensure that, in extreme scenarios, agreed service levels are met.

A CSD shall maintain at least a secondary processing site with sufficient resources, capabilities, functionalities and staffing arrangements, which are adequate to the CSD's operational needs and risks that the CSD faces in order to ensure continuity of critical operations, at least in case the main location of business is not available.

The secondary processing site shall:

(a) provide the level of services necessary to ensure that the CSD performs its critical operations within the recovery time objective;

(b) be located at a geographical distance from the primary processing site that allows the secondary processing site to have a distinct risk profile and prevents it from being affected by the event affecting the primary processing site;

(c) is immediately accessible by the CSD's staff in order to ensure continuity of its critical operations where the primary processing site is not available.

A CSD shall develop and maintain detailed procedures and plans concerning:

(a) the identification, logging and reporting of all disruptive events for the operations of the CSD;

(b) response measures to operational incidents and emergency situations;

(d) crisis management and communications, including appropriate contact points, to ensure that reliable and up to date information is transmitted to relevant stakeholders and the competent authority;

(e) the activation and transition to alternative operational and business sites;

(f) IT recovery, including activation of the secondary IT processing site and failover.

Article 79

Testing and monitoring

A CSD shall monitor its business continuity policy and disaster recovery plan and test them at least annually. The CSD shall also test its business continuity policy and disaster recovery plan after substantive changes to the systems or related operations in order to ensure that the systems and operations achieve the CSD objectives. The CSD shall plan and document these tests, which shall include:

(a) scenarios of large scale disasters;

(b) switchovers between the primary processing site and secondary processing site;

(i) users of the CSD;

(ii) critical utilities and critical service providers;

(iii) other CSDs;

(iv) other market infrastructures;

(v) any other institution with which interdependencies have been identified in the business continuity policy.

Article 80

Maintenance

A CSD shall regularly review and update its business continuity policy and disaster recovery plan. The review shall include all critical operations of a CSD and provide for the most suitable recovery strategy for those operations.

When updating the business continuity policy and disaster recovery plan, a CSD shall take into consideration the outcome of the tests and recommendations from the audit reviews and from the competent authority.

A CSD shall review its business continuity policy and disaster recovery plan after every significant disruption of its operations. That review shall identify the causes of the disruption and any required improvement to the CSD's operations, the business continuity policy and disaster recovery plan.

CHAPTER XI INVESTMENT POLICY (Article 46(2), (3) and (5) of Regulation (EU) No 909/2014)

Article 81

Highly liquid instruments with minimal market and credit risk

Financial instruments shall be considered highly liquid with minimal credit and market risk where they are debt instruments meeting the following conditions:

(a) they are issued or guaranteed by:

(i) a government;

(ii) a central bank;

(iii) a multilateral development bank as listed under Article 117 of Regulation (EU) No 575/2013 of the European Parliament and of the Council [^ntr8-L_2017065EN.01004801-E0008];

(iv) the European Financial Stability Facility or the European Stability Mechanism;

(b) the CSD can demonstrate to the competent authority that the financial instruments have low credit and market risk based upon an internal assessment by the CSD;

(i) a currency in which transactions are settled in the securities settlement system operated by the CSD;

(ii) any other currency the risks of which the CSD is able to manage.

(d) they are freely transferable and without any regulatory constraint or third party claims that impair liquidation;

(e) they have an active outright sale or repurchase market, with a diverse group of buyers and sellers, including in stressed conditions, and to which the CSD has reliable access;

(f) reliable price data on these instruments are publicly available on a regular basis;

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