Decision (EU) 2019/1006 of the European Central Bank of 7 June 2019 amending Decision ECB/2011/20 establishing detailed rules and procedures for implementing the eligibility criteria for central securities depositories to access TARGET2-Securities services (ECB/2019/15)

1 A CSD with access to T2S services shall comply, after it has migrated to T2S, with the five CSD access criteria on an ongoing basis and shall: (a) ensure, in particular, through a reliable self-assessment conducted each year and supported by relevant documentation that it continues to comply with CSD access criteria 1, 3, 4 and 5; (b) promptly provide the MIB with the most recent outcome of the assessment conducted by the relevant competent authority against Regulation (EU) No 909/2014, the Principles for Financial Market Infrastructures of the Committee on Payment and Market Infrastructures and the International Organisation of Securities Commissions (PFMI) or a legal framework implementing the PFMI. If the above outcome of the assessment is not available, the CSD shall submit a self-attestation based on the relevant documentation; (c) request a new assessment by the relevant competent authorities of its compliance with Regulation (EU) No 909/2014, the PFMI or a legal framework implementing the PFMI in the event of material changes to the CSD's system; (d) notify the MIB without undue delay where a relevant competent authority assessment or a self-assessment has established non-compliance with any of the five CSD access criteria; (e) following a request from the MIB, provide an assessment report demonstrating that the CSD still complies with the five CSD access criteria.

2 The MIB may carry out its own evaluation and monitor compliance with the five CSD access criteria or request information from a CSD. Where the MIB decides that a CSD does not comply with one of the five CSD access criteria, it shall initiate the procedure laid down in the contracts with the CSDs pursuant to Article 16 of Guideline ECB/2012/13.’;

As regards ongoing compliance with CSD access criterion 2, the outcome of the assessment by the relevant competent authorities against the European System of Central Banks/Committee of European Securities Regulators Recommendations for Securities Settlement Systems shall remain valid until the relevant central securities depository has been assessed by the relevant competent authorities against Regulation (EU) No 909/2014, the PFMI or a legal framework implementing the PFMI.

This Decision shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.