Treasury makes CSD Regulations: Treasury has made the Central Securities Depositories (CSD) Regulations 2014, which take effect from 21 November. The Regulations implement part of the EU's CSD Regulation. They:

  • designate FCA as the competent authority for supervision of trading venues and other functions;
  • designate the Bank of England (BoE) as competent authority for authorisation and supervision of CSDs and oversight of securities settlement systems in the UK;
  • designate the Prudential Regulation Authority (PRA) as competent authority for supervising banking-type ancillary activities of CSDs or designated credit institutions;
  • give FCA information gathering powers;
  • amend the Financial Services and Markets Act 2000 (FSMA) in respect of BoE's powers, duties and investigatory functions;
  • allow FCA to deduct enforcement costs under the Regulations from penalty receipts paid to Treasury; and
  • apply certain provisions of FSMA relating to EU provisions to CSD regulation and supervision.

(Source: Treasury Makes CSD Regulations)