(fra kommisjonsforordningen)

(1) Regulation (EU) 2023/2845 of the European Parliament and of the Council (2) amended, inter alia, Article 22(1), third subparagraph, of Regulation (EU) No 909/2014 to introduce a new requirement for competent authorities to review and evaluate the arrangements, strategies, processes and mechanisms implemented by a central securities depository (CSD) at least every three years. To meet that requirement, competent authorities may need some or all of the information required for that review and evaluation to be provided more frequently to ensure they have sufficient information on a continuous basis to perform their ongoing supervision. Competent authorities should therefore be able to require certain information to be provided on a more frequent basis than the basis currently established for conducting the review and evaluation process.

(2) Considering that a CSD is to comply at all times with the conditions for authorisation, it is essential to closely monitor the CSD’s progress in addressing any outstanding findings and recommendations from competent authorities. Those findings and recommendations indicate certain weaknesses of the CSD and their prolonged existence might increase the risks of a materialisation of such weaknesses. CSDs should thus inform their competent authorities about measures taken to address those outstanding findings and recommendations at least annually, even if the frequency of the review and evaluation is at least every three years.

(3) Based on the experience of several years of implementation of the review and evaluation process, it is necessary to extend the deadline for competent authorities to transmit the results of the review and evaluation to various other authorities from three to ten working days to allow for smoother processes, in particular as the results of the review and evaluation process need to be shared with a broader range of authorities, in accordance with the amendments introduced by Regulation (EU) 2023/2845.

(4) To reflect the amendments to Articles 40, 41 and 42 of Commission Delegated Regulation (EU) 2017/392 (3) and to enhance the efficiency of the review and evaluation process, Annex II to Commission Implementing Regulation (EU) 2017/394 (4) should be amended correspondingly.

(5) Implementing Regulation (EU) 2017/394 should therefore be amended accordingly.

(6) This Regulation is based on the draft implementing technical standards submitted to the Commission by the European Securities and Markets Authority (ESMA).

(7) ESMA has conducted open public consultations on the draft implementing technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the advice of the Securities and Markets Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council (5),