Deutsche Börse Group’s post-trade services provider Clearstream has obtained the Central Securities Depositories Regulation (CSDR) licence for banking services for Clearstream Banking AG, its German central securities depository (CSD).
The authorisation is effective from 24 August 2021 and represents the final step in achieving full CSDR compliance for all of Clearstream’s CSDs.
The licence was granted by the German Federal Financial Supervisory Authority, BaFin, pursuant to Article 54 CSDR which gives authorisation and designation for companies to provide banking-type ancillary services.
The CSDR was initiated with the goal to make markets more stable, transparent and efficient by regulating securities settlement and settlement infrastructures across the EU.
The first phase of CSDR entered into force in 2014. Industry implementation of its CSD-specific measures is ongoing.
Clearstream’s German CSD, international CSD (ICSD, Clearstream Banking S.A.) and Luxembourg CSD (LuxCSD S.A.) already hold licences in accordance with Article 16 of CSDR.
Article 16 of CSDR requires that any legal entity that falls within the definition of CSD shall obtain an authorisation from the competent authority of the Member State where it is established before commencing its activities.
