GEN 2.18.1 Guidance

1. The activity of operating a Central Securities Depository may be carried on by an Authorised Market Institution licensed to Operate a Clearing House in conjunction with its regulated activities, particularly operating an SSS. An Authorised Firm which has a licence authorising it to carry on Providing Custody may also operate a CSD under its licence (see GEN Rule 2.13.1(3)). If a Clearing House were to operate a CSD through a subsidiary, that subsidiary would need to be licensed separately as an Authorised Firm Providing Custody.
2. An Authorised Market Institution licensed to Operate a Clearing House may also act as a Trade Repository if it has an endorsement on its Licence that permits it to do so (see GEN Rule 2.2.13). Acting as a Trade Repository does not constitute a Financial Service but is subject to the additional conduct requirements in GEN App 5.
[Added] DFSA RM19/2005 (as from 19th April 2005). [VER3/04-05]
[Amended][VER4/08-05]
Amended in accordance with Notice of Amendments to Legislation April 2011 [VER27/02-11]
[Amended] DFSA RM119/2013 (Made 14th July 2013). [VER33/07-13]
[Amended] DFSA RM184/2016 (Made 7th December 2016). [VER38/02-17]