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Article
03 February 2020

Obtain an authorisation as a central securities depository

The central securities depository (CSD) authorisation is granted by AMF, after receiving an advice from Banque de France and other European authorities depending on the type of licence that is required.

Regulations

French central securities depositories (CSDs) are supervised jointly by AMF and Banque de France.

Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories (CSDR) aims to harmonise the authorisation and supervision of EU CSDs and certain settlement aspects.

CSDR introduces also a mandatory buying-in and cash penalty securities settlement discipline to tackle failed settlement transactions.

Obtain an authorisation

The CSD authorisation is granted by AMF, after receiving an advice from Banque de France and other European authorities depending on the type of licence that is required.

The CSD authorisation file to be provided to the French authorities in France is constituted of elements required by CSDR and its technical standards and other elements required by French regulations, and consists notably of :

  • Elements that are listed by Commission Delegated Regulation (EU) 2017/392 of 11 November 2016 supplementing Regulation (EU) No 909/2014 of the European Parliament and of the Council with regard to regulatory technical standards on authorisation, supervisory and operational requirements for central securities depositories ;
  • Operating rules of the CSD, which must contain the items listed in AMF general regulation.

For granting the licence, AMF checks the compliance with the regulatory framework, approves the operation rules and grant a professional card to the persons in charge of some control functions as defined in AMF general regulation.

Markets Directorate
SecretariatDM [at] amf-france.org

My contribution due to the AMF

As a CCP, each year, you must pay a tax to the AMF. This contribution is set at an amount equal to your operating income for the previous fiscal year, multiplied by 0.3%.

You must declare your operating income by email to the address declarationcontribution [at] amf-france.org and you must pay this sum directly to the AMF, no later than 3 months after the balance sheet date of the previous year.

For more information, see the guide on fees and contributions due to the AMF (in French only)

 

List of authorised French CCPs

LCH SA