branch — a place of business other than the head office which is a part of a CSD, which has no legal personality and which provides CSD services for which the CSD has been authorised (25)

business day — borrowed from another act; this instrument states no meaning of its own (14)

CCP — borrowed from another act; this instrument states no meaning of its own (16)

central counterparty — borrowed from another act; this instrument states no meaning of its own (16)

central securities depository — borrowed from another act; this instrument states no meaning of its own (2)

competent authority — the authority designated by each Member State in accordance with Article 11, unless otherwise specified in this Regulation (17)

control — the relationship between two undertakings as described in Article 22 of Directive 2013/34/EU (21)

CSD — a legal person that operates a securities settlement system referred to in point (3) of Section A of the Annex and provides at least one other core service listed in Section A of the Annex (1)

CSD — borrowed from another act; this instrument states no meaning of its own (2)

CSD link — an arrangement between CSDs whereby one CSD becomes a participant in the securities settlement system of another CSD in order to facilitate the transfer of securities from the participants of the latter CSD to the participants of the former CSD or an arrangement whereby a CSD accesses another CSD indirectly via an intermediary. CSD links include standard links, customised links, indirect links, and interoperable links (29)

customised link — a CSD link whereby a CSD that becomes a participant in the securities settlement system of another CSD is provided with additional specific services to the services normally provided by that CSD to participants in the securities settlement system (31)

default — borrowed from another act; this instrument states no meaning of its own (26)

dematerialised form — the fact that financial instruments exist only as book entry records (4)

DVP — a securities settlement mechanism which links a transfer of securities with a transfer of cash in a way that the delivery of securities occurs if and only if the corresponding transfer of cash occurs and vice versa (27)

emission allowance — emission allowance as described in point (11) of Section C of Annex I to Directive 2014/65/EU, excluding derivatives in emission allowances (39)

financial instruments — borrowed from another act; this instrument states no meaning of its own (8)

home Member State — the Member State in which a CSD is established (23)

host Member State — the Member State, other than the home Member State, in which a CSD has a branch or provides CSD services (24)

immobilisation — the act of concentrating the location of physical securities in a CSD in a way that enables subsequent transfers to be made by book entry (3)

indirect link — an arrangement between a CSD and a third party other than a CSD, that is a participant in the securities settlement system of another CSD. Such link is set up by a CSD in order to facilitate the transfer of securities to its participants from the participants of another CSD (32)

intended settlement date — the date that is entered into the securities settlement system as the settlement date and on which the parties to a securities transaction agree that settlement is to take place (12)

international open communication procedures and standards — internationally accepted standards for communication procedures, such as standardised messaging formats and data representation, which are available on a fair, open and non-discriminatory basis to any interested party (34)

interoperable link — a CSD link whereby CSDs agree to establish mutual technical solutions for settlement in the securities settlement systems that they operate (33)

management body — the body or bodies of a CSD, appointed in accordance with national law, which is empowered to set the CSD’s strategy, objectives and overall direction, and which oversees and monitors management decision-making and includes persons who effectively direct the business of the CSD. Where, according to national law, a management body comprises different bodies with specific functions, the requirements of this Regulation shall apply only to members of the management body to whom the applicable national law assigns the respective responsibility (45)

money-market instruments — borrowed from another act; this instrument states no meaning of its own (37)

MTF — borrowed from another act; this instrument states no meaning of its own (41)

multilateral trading facility — borrowed from another act; this instrument states no meaning of its own (41)

participant — any participant, as defined in point (f) of Article 2 of Directive 98/26/EC in a securities settlement system (19)

participation — participation within the meaning of the first sentence of point (2) of Article 2 of Directive 2013/34/EU, or the ownership, direct or indirect, of 20 % or more of the voting rights or capital of an undertaking (20)

receiving CSD — the CSD which receives the request of another CSD to have access to its services through a CSD link (5)

regulated market — borrowed from another act; this instrument states no meaning of its own (40)

relevant authority — any authority referred to in Article 12 (18)

requesting CSD — the CSD which requests access to the services of another CSD through a CSD link (6)

securities — borrowed from another act; this instrument states no meaning of its own (8)

securities account — an account on which securities may be credited or debited (28)

securities settlement system — a system under the first, second and third indents of point (a) of Article 2 of Directive 98/26/EC that is not operated by a central counterparty whose activity consists of the execution of transfer orders (10)

senior management — those natural persons who exercise executive functions within a CSD and who are responsible and accountable to the management body for the day-to-day management of that CSD (46)

settlement — the completion of a securities transaction where it is concluded with the aim of discharging the obligations of the parties to that transaction through the transfer of cash or securities, or both (7)

settlement agent — borrowed from another act; this instrument states no meaning of its own (43)

settlement fail — the non-occurrence of settlement, or partial settlement of a securities transaction on the intended settlement date, due to a lack of securities or cash and regardless of the underlying cause (15)

settlement internaliser — any institution, including one authorised in accordance with Directive 2013/36/EU or with Directive 2014/65/EU, which executes transfer orders on behalf of clients or on its own account other than through a securities settlement system (11)

settlement period — the time period between the trade date and the intended settlement date (13)

shares — securities specified in point (44)(a) of Article 4(1) of Directive 2014/65/EU (36)

SME growth market — borrowed from another act; this instrument states no meaning of its own (44)

standard link — a CSD link whereby a CSD becomes a participant in the securities settlement system of another CSD under the same terms and conditions as applicable to any other participant in the securities settlement system operated by the latter (30)

subsidiary — a subsidiary undertaking within the meaning of Article 2(10) and Article 22 of Directive 2013/34/EU (22)

third-country CSD — any legal entity established in a third country that provides a similar service to the core service referred to in point (3) of Section A of the Annex and performs at least one other core service listed in Section A of the Annex (2)

trading venue — borrowed from another act; this instrument states no meaning of its own (42)

transfer order — transfer order as defined in the second indent of point (i) of Article 2 of Directive 98/26/EC (9)

transferable securities — borrowed from another act; this instrument states no meaning of its own (35)

units in collective investment undertakings — units in collective investment undertakings as referred to in point (3) of Section C of Annex I to Directive 2014/65/EU (38)