1.

The following authorities shall be involved in the authorisation and supervision of CSDs where specifically referred to in this Regulation: the authority responsible for the oversight of the securities settlement system operated by the CSD in the Member State whose law applies to that securities settlement system; the central banks in the Union issuing the most relevant currencies in which settlement takes place; where relevant, the central bank in the Union in whose books the cash leg of a securities settlement system operated by the CSD is settled.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-12 · Text as adopted (Official Journal); later amendments are not incorporated in this text.