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Home > Financial Stability > Securities Settlement Systems Requirements

Securities Settlement Systems Requirements

Operators of securities settlement systems (SSSs) must satisfy the requirements of the Uncertificated Securities Regulations 2001 (USRs) in order to operate a system supporting the electronic transfer of title to UK securities. They may also be regulated under the Financial Services and Markets Act 2000 (FSMA) as a recognised clearing house (RCH) and therefore need to adhere to the recognition requirement regulations detailed in Part 18 of that Regulation. In addition, the operator may be regulated under the Banking Act 2009 if the payment arrangements supporting the SSS constitute a recognised payment system (RPS). When interpreting the requirements for operators the Bank of England will be guided by the international CPMI-IOSCO Principles for Financial Market Infrastructures.
The legal regime for operators of SSSs is changing significantly as a result of the Central Securities Depositories Regulation (CSDR). The CSDR is an EU Regulation that came into force on 17 September 2014 and introduces a common authorisation, supervision and regulatory framework for the operators of SSSs in the EU. The authorisation process will commence shortly after the European Commission adopts the regulatory technical standards, which is expected to be in the second half of 2015.
Operators of SSSs are subject to rules established by the Bank of England under the USRs. These can be seen in the key resources section below. They may also be subject to rules under the RCH and RPS regimes.

Key Resources

​Rules for Operators