The Central Securities Depositories Regulations 2014
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Change 1
5E Power of the Bank to appoint a skilled person to collect and update information
(1) This regulation applies if the Bank considers that a settlement internaliser has failed to comply with the first sub-paragraph of Article 9(1) of the CSD regulation. (2) The Bank may appoint a skilled person to collect or update the information required to be submitted under that sub-paragraph. (3) References in this regulation to a skilled person are to a person appearing to the Bank to have the skills necessary to collect or update the information in question. (4) The Bank must give notice of an appointment under paragraph (2) to the settlement internaliser. (5) The skilled person may require any person to provide all such assistance as the skilled person may reasonably require to collect or update the information in question. (6) A requirement imposed under paragraph (5) is enforceable, on the application of the Bank, by an injunction or, in Scotland, by an order for specific performance under section 45 of the Court of Session Act 1988. (7) A contractual or other requirement imposed on a person (“P”) to keep any information in confidence does not apply if— (a) the information is or may be relevant to anything required to be done as a result of this regulation, (b) a settlement internaliser or a skilled person requests or requires P to provide the information for the purposes of securing that those things are done, and (c) the Bank has approved the making of the request or the imposition of the requirement before it is made or imposed. (8) A settlement internaliser may provide information (whether received under paragraph (7) or otherwise) that would otherwise be subject to a contractual or other requirement to keep it in confidence if it is provided for the purposes of anything required to be done as a result of this regulation.
5E Power of the Bank to appoint a skilled person to collect and update information
(1) This regulation applies if the Bank considers that a settlement internaliser has failed to comply with the first sub-paragraph of Article 9(1) of the CSD regulation. (2) The Bank may appoint a skilled person to collect or update the information required to be submitted under that sub-paragraph. (3) References in this regulation to a skilled person are to a person appearing to the Bank to have the skills necessary to collect or update the information in question. (4) The Bank must give notice of an appointment under paragraph (2) to the settlement internaliser. (5) The skilled person may require any person to provide all such assistance as the skilled person may reasonably require to collect or update the information in question. (6) A requirement imposed under paragraph (5) is enforceable, on the application of the Bank, by an injunction or, in Scotland, by an order for specific performance under section 45 of the Court of Session Act 1988. (7) A contractual or other requirement imposed on a person (“P”) to keep any information in confidence does not apply if— (a) the information is or may be relevant to anything required to be done as a result of this regulation, (b) a settlement internaliser or a skilled person requests or requires P to provide the information for the purposes of securing that those things are done, and (c) the Bank has approved the making of the request or the imposition of the requirement before it is made or imposed. (8) A settlement internaliser may provide information (whether received under paragraph (7) or otherwise) that would otherwise be subject to a contractual or other requirement to keep it in confidence if it is provided for the purposes of anything required to be done as a result of this regulation.
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