1.An authorised CSD may provide services referred to in the Annex within the territory of the Union, including through setting up a branch, provided that those services are covered by the authorisation.
(a)the Member State in which the CSD intends to operate;
2.An authorised CSD or a CSD that has applied for authorisation pursuant to Article 17 that intends to provide the core services referred to in Section A, points 1 and 2 of Section A2, of the Annex in relation to financial instruments constituted under the law of another Member State referred to in Article 49(1)49(1), second subparagraph, point (a), or to set up a branch in another Member State shall be subject to the procedure referred to in paragraphs 3 to 7.9 of this Article. The CSD may provide such services only after it has been authorised pursuant to Article 17 and not earlier than the date applicable in accordance with paragraph 8 of this Article.
3.Any CSD wishingthat intends to provide the services referred to in paragraph 2 withinin relation to financial instruments constituted under the territorylaw of another Member State referred to in Article 49(1), second subparagraph, point (a), for the first time, or to change the range of those services providedprovided, shall communicate the following information to the competent authority of the home Member State:
(a)the host Member State;
(b)a programme of operations stating in particular the services which the CSD intends to provide;provide, including the type of financial instruments constituted under the law of the host Member State in respect of which the CSD intends to provide such services;
(c)the currency or currencies that the CSD intends to process;
(d)(e) where relevant, an assessment of the measures the CSD intends to take to allow its users to comply with the nationallaw lawof the host Member State referred to in Article 49(1).49(1), second subparagraph, point (a), in relation to shares.
4.A CSD intending to set up a branch in another Member State for the first time or to change the range of the core service referred to in Section A, point 1, of the Annex, or of the core service referred to in Section A, point 2, of the Annex, provided through a branch, shall communicate the following information to the competent authority of the home Member State:
(a)the information referred to in paragraph 3, points (a), (b) and (c);
(b)(d) where there is a branch, the organisational structure of the branch and the names of thosethe persons responsible for the management of the branch;
(c)an assessment of the measures that the CSD intends to take to allow its users to comply with the law of the host Member State referred to in Article 49(1), second subparagraph, point (a), in relation to shares.
5.The competent authority of the home Member State shall communicate the assessment referred to in paragraph 3, point (d), or in paragraph 4, point (c), as applicable, to the competent authority of the host Member State without undue delay. The competent authority of the host Member State may provide a non-binding opinion on that assessment to the competent authority of the home Member State within one month of receipt of that assessment.
6.4. Within threetwo months from theof receipt of the complete information referred to in paragraph 3, points (a), (b) and (c), or paragraph 4, points (a) and (b), as applicable, the competent authority of the home Member State shall communicate that information to the competent authority of the host Member State unless, by taking into account the provision of services envisaged, it has reasons to doubt the adequacy of the administrative structure or the financial situation of the CSD wishingintending to provide its services in the host Member State.State or the adequacy of the measures the CSD intends to take in accordance with paragraph 3, point (d), or in paragraph 4, point (c), as applicable. Within that period, where the CSD already provides services to other host Member States, including through a branch, the competent authority of the home Member State shall also inform the college referred to in Article 24a.
The competent authority of the host Member State shall without delay inform the relevant authorities of that Member State of any communication received under the first subparagraph.
6.The CSD may start providing the services referred to in paragraph 2 in the host Member State under the following conditions:
(a)on receipt of a communication from the competent authority in the host Member State acknowledging receipt by the latter of the communication referred to in paragraph 4 and, where relevant, approving the assessment referred to in point (e) of paragraph 3;
(b) inThe competent authority of the absencehome Member State shall immediately inform the CSD of any receipt of a communication, after three months from the date of transmission of the communication referred to in paragraphthe 4.first subparagraph.
7.5. Where the competent authority of the home Member State decides in accordance with paragraph 46 not to communicate all the information referred to in paragraph 3 or paragraph 4, as applicable, to the competent authority of the host Member StateState, it shall giveprovide the reasons for its refusal to the CSD concerned within threetwo months of receivingreceipt allof thethat information and inform the competent authority of the host Member State of its decision in relation to point (a) of paragraph 6. Where information is shared in response to such a requestand the competent authority of the host Member State shall not issue the communicationcollege referred to in pointArticle (a)24a of paragraphits 6.decision.
8.The CSD may start providing services or set up a branch as referred to in paragraph 2 at the earliest 15 calendar days after the date of transmission of the communication referred to in paragraph 6, first subparagraph, from the competent authority of the home Member State to the competent authority of the host Member State.
9.7. In the event of a change in any ofto the information communicatedset out in the documents submitted in accordance with paragraph 3,3 aor paragraph 4, as applicable, the CSD shall give written notice of thatthe change to the competent authority of the home Member State at least one month before implementing the change. The competent authority of the host Member State and the college referred to in Article 24a shall also be informed of that change without delay by the competent authority of the home Member State.
10.ESMA may issue guidelines in accordance with Article 16 of Regulation (EU) No 1095/2010 to specify the scope of the assessment that the CSD is required to provide under paragraph 3, point (d), and paragraph 4, point (c), of this Article.