(a) Does Article 35 of CSDR allow CSDs to use internal or proprietary messaging standards in their communication procedures with the participants of the securities settlement system they operate and the market infrastructures they interface with?

(b) Should a CSD assess the risks borne by the participants, issuers, linked CSDs or market infrastructures which are already using the CSD?

(a) Article 84(1)(d) of the RTS on CSD Requirements provides that the requesting CSD shall make available to its participants the legal and operational terms and conditions in relation to the link arrangement. Where the receiving CSD is not the issuer CSD and, thus, has itself a CSD link with the issuer CSD (or with another investor CSD), should the requesting CSD provide its participants with legal and operational terms and conditions applying to these other link arrangements?

(b) Article 84(1)(e) of the RTS on CSD Requirements provides that the requesting CSD shall assess the local legislation applicable to the receiving TC-CSD. Where the receiving TC-CSD is not the issuer CSD and, thus, has itself a CSD link with the issuer CSD (or with another investor CSD), should the requesting CSD perform an assessment of the local legislation applying to these other CSDs?

(c) How should CSDs and their NCAs assess the risks related to a link with an EU CSD which has not been authorised under the CSDR yet?

(d) Are links between CSDs participating in T2S interoperable links as defined in the CSDR?

(a) When do the relevant deadlines pertaining to the review of a CSD’s application for authorisation under CSDR (including six months for a final decision) begin? Can the clock be stopped on application deadlines when an NCA is waiting for further information from the CSD?
(b) Do the procedures referred to in Article 20(5) of CSDR include also the transfer of issuance accounts and records linked to the provision of the notary or central maintenance services referred to in points 1 and 2 of Section A of the Annex to CSDR?
(c) Should the CSD links a CSD has established or intends to establish at the time of its application for authorisation under Article 16 of CSDR be assessed for the purpose of granting authorisation to that applicant CSD?

For the purpose of Article 62(1) of the MiFID II Delegated Regulation, if the same threshold is exceeded again and again during the same reporting period, should the firm report the fact to the client each time the threshold is exceeded?

What does “hold a retail client account” mean in the context of Article 62(2) of the MiFID II Delegated Regulation?