Regulatory Oversight
Clearstream Banking S.A.
As a licensed credit institution in Luxembourg, Clearstream Banking in Luxembourg (CBL) is supervised by the Commission de Surveillance du Secteur Financier (CSSF, www.cssf.lu) and must comply with financial, legal, regulatory and statutory reporting banking requirements as specified, among others, in the law on the financial sector of 5 April 1993 (as amended). As a securities settlement system (SSS) in which the Banque centrale du Luxembourg (BCL, www.bcl.lu) participates, CBL is supervised by BCL and must report according to and comply with rules and recommendations by BCL (especially relating to systemic risks). CBL has been authorised under CSDR in April 2021. Such authorisation has been granted by CSSF and includes an authorisation covering the core and non-banking type ancillary services (Art. 16 CSDR), banking services (Art. 54 CSDR) and an interoperable link with Euroclear Bank NV/SA (“Bridge”, Art. 19 CSDR). CBL operates some services for LuxCSD, the national CSD that provides securities issuance and settlement in central bank money as well as custody services.
Clearstream Banking AG
Clearstream Banking in Frankfurt (CBF) is authorised by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin, www.bafin.de) as a central securities depository pursuant to Art. 16 CSDR (core and non-banking-type ancillary services) and Art. 54 CSDR (banking-type ancillary services). Furthermore, CBF is an authorised and regulated credit institution according to the German Banking Act (KWG). Accordingly, it is subject to the supervision of BaFin, which operates in close cooperation with Deutsche Bundesbank (www.bundesbank.de). In addition, CBF is designated as an operator of securities settlement systems (SSSs) by Deutsche Bundesbank in accordance with section 24b (1) of the KWG, transposing Art. 10 (1) of Directive 98/26/EC (SFD, as amended).