S/C/N/796
18 March 2015
(15-1556) Page: 1/2
Council for Trade in Services  Original: English
 
  NOTIFICATION PURSUANT TO ARTICLE III:3 OF THE 
WTO AGREEMENT ON TRADE IN SERVICES 
The following notification from the delegation of  the European Union, dated 16 March 2015, is 
being circulated to the Members of the Council for Trade in Services. 
 
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The following notification is made pursuant to GATS Article III:3 and relates to measures adopted 
by the European Union in 2014. Given that th ere is no common understanding among WTO 
Members on when a measure "significantly affects trade in services" within the meaning of GATS 
Article III:3 and that the European Union cannot make a positive determination on this issue, it is 
therefore notifying measures that may be relevant  to trade in services without prejudice to the 
interpretation of the phrase "significantly affect trade in services" in Article III:3. 
1  MEMBER NOTIFYING 
The European Union 2  NOTIFICATION UNDER ARTICLE(S) 
Article III, paragraph 3, of the General Agreement on Trade in Services 
3  DATE OF ENTRY INTO FORCE 
17 September 2014 4  AGENCY RESPONSIBLE FOR IMPLEMENTATION AND ENFORCEMENT OF THE MEASURE 
Member States of the European Union 
 5  DESCRIPTION OF THE MEASURE
* 
a) Full title of the EU act: 
 Regulation (EU) No 909/2014 of the European Parl iament and of the Council of 23 July 2014 on 
improving securities settlement in the European Union and on central securities depositories and 
amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012.  b) Brief summary of the content with a focu s on potential effect on services trade: 
 
This Regulation aims to harmonise both the timing  and conduct of securities settlement in Europe 
and the rules governing Central Securities Deposi tories (CSDs) which operate the infrastructures 
enabling settlement. With regard to settlement,  the CSD Regulation harmonises timing and 
discipline of securities settlement in the EU. It creates, for the first time at European level, a common authorisation, supervision and regulatory framework for CSDs. 
 
Under the new rules, a CSD from a third country can provide its services in the EU.   
                                               
* Including international agreements, recognition measures or other types. S/C/N/796 
 
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  For certain core services (in relation to financial instruments constituted under the law of one of 
the Member States) and branches in the EU, a th ird country CSD will need to seek recognition 
from ESMA. Such recognition may be granted only when the Commission confirms that the legal and supervisory framework of that third country provides for requirements which are in effect 
equivalent to the ones under CSDR, when the framework of that third country is effectively 
applied, when the legal framework of that third co untry provides for an effective equivalent system 
to recognise CSD authorised under the EU regulatory and supervisory framework and when ESMA 
and third country authorities put in place cooperat ion arrangements to ensure that ESMA receives 
all the information it needs.  6  MEMBERS SPECIFICALLY AFFECTED 
None 
7  TEXTS AVAILABLE FROM 
 Other sources (address, fax and telephone of other body) 
 
EU Official Journal, available on line at:  
http://eur-lex.europa.eu/legal-content/EN/NOT/?uri=CELEX:32014R0909  
 
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