How are SSSs and links made eligible?

An SSS or link may only be used in Eurosystem credit operations once it has been granted eligibility by the Eurosystem and published in the list of eligible SSSs or eligible links on the ECB website.

As of April 2018, a new regime for granting eligibility for SSSs and links entered into force according to which:

  • SSSs operated by CSDs which have been authorised under the Central Securities Depositories Regulation (CSDR) and links between such CSDs are deemed eligible if they fulfil the eligibility criteria laid down in Annex VIa of the General Documentation Guideline.
  • SSSs operated by CSDs which have not yet been authorised under the CSDR and links where at least one SSS involved in the link is operated by such a CSD continue to be assessed under the old regime, i.e. the Eurosystem User Assessment Framework (UAF).
  • SSSs operated by NCBs or public bodies and their links are deemed eligible if they fulfil the eligibility criteria laid down in Annex VIa of the General Documentation Guideline.

How to apply for eligibility

CSDs wishing to request that a new SSS or link be granted eligibility for use in Eurosystem credit operations should submit a written request to the NCB of the Member State in which they are established. The Eurosystem decision regarding the eligibility of the SSS or link will be notified to the CSD which submitted the application.