Relevant authorities
Article 12
1. The following authorities shall be involved in the authorisation and supervision of CSDs where specifically referred to in this Regulation: (a) the authority responsible for the oversight of the securities settlement system operated by the CSD in the Member State whose law applies to that securities settlement system; (b) the central banks in the Union issuing the most relevant currencies in which settlement takes place; (c) where relevant, the central bank in the Union in whose books the cash leg of a securities settlement system operated by the CSD is settled. 2. ESMA shall publish on its website the list of the relevant authorities referred to in paragraph 1. 3. ESMA shall, in close cooperation with the members of the ESCB, develop draft regulatory technical standards specifying the conditions under which the Union currencies referred to in point (b) of paragraph 1 are considered to be the most relevant, and efficient practical arrangements for the consultation of the relevant authorities referred to in points (b) and (c) of that paragraph. ESMA shall submit those draft regulatory technical standards to the Commission by 18 June 2015. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.