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Este Comité de usuarios sólo tiene unas referencias muy genéricas en el art. 98.3 LMV, cuando dice: “Los depositarios centrales de valores contarán con los órganos y comités previstos en el Reglamento (UE) n.° 909/2014, de 23 de julio de 2014”, y el art. 115.2 de la LMV, al decir que: “Tanto las reglas como sus modificaciones serán previamente examinadas por el comité de usuarios del depositario central de valores, quien podrá hacer llegar a la Comisión Nacional del Mercado de Valores sus observaciones al respecto”. No existe referencia al respecto en el RD 878/2015ssss1.

ssss1. PAECH, Philipp: Capital Markets Union, Investment Securities and the Tradition of Casting Liquidity into the Law. LSE Law, Society and Economy Working Papers. n.° 20, 2015. Pág. 10: “The first central securities depositories (‘CSD’) for security certificates were founded in Vienna in 1878 and in Berlin in 1882, both probably modelled on the 18th century London Clearing House for cheques and bank notes. However, huge chunks of securities holdings still remained in separate bank custody or in private hands. It was not until the middle of the 20th century with the advent of computerisation that this practice, now referred to as central clearing and settlement, became prevalent, and it has become the norm only recently A number of jurisdictions, typically smaller markets or late market entrants were able to conceive holding systems that did not entail a cascade of accounts but where all investors were directly linked to a central ledger. Holding securities through a cascade of accounts was bound to have consequences for the legal concepts earlier perceived as ascertaining transferability”.