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Recital 10

Recital 10

(10)This Decision is based on the information currently available about the legal and supervisory arrangements applicable to UK CSDs from 1 January 2021. In view of the United Kingdom’s announcement that certain requirements that will come into force under the Union legal framework in the future will not be incorporated in its domestic law, the legal and supervisory arrangements currently in place in the United Kingdom can only be deemed as equivalent for a limited period of time. Given the United Kingdom’s announcement about the future divergence as regards the legal and supervisory arrangements applicable to UK CSDs, market participants are expected to prepare for a situation without a further equivalence decision in this area.

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