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Recital 12

Recital 12

(12)The United Kingdom’s authorities are expected to inform the Union about all changes to the United Kingdom’s legal or supervisory framework affecting the provision of notary and central maintenance services in the United Kingdom. The Commission, in cooperation with ESMA, will monitor any changes introduced in the legal and supervisory arrangements affecting the provision of such services in the United Kingdom, market developments as well as the effectiveness of supervisory cooperation, including prompt information exchange between ESMA and the Bank of England. The Commission may undertake a review at any time where relevant developments make it necessary for the Commission to re-assess the equivalence granted by this Decision, including where the United Kingdom’s authorities do not effectively cooperate, do not allow for an effective assessment of the risk that UK CSDs pose to the Union or its Member States or the actions taken by UK CSDs or the Bank of England promote undue and unfair competition.

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