(3)From 1 January 2021, CSDs established in the United Kingdom (‘UK CSDs’) will be considered third-country CSDs within the meaning of Regulation (EU) No 909/2014. As such, they may not provide notary and central maintenance services in relation to financial instruments constituted under the law of a Member State unless they are recognised by the European Securities and Markets Authority (ESMA) in accordance with Article 25 of that Regulation. In the absence of such recognition, Union issuers may not use UK CSDs to perform notary and central maintenance services concerning transferable securities constituted under the law of a Member State . Such a situation may result in temporary challenges for Union issuers to fulfil their legal obligations, as those services provided by UK CSDs in relation to corporate securities and exchange-traded funds constituted under the domestic law of Ireland (‘Irish corporate securities and ETFs’) are currently not provided by CSDs authorised in the Union (‘Union CSDs’). It is therefore justified and in the interest of the Union and its Member States to ensure that UK CSDs may continue to provide services in the Union after 31 December 2020 for a limited period of time.