Recital 1

(1)Regulation (EU) No 909/2014 of the European Parliament and of the Council ⁴ standardises the requirements for the settlement of financial instruments and the rules on the organisation and conduct of central securities depositories (CSDs) to promote safe, efficient and smooth settlement. That Regulation introduced shorter settlement periods, settlement discipline measures, strict organisational, conduct of business and prudential requirements for CSDs, increased prudential and supervisory requirements for CSDs and other institutions providing banking services that support securities settlement, and a regime allowing authorised CSDs to provide their services across the Union.