Recital 19

(19)Where a new CSD applies for authorisation, but compliance with certain requirements cannot be assessed because the CSD is not yet operational, the competent authority should be able to grant the authorisation where it can reasonably be assumed that that CSD will comply with Regulation (EU) No 909/2014 when it effectively commences its activities. That assessment is particularly relevant as regards the use of distributed ledger technology and the application of Regulation (EU) 2022/858 of the European Parliament and of the Council ⁸ .