Recital 23

(23)A CSD should be prepared to face scenarios that could potentially prevent it from being able to provide its critical operations and services as a going concern and should assess the effectiveness of a full range of options for recovery or orderly wind-down in those scenarios. Regulation (EU) No 909/2014 introduced requirements in that respect, providing in particular that a competent authority is to require the CSD to submit an adequate recovery plan and is to ensure that an adequate resolution plan is established and maintained for each CSD. No harmonised resolution regime on which a resolution plan could be based, however, currently exists. CSDs that are authorised to offer banking-type ancillary services fall within the scope of Directive 2014/59/EU of the European Parliament and of the Council ¹⁰ . However, no specific provisions exist for CSDs which are not authorised to provide such services and therefore are not considered credit institutions under Directive 2014/59/EU with the obligation to have recovery and resolution plans in place. Clarifications should therefore be introduced with a view to better aligning the requirements applicable to CSDs taking into account the absence of a Union framework for the recovery and resolution for all CSDs. In order to avoid a duplication of requirements, where a recovery and resolution plan has been drawn up for a CSD under Directive 2014/59/EU, that CSD should not be required to prepare plans on recovery or orderly wind-down under Regulation (EU) No 909/2014, insofar as the information to be included in those plans has been already provided. However, such CSDs should provide their competent authority with the recovery plans drawn up under that Directive.