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Recital 24

Recital 24

(24)The procedure set out in Regulation (EU) No 909/2014 regarding the provision by a CSD of notary and central maintenance services in relation to financial instruments constituted under the law of a Member State other than the law of the Member State where the CSD is authorised has proven to be burdensome and some of its requirements are unclear. That procedure has resulted in a disproportionately costly and lengthy process for CSDs. The procedure should therefore be clarified and simplified to better dismantle the barriers to cross-border settlement so as to enable authorised CSDs to fully benefit from the freedom to provide services within the Union. Without prejudice to the measures that CSDs need to take to allow their users to comply with national law, it should be clear which is the relevant legal framework for the assessment that a CSD is required to perform under Regulation (EU) No 909/2014 in relation to the measures that it intends to take to allow its users to comply with the law of another Member State and that the assessment be limited only to shares. The competent authority of the host Member State should be offered the possibility to comment on the assessment related to the law of that Member State. The final decision should be left to the competent authority of the home Member State.

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