Recital 28

(28)Regulation (EU) No 909/2014 requires a CSD to have a management body of which at least one third, but no less than two, of its members are independent. In order to ensure a more consistent application of the concept of independence, that concept should be clarified in line with the definition of ‘independent members’ in Regulation (EU) No 648/2012 of the European Parliament and of the Council ¹¹ .