(33)Under certain circumstances, a security might be constituted under the corporate or similar law of two different Member States. That is in particular the case for debt securities where the issuer is incorporated in one Member State and the securities are issued under the law of another Member State. It is important to clarify that in such cases the corporate or similar law of both Member States should continue to apply. The choice of the applicable law is not to be governed by Regulation (EU) No 909/2014 and should therefore remain at the issuers’ discretion or otherwise be determined by law.