Recital 4

(4)In 2019, the Commission carried out a targeted consultation on the application of Regulation (EU) No 909/2014. The Commission also received input from the European Supervisory Authority (European Securities and Markets Authority) (ESMA) established by Regulation (EU) No 1095/2010 of the European Parliament and of the Council ⁵ and the European System of Central Banks (ESCB). The feedback received indicated that stakeholders support and consider relevant the objective of Regulation (EU) No 909/2014 to promote safe, efficient and smooth settlement of financial instruments, and that no major overhaul of that Regulation was necessary. The report submitted by the Commission to the European Parliament and the Council in accordance with Regulation (EU) No 909/2014 was published on 1 July 2021. Although the provisions of that Regulation are not yet all fully applicable, the report identified areas for which targeted action is necessary to ensure that the objective of that Regulation is reached in a more proportionate, efficient and effective manner.