(41)In order to provide CSDs established in the Union and third-country CSDs with sufficient time to apply for authorisation and recognition of their activities, the date of application of the authorisation and recognition requirements of Regulation (EU) No 909/2014 was initially deferred until an authorisation or recognition decision was made pursuant to that Regulation. Sufficient time has elapsed since the entry into force of that Regulation. Therefore, those requirements should now start to apply to ensure, on the one hand, a level playing field amongst all CSDs offering services in relation to financial instruments constituted under the law of a Member State and, on the other hand, that authorities at Union and national level have the necessary information to ensure investor protection and monitor financial stability.