Version in force , Modified +421 −0§
Amended by Regulation (EU) 2023/2845 32023R2845 on EUR-Lex (external, EUR-Lex)
Explanation, written by a model and checked against the cited text
A new paragraph 2a has been inserted, requiring a third-country CSD that intends to provide the core service referred to in Section A, point 3 of the Annex, in relation to financial instruments constituted under the law of a Member State referred to in Article 49(1), second subparagraph, to notify ESMA of that intention.
The same new paragraph provides that ESMA shall inform the competent authority of the Member State under whose law the financial instruments are constituted of the notification received.
This paragraph 2a did not appear in the earlier version of Article 25, which moved directly from paragraph 2 to paragraph 3.
Cited: Art. 25, v2 (external, EUR-Lex) · Art. 25, v1 (external, EUR-Lex)
v1 is the previous version, v2 this one.
Text from EUR-Lex, before and after
Previous version, in force 17 January 2025 02014R0909-20250117 → this version, in force 17 January 2026 02014R0909-20260117
Article 25 Third countries 1. Third-country CSDs may provide services referred to in the Annex within the territory of the Union, including through setting up a branch. 2. Notwithstanding paragraph 1, a third-country CSD that intends to provide the core services referred to in points (1) and (2) of Section A of the Annex in relation to financial instruments constituted under the law of a Member State referred to in the second subparagraph of Article 49(1) or to set up a branch in a Member State shall be subject to the procedure referred to in paragraphs 4 to 11 of this Article. 2a. A third-country CSD that intends to provide the core service referred to in Section A, point 3, of the Annex in relation to financial instruments constituted under the law of a Member State referred to in Article 49(1), second subparagraph, shall notify ESMA thereof. ESMA shall inform the competent authority of the Member State under whose law the financial instruments are constituted of the notification received. 3. A CSD established and authorised in the Union may maintain or establish a link with a third-country CSD in accordance with Article 48. 4. After consulting the authorities referred to in paragraph 5, ESMA may recognise a third-country CSD that … 1,269 unchanged words … to the Commission by 17 January 2025. Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.