(1)

Regulation (EU) No 1380/2013 of the European Parliament and of the Council (2) aims to progressively eliminate discards in all Union fisheries through the introduction of a landing obligation for catches of species subject to catch limits.

(2)

Article 9 of Regulation (EU) No 1380/2013 provides for the adoption of multiannual plans containing conservation measures for fisheries exploiting certain stocks in a relevant geographical area. Such multiannual plans specify details of the implementation of the landing obligation and may empower the Commission to further specify those details on the basis of joint recommendations developed by Member States.

(3)

Regulation (EU) 2018/973, which establishes a multiannual plan for demersal stocks in the North Sea also empowers the Commission to adopt delegated acts specifying details of the landing obligation on the basis of joint recommendations developed by Member States.

(4)

Belgium, Denmark, Germany, France, the Netherlands and Sweden have a direct fisheries management interest in the North Sea. After consulting the North Sea Advisory Council and the Pelagic Advisory Council, those Member States and the United Kingdom submitted on 29 May 2019 a joint recommendation to the Commission concerning details of the implementation of the landing obligation for demersal fisheries in the North Sea. The joint recommendation was amended on 7 August 2019. Following those joint recommendations, the Commission adopted Delegated Regulation (EU) 2019/2238 (3).

(5)

On 8 November 2019 the Member States concerned and the United Kingdom submitted a new joint recommendation to correct some errors and unintentional omissions in Delegated Regulation (EU) 2019/2238.

(6)

The joint recommendation of 8 November 2019 suggested to grant the exemption for Norway lobster caught with bottom trawls equipped with a cod-end with a mesh size of at least 70 mm equipped with a species selective grid with a bar spacing of maximums 35 mm until 31 December 2021. This is an exemption with a positive scientific assessment (4) that had also been included in previous discard plans. In 2018, the Scientific, Technical and Economic Committee for Fisheries (STECF) pointed out that the supporting scientific information for that exemption was based on a robust approach and the validation technique used in the context of the wider fleets was reasonable (5). In spite of this positive scientific background, Delegated Regulation (EU) 2019/2238 unintentionally limited that exemption until 31 December 2020, even though there were no scientific grounds for that. That exemption should therefore apply until 31 December 2021.

(7)

On the basis of the abovementioned STECF assessments, Delegated Regulation (EU) 2019/2238 also included erroneously a reporting obligation to be submitted no later than 1 May 2020 for the exemption for Norway lobster caught with bottom trawls equipped with a cod-end with a mesh size of at least 70 mm equipped with a species selective grid with a bar spacing of maximums 35 mm. Hence, this exemption should be excluded from the obligation to submit additional data.

(8)

Delegated Regulation (EU) 2019/2238 contains an unintentional omission concerning the survivability exemption for catch and by-catch of plaice. The Joint Recommendation submitted on 7 August 2019 suggested an exemption for plaice caught with certain trawls targeting flatfish or roundfish, equipped with a mesh size of at least 90-99 mm and with seltra panel; or a mesh size of at least 80-99 mm. The STECF observed that survivability rates were variable between relevant studies (18-75 %), with particularly lower levels registered for smaller plaice (6). For this reason the exemption should have been granted only until 31 December 2020, but Article 6(4) did not specify it by error. Furthermore, the reporting obligation to present additional data should also cover this exemption.

(9)

The joint recommendation of 8 November 2019 suggested the inclusion of a de minimis exemption for ling caught with certain bottom trawls with a mesh size greater than or equal to 120 mm.

(10)

Commission Delegated Regulation (EU) 2018/2035 (7) had granted a de minimis exemption for ling below minimum conservation reference size caught with certain bottom trawls with a mesh size equal or greater than 120 mm in ICES subarea 4. That exemption was granted on the basis of scientific evidence provided by the Member States and endorsed by the scientific assessment (8). The STECF noted that it was reasonable to assume that improvements in selectivity to reduce unwanted catches of ling were technically challenging giving the morphology of ling. That exemption was not carried over in Delegated Regulation (EU) 2019/2238 due to a miscommunication between the regional group of Member States and the Commission. Therefore, Article 10 of Delegated Regulation (EU) 2019/2238 should be amended to include it.

(11)

Delegated Regulation (EU) 2019/2238 should be amended accordingly.

(12)

As the measures provided for in this Regulation have a direct impact on the planning of the fishing season of Union vessels and on related economic activities, this Regulation should enter into force very shortly after its publication. Considering that Delegated Regulation (EU) 2019/2238 entered into force on 1 January 2020, this Regulation should also apply from that date,

(1)

Article 3(3) is replaced by the following:

(2)

Article 6(4) is replaced by the following:

(3)

Article 10 is amended as follows:

(1)

Regulation (EU) No 1380/2013 aims to progressively eliminate discards in all Union fisheries through the introduction of a landing obligation for catches of species subject to catch limits.

(2)

Article 15(6) of Regulation (EU) No 1380/2013 empowers the Commission to adopt discard plans by means of a delegated act for a period of no more than three years and renewable once on the basis of joint recommendations developed by Member States in consultation with the relevant Advisory Councils.

(3)

Belgium, Spain, France, the Netherlands and Portugal have a direct fisheries management interest in the South-Western waters. After consulting the South Western Waters Advisory Council and the Pelagic Advisory Council, those Member States submitted on 2 June 2017 a joint recommendation to the Commission to extend the duration of de minimis exemptions established in the discard plan.

(4)

Following that recommendation and a positive evaluation provided by Scientific, Technical and Economic Committee for Fisheries (STECF) (2), Commission Delegated Regulation (EU) 2018/188 (3) granted the extension of the de minimis exemption as regards catches of anchovy, mackerel and horse mackerel in International Council for the Exploration of the Sea ICES division 8 for otter trawls (OTM) and pair trawls (PTM) for the years 2018, 2019 and 2020. That exemption had already been granted in Commission Delegated Regulation (EU) No 1394/2014 (4) for OTM and PTM for the years 2015, 2016 and 2017 due to the reasoned argumentation on the difficulties to further increase selectivity.

(5)

Due to an error, PTM was unintentionally excluded in Delegated Regulation (EU) 2018/188 and the abovementioned Member States requested the Commission to correct the omission. The reference to just one gear should be deleted to cover all pelagic gears (OTM and PTM) as regards catches of anchovy, mackerel and horse mackerel.

(6)

Delegated Regulation (EU) No 1394/2014 should be amended accordingly.

(7)

As the measures provided for in this Regulation have a direct impact on the planning of the fishing season of Union vessels and on related economic activities, this Regulation should enter into force immediately after its publication. Considering that Delegated Regulation (EU) 2018/188 applies from 1 January 2018, this Regulation should apply from 1 January 2020,

‘(c)

up to a maximum of 4 % in 2018, 2019 and 2020 of the total annual catches of anchovy, mackerel and horse mackerel in the pelagic trawl fishery which targets anchovy, mackerel and horse mackerel in ICES division 8 using pelagic trawls;’.

(1)

Regulation (EC) No 1831/2003 provides for the authorisation of additives for use in animal nutrition and for the grounds and procedures for granting such authorisation.

(2)

In accordance with Article 7 of Regulation (EC) No 1831/2003, two applications were submitted for the authorisation of the preparation of Bacillus subtilis DSM 25841. Those applications were accompanied by the particulars and documents required under Article 7(3) of that Regulation.

(3)

The applications concern the authorisation of the preparation of Bacillus subtilis DSM 25841 as a feed additive for all porcine species, including sows, other than lactating sows in order to have a benefit in suckling piglets to be classified in the additive category ‘zootechnical additives’.

(4)

The European Food Safety Authority (‘the Authority’) concluded in its opinions of 20 February 2018 (2), 4 October 2019 (3) and 4 October 2019 (4), under the proposed conditions of use, the preparation of Bacillus subtilis DSM 25841 does not have an adverse effect on animal health, consumer safety or the environment. It also stated that this preparation should be considered a potential respiratory sensitiser and that it cannot conclude on its irritancy potential to skin and eyes or its dermal sensitisation. Therefore, the Commission considers that appropriate protective measures should be taken to prevent adverse effects on human health, in particular as regards the users of the additive. The Authority also concluded that the preparation has the potential to be efficacious in improving zootechnical parameters in the target species. The Authority does not consider that there is a need for specific requirements of post-market monitoring. It also verified the report on the method of analysis of the feed additive in feed submitted by the Reference Laboratory set up by Regulation (EC) No 1831/2003.

(5)

The assessment of the preparation of Bacillus subtilis DSM 25841 shows that the conditions for authorisation, as provided for in Article 5 of Regulation (EC) No 1831/2003, are satisfied. Accordingly, the use of that preparation should be authorised.

(6)

The measures provided for in this Regulation are in accordance with the opinion of the Standing Committee on Plants, Animals, Food and Feed,

(1)

Regulation (EC) No 1831/2003 provides for the authorisation of additives for use in animal nutrition and for the grounds and procedures for granting such authorisation.

(2)

In accordance with Article 7 of Regulation (EC) No 1831/2003 an application was submitted for the authorisation of L-cysteine hydrochloride monohydrate produced by fermentation with Escherichia coli KCCM 80109 and KCCM 80197. This application was accompanied by the particulars and documents required under Article 7(3) of Regulation (EC) No 1831/2003.

(3)

This application concerns the authorisation of L-cysteine hydrochloride monohydrate produced by fermentation with Escherichia coli KCCM 80109 and KCCM 80197 as a feed additive for all animal species. The applicant requested this additive to be classified in the additive category ‘sensory additives’.

(4)

The applicant requested the feed additive to be authorised for use also in water for drinking. However, Regulation (EC) No 1831/2003 does not allow the authorisation of ‘flavouring compounds’ for use in water for drinking. Therefore, the use of L-cysteine hydrochloride monohydrate produced by fermentation with Escherichia coli KCCM 80109 and KCCM 80197 in water for drinking should not be allowed. The fact that of L-cysteine hydrochloride monohydrate produced by fermentation with Escherichia coli KCCM 80109 and KCCM 80197 is not authorised for use as a flavouring in water for drinking does not preclude its use in compound feed administered via water.

(5)

The European Food Safety Authority (‘the Authority’) concluded in its opinion of 19 March 2020 (2) that, under the proposed conditions of use L-cysteine hydrochloride monohydrate produced by fermentation with Escherichia coli KCCM 80109 and KCCM 80197 do not have adverse effects on animal health, consumer health or the environment. The Authority concluded for L-cysteine hydrochloride monohydrate produced by fermentation with Escherichia coli KCCM 80109 and KCCM 80197 that although users’ exposure via inhalation is unlikely due to the low dusting potential, the product is proposed to be classified as respiratory irritant due to its low pH when in solution. In addition, based on the results of the studies provided, it should be classified as skin irritant and that it can cause serious eye damage. L-cysteine hydrochloride monohydrate is not a dermal sensitiser. The Authority also concluded, that since L-cysteine hydrochloride monohydrate produced by fermentation with Escherichia coli KCCM 80109 and KCCM 80197 is used in food as flavouring, it is to be expected that it can provide a similar function in feed and no further demonstration of efficacy is necessary when used in feed. The Authority does not consider that there is a need for specific requirements of post-market monitoring. It also verified the report on the method of analysis of the feed additives in feed submitted by the Reference Laboratory set up by Regulation (EC) No 1831/2003.

(6)

The assessment of L-cysteine hydrochloride monohydrate produced by fermentation with Escherichia coli KCCM 80109 and KCCM 80197 shows that the conditions for authorisation, as provided for in Article 5 of Regulation (EC) No 1831/2003, are satisfied. Accordingly, the use of L-cysteine hydrochloride monohydrate produced by fermentation with Escherichia coli KCCM 80109 and KCCM 80197 should be authorised as specified in the Annex to this Regulation.

(7)

Restrictions and conditions should be provided for to allow better control. In particular, a recommended content should be indicated on the label of the feed additive. Where such content is exceeded, certain information should be indicated on the label of premixtures.

(8)

The measures provided for in this Regulation are in accordance with the opinion of the Standing Committee on Plants, Animals, Food and Feed,

(1)

Regulation (EC) No 1831/2003 provides for the authorisation of additives for use in animal nutrition and for the grounds and procedures for granting such authorisation.

(2)

In accordance with Article 7 of Regulation (EC) No 1831/2003 an application was submitted for the authorisation of a preparation of Bacillus subtilis DSM 32324, Bacillus subtilis DSM 32325 and Bacillus amyloliquefaciens DSM 25840. That application was accompanied by the particulars and documents required under Article 7(3) of Regulation (EC) No 1831/2003.

(3)

The application concerns the authorisation of a preparation of Bacillus subtilis DSM 32324, Bacillus subtilis DSM 32325 and Bacillus amyloliquefaciens DSM 25840 as a feed additive for all poultry species for fattening or reared for laying or reared for breeding to be classified in the category ‘zootechnical additives’.

(4)

The European Food Safety Authority (‘the Authority’) concluded in its opinion of 20 March 2020 (2) that, under the proposed conditions of use, the preparation of Bacillus subtilis DSM 32324, Bacillus subtilis DSM 32325 and Bacillus amyloliquefaciens DSM 25840 does not have an adverse effect on animal health, consumer safety or the environment. It also concluded that in the absence of data, no conclusions on the skin/eye irritancy or skin sensitisation of the additive can be made, and due to the proteinaceous nature of the active agents, the additive should be considered a respiratory sensitiser. Therefore, the Commission considers that appropriate protective measures should be taken to prevent adverse effects on human health, in particular as regards the users of the additive. The Authority also concluded that the product has the potential to be efficacious as zootechnical additive in feedingstuffs and water for drinking. The Authority does not consider that there is a need for specific requirements of post-market monitoring. It also verified the report on the methods of analysis of the feed additive in feed submitted by the Reference Laboratory set up by Regulation (EC) No 1831/2003.

(5)

The assessment of the preparation of Bacillus subtilis DSM 32324, Bacillus subtilis DSM 32325 and Bacillus amyloliquefaciens DSM 25840 shows that the conditions for authorisation, as provided for in Article 5 of Regulation (EC) No 1831/2003, are satisfied. Accordingly, the use of product should be authorised as specified in the Annex to this Regulation.

(6)

The measures provided for in this Regulation are in accordance with the opinion of the Standing Committee on Plants, Animals, Food and Feed,

(1)

Commission Delegated Regulation (EU) No 1062/2014 (2) establishes a list of existing active substances to be evaluated for their possible approval for use in biocidal products. That lists includes formaldehyde.

(2)

Formaldehyde has been evaluated for use in biocidal products of product-type 2, private area and public health area disinfectants and other biocidal products, and product-type 3, veterinary hygiene biocidal products, as described in Annex V to Directive 98/8/EC of the European Parliament and of the Council (3), which correspond respectively to product-types 2 and 3 as described in Annex V to Regulation (EU) No 528/2012.

(3)

The evaluating competent authority of Germany submitted the assessment reports together with its conclusions to the Commission on 29 July 2013.

(4)

In accordance with Article 7(2) of Delegated Regulation (EU) No 1062/2014, the opinions of the European Chemicals Agency (4) (the ‘Agency’) were adopted on 10 December 2019 by the Biocidal Products Committee, having regard to the conclusions of the evaluating competent authority.

(5)

It can be derived from Article 90(2) of Regulation (EU) No 528/2012 that substances for which the Member States’ evaluation has been completed by 1 September 2013 should be evaluated in accordance with the provisions of Directive 98/8/EC.

(6)

According to the opinions of the Agency, biocidal products of product-types 2 and 3 containing formaldehyde may be expected to satisfy the requirements of Article 5 of Directive 98/8/EC, provided that certain specifications and conditions concerning their use are complied with.

(7)

It is therefore appropriate to approve formaldehyde for use in biocidal products of product-types 2 and 3, subject to compliance with certain specifications and conditions.

(8)

The opinions of the Agency conclude that formaldehyde meets the criteria for classification as carcinogen category 1B in accordance with Regulation (EC) No 1272/2008 of the European Parliament and of the Council (5).

(9)

Since formaldehyde should be approved under the terms of Directive 98/8/EC, taking into account that property, the period of approval should be considerably shorter than 10 years, in accordance with the latest practice established under that Directive. In addition, since formaldehyde has benefitted from the transitional period provided for in Article 89 of Regulation (EU) No 528/2012 since 14 May 2000 and has been under peer review since 29 July 2013, and with the view to examine at Union level as soon as possible in the context of a potential renewal of approval whether the conditions of Article 5(2) of Regulation (EU) No 528/2012 can be satisfied for formaldehyde, the period of approval should be three years.

(10)

Furthermore, pursuant to point 10 of Annex VI to Regulation (EU) No 528/2012, the competent authorities of the Member States should evaluate whether the conditions of Article 5(2) of that Regulation can be satisfied in their territories in order to decide whether a biocidal product containing formaldehyde can be authorised.

(11)

For the purposes of Article 23 of Regulation (EU) No 528/2012, formaldehyde meets the conditions laid down in point (a) of Article 10(1) of that Regulation and should therefore be considered a candidate for substitution. The competent authorities of the Member States should therefore perform a comparative assessment as part of the evaluation of an application for authorisation or for renewal of authorisation of a biocidal product containing formaldehyde.

(12)

Since, as concluded by the Agency, formaldehyde meets the criteria for classification as carcinogen category 1B and as skin sensitiser category 1 in accordance with Annex I to Regulation (EC) No 1272/2008, treated articles treated with or incorporating formaldehyde should be appropriately labelled when placed on the market.

(13)

This Regulation does not affect the application of Union law in the area of health and safety at work, in particular Council Directives 89/391/EEC (6) and 98/24/EC (7), and Directive 2004/37/EC of the European Parliament and of the Council (8).

(14)

A reasonable period should be allowed to elapse before an active substance is approved in order to permit interested parties to take the preparatory measures necessary to meet the new requirements.

(15)

The measures provided for in this Regulation are in accordance with the opinion of the Standing Committee on Biocidal Products,

(1)

Regulation (EC) No 1831/2003 provides for the authorisation of additives for use in animal nutrition and for the grounds and procedures for granting such authorisation.

(2)

In accordance with Article 7 of Regulation (EC) No 1831/2003, an application was submitted for the authorisation of disodium 5'-inosinate produced by fermentation with Corynebacterium stationis KCCM 80161. This application was accompanied by the particulars and documents required under Article 7(3) of Regulation (EC) No 1831/2003.

(3)

This application concerns the authorisation of disodium 5'-inosinate produced by fermentation with Corynebacterium stationis KCCM 80161 as a feed additive for all animal species. The applicant requested this additive to be classified in the additive category ‘sensory additives’.

(4)

The applicant requested the feed additive to be authorised for use also in water for drinking. However, Regulation (EC) No 1831/2003 does not allow the authorisation of ‘flavouring compounds’ for use in water for drinking. Therefore, the use of disodium 5'‐inosinate produced by fermentation with Corynebacterium stationis KCCM 80161 in water for drinking should not be allowed. The fact that the additive is not authorised for use as a flavouring in water for drinking does not preclude its use in compound feed administered via water.

(5)

The European Food Safety Authority (‘the Authority’) concluded in its opinion of 7 May 2020 (2) that, under the proposed conditions of use, disodium 5'‐inosinate produced by fermentation with Corynebacterium stationis KCCM 80161 does not have adverse effects on animal health, consumer health or the environment. The Authority concluded in the opinion that the additive is not toxic by inhalation, not irritant to skin or eyes and is not a dermal sensitiser. The Authority also concluded that the effect of disodium 5'-inosinate produced by fermentation with Corynebacterium stationis KCCM 80161 to increase the taste of food is well proven, and therefore, no further demonstration of its efficacy in feed is necessary. The Authority does not consider that there is a need for specific requirements of post-market monitoring. It also verified the report on the method of analysis of the feed additives in feed submitted by the Reference Laboratory set up by Regulation (EC) No 1831/2003.

(6)

The assessment of disodium 5'-inosinate produced by fermentation with Corynebacterium stationis KCCM 80161 shows that the conditions for authorisation, as provided for in Article 5 of Regulation (EC) No 1831/2003, are satisfied. Accordingly, the use of disodium 5'-inosinate produced by fermentation with Corynebacterium stationis KCCM 80161 should be authorised as specified in the Annex to this Regulation.

(7)

Restrictions and conditions should be provided for to allow better control. In particular, a recommended content should be indicated on the label of the feed additive. Where such content is exceeded, certain information should be indicated on the label of premixtures.

(8)

The measures provided for in this Regulation are in accordance with the opinion of the Standing Committee on Plants, Animals, Food and Feed,

(1)

Commission Delegated Regulation (EU) No 1062/2014 (2) establishes a list of existing active substances to be evaluated for their possible approval for use in biocidal products. That lists includes chlorophene (EC No: 204-385-8; CAS No 120-32-1).

(2)

Chlorophene has been evaluated for use in biocidal products of product-type 2, disinfectants and algaecides not intended for direct application to humans or animals, as described in Annex V to Regulation (EU) No 528/2012.

(3)

Norway was designated as a rapporteur State and its evaluating competent authority submitted the assessment report together with its conclusions to the European Chemicals Agency (‘Agency’) on 22 December 2016.

(4)

In accordance with Article 7(2) of Delegated Regulation (EU) No 1062/2014, the Biocidal Products Committee adopted the opinion of the Agency on 4 March 2020 (3), having regard to the conclusions of the evaluating competent authority.

(5)

According to that opinion, biocidal products of product-type 2 containing chlorophene may not be expected to meet the criteria laid down in Article 19(1)(b) of Regulation (EU) No 528/2012 as the human health risk assessment identified unacceptable risks.

(6)

Taking into account the opinion of the Agency, it is not appropriate to approve chlorophene for use in biocidal products of product-type 2.

(7)

The measures provided for in this Decision are in accordance with the opinion of the Standing Committee on Biocidal products,

(1)

On 29 March 2017, the United Kingdom of Great Britain and Northern Ireland (the ‘United Kingdom’) submitted the notification of its intention to withdraw from the Union pursuant to Article 50 of the Treaty on European Union. On 17 October 2019, the Union and the United Kingdom reached an agreement on the withdrawal of the United Kingdom from the Union (2) (‘the Withdrawal Agreement’), with a revised Protocol on Ireland/Northern Ireland, and a revised Political Declaration (3). Pursuant to the Withdrawal Agreement and following its ratification by the House of Commons in the United Kingdom, its adoption by the European Parliament and its conclusion by the Council, the United Kingdom became a third country on 1 February 2020 and Union law will cease to apply to and in the United Kingdom on 31 December 2020.

(2)

Central securities depositories (‘CSDs’) are instrumental to financial markets. The recording of securities in a book-entry system (‘notary services’) and the maintenance of securities accounts at the top tier level (‘central maintenance services’) increase transparency and protect investors, as they ensure the integrity of the securities issue by preventing the undue creation or reduction of issued securities. CSDs also operate securities settlement systems, which ensure that securities transactions are settled properly and in a timely manner. Those functions are critical in the post-trade clearing and settlement processes. Securities settlement systems are essential also to monetary policy as they are closely involved in securing collateral for monetary policy operations.

(3)

From 1 January 2021, CSDs established in the United Kingdom (‘UK CSDs’) will be considered third-country CSDs within the meaning of Regulation (EU) No 909/2014. As such, they may not provide notary and central maintenance services in relation to financial instruments constituted under the law of a Member State unless they are recognised by the European Securities and Markets Authority (ESMA) in accordance with Article 25 of that Regulation. In the absence of such recognition, Union issuers may not use UK CSDs to perform notary and central maintenance services concerning transferable securities constituted under the law of a Member State . Such a situation may result in temporary challenges for Union issuers to fulfil their legal obligations, as those services provided by UK CSDs in relation to corporate securities and exchange-traded funds constituted under the domestic law of Ireland (‘Irish corporate securities and ETFs’) are currently not provided by CSDs authorised in the Union (‘Union CSDs’). It is therefore justified and in the interest of the Union and its Member States to ensure that UK CSDs may continue to provide services in the Union after 31 December 2020 for a limited period of time.

(4)

ESMA may only recognise a CSD established in a third country where the Commission has adopted an implementing act determining that the legal and supervisory arrangements governing that CSD are equivalent to the requirements laid down in Regulation (EU) No 909/2014. In view of the risk of the United Kingdom withdrawing from the Union without the conclusion of a withdrawal agreement, Commission Implementing Decision (EU) 2018/2030 (4) granted equivalence to the legal and supervisory framework of the United Kingdom for the period until 30 March 2021. As a consequence of the conclusion of the Withdrawal Agreement, that Implementing Decision never became applicable. Union CSDs are very advanced in the process of developing services in relation to Irish corporate securities and ETFs, to allow Union issuers to migrate their positions, but that work will not be fully finalised when Union law ceases to apply to and in the United Kingdom on 31 December 2020. It is therefore necessary and in the interest of the Union and its Member States that the legal and supervisory arrangements governing UK CSDs are determined as equivalent to the requirements laid down in Regulation (EU) No 909/2014 for a period of six months.

(5)

In accordance with Article 25(9) of Regulation (EU) No 909/2014, three conditions are to be fulfilled in order to determine that the legal and supervisory arrangements of a third country regarding CSDs established therein are equivalent to those laid down in that Regulation.

(6)

First, the legal and supervisory arrangements of the third country must ensure that CSDs in that third country comply with legally binding requirements which are in effect equivalent to the requirements laid down in Regulation (EU) No 909/2014. Until the end of the tranition period on 31 December 2020, UK CSDs must comply with the requirements laid down in Regulation (EU) No 909/2014. On 26 June 2018, the United Kingdom incorporated the provisions of Regulation (EU) No 909/2014 into its domestic law with effect from the end of the transition period.

(7)

Second, the legal and supervisory arrangements of the third country must ensure that CSDs established in that third country are subject to effective supervision, oversight and enforcement on an ongoing basis. Until the end of the transition period on 31 December 2020, UK CSDs are under the supervision of the Bank of England, as determined in United Kingdom domestic law in accordance with Regulation (EU) No 909/2014. As part of the incorporation of the provisions set out in Regulation (EU) No 909/2014 into United Kingdom domestic law, the Bank of England will remain responsible for the supervision of CSDs from the end of the transition period and there are, for the moment, no indications that any important changes to that supervision are foreseen.

(8)

Third, the legal framework of the third country must provide for an effective equivalent system for the recognition of CSDs authorised under third-country legal regimes. This is ensured by the incorporation of the provisions set out in Article 25 of Regulation (EU) No 909/2014 into United Kingdom domestic law. Furthermore, the United Kingdom has introduced specific transitional provisions, which enable a third-country CSD to provide notary and central maintenance services in the United Kingdom during a period of at least six months after the United Kingdom has determined the equivalence of that third-country framework.

(9)

On that basis, it can be concluded that the legal and supervisory arrangements of the United Kingdom which will be applicable to UK CSDs after the end of the transition period referred to in Article 126 of the Withdrawal Agreement meet the conditions laid down in Article 25(9) of Regulation (EU) No 909/2014.

(10)

This Decision is based on the information currently available about the legal and supervisory arrangements applicable to UK CSDs from 1 January 2021. In view of the United Kingdom’s announcement that certain requirements that will come into force under the Union legal framework in the future will not be incorporated in its domestic law, the legal and supervisory arrangements currently in place in the United Kingdom can only be deemed as equivalent for a limited period of time. Given the United Kingdom’s announcement about the future divergence as regards the legal and supervisory arrangements applicable to UK CSDs, market participants are expected to prepare for a situation without a further equivalence decision in this area.

(11)

The conclusion of comprehensive and effective cooperation arrangements between ESMA and the Bank of England in accordance with Article 25(10) of Regulation (EU) No 909/2014 ensures the pro-active exchange of information and coordination of supervisory activities. In particular, those arrangements must ensure that ESMA on an ongoing basis has immediate access in all situations, including emergency situations, , to all information requested by it. Those cooperation arrangements also ensure that ESMA may share all relevant information with the authorities referred to in Article 25(5) of Regulation (EU) No 909/2014 for the purpose of consulting them about the recognised status of UK CSDs or where that information is necessary for those authorities to carry out their supervisory tasks.

(12)

The United Kingdom’s authorities are expected to inform the Union about all changes to the United Kingdom’s legal or supervisory framework affecting the provision of notary and central maintenance services in the United Kingdom. The Commission, in cooperation with ESMA, will monitor any changes introduced in the legal and supervisory arrangements affecting the provision of such services in the United Kingdom, market developments as well as the effectiveness of supervisory cooperation, including prompt information exchange between ESMA and the Bank of England. The Commission may undertake a review at any time where relevant developments make it necessary for the Commission to re-assess the equivalence granted by this Decision, including where the United Kingdom’s authorities do not effectively cooperate, do not allow for an effective assessment of the risk that UK CSDs pose to the Union or its Member States or the actions taken by UK CSDs or the Bank of England promote undue and unfair competition.

(13)

In the interest of the Union and its Member States, and in order to give Union CSDs the time needed to develop further their offer of services in relation to Irish corporate securities and ETFs, and Union issuers the time needed to migrate their positions to Union CSDs, this Decision should expire six months after its date of application.

(14)

This Decision should enter into force as a matter of urgency in order to ensure legal certainty for Union issuers ahead of the end of the transition period in accordance with the Withdrawal Agreement. It should apply from the day following that on which Union law ceases to apply to and in the United Kingdom.

(15)

The measures provided for in this Decision are in accordance with the opinion of the European Securities Committee,