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.
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 has applied for recognition to provide the services referred to in paragraph 2, where the following conditions are met:
(a) the Commission has adopted a decision in accordance with paragraph 9;
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