(This note is not part of the Regulations)

These Regulations are made in exercise of the powers in section 8(1) of the European Union (Withdrawal) Act 2018 (c.16) ("the Act") in order to address failures of retained EU law to operate effectively and other deficiencies (in particular the deficiencies under paragraphs (b), (c), (d), (e) and (g) of section 8(2) of the Act) arising from the withdrawal of the United Kingdom from the European Union. They amend the regulation on improving securities settlement in the European Union and on central securities depositories (Regulation (EU) No 909/2014) and revoke the delegated legislation made by the Commission under that Regulation, namely: Commission Delegated Regulation (EU) No 2017/389. They also amend the Central Securities Depositories Regulations 2014 (SI 2014/2879) and the Central Securities Depositories Regulations 2017 (SI 2017/1064) which implemented parts of Regulation (EU) No 909/2014.