CSDs authorised in accordance with Article 16 of this Regulation shall not require authorisation under the UK law on markets in financial instruments in order to provide the services explicitly listed in Sections A and B of the Annex to this Regulation.

Where a CSD authorised in accordance with Article 16 of this Regulation provides one or more investment services or carries out one or more investment activities in addition to providing the services explicitly listed in Sections A and B of the Annex to this Regulation, Directive 2014/65/EU with the exception of Articles 5 to 8, Article 9(1) to (2) and (4) to (6) and Articles 10 to 13 as implemented by the UK law on markets in financial instruments, and Regulation (EU) No 600/2014 shall apply.