1. The competent authority of the home Member State shall establish a college of supervisors to carry out the tasks referred to in paragraph 8 in relation to a CSD whose activities are considered of substantial importance for the functioning of securities markets and the protection of investors in at least two host Member States.
2. The college shall be established within one month of the date when:
(a) the competent authority of the home Member State determines that the activities carried out by the CSD in at least two host Member States are of substantial importance; or
(b) the competent authority of the home Member State is notified by one of the entities listed in paragraph 4 that the activities carried out by the CSD in at least two host Member States are of substantial importance.
3. The competent authority of the home Member State shall manage and chair the college.
4. The college shall consist of:
(a) ESMA;
(b) the competent authority of the home Member State;
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