By 17 January 2029, the Commission shall review and prepare a general report on this Regulation. The Commission shall, in particular, assess:

(a) the matters referred to in Article 74(1), points (a) to (l), establish whether there are substantive barriers to competition in relation to the services subject to this Regulation which are insufficiently addressed and consider the potential need to apply further measures to:

(i) improve settlement efficiency;

(ii) limit the impact on taxpayers of the failure of CSDs;

(iii) address any identified competition or financial stability issues related to internalised settlement;

(iv) minimise barriers to cross-border settlement;

(v) ensure adequate powers and information for authorities to monitor risks;

(b) the functioning of the regulatory and supervisory framework for Union CSDs, especially those CSDs whose activities are of substantial importance for the functioning of securities markets and the protection of investors in the Union in at least two host Member States, focusing in particular on the cross-border provision of services, potential risks for clients and participants of CSDs, investor protection and the financial stability in the Union;

(c) the functioning and scope of the Union regulatory and supervisory framework for third-country CSDs, in particular the supervision of such CSDs when providing services in the Union, including the role of ESMA.

The Commission shall submit the report to the European Parliament and to the Council, together with any appropriate proposals.