To ensure consistency in the regulatory framework, central counterparties, as defined in Regulation (EU) No 648/2012 (opens EUR-Lex in a new tab) of the European Parliament and of the Council ⁽⁷⁾ and central securities depositories as defined in Regulation of the European Parliament and of the Council on improving securities settlement in the European Union and on central securities depositories (CSDs) and amending Directive 98/26/EC (opens EUR-Lex in a new tab) could be covered by a separate legislative initiative establishing a recovery and resolution framework for those entities.