Recital (14)

To ensure there are no information gaps in the payment chain and to enable investors to access the relief procedures, this Directive should allow a certified financial intermediary, whether or not that certified financial intermediary is directly involved in a specific payment chain, to step into the role of a financial intermediary within that chain. This implies that the certified financial intermediary bears the responsibilities and liabilities related to information reporting and to the relief system that the financial intermediary would have borne, had it been a certified financial intermediary. Through that arrangement between financial intermediaries, tax authorities would be able to obtain all relevant information and reconcile information across the entire payment chain in an effective manner, and investors would be able to access the relief system, even in cases involving a financial intermediary that is neither registered in a Member State nor bound by the obligations under this Directive.