What changed, Regulation (EU) No 600/2014

− ## TITLE I / **SUBJECT MATTER, SCOPE AND DEFINITIONS**
− 
+ **1.** This Regulation establishes uniform requirements in relation to the following:(a) disclosure of trade data to the public;(b) reporting of transactions to the competent authorities;(c) trading of derivatives on organised venues;(d) non-discriminatory access to clearing and non-discriminatory a…
− **1.** This Regulation establishes uniform requirements in relation to the following:(a) disclosure of trade data to the public;(b) reporting of transactions to the competent authorities;(c) trading of derivatives on organised venues;(d) non-discriminatory access to clearing and non-discriminatory a…
+ **1.** For the purposes of this Regulation, the following definitions apply:(1) ‘investment firm’ means an investment firm as defined in Article 4(1)(1) of Directive 2014/65/EU;(2) ‘investment services and activities’ means investment services and activities defined in Article 4(1)(2) of Directive 2…
− **1.** For the purposes of this Regulation, the following definitions apply:(1) ‘investment firm’ means an investment firm as defined in Article 4(1)(1) of Directive 2014/65/EU;(2) ‘investment services and activities’ means investment services and activities defined in Article 4(1)(2) of Directive 2…
+ 
+ **3.** The Commission is empowered to adopt delegated acts in accordance with Article 50, specifying criteria to identify those ARMs and APAs that, by way of derogation from this Regulation on account of their limited relevance for the internal market, are subject to authorisation and supervision by…
+ 
+ When adopting the delegated act, the Commission shall take into account one or more of the following elements:
+ 
+ (a) the extent to which the services are provided to investment firms authorised in one Member State only;
+ 
+ (b) the number of trade reports or transactions;
+ 
+ (c) whether the ARM or APA is part of a group of financial market participants operating cross border.
+ Where an entity is supervised by ESMA for any services provided in its capacity as a data reporting services provider under this Regulation, none of its activities as an ARM or APA shall be excluded from ESMA supervision under any delegated act adopted pursuant to this paragraph.
− ## *CHAPTER 1* / ***Transparency for equity instruments***
− ## *CHAPTER 2* / ***Transparency for non-equity instruments***
− 
− ## *CHAPTER 3* / ***Obligation to offer trade data on a separate and reasonable commercial basis***
− 
− 
− ## TITLE III / **TRANSPARENCY FOR SYSTEMATIC INTERNALISERS AND INVESTMENT FIRMS TRADING OTC AND TICK SIZE REGIME FOR SYSTEMATIC INTERNALISERS**
+ **1.** In order to carry out calculations for determining the requirements for the pre- and post-trade transparency and the trading obligation regimes referred to in Articles 3 to 11, Articles 14 to 21 and Article 32, which are applicable to financial instruments and for determining whether an inves…
− **1.** In order to carry out calculations for determining the requirements for the pre-trade and post-trade transparency and the trading obligation regimes imposed by Articles 3 to 11, Articles 14 to 21 and Article 32, which are applicable to financial instruments and for determining whether an inve…
+ **2.** Trading venues, APAs and CTPs shall store the necessary data for a sufficient period.
− **2.** Trading venues, APAs and CTPs shall store the necessary data for a sufficient period of time.
+ **3.** ESMA shall develop draft regulatory technical standards to specify the content and frequency of data requests and the formats and the timeframe in which trading venues, APAs and CTPs are to respond to data requests referred to in paragraph 1, the type of data that is to be stored, and the min…
− **3.** Competent authorities shall transmit to ESMA such information as ESMA requires to produce the reports referred to in Article 5(4), (5) and (6).
− 
− **4.** ESMA shall develop draft regulatory technical standards to specify the content and frequency of data requests and the formats and the timeframe in which trading venues, APAs and CTPs must respond to such requests in accordance with paragraph 1, the type of data that must be stored, and the mi…
+ Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
− ESMA shall submit those draft regulatory technical standards to the Commission by 3 July 2015.
− Power is delegated to the Commission to adopt the regulatory technical standards referred to in this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
− 
− 
− ## TITLE IV / **TRANSACTION REPORTING**
+ The competent authorities shall without undue delay make available to ESMA any information reported in accordance with this Article.
− The competent authorities shall make available to ESMA, upon request, any information reported in accordance with this Article.
+ 
+ **1.** With regard to financial instruments admitted to trading on regulated markets or traded on MTFs or OTFs, trading venues shall provide ESMA with identifying reference data for the purpose of transaction reporting under Article 26.
+ 
+ With regard to other financial instruments covered by Article 26(2) traded on its system, each systematic internaliser shall provide ESMA with reference data relating to those financial instruments.
+ 
+ Identifying reference data shall be made ready for submission to ESMA in an electronic and standardised format before trading commences in the financial instrument that it refers to. The financial instrument reference data shall be updated whenever there are changes to the data with respect to a fin…
+ 
+ **2.** In order to allow competent authorities to monitor, pursuant to Article 26, the activities of investment firms to ensure that they act honestly, fairly and professionally and in a manner which promotes the integrity of the market, ESMA shall, after consulting the competent authorities, establ…
+ 
+ **3.** ESMA shall develop draft regulatory technical standards to specify:(a) data standards and formats for the financial instrument reference data in accordance with paragraph 1, including the methods and arrangements for supplying the data and any update thereto to ESMA and transmitting it to com…
+ 
+ Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
+ 
+ **4.** ESMA may suspend the reporting obligations specified in paragraph 1 for certain or all financial instruments where all of the following conditions are met:(a) the suspension is necessary in order to preserve the integrity and quality of the reference data subject to reporting obligation as sp…
+ 
+ When taking the measure referred to in the first subparagraph of this paragraph, ESMA shall take into account the extent to which the measure ensures the accuracy and completeness of the reported data for the purposes specified in paragraph 2.
+ 
+ Before deciding to take the measure referred to in the first subparagraph, ESMA shall notify the relevant competent authorities.
+ 
+ The Commission is empowered to adopt delegated acts in accordance with Article 50 in order to supplement this Regulation by specifying the conditions referred to in the first subparagraph and the circumstances under which the suspension referred to in that subparagraph ceases to apply.
+ 
+ ### Article 27a
+ 
+ For the purposes of this Title, a national competent authority means a competent authority as defined in point (26) of Article 4(1) of Directive 2014/65/EU.
+ 
+ ### Article 27b — Requirement for authorisation
+ 
+ **1.** The operation of an APA, a CTP or an ARM as a regular occupation or business shall be subject to prior authorisation by ESMA in accordance with this Title.
+ 
+ By way of derogation from the first subparagraph of this paragraph, an APA or ARM identified in accordance with the delegated act referred to in Article 2(3) shall be subject to prior authorisation and supervision by the relevant national competent authority in accordance with this Title.
+ 
+ **2.** An investment firm or a market operator operating a trading venue may also provide the services of an APA, a CTP or an ARM, subject to the prior verification by ESMA or the relevant national competent authority that the investment firm or the market operator complies with this Title. The prov…
+ 
+ **3.** ESMA shall establish a register of all data reporting services providers in the Union. The register shall be publicly available and shall contain information on the services for which the data reporting services provider is authorised and it shall be updated on a regular basis.
+ 
+ Where ESMA, or a national competent authority where relevant, has withdrawn an authorisation in accordance with Article 27e, that withdrawal shall be published in the register for a period of five years.
+ 
+ **4.** Data reporting services providers shall provide their services under the supervision of ESMA or the national competent authority where relevant. ESMA, or the national competent authority where relevant, shall regularly review the compliance of data reporting services providers with this Title…
+ 
+ ### Article 27c — Authorisation of data reporting services providers
+ 
+ **1.** Data reporting services providers shall be authorised by ESMA, or the national competent authority where relevant, for the purposes of this Title where:(a) the data reporting services provider is a legal person established in the Union; and(b) the data reporting services provider meets the re…
+ 
+ **2.** The authorisation referred to in paragraph 1 shall specify the data reporting service which the data reporting services provider is authorised to provide. Where an authorised data reporting services provider seeks to extend its business to additional data reporting services, it shall submit a…
+ 
+ **3.** An authorised data reporting services provider shall comply at all times with the conditions for authorisation referred to in this Title. An authorised data reporting services provider shall, without undue delay, notify ESMA, or the national competent authority where relevant, of any material…
+ 
+ **4.** The authorisation referred to in paragraph 1 shall be effective and valid for the entire territory of the Union, and shall allow the data reporting services provider to provide the services for which it has been authorised throughout the Union.
+ 
+ ### Article 27d — Procedures for granting and refusing applications for authorisation
+ 
+ **1.** The applicant data reporting services provider shall submit an application providing all information necessary to enable ESMA, or the national competent authority where relevant, to confirm that the data reporting services provider has established, at the time of initial authorisation, all th…
+ 
+ **2.** ESMA, or the national competent authority where relevant, shall assess whether the application for authorisation is complete within 20 working days of receipt of the application.
+ 
+ Where the application is not complete, ESMA, or the national competent authority where relevant, shall set a deadline by which the data reporting services provider is to provide additional information.
+ 
+ After assessing an application as complete, ESMA, or the national competent authority where relevant, shall notify the data reporting services provider accordingly.
+ 
+ **3.** ESMA, or the national competent authority where relevant, shall, within six months from the receipt of a complete application, assess the compliance of the data reporting services provider with this Title. It shall adopt a fully reasoned decision granting or refusing authorisation and shall n…
+ 
+ **4.** ESMA shall develop draft regulatory technical standards to determine:(a) the information to be provided under paragraph 1, including the programme of operations;(b) the information included in the notifications under Article 27f(2).
+ 
+ Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
+ 
+ **5.** ESMA shall develop draft implementing technical standards to determine standard forms, templates and procedures for the notification or provision of information provided for in paragraph 1 of this Article and in Article 27f(2).
+ 
+ Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010.
+ 
+ ### Article 27e — Withdrawal of authorisation
+ 
+ **1.** ESMA, or the national competent authority where relevant, may withdraw the authorisation of a data reporting services provider where the latter:(a) does not make use of the authorisation within 12 months, expressly renounces the authorisation or has provided no services for the preceding six …
+ 
+ **2.** ESMA shall, where relevant, without undue delay, notify the national competent authority in the Member State where the data reporting services provider is established of a decision to withdraw the authorisation of a data reporting services provider.
+ 
+ ### Article 27f — Requirements for the management body of a data reporting services provider
+ 
+ **1.** The management body of a data reporting services provider shall at all times be of sufficiently good repute, possess sufficient knowledge, skills and experience and commit sufficient time to perform their duties.
+ 
+ The management body shall possess adequate collective knowledge, skills and experience to be able to understand the activities of the data reporting services provider. Each member of the management body shall act with honesty, integrity and independence of mind to effectively challenge the decisions…
+ 
+ Where a market operator seeks authorisation to operate an APA, a CTP or an ARM pursuant to Article 27d and the members of the management body of the APA, the CTP or the ARM are the same as the members of the management body of the regulated market, those persons are deemed to comply with the require…
+ **2.** A data reporting services provider shall notify to ESMA, or the national competent authority where relevant, the names of all members of its management body and any changes to its membership, along with all information needed to assess whether the entity complies with paragraph 1.
+ 
+ **3.** The management body of a data reporting services provider shall define and oversee the implementation of the governance arrangements that ensure effective and prudent management of an organisation, including the segregation of duties in the organisation and the prevention of conflicts of inte…
+ 
+ **4.** ESMA, or the national competent authority where relevant, shall refuse authorisation if it is not satisfied that the person or persons who effectively direct the business of the data reporting services provider are of sufficiently good repute, or if there are objective and demonstrable ground…
+ 
+ **5.** ESMA shall develop draft regulatory technical standards by 1 January 2021 for the assessment of the suitability of the members of the management body described in paragraph 1, taking into account different roles and functions carried out by them and the need to avoid conflicts of interest bet…
+ 
+ Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
+ 
+ ### Article 27g — Organisational requirements for APAs
+ 
+ **1.** An APA shall have adequate policies and arrangements in place to make public the information required under Articles 20 and 21 as close to real time as is technically possible, on a reasonable commercial basis. The information shall be made available free of charge 15 minutes after the APA ha…
+ 
+ **2.** The information made public by an APA in accordance with paragraph 1 shall include, at least, the following details:(a) the identifier of the financial instrument;(b) the price at which the transaction was concluded;(c) the volume of the transaction;(d) the time of the transaction;(e) the tim…
+ 
+ **3.** An APA shall operate and maintain effective administrative arrangements designed to prevent conflicts of interest with its clients. In particular, an APA who is also a market operator or investment firm shall treat all information collected in a non-discriminatory way and shall operate and ma…
+ 
+ **4.** An APA shall have sound security mechanisms in place designed to guarantee the security of the means of transfer of information, minimise the risk of data corruption and unauthorised access and to prevent information leakage before publication. The APA shall maintain adequate resources and ha…
+ 
+ **5.** The APA shall have systems in place that can effectively check trade reports for completeness, identify omissions and obvious errors, and request re-transmission of any such erroneous reports.
+ 
+ **6.** ESMA shall develop draft regulatory technical standards to determine common formats, data standards and technical arrangements facilitating the consolidation of information as referred to in paragraph 1.
+ 
+ Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
+ 
+ **7.** The Commission is empowered to adopt delegated acts in accordance with Article 50 in order to supplement this Regulation by specifying what constitutes a reasonable commercial basis to make information public as referred to in paragraph 1 of this Article.
+ 
+ **8.** ESMA shall develop draft regulatory technical standards specifying:(a) the means by which an APA may comply with the information obligation referred to in paragraph 1;(b) the content of the information published under paragraph 1, including at least the information referred to in paragraph 2 …
+ 
+ Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
+ 
+ ### Article 27h — Organisational requirements for CTPs
+ 
+ **1.** A CTP shall have adequate policies and arrangements in place to collect the information made public in accordance with Articles 6 and 20, consolidate it into a continuous electronic data stream, and make the information available to the public as close to real time as is technically possible,…
+ 
+ That information shall include, at least, the following details:
+ 
+ (a) the identifier of the financial instrument;
+ 
+ (b) the price at which the transaction was concluded;
+ 
+ (c) the volume of the transaction;
+ 
+ (d) the time of the transaction;
+ 
+ (e) the time the transaction was reported;
+ 
+ (f) the price notation of the transaction;
+ 
+ (g) the code for the trading venue the transaction was executed on, or where the transaction was executed via a systematic internaliser the code ‘SI’ or otherwise the code ‘OTC’;
+ 
+ (h) where applicable, the fact that a computer algorithm within the investment firm was responsible for the investment decision and the execution of the transaction;
+ 
+ (i) if applicable, an indicator that the transaction was subject to specific conditions;
+ 
+ (j) if the obligation to make public the information referred to in Article 3(1) was waived in accordance with point (a) or (b) of Article 4(1), a flag to indicate which of those waivers the transaction was subject to.
+ 
+ The information shall be made available free of charge 15 minutes after the CTP has published it. The CTP shall be able to efficiently and consistently disseminate such information in a way that ensures fast access to the information, on a non-discriminatory basis and in formats that are easily acce…
+ 
+ **2.** A CTP shall have adequate policies and arrangements in place to collect the information made public in accordance with Article 10 and Article 21, consolidate it into a continuous electronic data stream, and make information available to the public as close to real time as is technically possi…
+ 
+ The information shall be made available free of charge 15 minutes after the CTP has published it. The CTP shall be able to efficiently and consistently disseminate such information in a way that ensures fast access to the information, on a non-discriminatory basis, and in generally accepted formats …
+ 
+ **3.** The CTP shall ensure that the data provided is consolidated from all the regulated markets, MTFs, OTFs and APAs and for the financial instruments specified by regulatory technical standards under point (c) of paragraph 8.
+ 
+ **4.** The CTP shall operate and maintain effective administrative arrangements designed to prevent conflicts of interest. In particular, a market operator, or an APA, who also operates a consolidated tape, shall treat all information collected in a non-discriminatory way and shall operate and maint…
+ 
+ **5.** The CTP shall have sound security mechanisms in place designed to guarantee the security of the means of transfer of information and to minimise the risk of data corruption and unauthorised access. The CTP shall maintain adequate resources and have back-up facilities in place in order to offe…
+ 
+ **6.** ESMA shall develop draft regulatory technical standards to determine data standards and formats for the information to be published in accordance with Articles 6, 10, 20 and 21, including financial instrument identifier, price, quantity, time, price notation, venue identifier and indicators f…
+ 
+ Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
+ 
+ **7.** The Commission shall adopt delegated acts in accordance with Article 50 in order to supplement this Regulation by clarifying what constitutes a reasonable commercial basis to provide access to data streams as referred to in paragraphs 1 and 2 of this Article.
+ 
+ **8.** ESMA shall develop draft regulatory technical standards specifying:(a) the means by which the CTP may comply with the information obligation referred to in paragraphs 1 and 2;(b) the content of the information published under paragraphs 1 and 2;(c) the financial instruments data of which must…
+ 
+ Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
+ 
+ ### Article 27i — Organisational requirements for ARMs
− **1.** With regard to financial instruments admitted to trading on regulated markets or traded on MTFs or OTFs, trading venues shall provide competent authorities with identifying reference data for the purposes of transaction reporting under Article 26.
+ **1.** An ARM shall have adequate policies and arrangements in place to report the information required under Article 26 as quickly as possible, and no later than the close of the working day following the day upon which the transaction took place.
− With regard to other financial instruments covered by Article 26(2) traded on its system, each systematic internaliser shall provide its competent authority with reference data relating to those financial instruments.
+ **2.** The ARM shall operate and maintain effective administrative arrangements designed to prevent conflicts of interest with its clients. In particular, an ARM that is also a market operator or investment firm shall treat all information collected in a non-discriminatory fashion and shall operate …
− Identifying reference data shall be made ready for submission to the competent authority in an electronic and standardised format before trading commences in the financial instrument that it refers to. The financial instrument reference data shall be updated whenever there are changes to the data wi…
+ **3.** The ARM shall have sound security mechanisms in place designed to guarantee the security and authentication of the means of transfer of information, minimise the risk of data corruption and unauthorised access and to prevent information leakage, maintaining the confidentiality of the data at …
− **2.** In order to allow competent authorities to monitor, pursuant to Article 26, the activities of investment firms to ensure that they act honestly, fairly and professionally and in a manner which promotes the integrity of the market, ESMA and the competent authorities shall establish the necessa…
+ **4.** The ARM shall have systems in place that can effectively check transaction reports for completeness, identify omissions and obvious errors caused by the investment firm, and where such error or omission occurs, to communicate details of the error or omission to the investment firm and request…
− **3.** ESMA shall develop draft regulatory technical standards to specify:(a) data standards and formats for the financial instrument reference data in accordance with paragraph 1, including the methods and arrangements for supplying the data and any update thereto to competent authorities and trans…
+ The ARM shall have systems in place to enable the ARM to detect errors or omissions caused by the ARM itself and to enable the ARM to correct and transmit, or re-transmit as the case may be, correct and complete transaction reports to the competent authority.
− ESMA shall submit those draft regulatory technical standards to the Commission by 3 July 2015.
+ **5.** ESMA shall develop draft regulatory technical standards specifying:(a) the means by which the ARM may comply with the information obligation referred to in paragraph 1; and(b) the concrete organisational requirements laid down in paragraphs 2, 3 and 4.
− Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
+ Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
− ## TITLE V / **DERIVATIVES**
− 
− ## TITLE VI / **NON-DISCRIMINATORY CLEARING ACCESS FOR FINANCIAL INSTRUMENTS**
+ **2.** Where a new benchmark is developed after ►M1 3 January 2018 ** ◄ ** the obligation to licence starts no later than 30 months after a financial instrument referencing that benchmark commenced trading or was admitted to trading. Where a person with proprietary rights to a new benchmark owns an …
− **2.** Where a new benchmark is developed after ►M1 3 January 2018** ◄ ** the obligation to licence starts no later than 30 months after a financial instrument referencing that benchmark commenced trading or was admitted to trading. Where a person with proprietary rights to a new benchmark owns an e…
+ 
+ ### Article 38a — Exercise of ESMA’s powers
+ 
+ The powers conferred on ESMA or any official of or other person authorised by ESMA by Articles 38b to 38e shall not be used to require the disclosure of information or documents which are subject to legal privilege.
+ 
+ ### Article 38b — Request for information
+ 
+ **1.** ESMA may by simple request or by decision require the following persons to provide all information to enable ESMA to carry out its duties under this Regulation:(a) an APA, a CTP, an ARM, where they are supervised by ESMA, and an investment firm or a market operator operating a trading venue t…
+ 
+ **2.** Any simple request for information referred to in paragraph 1 shall:(a) refer to this Article as the legal basis of that request;(b) state the purpose of the request;(c) specify the information required;(d) include a time limit within which the information is to be provided;(e) include a stat…
+ 
+ **3.** When requiring to supply information under paragraph 1 by decision, ESMA shall:(a) refer to this Article as the legal basis of that request;(b) state the purpose of the request;(c) specify the information required;(d) set a time limit within which the information is to be provided;(e) indicat…
+ 
+ **4.** The persons referred to in paragraph 1 or their representatives and, in the case of legal persons or associations having no legal personality, the persons authorised to represent them by law or by their statutes shall supply the information requested. Lawyers duly authorised to act may supply…
+ 
+ **5.** ESMA shall, without undue delay, send a copy of the simple request or of its decision to the competent authority of the Member State of the persons referred to in paragraph 1.
+ 
+ ### Article 38c — General investigations
+ 
+ **1.** In order to carry out its duties under this Regulation, ESMA may conduct necessary investigations of persons referred to in Article 38b(1). To that end, the officials and other persons authorised by ESMA shall be empowered to:(a) examine any records, data, procedures and any other material re…
+ 
+ **2.** The officials and other persons authorised by ESMA for the purposes of the investigations referred to in paragraph 1 shall exercise their powers upon production of a written authorisation specifying the subject matter and purpose of the investigation. That authorisation shall also indicate th…
+ 
+ **3.** The persons referred to in Article 38b(1) are required to submit to investigations launched on the basis of a decision of ESMA. The decision shall specify the subject matter and purpose of the investigation, the periodic penalty payments provided for in Article 38i, the legal remedies availab…
+ 
+ **4.** In good time before an investigation referred to in paragraph 1, ESMA shall inform the competent authority of the Member State where the investigation is to be carried out of the investigation and of the identity of the authorised persons. Officials of the competent authority concerned shall,…
+ 
+ **5.** If a request for records of telephone or data traffic referred to in point (e) of paragraph 1 requires authorisation from a judicial authority according to applicable national law, such authorisation shall be applied for. Such authorisation may also be applied for as a precautionary measure.
+ 
+ **6.** Where a national judicial authority receives an application for the authorisation of a request for records of telephone or data traffic referred to in point (e) of paragraph 1, that authority shall verify the following:(a) the decision adopted by ESMA referred to in paragraph 3 is authentic;(…
+ 
+ For the purposes of point (b), the national judicial authority may ask ESMA for detailed explanations, in particular relating to the grounds ESMA has for suspecting that an infringement of this Regulation has taken place and the seriousness of the suspected infringement and the nature of the involve…
+ 
+ ### Article 38d — On-site inspections
+ 
+ **1.** In order to carry out its duties under this Regulation, ESMA may conduct all necessary on-site inspections at any business premises of the persons referred to in Article 38b(1).
+ 
+ **2.** The officials and other persons authorised by ESMA to conduct an on-site inspection may enter any business premises of the persons subject to an investigation decision adopted by ESMA and shall have all the powers stipulated in Article 38b(1). They shall also have the power to seal any busine…
+ 
+ **3.** In sufficient time before the inspection, ESMA shall give notice of the inspection to the competent authority of the Member State where the inspection is to be conducted. Where the proper conduct and efficiency of the inspection so require, ESMA, after informing the relevant competent authori…
+ 
+ **4.** The officials and other persons authorised by ESMA to conduct an on-site inspection shall exercise their powers upon production of a written authorisation specifying the subject matter and purpose of the inspection and the periodic penalty payments provided for in Article 38i where the person…
+ 
+ **5.** The persons referred to in Article 38b(1) shall submit to on-site inspections ordered by decision of ESMA. The decision shall specify the subject matter and purpose of the inspection, appoint the date on which it is to begin and indicate the periodic penalty payments provided for in Article 3…
+ 
+ **6.** Officials of, as well as those authorised or appointed by, the competent authority of the Member State where the inspection is to be conducted shall, at the request of ESMA, actively assist the officials and other persons authorised by ESMA. Officials of the competent authority of the Member …
+ 
+ **7.** ESMA may also require competent authorities to carry out specific investigatory tasks and on-site inspections as provided for in this Article and in Article 38b(1) on its behalf.
+ 
+ **8.** Where the officials and other accompanying persons authorised by ESMA find that a person opposes an inspection ordered pursuant to this Article, the competent authority of the Member State concerned shall afford them the necessary assistance, requesting, where appropriate, the assistance of t…
+ 
+ **9.** If the on-site inspection provided for in paragraph 1 or the assistance provided for in paragraph 7 requires authorisation by a judicial authority according to national law, such authorisation shall be applied for. Such authorisation may also be applied for as a precautionary measure.
+ 
+ **10.** Where a national judicial authority receives an application for the authorisation of an on-site inspection provided for in paragraph 1 or the assistance provided for in paragraph 7, that authority shall verify the following:(a) the decision adopted by ESMA referred to in paragraph 5 is authe…
+ 
+ For the purposes of point (b), the national judicial authority may ask ESMA for detailed explanations, in particular relating to the grounds ESMA has for suspecting that an infringement of this Regulation has taken place and the seriousness of the suspected infringement and the nature of the involve…
+ 
+ ### Article 38e — Exchange of information
+ 
+ ESMA and the competent authorities shall, without undue delay, provide each other with the information required for the purposes of carrying out their duties under this Regulation.
+ 
+ ### Article 38f — Professional secrecy
+ 
+ The obligation of professional secrecy referred to in Article 76 of Directive 2014/65/EU shall apply to ESMA and all persons who work or who have worked for ESMA or for any other person to whom ESMA has delegated tasks, including auditors and experts contracted by ESMA.
+ 
+ ### Article 38g — Supervisory measures by ESMA
+ 
+ **1.** Where ESMA finds that a person listed in point (a) of Article 38b(1) has committed one of the infringements of requirements provided for in Title IVa, it shall take one or more of the following actions:(a) adopt a decision requiring the person to bring the infringement to an end;(b) adopt a d…
+ 
+ **2.** When taking the actions referred to in paragraph 1, ESMA shall take into account the nature and seriousness of the infringement, having regard to the following criteria:(a) the duration and frequency of the infringement;(b) whether financial crime has been occasioned, facilitated or otherwise…
+ 
+ **3.** Without undue delay, ESMA shall notify any action taken pursuant to paragraph 1 to the person responsible for the infringement, and shall communicate it to the competent authorities of the Member States and to the Commission. It shall publicly disclose any such action on its website within 10…
+ 
+ The disclosure to the public referred to in the first subparagraph shall include the following:
+ 
+ (a) a statement affirming the right of the person responsible for the infringement to appeal the decision;
+ 
+ (b) where relevant, a statement affirming that an appeal has been lodged and specifying that such an appeal does not have suspensive effect;
+ 
+ (c) a statement asserting that it is possible for ESMA’s Board of Appeal to suspend the application of the contested decision in accordance with Article 60(3) of Regulation (EU) No 1095/2010.
+ 
+ ### Article 38h — Fines
+ **1.** Where in accordance with Article 38k(5), ESMA finds that any person has, intentionally or negligently, committed one of the infringements of the requirements provided for in Title IVa, it shall adopt a decision imposing a fine in accordance with paragraph 2 of this Article.
+ 
+ An infringement shall be considered to have been committed intentionally if ESMA finds objective factors which demonstrate that a person acted deliberately to commit the infringement.
+ 
+ **2.** The maximum amount of the fine referred to in paragraph 1 shall be EUR 200 000 or, in the Member States whose currency is not the euro, the corresponding value in the national currency.
+ 
+ **3.** When determining the level of a fine pursuant to paragraph 1, ESMA shall take into account the criteria set out in Article 38g(2).
+ 
+ ### Article 38i — Periodic penalty payments
+ 
+ **1.** ESMA shall, by decision, impose periodic penalty payments in order to compel:(a) a person to put an end to an infringement in accordance with a decision taken pursuant to point (a) of Article 38g(1);(b) a person referred to in Article 38b(1):(i) to supply complete information which has been r…
+ 
+ **2.** A periodic penalty payment shall be effective and proportionate. The periodic penalty payment shall be imposed for each day of delay.
+ 
+ **3.** Notwithstanding paragraph 2, the amount of the periodic penalty payments shall be 3 % of the average daily turnover in the preceding business year, or, in the case of natural persons, 2 % of the average daily income in the preceding calendar year. It shall be calculated from the date stipulat…
+ 
+ **4.** A periodic penalty payment shall be imposed for a maximum period of six months following the notification of ESMA’s decision. Following the end of the period, ESMA shall review the measure.
+ 
+ ### Article 38j — Disclosure, nature, enforcement and allocation of fines and periodic penalty payments
+ 
+ **1.** ESMA shall disclose to the public every fine and periodic penalty payment that has been imposed pursuant to Articles 38h and 38i unless such disclosure to the public would seriously jeopardise the financial markets or cause disproportionate damage to the parties involved. Such disclosure shal…
+ 
+ **2.** Fines and periodic penalty payments imposed pursuant to Articles 38h and 38i shall be of an administrative nature.
+ 
+ **3.** Where ESMA decides to impose no fines or penalty payments, it shall inform the European Parliament, the Council, the Commission, and the competent authorities of the Member State concerned accordingly and shall set out the reasons for its decision.
+ 
+ **4.** Fines and periodic penalty payments imposed pursuant to Articles 38h and 38i shall be enforceable.
+ 
+ Enforcement shall be governed by the rules of procedure in force in the Member State in the territory of which it is carried out.
+ 
+ **5.** The amounts of the fines and periodic penalty payments shall be allocated to the general budget of the European Union.
+ 
+ ### Article 38k — Procedural rules for taking supervisory measures and imposing fines
+ 
+ **1.** Where, in carrying out its duties under this Regulation, ESMA finds that there are serious indications of the possible existence of facts liable to constitute one or more of the infringements of the requirements provided for in Title IVa, ESMA shall appoint an independent investigation office…
+ 
+ **2.** The investigation officer referred to in paragraph 1 shall investigate the alleged infringements, taking into account any comments submitted by the persons who are subject to the investigations, and shall submit a complete file with his or her findings to ESMA.
+ 
+ **3.** In order to carry out his or her tasks, the investigation officer may exercise the power to request information in accordance with Article 38b and to conduct investigations and on-site inspections in accordance with Articles 38c and 38d.
+ 
+ **4.** Where carrying out his or her tasks, the investigation officer shall have access to all documents and information gathered by ESMA in its supervisory activities.
+ 
+ **5.** Upon completion of his or her investigation and before submitting the file with his or her findings to ESMA, the investigation officer shall give the persons subject to the investigations the opportunity to be heard on the matters being investigated. The investigation officer shall base his o…
+ 
+ **6.** The rights of the defence of the persons subject to the investigation shall be fully respected during investigations under this Article.
+ 
+ **7.** When submitting the file with his or her findings to ESMA, the investigation officer shall notify the persons who are subject to the investigation. The persons subject to the investigations shall be entitled to have access to the file, subject to the legitimate interest of other persons in th…
+ 
+ **8.** On the basis of the file containing the investigation officer’s findings and, when requested by the persons subject to the investigation, after having heard those persons in accordance with Article 38l, ESMA shall decide if one or more of the infringements of the requirements provided for in …
+ 
+ **9.** The investigation officer shall not participate in ESMA’s deliberations or in any other way intervene in ESMA’s decision-making process.
+ 
+ **10.** The Commission shall adopt delegated acts in accordance with Article 50 by 1 October 2021 to further specify the rules of procedure for the exercise of the power to impose fines or periodic penalty payments, including provisions on the rights of the defence, temporal provisions, and the coll…
+ 
+ **11.** ESMA shall refer matters for criminal prosecution to the relevant national authorities where, in carrying out its duties under this Regulation, it finds that there are serious indications of the possible existence of facts liable to constitute a criminal offence. In addition, ESMA shall refr…
+ 
+ ### Article 38l — Hearing of the persons concerned
+ 
+ **1.** Before taking any decision pursuant to Articles 38g, 38h and 38i, ESMA shall give the persons subject to the proceedings the opportunity to be heard on its findings. ESMA shall base its decisions only on findings on which the persons subject to the proceedings have had an opportunity to comme…
+ 
+ The first subparagraph shall not apply if urgent action is needed in order to prevent significant and imminent damage to the financial system. In such a case ESMA may adopt an interim decision and shall give the persons concerned the opportunity to be heard as soon as possible after taking its decis…
+ 
+ **2.** The rights of the defence of the persons subject to investigations shall be fully respected in the proceedings. They shall be entitled to have access to ESMA’s file, subject to the legitimate interest of other persons in the protection of their business secrets. The right of access to the fil…
+ 
+ ### Article 38m — Review by the Court of Justice
+ 
+ The Court of Justice shall have unlimited jurisdiction to review decisions whereby ESMA has imposed a fine or a periodic penalty payment. It may annul, reduce or increase the fine or periodic penalty payment imposed.
+ 
+ ### Article 38n — Authorisation and supervisory fees
+ 
+ **1.** ESMA shall charge fees to the data reporting services providers in accordance with this Regulation and in accordance with the delegated acts adopted pursuant to paragraph 3 of this Article. Those fees shall fully cover ESMA’s necessary expenditure relating to the authorisation and supervision…
+ 
+ **2.** The amount of an individual fee charged to a particular data reporting services provider shall cover all administrative costs incurred by ESMA for the authorisation and supervisory activities relating to that provider. It shall be proportionate to the turnover of the data reporting services p…
+ 
+ **3.** The Commission shall adopt a delegated act in accordance with Article 50 supplementing this Regulation by 1 October 2021 to specify the type of fees, the matters for which fees are due, the amount of the fees and the manner in which they are to be paid.
+ 
+ ### Article 38o — Delegation of tasks by ESMA to competent authorities
+ 
+ **1.** Where necessary for the proper performance of a supervisory task, ESMA may delegate specific supervisory tasks to the competent authority of a Member State in accordance with the guidelines issued by ESMA pursuant to Article 16 of Regulation (EU) No 1095/2010. Such specific supervisory tasks …
+ 
+ **2.** Prior to delegation of a task, ESMA shall consult the relevant competent authority about:(a) the scope of the task to be delegated;(b) the timetable for the performance of the task; and(c) the transmission of necessary information by and to ESMA.
+ 
+ **3.** In accordance with the delegated act adopted pursuant to Article 38n(3), ESMA shall reimburse a competent authority for costs incurred as a result of carrying out delegated tasks.
+ 
+ **4.** ESMA shall review the decision referred to in paragraph 1 at appropriate intervals. A delegation may be revoked at any time.
+ 
+ **5.** A delegation of tasks shall not affect the responsibility of ESMA nor limit ESMA’s ability to conduct and oversee the delegated activity.
− ## *CHAPTER 1* / ***Product monitoring and intervention***
+ **6.** ESMA shall review a prohibition or restriction imposed under paragraph 1 at appropriate intervals, and at least every six months. Following at least two consecutive renewals and based on proper analysis in order to assess the impact on the consumer, ESMA may decide on the annual renewal of th…
− **6.** ESMA shall review a prohibition or restriction imposed under paragraph 1 at appropriate intervals and at least every three months. If the prohibition or restriction is not renewed after that three-month period it shall expire.
+ **6.** EBA shall review a prohibition or restriction imposed under paragraph 1 at appropriate intervals, and at least every six months. Following at least two consecutive renewals and based on proper analysis in order to assess the impact on the consumer, EBA may decide on the annual renewal of the …
− **6.** EBA shall review a prohibition or restriction imposed under paragraph 1 at appropriate intervals and at least every three months. If the prohibition or restriction is not renewed after that three-month period it shall expire.
− 
− ## *CHAPTER 2* / ***Positions***
+ ESMA shall consult the Agency for the Cooperation of Energy Regulators established under Regulation (EC) No 713/2009 of the European Parliament and of the Council (13) before taking any measures related to wholesale energy products.
− ESMA shall consult the Agency for the Cooperation of Energy Regulators established under Regulation (EC) No 713/2009 of the European Parliament and of the Council (12) before taking any measures related to wholesale energy products.
− 
− ## TITLE VIII / **PROVISION OF SERVICES AND PERFORMANCE OF ACTIVITIES BY THIRD-COUNTRY FIRMS FOLLOWING AN EQUIVALENCE DECISION WITH OR WITHOUT A BRANCH**
+ **1.** The Commission may adopt a decision in accordance with the examination procedure referred to in Article 51(2) in relation to a third country stating that the legal and supervisory arrangements of that third country ensure all of the following:(a) that firms authorised in that third country co…
− **1.** The Commission may adopt a decision in accordance with the examination procedure referred to in Article 51(2) in relation to a third country stating that the legal and supervisory arrangements of that third country ensure all of the following:(a) that firms authorised in that third country co…
− 
− ## *CHAPTER 1* / ***Delegated acts***
+ **2.** The power to adopt delegated acts referred to in Article 1(9), Article 2(2) and (3), Article 13(2), Article 15(5), Article 17(3), Article 19(2) and (3), Article 27(4), Article 27g(7), Article 27h(7), Article 31(4), Article 38k(10), Article 38n(3), Article 40(8), Article 41(8), Article 42(7), …
− **2.** The power to adopt delegated acts referred to in Article 1(9), Article 2(2), Article 13(2), Article 15(5), Article 17(3), Article 19(2) and (3), Article 31(4), Article 40(8), Article 41(8), Article 42(7), Article 45(10), Article 47(1a) and Article 52(10) and (12) shall be conferred on the Com…
+ **3.** ►M3 The delegation of power referred to in Article 1(9), Article 2(2) and (3), Article 13(2), Article 15(5), Article 17(3), Article 19(2) and (3), Article 27(4), Article 27g(7), Article 27h(7), Article 31(4), Article 38k(10), Article 38n(3), Article 40(8), Article 41(8), Article 42(7), Articl…
− **3.** The delegation of power referred to in Article 1(9), Article 2(2), Article 13(2), Article 15(5), Article 17(3), Article 19(2) and (3), Article 31(4), Article 40(8), Article 41(8), Article 42(7), Article 45(10), Article 47(1a) and Article 52(10) and (12) may be revoked at any time by the Europ…
+ **5.** ►M3 A delegated act adopted pursuant to Article 1(9), Article 2(2) and (3), Article 13(2), Article 15(5), Article 17(3), Article 19(2) and (3), Article 27(4), Article 27g(7), Article 27h(7), Article 31(4), Article 38k(10), Article 38n(3), Article 40(8), Article 41(8), Article 42(7), Article 4…
− **5.** A delegated act adopted pursuant to Article 1(9), Article 2(2), Article 13(2), Article 15(5), Article 17(3), Article 19(2) and (3), Article 31(4), Article 40(8), Article 41(8), Article 42(7), Article 45(10), Article 47(1a) and Article 52(10) or (12) shall enter into force only if no objection…
− ## *CHAPTER 2* / ***Implementing acts***
− 
+ **1.** The Commission shall be assisted by the European Securities Committee established by Commission Decision 2001/528/EC (16). That committee shall be a committee within the meaning of Regulation (EU) No 182/2011.
− **1.** The Commission shall be assisted by the European Securities Committee established by Commission Decision 2001/528/EC (15). That committee shall be a committee within the meaning of Regulation (EU) No 182/2011.
− 
− ## TITLE X / **FINAL PROVISIONS**
+ 
+ **14.** The Commission shall, after consulting ESMA, present reports to the European Parliament and to the Council on the functioning of the consolidated tape established in accordance with Title IVa. The report relating to Article 27h(1) shall be presented by 3 September 2019. The report relating t…
+ 
+ The reports referred to in the first subparagraph shall assess the functioning of the consolidated tape against the following criteria:
+ 
+ (a) the availability and timeliness of post trade information in a consolidated format capturing all transactions irrespective of whether they are carried out on trading venues or not;
+ 
+ (b) the availability and timeliness of full and partial post trade information that is of a high quality, in formats that are easily accessible and usable for market participants and available on a reasonable commercial basis.
+ 
+ Where the Commission concludes that the CTPs have failed to provide information in a way that meets the criteria set out in the second subparagraph, the Commission shall attach a request to its report for ESMA to launch a negotiated procedure for the appointment though a public procurement process r…
+ **15.** Where the procedure outlined in paragraph 14 of this Article has been initiated, the Commission is empowered to adopt delegated acts in accordance with Article 50 in order to supplement this Regulation, by specifying measures in order to:(a) provide for the contract duration of the commercia…
+ 
+ (1) in Article 5(2), the following subparagraph is added: ‘In the developing of the draft regulatory technical standards under this paragraph ESMA shall not prejudice the transitional provision relating to C6 energy derivative contracts as laid down in Article 95 of Directive 2014/65/EU (18).
− (1) in Article 5(2), the following subparagraph is added: ‘In the developing of the draft regulatory technical standards under this paragraph ESMA shall not prejudice the transitional provision relating to C6 energy derivative contracts as laid down in Article 95 of Directive 2014/65/EU (*1).
+ (2) Article 7 is amended as follows: (a) paragraph 1 is replaced by the following: **‘1.** A CCP that has been authorised to clear OTC derivative contracts shall accept clearing such contracts on a non-discriminatory and transparent basis, including as regards collateral requirements and fees relate…
− (2) Article 7 is amended as follows: (a) paragraph 1 is replaced by the following: **‘1.** A CCP that has been authorised to clear OTC derivative contracts shall accept clearing such contracts on a non-discriminatory and transparent basis, including as regards collateral requirements and fees relate…
+ (3) In Article 81(3), the following subparagraph is added: ‘A trade repository shall transmit data to competent authorities in accordance with the requirements under Article 26 of Regulation (EU) No 600/2014 (*1) ’.
− (3) In Article 81(3), the following subparagraph is added: ‘A trade repository shall transmit data to competent authorities in accordance with the requirements under Article 26 of Regulation (EU) No 600/2014 (*2) ’.
+ **2.** ►M5 If the Commission concludes that there is no need to exclude exchange-traded derivatives from the scope of Articles 35 and 36 in accordance with Article 52(12), a CCP or a trading venue may, before 22 June 2022, apply to its competent authority for permission to avail itself of transition…
− **2.** ►M3 If the Commission assesses that there is no need to exclude exchange-traded derivatives from the scope of Articles 35 and 36 in accordance with Article 52(12), a CCP or a trading venue may, before 11 February 2021, apply to its competent authority for permission to avail itself of transit…
+ ### Article 54a — Transitional measures related to ESMA
− ### Article 55 — Entry into force and application
+ **1.** All competences and duties related to the supervisory and enforcement activity in the field of data reporting services providers shall be transferred to ESMA on 1 January 2022, except for competences and duties related to APAs and ARMs subject to derogation referred to in Article 2(3). Those …
− This Regulation shall enter into force on the twentieth day following that of its publication in the *Official Journal of the European Union*.
+ **2.** Any files and working documents related to the supervisory and enforcement activity in the field of data reporting services providers, including any ongoing examinations and enforcement actions, or certified copies thereof, shall be taken over by ESMA on the date referred to in paragraph 1.
− This Regulation shall apply from 3 January 2018.
+ However, an application for authorisation that has been received by competent authorities before 1 October 2021 shall not be transferred to ESMA, and the decision to register or refuse registration shall be taken by the relevant competent authority.
− ►C1 Notwithstanding the second paragraph, Article 1(8) and (9), Article 2(2), Article 4(6), Article 5(6) and (9),** ◄ ** Article 7(2), Article 9(5), Article 11(4), Article 12(2), Article 13(2), Article 14(7), Article 15(5), Article 17(3), Article 19(2) and (3), Article 20(3), Article 21(5), Article …
+ **3.** The competent authorities referred to in paragraph 1 shall ensure that any existing records and working papers, or certified copies thereof, shall be transferred to ESMA as soon as possible and in any event by 1 January 2022. Those competent authorities shall also render all necessary assista…
− Notwithstanding the second paragraph, Article 37(1), (2) and (3) shall apply from 3 January 2020.
+ **4.** ESMA shall act as the legal successor to the competent authorities referred to in paragraph 1 in any administrative or judicial proceedings that result from supervisory and enforcement activity pursued by those competent authorities in relation to matters that fall under this Regulation.
− This Regulation shall be binding in its entirety and directly applicable in all Member States.
+ **5.** Any authorisation of a data reporting services provider granted by a competent authority as defined in point 26 of Article 4(1) of Directive 2014/65/EU shall remain valid after the transfer of competences to ESMA.
− (1) Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (OJ L 1…
+ ### Article 54b — Relations with auditors
− (2) Regulation (EU) 2015/2365 of the European Parliament and of the Council of 25 November 2015 on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012 (OJ L 337, 23.12.2015, p. 1).
+ **1.** Any person authorised within the meaning of Directive 2006/43/EC of the European Parliament and of the Council (19), performing in a data reporting services provider the task described in Article 34 of Directive 2013/34/EU of the European Parliament and of the Council (20) or Article 73 of Di…
− (3) Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (OJ L 176, 27.6.2013, p. 1).
+ That person shall also have a duty to report any facts and decisions of which the person becomes aware in the course of carrying out one of the tasks referred to in the first subparagraph in an undertaking having close links with the data reporting services provider within which he or she is carryin…
− (4) Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (OJ L 335, 17.12.2009, p. 1).
+ **2.** The disclosure in good faith to the competent authorities, by persons authorised within the meaning of Directive 2006/43/EC, of any fact or decision referred to in paragraph 1 shall not constitute a breach of any contractual or legal restriction on disclosure of information and shall not invo…
− (5) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).
+ ### Article 55 — Entry into force and application
− (6) Directive 2003/41/EC of the European Parliament and of the Council of 3 June 2003 on the activities and supervision of institutions for occupational retirement provision (OJ L 235, 23.9.2003, p. 10).
+ This Regulation shall enter into force on the twentieth day following that of its publication in the *Official Journal of the European Union*.
− (7) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).
+ This Regulation shall apply from 3 January 2018.
− (8) Regulation (EU) No 1227/2011 of the European Parliament and of the Council of 25 October 2011 on wholesale energy market integrity and transparency (OJ L 326, 8.12.2011, p. 1).
+ ►C1 Notwithstanding the second paragraph, Article 1(8) and (9), Article 2(2), Article 4(6), Article 5(6) and (9),** ◄ ** Article 7(2), Article 9(5), Article 11(4), Article 12(2), Article 13(2), Article 14(7), Article 15(5), Article 17(3), Article 19(2) and (3), Article 20(3), Article 21(5), Article …
− (9) Regulation (EU) No 1308/2013 of the European Parliament and of the Council of 17 December 2013 establishing a common organisation of the markets in agricultural products and repealing Council Regulations (EEC) No 922/72, (EEC) No 234/79, (EC) No 1037/2001 and (EC) No 1234/2007 (OJ L 347, 20.12.2…
+ Notwithstanding the second paragraph, Article 37(1), (2) and (3) shall apply from 3 January 2020.
− (10) Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing (OJ L 309, 25.11.2005, p. 15).
− 
− (11) Commission Delegated Regulation (EU) No 149/2013 of 19 December 2012 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to regulatory technical standards on indirect clearing arrangements, the clearing obligation, the public register, access to a…
− 
− (12) Regulation (EC) No 713/2009 of the European Parliament and of the Council of 13 July 2009 establishing an Agency for the Cooperation of Energy Regulators (OJ L 211, 14.8.2009, p. 1).
− 
− (13) Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ 314, 5.12.2019, p. 1 ).
− 
− (14) Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ 314, 5.12.2019, p. 64).
− 
− (15) Commission Decision 2001/528/EC of 6 June 2001 establishing the European Securities Committee (OJ L 191, 13.7.2001, p. 45).
− 
− (*1) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).’;
− 
− (*2) Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 (OJ L 173, 12.6.2014, p. 84)