competent authorities — competent authorities and/or supervisory authorities as defined in the legislation referred to in Article 1(2); with regard to Directives 2002/65/EC and 2005/60/EC, the authorities competent for ensuring compliance with the requirements of those Directives by firms providing investment services and by collective investment undertakings marketing their units or shares; with regard to investor compensation schemes, bodies which administer national compensation schemes pursuant to Directive 97/9/EC, or in the case where the operation of the investor compensation scheme is administered by a private company, the public authority supervising those schemes pursuant to that Directive (3)

financial market participant — any person in relation to whom a requirement in the legislation referred to in Article 1(2) or a national law implementing such legislation applies (1)

key financial market participant — a financial market participant whose regular activity or financial viability has or is likely to have a significant effect on the stability, integrity or efficiency of the financial markets in the Union (2)