3.

When taking action under this Article, ESMA shall ensure that the action: does not have a detrimental effect on the efficiency of financial markets or on investors that is disproportionate to the benefits of the action; does not create a risk of regulatory arbitrage, and has been taken after consulting the public bodies competent for the oversight, administration and regulation of physical agricultural markets under Regulation (EC) No 1234/2007, where the measure relates to agricultural commodities derivatives. Where a competent authority or competent authorities have taken a measure under Article 42, ESMA may take any of the measures referred to in paragraph 1 without issuing the opinion provided for in Article 43.

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Source: EUR-Lex (Cellar) · retrieved 2026-09-25 · Text as adopted (Official Journal); later amendments are not incorporated in this text.