Article 45 › 10

The Commission shall adopt in accordance with Article 50 delegated acts to specify criteria and factors to determine: (a) the existence of a threat to the orderly functioning and integrity of financial markets, including commodity derivative markets in accordance with the objectives listed in Article 57(1) of Directive 2014/65/EU and including in relation to delivery arrangements for physical commodities, or to the stability of the whole or part of the financial system in the Union as referred to in paragraph 2(a) taking account of the degree to which positions are used to hedge positions in physical commodities or commodity contracts and the degree to which prices in underlying markets are set by reference to the prices of commodity derivatives; (b) the appropriate reduction of a position or exposure entered into via a derivative referred to in paragraph 1(b) of this Article; (c) the situations where a risk of regulatory arbitrage as referred to in paragraph 3(b) of this Article could arise. Those criteria and factors shall take into account the regulatory technical standards referred to in Article 57(3) of Directive 2014/65/EU and shall differentiate between situations where ESMA takes action because a competent authority has failed to act and those where ESMA addresses an additional risk which the competent authority is not able to sufficiently address pursuant to Article 69(2)(j) or (o) of Directive 2014/65/EU.

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Source: EUR-Lex CELLAR · retrieved 2026-09-04