Article 45 › 2

ESMA shall take a decision under paragraph 1 only if both of the following conditions are fulfilled: (a) the measures listed in paragraph 1 address 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; (b) a competent authority or competent authorities have not taken measures to address the threat or the measures taken do not sufficiently address the threat; ESMA shall perform its assessment of the fulfilment of the conditions referred to in points (a) and (b) of the first subparagraph of this paragraph in accordance with the criteria and factors provided for in the delegated act referred to in paragraph 10(a) of this Article.

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