(b)

the following paragraph is added: ‘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 a competent authority of a Member State as defined in point (26) of Article 4(1) of Directive 2014/65/EU. 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.’;

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Source: EUR-Lex (Cellar) · retrieved 2026-10-14 · Text as adopted (Official Journal); later amendments are not incorporated in this text.