Article 2
Criteria for identification of derogation from ESMA supervision
1. An APA or ARM shall be subject to a derogation from ESMA supervision where:
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(a) |
the APA or ARM provides services to or on behalf of investment firms subject to the post trade disclosure requirements of Articles 20 and 21 of Regulation (EU) No 600/2014 or the reporting requirement of Article 26 of that Regulation, in maximum three different Member States, while at least 50 % of those investment firms are authorised in the same Member State as the APA or ARM; and |
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(b) |
the number of trades reported to the public and the volume thereof by the APA in accordance with Article 20(1) of Regulation (EU) No 600/2014 regarding equity instruments amounts to less than 0,5 % of the total number of trades or volume reported by all APAs in accordance with Article 20(1) of that regulation and the number of trades reported to the public and the volume thereof by the APA in accordance with Article 21(1) of that regulation regarding non-equity instruments does not amount to more than 0,5 % of the total number of trades or volume reported by all APAs in accordance with Article 21(1) of that regulation; and |
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(c) |
the number of transactions reported by the ARM in accordance with Articles 26(1) and 26(7) of Regulation (EU) No 600/2014 does not amount to more than 0,5 % of the total number of transactions reported by all ARMs in accordance with Articles 26(1) and 26(7) of that Regulation. |
2. APAs and ARMs shall provide the competent authority on request data which allows the assessment of the criterion laid down in paragraph 1, point (a).