Directive 2014/65/EU is amended as follows:
(1) in Article 2(1), point (d)(ii) is replaced by the following:
‘(ii) are members of or participants in a regulated market or an MTF, on the one hand, or have direct electronic access to a trading venue, on the other hand, except for non-financial entities who execute transactions on a trading venue which are objectively measurable as reducing risks directly relating to the commercial activity or treasury financing activity of those non-financial entities or their groups;’;
(2) in point (a) of Article 25(4), the second subparagraph is replaced by the following:
‘For the purpose of this point, a third-country market shall be considered to be equivalent to a regulated market if the requirements and the procedure laid down under the third and the fourth subparagraphs are fulfilled.
At the request of the competent authority of a Member State, the Commission shall adopt equivalence decisions in accordance with the examination procedure refe
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