1. Each Member State shall designate a central competent administrative authority responsible for carrying out the obligations provided for in this Directive and for ensuring that the provisions adopted pursuant to this Directive are applied.
However, a Member State may, if so required by national law, designate other administrative authorities to apply Chapter III.
These competent authorities shall be completely independent from all market participants.
If an offer of securities is made to the public or admission to trading on a regulated market is sought in a Member State other than the home Member State, only the central competent administrative authority designated by each Member State shall be entitled to approve the prospectus.
1b. The competent authorities shall without delay provide ESMA with all information necessary to carry out its