(Articles 31(2) and 54(2) of Directive 2014/65/EU)
1. When assessing whether the requirement to immediately inform their competent authorities of conduct that may indicate behaviour that is prohibited under Regulation (EU) No 596/2014 applies, operators of trading venues shall consider the signals listed in Section B of Annex III to this Regulation.
2. The operator of one or several trading venues where a financial instrument and/or related financial instrument are traded shall apply a proportionate approach and shall exercise judgment on the signals triggered, including any relevant signals not specifically included in Section B of Annex III to this Regulation, before informing the relevant national competent authority, taking into account the following:
(a) the deviations from the usual trading pattern of the financial instruments admitted to trading or traded on its trading venue; and
(b) the information available or accessible to the operator, whether that be internally as part of
…