1. Each Member State shall designate a single competent administrative authority responsible for carrying out the duties resulting from this Regulation and for ensuring that the provisions of this Regulation are applied. Member States shall inform the Commission, ESMA and the competent authorities of other Member States accordingly.
The competent authority shall be independent from market participants.
Any such delegation of tasks shall be made in a specific decision setting out the following:
(a) the tasks to be undertaken and the conditions under which they are to be carried out;
(b) a clause obliging the third party in question to act and be organised in such a manner as to avoid conflicts of interest and to ensure that information obtained while carrying out the delegated tasks is not used unfairly or to prevent compet…