(1) An investment firm or market operator operating an MTF or OTF shall -

(a) establish and maintain effective arrangements and procedures, relevant to the MTF or OTF, for the regular monitoring of the compliance by its members or participants or users with its rules,

(b) monitor the orders sent, including cancellations and the transactions undertaken by their members or participants or users under their systems, in order to identify -

(i) infringements of its rules,

(ii) disorderly trading conditions,

(iii) conduct that may indicate behaviour that is prohibited under Regulation (EU) No 596/2014, or

(iv) system disruptions in relation to a financial instrument,

(c) deploy the resources necessary to ensure that the monitoring carried out under subparagraph (b) is effective,

(d) inform the Bank immediately of -

(i) significant infringements of its rules,

(ii) disorderly trading conditions,