(1) A regulated market shall -

(a) establish and maintain effective arrangements and procedures, including the necessary resources, for the regular monitoring of the compliance by its members and participants with the rules of the regulated market, and

(b) monitor orders sent, including cancellations, and transactions undertaken by the regulated market's members and participants, under its systems, in order to identify, in relation to those transactions, any -

(i) infringements of the rules of the regulated market,

(ii) disorderly trading conditions,

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

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

(2) The market operator of a regulated market shall -

(a) immediately report to the Bank, in relation to any orders (including any cancellations of them) or transactions referred to in paragraph (1)(b), any -

(i) significant infringements of the rules of the regulated market,