Article 25 of Regulation (EU) No 600/2014 is amended as follows:
(50) paragraph 2 is replaced by the following:
'2. The operator of a trading venue shall keep at the disposal of the competent authority, for at least five years, the relevant data relating to all orders in financial instruments which are advertised through their systems. The competent authority of the trading venue may request those data on an ongoing basis. The records shall contain the relevant data that constitute the characteristics of the order, including those that link an order with the executed transactions that stem from that order and the details of which shall be reported in accordance with Article 26(1) and (3). ESMA shall perform a facilitation and coordination role in relation to the access by competent authorities to information under this paragraph.';
(51) paragraph 3 is replaced by the following:
'3. ESMA shall develop draft regulatory technical standards to specify the details and formats of the relevan
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