(1) The Regulator shall carry out an analysis of a relevant market defined in accordance with Regulation 46, and determine whether that relevant market is such as to justify the imposition of the regulatory obligations set out in the Directive. This analysis shall be carried out, where appropriate, in collaboration with the Competition and Consumer Protection Commission.

(2) The Regulator shall take utmost account of the SMP guidelines and shall follow the procedures referred to in Regulations 17 and 101 when making its determination in accordance with paragraph (1).

(3) A market may be considered to justify the imposition of regulatory obligations set out in these Regulations if all of the following criteria are met:

(a) high and non-transitory structural, legal or regulatory barriers to entry are present;

(b) there is a market structure which does not tend towards effective competition within the relevant time horizon, having regard to the state of infrastructure-based competition and other sources of competition behind the barriers to entry;

(c) competition law alone is insufficient to adequately address the identified market failure.