1.When providing portfolio compression, investment firms and market operators shall not be subject to the best execution obligation in Article 27 of Directive 2014/65/EU, the transparency obligations in Articles 8, 10, 18 and 21 of this Regulation and the obligation in Article 1(6) of Directive 2014/65/EU. The termination or replacement of the component derivatives in the portfolio compression shall not be subject to Article 28 of this Regulation.
2.Investment firms and market operators providing portfolio compression shall make public through an APA the volumes of transactions subject to portfolio compressions and the time they were concluded within the time limits specified in Article 10.
(a)the elements of portfolio compression,
in such a way as to make use as far as possible of any existing record keeping, reporting or publication requirements.
1.The transparency requirements laid down in Articles 8a, 10 and 21 of this Regulation, the trading obligation laid down in Article 28 of this Regulation and the obligation to execute orders on terms most favourable to the client laid down in Article 27 of Directive 2014/65/EU shall not apply to transactions in OTC derivatives that are formed and established as a result of post-trade risk reduction services.
3.Investment firms and market operators providingthat portfolioare compressionsproviders of post-trade risk reduction services shall keep complete and accurate records of allthe portfoliotransactions compressionsreferred whichto theyin organiseparagraph 1 of this Article that are not already recorded or participatereported in.in accordance with Regulation (EU) No 648/2012. Those recordsinvestment firms and market operators shall bemake madethose records available promptly to the relevant competent authority or ESMA promptly upon request.
4.The Commission mayis empowered to adopt by means of delegated acts in accordance with Article 50,50 measuresto specifyingsupplement thethis following:Regulation by specifying:
(a)post-trade risk reduction services for the purposes of paragraph 1;
(b)the informationtransactions to be publishedrecorded pursuant to paragraph 2,3.