1.For financial instruments for which there is a liquid marketmarket, inas accordancedetermined withon the basis of the methodology set out in Article 13,6a afor bonds, structured finance products and emission allowances, and in Article 13 for derivatives, competent authorityauthorities may temporarily suspend the obligations set out in Articles 88, 8a and 10 of Regulation (EU) No 600/2014 where for a class of bonds, structured finance products, emission allowances or derivatives, the total volume as definedreferred to in Table 4 of Annex II calculated for the previous 30 calendar days represents less than 40 % of the average monthly volume calculated for the 12 full calendar months preceding those 30 calendar days.
2.For financial instruments for which there is not a liquid marketmarket, inas accordancedetermined withon the basis of the methodology set out in Article 13,6a afor bonds, structured finance products and emission allowances, and in Article 13 for derivatives, competent authorityauthorities may temporarily suspend the obligations referred to in Articles 88, 8a and 10 of Regulation (EU) No 600/2014 whenwhere for a class of bonds, structured finance products, emission allowances or derivatives, the total volume as definedreferred to in Table 4 of Annex II calculated for the previous 30 calendar days represents less than 20 % of the average monthly volume calculated for the 12 full calendar months preceding those 30 calendar days.
3.Competent authorities shall take into account the transactions executed on all venues in the Union for the class of bonds, structured finance products, emission allowances or derivatives concerned when performing the calculations referred to in paragraphs 1 and 2. TheCompetent calculationsauthorities shall beperform performedthose calculations at the level of the class of financial instruments to which the liquidity test set out in Article 6a for bonds, structured finance products and emission allowances, and Article 13 for derivatives is applied.
4.BeforeCompetent competentauthorities, authoritiesshall, decidebefore tothey suspend transparency obligations, they shall ensureverify that the significant decline in liquidity across all venues is not the result of seasonal effects of the relevant class of financial instruments on liquidity.