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Recital 9

Recital 9

(9)Before making use of the restrictions foreseen in these internal rules, ESMA should consider whether any of the exemptions laid down in Regulation (EU) 2018/1725 applies. In the cases where restrictions under these internal rules apply, ESMA has to explain why these restrictions are strictly necessary and proportionate in a democratic society and respect the essence of the fundamental rights and freedoms.

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