(3)Given the systemic relevance of investment firms’ activities, as referred to in Article 5 of Directive (EU) 2019/2034, and the potential significant impact of a contagion effect across the financial sector, investment firms that are clearing members as defined in Article 4(1)(3) of Regulation (EU) 2019/2033 and that offer clearing services to other financial institutions, which are not clearing members themselves, should be considered for the purposes of Article 5(1)(b) of Directive (EU) 2019/2034.