(3)The activities of an APA or an ARM should firstly be considered to be of limited relevance for the internal market based on the relative amount of clients established in Member States different from the home Member State of the APA or the ARM. If the services offered by APAs or ARMs are to a large extent cross-border, derogation should not apply. Secondly the relevance for the internal market should be based on the share of the total reported or published transactions that is reported or published by individual APAs or ARMs. If this share exceeds a minimum threshold, then the activities should not be considered to be of limited relevance to the internal market. The calculation for the APA should be based on transparency data submitted to the Financial Instruments Reference Data System and the Financial Instruments Transparency System, while the calculation for the ARM should be based on the transaction reports submitted to the competent authorities.