Recital 3

(3)In parallel with the review of Directive 2014/65/EU, Regulation (EU) No 600/2014 is amended by Regulation (EU) 2024/791 of the European Parliament and of the Council ⁴ , which removes the main obstacles that have prevented the emergence of a consolidated tape. That Regulation introduces mandatory contributions of data to the consolidated tape provider and enhances data quality by, inter alia, harmonising the synchronisation of business clocks. Furthermore, it introduces enhancements to the trading obligations and the prohibition of the practice of receiving payment for executing orders from certain clients on a particular execution venue or for forwarding orders of those clients to any third party for their execution on a particular execution venue (‘payment for order flow’). Since Directive 2014/65/EU also contains provisions related to the consolidated tape and transparency, the amendments to Regulation (EU) No 600/2014 should be reflected in Directive 2014/65/EU.