Recital 40

(40)In order to ensure the flexibility necessary to adapt to developments in the financial markets, and to specify certain technical elements of Regulation (EU) No 600/2014, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union (TFEU) should be delegated to the Commission in respect of adjusting the volume-cap threshold; amending the conditions for determining which OTC derivatives are subject to transparency requirements; specifying the identifying reference data to be used with regard to OTC derivatives; specifying what constitutes post-trade risk reduction services for the purposes of Regulation (EU) No 600/2014 and the particulars of the transactions to be recorded by investment firms and market operators that are providers of post-trade risk reduction services; and extending the obligation to report transactions to AIFMs and management companies which provide investment services and activities and which execute transactions in financial instruments. It is of particular importance that the Commission carry out appropriate consultations during its preparatory work, including at expert level, and that those consultations be conducted in accordance with the principles laid down in the Interinstitutional Agreement of 13 April 2016 on Better Law-Making ¹² . In particular, to ensure equal participation in the preparation of delegated acts, the European Parliament and the Council receive all documents at the same time as Member States’ experts, and their experts systematically have access to meetings of Commission expert groups dealing with the preparation of delegated acts.