Recital 19

(19)Article 27da(1), fourth subparagraph, of Regulation (EU) No 600/2014 requires ESMA to initiate the selection procedure for the appointment of a single consolidated tape provider for OTC derivatives or relevant subclasses of OTC derivative within 3 months of the date of application of this Regulation and no earlier than 6 months from the initiation of the selection procedure for the appointment of a single consolidated tape provider for shares and exchange-traded funds. To ensure the timely launch of the selection procedure for the appointment of a single consolidated tape provider for OTC derivatives or relevant subclasses of OTC derivative, this Regulation should start to apply from the date of its entry into force,