Recital 13

(13)ESMA has conducted open public consultations on the draft implementing technical standards on which this Regulation is based and requested the advice of the Securities Markets Stakeholder Group established by Article 37 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council ⁸ . ESMA did not analyse the potential related costs and benefits as that would have been disproportionate in relation to the expected impact on market participants of the amendments,