Article 31 — Post-trade risk reduction services — compare

1.When providing portfolio compression, investment firms and market operators shall not be subject toThe transparency requirements laid down in Articles 8a, 10 and 21 of this Regulation, the best executiontrading obligation laid down in Article 27 28 of Directive 2014/65/EU, the transparency obligations in Articles 8, 10, 18 and 21 of this Regulation and the obligationthis Regulation and the obligation to execute orders on terms most favourable to the client laid down in Article 1(6) 27 of Directive  2014/65/EU. The termination or replacement of the component shall not apply to transactions in OTC derivatives in the portfolio compression shall not be subject to Article 28 of this Regulationthat are formed and established as a result of post-trade risk reduction services.

2.Investment firms and market operators providing portfolio compression shall make public through an APA the volumes of transactions subject to portfolio compressions and the time they were concluded within the time limits specified in Article 10. [in_force → deleted]

3.Investment firms and market operators providing portfolio compressions that are providers of post-trade risk reduction services shall keep complete and accurate records of all portfolio compressions which they organise the transactions referred to in paragraph 1 of this Article that are not already recorded or participatereported in accordance with Regulation (EU) No 648/2012. Those records investment firms and market operators shall be made available promptlymake those records available to the relevant competent authority or ESMA promptly upon request.

4.The Commission may adopt by means ofis empowered to adopt delegated acts in accordance with Article  50, measures specifying the following to supplement this Regulation by specifying: