1. Member States shall require that investment firms and market
operators operating an MTF establish and maintain effective arrangements
and procedures, relevant to the MTF, for the regular monitoring
of the compliance by its users with its rules. Investment firms and
market operators operating an MTF shall monitor the transactions undertaken
by their users under their systems in order to identify breaches of
those rules, disorderly trading conditions or conduct that may involve
market abuse.
2. Member States shall require investment firms and market operators
operating an MTF to report significant breaches of its rules or disorderly
trading conditions or conduct that may involve market abuse to the
competent authority. Member States shall also require investment firms
and market operators operating an MTF to supply the relevant information
without delay to the authority competent for the investigation and
prosecution of market abuse and to provide full assistance to the latter
in investigating and prosecuting market abuse occurring on or through
its systems....