For the purposes of this Regulation the term financial market participant means any person in relation to whom a requirement in the legislation referred to in Article 1(2) or a national law implementing such legislation applies. The term key financial market participant means a financial market participant whose regular activity or financial viability has, or is likely to have, a significant effect on the stability, integrity or efficiency of the financial markets in the Union.

Competent authorities means: (i) competent authorities and/or supervisory authorities as defined in the legislation referred to in Article 1(2); (ii) with regard to Directive 2002/65/EC, the authorities and bodies competent for ensuring compliance by firms providing investment services and by collective investment undertakings marketing units or shares; (iii) with regard to investor compensation schemes, bodies which administer national compensation schemes pursuant to Directive 97/9/EC, or, where administration is by a private company, the public authority supervising those schemes pursuant to that Directive; and (iv) with regard to Regulation (EU) 2021/23, a resolution authority as defined in point (3) of Article 2 of that Regulation.