1.   An ARM shall have in place policies, arrangements and technical capabilities to comply with the technical specification for the submission of transaction reports required by ESMA or, where relevant, the national competent authority and by other competent authorities to whom the ARM sends transaction reports.

2.   An ARM shall have in place adequate policies, arrangements and technical capabilities to receive transaction reports from clients and to transmit information back to clients. The ARM shall provide the client with a copy of the transaction report which the ARM submitted to the competent authority on the client’s behalf.