ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in Annex 1. Comments are most helpful if they:

• respond to the question stated;
• indicate the specific question to which the comment relates;
• contain a clear rationale; and
• describe any alternatives ESMA should consider.

ESMA will consider all comments received by 19 January 2022.

All contributions should be submitted online at www.esma.europa.eu under the heading ‘Your input - Consultations’.