1.   Where a trade repository applies for registration or for an extension of registration and is an entity authorised or registered by a competent authority in the Member State where it is established, ESMA shall, without undue delay, notify and consult that competent authority prior to the registration of the trade repository.

2.   ESMA and the relevant competent authority shall exchange all information that is necessary for the registration, or the extension of registration, of the trade repository as well as for the supervision of the entity’s compliance with the conditions of its registration or authorisation in the Member State where it is established.