Where a competent regulatory authority considers that there are insufficient hedging opportunities available for market participants, it may, after consulting the competent authorities designated pursuant to Article 67 of Directive 2014/65/EU of the European Parliament and of the Council (
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) where the forward markets concern financial instruments as defined in Article 4(1), point (15), of that Directive, require power exchanges or transmission system operators to implement additional measures, such as market-making activities, to improve the liquidity of the forward markets.