The European Commission has adopted an Implementing Regulation laying down ITS with regard to the content and format of the description of the functioning of MTFs and organised trading facilities (OTFs). The Implementing Regulation sets out the information that investment firms and market operators operating MTFs and OTFs (relevant operators) must provide to their competent authority and also provides that the competent authority must notify ESMA of the authorisation of a relevant operator as an MTF or an OTF in electronic format to enable ESMA to publish the list of all MTFs and OTFs in the EU, together with information on the services they provide and the unique code identifying them.