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1. External reviewers shall establish and maintain a permanent, independent and effective compliance function for the activities performed under this Regulation.

2. External reviewers shall ensure that the compliance function complies with the following:

(a) it has the authority to discharge its responsibilities properly and independently;

(b) it has the necessary resources and expertise and access to all relevant information;

(c) it does not monitor or assess its own activities;

(d) it is not compensated in relation to the business performance of the external reviewer.

3. The findings of the compliance function shall be made available to a supervisory body or an administrative body of the external reviewer.

4. ESMA shall develop draft regulatory technical standards specifying the criteria for assessing whether the compliance function has the authority to discharge its responsibilities properly and independently as referred to in paragraph 2, point (a), and the criteria for assessing whether the compliance function has the necessary resources and expertise and has access to all relevant information as referred to in paragraph 2, point (b).

ESMA shall submit those draft regulatory technical standards to the Commission by 21 December 2025. Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.