An electronic communications merchant whose annual turnover in the European Union in the provision of electronic communications services or networks is at least 50 million euros, shall keep separate records of activities related to the provision thereof to the extent that it would be necessary if the said activities were performed by legally independent entities. The separate accounting obligation includes the obligation to keep separate activity accounts in accordance with the methodology for calculating and allocating the costs of electronic communications services established by the Regulator. The Regulator may also impose functional separation on communication merchants if it decides to do so. 