MiFID: EU Commission adopts Delegated Regulation on transactions for data reporting services providers

03/10/2017 | Clifford Chance

The EU Commission has adopted a Delegated Regulation with regard to regulatory technical standards (RTS) on the authorisation, organisational requirements and the publication of transactions for data reporting services providers (DRSP) under MiFID2.

Data reporting services (DRS) operated by DSPRs are subject to authorisation and supervision under MiFID2. DRSs include the operation of approved reporting mechanisms (ARM), approved publication arrangements (APAs) and consolidated tapes (CT).

MiFID2 provides for the possibility of establishment of a CT for equity and non-equity financial instruments. In September 2015 the European Securities and Markets Authority (ESMA) submitted draft RTS specifying the scope of the equity consolidated tape providers (CTPs) that were adopted by the Commission in Delegated Regulation (EU) 2017/571.

Given the higher complexity for establishing and operating a non-equity tape, ESMA delivered the draft RTS specifying the scope of non-equity CTP, which the Commission has now adopted, after the draft RTS on equity CTP.

The delegated act will enter into force on the twentieth day following that of its publication in the Official Journal and will apply from 3 September 2019.