MiFID II introduces a new type of services that are subject to authorisation and supervision: Data Reporting Services (DRSs) operated by Data Reporting Services Providers (DRSPs). DRSs include the operation of Approved Publication Arrangements (APAs), Consolidated Tapes (CTs) and Approved Reporting Mechanisms (ARMs). MiFID II provides for a regulatory framework governing DRSPs globally and each of them more specifically, where appropriate.
MiFID II empowers the European Commission to adopt, following submission of draft regulatory technical standards (RTS) by the European Securities and Markets Authority (ESMA), a Delegated Regulation which further specifies the information to be provided to Member State competent authorities when seeking authorisation as a DRSP, to set forth the organisational requirements to be met by DRSPs at the time of authorisation and on an ongoing basis and to provide for more specific requirements in relation to the publication arrangements.
A consultation on the draft RTS was published on 19 December 2014 on ESMA’s website and the consultation closed on 2 March 2015.
The Commission has now adopted a Delegated Regulation supplementing MiFID II with regard to RTS on the authorisation, organisational requirements and the publication of transactions for data reporting services providers.
