On 30 July 2021, the European Commission issued for consultation a draft Delegated Regulation to be adopted under Articles 2(3), 38k(10) and 38n(3) of MiFIR and deal with the supervision of data reporting service providers (DRSPs) which will be transferred from Member State competent authorities to the European Securities and Markets Authority (ESMA) from January 2022.
The initiative establishes the:
- Derogation criteria for DRSPs that will continue to fall under the supervision of Member State competent authorities instead of ESMA supervision.
- Fees that DRSPs need to pay ESMA for supervision.
- Procedure ESMA needs to follow to impose fines or penalties on DRSPs under its supervision.
The deadline for comments on the consultation is 27 August 2021.