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European Union

European Commission Amends Regulation on Consolidated Tape Providers

Strategic Insights

— 2 min read

The European Commission has issued a regulation that amends Delegated Regulation (EU) 2022/803 as regards rules of procedure for the exercise of the power to impose fines or periodic penalty payments by the European Securities Markets Authority, specifically with respect to consolidated tape providers. This amendment aims to expand the scope of the regulation to cover all data reporting service providers, including consolidated tape providers, subject to ESMA supervision.

Key Takeaways:

  • The regulation amends Article 1 of Delegated Regulation (EU) 2022/803 to apply to all data reporting services providers (DRSPs) subject to ESMA supervision, including consolidated tape providers.
  • The amendment is necessary in light of the upcoming consolidated tape provider authorisation process, as set by the MiFIR reform.
  • The regulation aims to ensure consistency in the exercise of the power to impose fines or periodic penalty payments by ESMA.
  • The regulation is binding in its entirety and directly applicable in all Member States.
  • The amendment is a result of the European Commission's response to the MiFIR reform, which entered into force on 28 March 2024.
  • The European Securities and Markets Authority (ESMA) will be responsible for selecting and authorising consolidated tape providers for different asset classes.

Statistics:

  • The MiFIR reform entered into force on 28 March 2024.
  • The regulation will enter into force on the twentieth day following its publication in the Official Journal of the European Union.
  • The regulation is based on Article 38k(10) of Regulation (EU) No 600/2014.
  • The delegation of power to ESMA is based on Article 38h and 38i of Regulation (EU) No 600/2014.

Sources:

  • COMMISSION DELEGATED REGULATION (EU) 2025/1768 of 7 May 2025 amending Delegated Regulation (EU) 2022/803 as regards rules of procedure for the exercise of the power to impose fines or periodic penalty payments by the European Securities Markets Authority with respect to consolidated tape providers (European Commission, 2025)
  • Regulation (EU) 2024/791 of the European Parliament and of the Council of 28 February 2024 amending Regulation (EU) No 600/2014 as regards enhancing data transparency, removing obstacles to the emergence of consolidated tapes, optimising the trading obligations and prohibiting receiving payment for order flow (OJ L, 2024/791, 8.3.2024, ELI: http://data.europa.eu/eli/reg/2024/791/oj)
  • Commission Delegated Regulation (EU) 2022/803 of 16 February 2022, supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council by specifying rules of procedure for the exercise of the power to impose fines or periodic penalty payments by the European Securities and Markets Authority regarding data reporting service providers (OJ L 145, 24.5.2022, p. 1)

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