ESMA has conducted its first annual assessment of DRSPs based on data from 2022. It found that two DRSPs have exceeded certain thresholds. If they exceed these thresholds again next year, they will come under ESMA’s direct supervision from 1 June 2025. Until then, they will continue to be supervised by their respective NCAs in 2024.
ESMA is mandated to conduct this annual assessment to determine the relevance of APAs and ARMs in the EU market. The criteria for identifying DRSPs eligible for derogation from ESMA supervision are detailed in DelReg (EU) 2022/466 (eventid=14982), which followed the transfer of supervisory power for DRSPs to ESMA, modifying MiFIR. Smaller and less relevant service providers, including APAs and ARMs, may continue to be supervised by NCAs based on specific criteria set out in the regulation, such as the scope of cross-border business activity and the share of transactions reported.
The second assessment is scheduled for 2024.
ESMA conducts first annual assessment of Data Reporting Service Providers’ relevance for EU financial markets
ID
25409
Other Features
assessment
cloud outsourcing
cross-border
eligibility
market data
reporting
securities
supervisory practices
surveys
Date Published: 2023-10-19
Regulatory Framework: Markets in Financial Instruments Regulation (MiFIR)
Regulatory Type: information
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