FCA 2023/43: Technical Standards (Authorisation, Organisational Requirements and the Publication of Transactions for Data Reporting Services Providers) Instrument 2023

The FCA has issued a new Instrument (FCA 2023/43) as regards the revocation of two technical standards in relation to data reporting services providers (DRSPs) that were retained by the UK following its exit from the EU. This move comes in an effort to repeal all retained EU legislation (REUL) in accordance with the Retained EU Law (Revocation and Reform) Act 2023 and to concurrently implement a new regulatory regime for DRSPs in the FCA Handbook. The following two EU-retained regulations are affected:
1. The Retained Commission Delegated Regulation (EU) 2017/571 which sets out obligations with respect to DRSPs including requirements pertaining to the registration of DRSPs, organizational matters such as the dealing with conflicts of interest or the handling of outsourcing arrangements, and technical issues in relation to publication arrangements (data to be provided, the form of such data, testing obligations, etc.).
2. The Commission Implementing Regulation (EU) 2017/1110 which outlines the implementing technical standards for the authorization of DRSPs and related notifications. Specifically, the regulation lays down standard forms, templates, and procedures for the authorization of DRSPs. The regulation also specifies the information that DRSPs must provide when applying for authorization and the format in which the information should be presented. Furthermore, the regulation outlines the procedures for notifying the competent authorities of any changes to the information provided in the authorization application. It also establishes rules for the supervision and oversight of DRSPs, including the power of competent authorities to request additional information and to conduct on-site inspections.