Title VI, Chapter II, Article 87a · Directive 2014/65/EU

Contents

Article 87aAccessibility of information on the European single access point#

1.From 10 January 2030, Member States shall ensure that, when making public any information referred to in Article 27(3) and (6), Article 33(3), points (c), (d), and (f), and Article 46(2) of this Directive, investment firms, market operators or issuers submit that information at the same time to the relevant collection body referred to in paragraph 3 of this Article for the purpose of making it accessible on the European single access point (ESAP) established under Regulation (EU) 2023/2859 of the European Parliament and of the Council^note.Member States shall ensure that the information complies with the following requirements:

(a)be submitted in a data extractable format as defined in Article 2, point (3), of Regulation (EU) 2023/2859 or, where required by Union law, in a machine-readable format, as defined in Article 2, point (4), of that Regulation;

(b)be accompanied by the following metadata:

(i)all the names of the investment firm, market operator or issuer to which the information relates;

(ii)the legal entity identifier of the investment firm, market operator or issuer, as specified pursuant to Article 7(4), point (b), of Regulation (EU) 2023/2859;

(iii)the size of the investment firm, market operator or issuer by category, as specified pursuant to Article 7(4), point (d), of that Regulation;

(iv)the type of information, as classified pursuant to Article 7(4), point (c), of that Regulation;

(v)an indication of whether the information contains personal data.

2.For the purposes of paragraph 1, point (b)(ii), Member States shall ensure that investment firms, market operators and issuers obtain a legal entity identifier.

3.By 9 January 2030, for the purpose of making the information referred to in Article 27(3) and (6) and Article 33(3), points (c), (d), and (f), of this Directive accessible on ESAP, Member States shall designate at least one collection body as defined in Article 2, point (2), of Regulation (EU) 2023/2859 and notify ESMA thereof.For the purpose of making the information referred to in Article 46(2) of this Directive accessible on ESAP, the collection body as defined in Article 2, point (2), of Regulation (EU) 2023/2859 shall be the competent authority.

4.From 10 January 2030, Member States shall ensure that the information referred to in Article 32(2), first subparagraph, and Articles 52(2) and 71(1) and (2) of this Directive is made accessible on ESAP. For that purpose, the collection body as defined in Article 2, point (2), of Regulation (EU) 2023/2859 shall be the competent authority.Member States shall ensure that the information complies with the following requirements:

(a)be submitted in a data extractable format, as defined in Article 2, point (3), of Regulation (EU) 2023/2859;

(b)be accompanied by the following metadata:

(i)all the names of the investment firm or market operator to which the information relates;

(ii)where available, the legal entity identifier of the investment firm or market operator, as specified pursuant to Article 7(4), point (b), of Regulation (EU) 2023/2859;

(iii)the type of information, as classified pursuant to Article 7(4), point (c), of that Regulation;

(iv)an indication of whether the information contains personal data.

5.From 10 January 2030, the information referred to in Article 5(3), Article 18(10), fourth sentence, and Article 58(1) point (a), of this Directive shall be made accessible on ESAP. For that purpose, the collection body as defined in Article 2, point (2), of Regulation (EU) 2023/2859 shall be ESMA.That information shall comply with the following requirements:

(a)be submitted in a data extractable format as defined in Article 2, point (3), of Regulation (EU) 2023/2859;

(b)be accompanied by the following metadata:

(i)all the names of the investment firm or market operator to which the information relates;

(ii)where available, the legal entity identifier of the investment firm or market operator, as specified pursuant to Article 7(4), point (b), of Regulation (EU) 2023/2859;

(iii)the type of information, as classified pursuant to Article 7(4), point (c), of that Regulation;

(iv)an indication of whether the information contains personal data.

6.From 10 January 2030, Member States shall ensure that the information referred to in Article 29(3) of this Directive is made accessible on ESAP. For that purpose, the collection body as defined in Article 2, point (2), of Regulation (EU) 2023/2859 shall be the public register.Member States shall ensure that the information complies with the following requirements:

(a)be submitted in a data extractable format as defined in Article 2, point (3), of Regulation (EU) 2023/2859;

(b)be accompanied by the following metadata:

(i)all the names of the tied agent to which the information relates;

(ii)where available, the legal entity identifier of the tied agent, as specified pursuant to Article 7(4), point (b), of Regulation (EU) 2023/2859;

(iii)the type of information, as classified pursuant to Article 7(4), point (c), of that Regulation;

(iv)an indication of whether the information contains personal data.

7.For the purpose of ensuring the efficient collection and management of information submitted in accordance with paragraph 1, ESMA shall develop draft implementing technical standards to specify the following:

(a)any other metadata to accompany the information;

(b)the structuring of data in the information;

(c)for which information a machine-readable format is required and, in such cases, which machine-readable format is to be used.

For the purposes of point (c), ESMA shall assess the advantages and disadvantages of different machine-readable formats and conduct appropriate field tests for that purpose.ESMA shall submit those draft implementing technical standards to the Commission.Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph of this paragraph in accordance with Article 15 of Regulation (EU) No 1095/2010.

8.Where necessary, ESMA shall adopt guidelines to ensure that the metadata submitted in accordance with paragraph 7, first subparagraph, point (a), are correct.

Defined terms · 65

Show every defined term

agricultural commodity derivatives
means derivative contracts relating to products listed in Article 1 of, and Annex I, Parts I to XX and XXIV/1, to, Regulation (EU) No 1308/2013 of the European Parliament and of the Council, as well as to products listed in Annex I to Regulation (EU) No 1379/2013 of the European Parliament and of the Council;
algorithmic trading
means trading in financial instruments where a computer algorithm automatically determines individual parameters of orders such as whether to initiate the order, the timing, price or quantity of the order or how to manage the order after its submission, with limited or no human intervention, and does not include any system that is only used for the purpose of routing orders to one or more trading venues or for the processing of orders involving no determination of any trading parameters or for the confirmation of orders or the post-trade processing of executed transactions;
ancillary services
means any of the services listed in Section B of Annex I;
APA
means a person authorised under this Directive to provide the service of publishing trade reports on behalf of investment firms pursuant to Articles 20 and 21 of Regulation (EU) No 600/2014;
ARM
means a person authorised under this Directive to provide the service of reporting details of transactions to competent authorities or to ESMA on behalf of investment firms;
branch
means a place of business other than the head office which is a part of an investment firm, which has no legal personality and which provides investment services and/or activities and which may also perform ancillary services for which the investment firm has been authorised;
CCP
means a CCP as defined in Article 2(1) of Regulation (EU) No 648/2012;
certificates
means certificates as defined in Article 2(1)(27) of Regulation (EU) No 600/2014;
client
means any natural or legal person to whom an investment firm provides investment or ancillary services;
close links
means a situation in which two or more natural or legal persons are linked by:
commodity derivatives
means commodity derivatives as defined in Article 2(1)(30) of Regulation (EU) No 600/2014;
competent authority
means the authority, designated by each Member State in accordance with Article 67, unless otherwise specified in this Directive;
credit institution
means a credit institution as defined in point (1) of Article 4(1) of Regulation (EU) No 575/2013;
cross-selling practice
means the offering of an investment service together with another service or product as part of a package or as a condition for the same agreement or package;
CSD
means a central securities depository as defined in point (1) of Article 2(1) of Regulation (EU) No 909/2014;
CTP
means a person authorised under this Directive to provide the service of collecting trade reports for financial instruments listed in Articles 6, 7, 10, 12 and 13, 20 and 21 of Regulation (EU) No 600/2014 from regulated markets, MTFs, OTFs and APAs and consolidating them into a continuous electronic live data stream providing price and volume data per financial instrument;
data reporting services provider
means an APA, a CTP or an ARM;
dealing on own account
means trading against proprietary capital resulting in the conclusion of transactions in one or more financial instruments;
depositary receipts
means those securities which are negotiable on the capital market and which represent ownership of the securities of a non-domiciled issuer while being able to be admitted to trading on a regulated market and traded independently of the securities of the non-domiciled issuer;
derivatives
means derivatives as defined in Article 2(1)(29) of Regulation (EU) No 600/2014;
direct electronic access
means an arrangement where a member or participant or client of a trading venue permits a person to use its trading code so the person can electronically transmit orders relating to a financial instrument directly to the trading venue and includes arrangements which involve the use by a person of the infrastructure of the member or participant or client, or any connecting system provided by the member or participant or client, to transmit the orders (direct market access) and arrangements where such an infrastructure is not used by a person (sponsored access);
durable medium
means any instrument which:
electronic format
means any durable medium other than paper;
exchange-traded fund
means a fund of which at least one unit or share class is traded throughout the day on at least one trading venue and with at least one market maker which takes action to ensure that the price of its units or shares on the trading venue does not vary significantly from its net asset value and, where applicable, from its indicative net asset value;
execution of orders on behalf of clients
means acting to conclude agreements to buy or sell one or more financial instruments on behalf of clients and includes the conclusion of agreements to sell financial instruments issued by an investment firm or a credit institution at the moment of their issuance;
financial instrument
means those instruments specified in Section C of Annex I, including such instruments issued by means of distributed ledger technology;
group
means a group as defined in Article 2(11) of Directive 2013/34/EU;
high-frequency algorithmic trading technique
means an algorithmic trading technique characterised by:
home Member State
means:
host Member State
means the Member State, other than the home Member State, in which an investment firm has a branch or provides investment services and/or activities, or the Member State in which a regulated market provides appropriate arrangements so as to facilitate access to trading on its system by remote members or participants established in that same Member State;
insurance-based investment product
means an insurance product which offers a maturity or surrender value and where that maturity or surrender value is wholly or partially exposed, directly or indirectly, to market fluctuations and shall not include:
investment advice
means the provision of personal recommendations to a client, either upon its request or at the initiative of the investment firm, in respect of one or more transactions relating to financial instruments;
investment firm
means any legal person whose regular occupation or business is the provision of one or more investment services to third parties and/or the performance of one or more investment activities on a professional basis.
investment services and activities
means any of the services and activities listed in Section A of Annex I relating to any of the instruments listed in Section C of Annex I.
limit order
means an order to buy or sell a financial instrument at its specified price limit or better and for a specified size;
liquid market
means a market for a financial instrument or a class of financial instruments, where there are ready and willing buyers and sellers on a continuous basis, assessed in accordance with the following criteria, taking into consideration the specific market structures of the particular financial instrument or of the particular class of financial instruments:
make-whole clause
means a clause that aims to protect the investor by ensuring that, in the event of early redemption of a bond, the issuer is required to pay to the investor holding the bond an amount equal to the sum of the net present value of the remaining coupon payments expected until maturity and the principal amount of the bond to be redeemed;
management body
means the body or bodies of an investment firm, a market operator, or a data reporting services provider as defined in point (36a) of Article 2(1) of Regulation (EU) No 600/2014, which are appointed in accordance with national law, which are empowered to set the entity’s strategy, objectives and overall direction, and which oversee and monitor management decision-making and include persons who effectively direct the business of the entity.
market maker
means a person who holds himself out on the financial markets on a continuous basis as being willing to deal on own account by buying and selling financial instruments against that person’s proprietary capital at prices defined by that person;
market operator
means a person or persons who manages and/or operates the business of a regulated market and may be the regulated market itself;
matched principal trading
means a transaction where the facilitator interposes itself between the buyer and the seller to the transaction in such a way that it is never exposed to market risk throughout the execution of the transaction, with both sides executed simultaneously, and where the transaction is concluded at a price where the facilitator makes no profit or loss, other than a previously disclosed commission, fee or charge for the transaction;
money-market instruments
means those classes of instruments which are normally dealt in on the money market, such as treasury bills, certificates of deposit and commercial papers and excluding instruments of payment;
MTF
means a multilateral system, operated by an investment firm or a market operator, which brings together multiple third-party buying and selling interests in financial instruments – in the system and in accordance with non-discretionary rules – in a way that results in a contract in accordance with Title II of this Directive;
multilateral system
means a multilateral system as defined in Article 2(1), point (11), of Regulation (EU) No 600/2014;
OTF
means a multilateral system which is not a regulated market or an MTF and in which multiple third-party buying and selling interests in bonds, structured finance products, emission allowances or derivatives are able to interact in the system in a way that results in a contract in accordance with Title II of this Directive;
parent undertaking
means a parent undertaking within the meaning of Article 2(9) and 22 of Directive 2013/34/EU of the European Parliament and of the Council;
portfolio management
means managing portfolios in accordance with mandates given by clients on a discretionary client-by-client basis where such portfolios include one or more financial instruments;
predominantly commercial group
means any group of which the main business is not the provision of investment services within the meaning of this Directive, or the performance of any activity listed in Annex I to Directive 2013/36/EU, or acting as a market maker in relation to commodity derivatives.
professional client
means a client meeting the criteria laid down in Annex II;
qualifying holding
means a direct or indirect holding in an investment firm which represents 10 % or more of the capital or of the voting rights, as set out in Articles 9 and 10 of Directive 2004/109/EC of the European Parliament and of the Council, taking into account the conditions regarding aggregation thereof laid down in Article 12(4) and (5) of that Directive, or which makes it possible to exercise a significant influence over the management of the investment firm in which that holding subsists;
regulated market
means a multilateral system operated and/or managed by a market operator, which brings together or facilitates the bringing together of multiple third-party buying and selling interests in financial instruments – in the system and in accordance with its non-discretionary rules – in a way that results in a contract, in respect of the financial instruments admitted to trading under its rules and/or systems, and which is authorised and functions regularly and in accordance with Title III of this Directive;
retail client
means a client who is not a professional client;
senior management
means natural persons who exercise executive functions within an investment firm, a market operator, or a data reporting services provider as defined in point (36a) of Article 2(1) of Regulation (EU) No 600/2014, and who are responsible and accountable to the management body for the day-to-day management of the entity, including for the implementation of the policies concerning the distribution of services and products to clients by the firm and its personnel;
sovereign debt
means a debt instrument issued by a sovereign issuer;
sovereign issuer
means any of the following that issues debt instruments:
structured deposit
means a deposit as defined in point (3) of Article 2(1) of Directive 2014/49/EU of the European Parliament and of the Council, which is fully repayable at maturity on terms under which interest or a premium will be paid or is at risk, according to a formula involving factors such as:
structured finance products
means structured finance products as defined in Article 2(1)(28) of Regulation (EU) No 600/2014;
subsidiary
means a subsidiary undertaking within the meaning of Articles 2(10) and 22 of Directive 2013/34/EU, including any subsidiary of a subsidiary undertaking of an ultimate parent undertaking;
switching of financial instruments
means selling a financial instrument and buying another financial instrument or exercising a right to make a change with regard to an existing financial instrument;
systematic internaliser
means an investment firm which, on an organised, frequent and systematic basis, deals on own account in equity instruments by executing client orders outside a regulated market, an MTF or an OTF, without operating a multilateral system, or which opts in to the status of systematic internaliser;
third-country firm
means a firm that would be a credit institution providing investment services or performing investment activities or an investment firm if its head office or registered office were located within the Union;
tied agent
means a natural or legal person who, under the full and unconditional responsibility of only one investment firm on whose behalf it acts, promotes investment and/or ancillary services to clients or prospective clients, receives and transmits instructions or orders from the client in respect of investment services or financial instruments, places financial instruments or provides advice to clients or prospective clients in respect of those financial instruments or services;
trading venue
means a regulated market, an MTF or an OTF;
transferable securities
means those classes of securities which are negotiable on the capital market, with the exception of instruments of payment, such as:
wholesale energy product
means wholesale energy products as defined in point (4) of Article 2 of Regulation (EU) No 1227/2011;