Article 4, Point (2) · Regulation (EU) 2019/2175

Contents

(2)Article 2 is amended as follows:

(a)paragraph 1 is amended as follows:

(i)point (18) is replaced by the following:

(18)“competent authority” means a competent authority as defined in point (26) of Article 4(1) of Directive 2014/65/EU and, for the authorisation and supervision of data reporting services providers, ESMA, with the exception of those approved reporting mechanisms (ARMs) and approved publication arrangements (APAs) with a derogation in accordance with paragraph 3 of this Article;’;

(ii)the following point is inserted:

(22a)“senior management” means senior management as defined in point (37) of Article 4(1) of Directive 2014/65/EU;’;

(iii)points (34), (35) and (36) are replaced by the following:

(34)“approved publication arrangement” or “APA” means a person authorised under this Regulation to provide the service of publishing trade reports on behalf of investment firms pursuant to Articles 20 and 21;

(35)“consolidated tape provider” or “CTP” means a person authorised under this Regulation to provide the service of collecting trade reports for financial instruments listed in Articles 6, 7, 10, 12 and 13, 20 and 21 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;

(36)“approved reporting mechanism” or “ARM” means a person authorised under this Regulation to provide the service of reporting details of transactions to competent authorities or to ESMA on behalf of investment firms;’;

(iv)the following point is inserted:

(36a)“data reporting services provider” means a person referred to in points (34) to (36) and a person referred to in Article 27b(2);’;

(b)the following paragraph is added:‘3.The Commission is empowered to adopt delegated acts in accordance with Article 50, specifying criteria to identify those ARMs and APAs that, by way of derogation from this Regulation on account of their limited relevance for the internal market, are subject to authorisation and supervision by a competent authority of a Member State as defined in point (26) of Article 4(1) of Directive 2014/65/EU.When adopting the delegated act, the Commission shall take into account one or more of the following elements:

(a)the extent to which the services are provided to investment firms authorised in one Member State only;

(b)the number of trade reports or transactions;

(c)whether the ARM or APA is part of a group of financial market participants operating cross border.

Where an entity is supervised by ESMA for any services provided in its capacity as a data reporting services provider under this Regulation, none of its activities as an ARM or APA shall be excluded from ESMA supervision under any delegated act adopted pursuant to this paragraph.’;