EUROPE: ESMA Consults on Data Reporting Service Providers

Thursday November 26 2020

The European Securities and Markets Authority (ESMA) has released a public consultation on (i) supervisory fees for data reporting services providers (DRSPs) to be supervised by ESMA starting in 2022 and (ii) on criteria to identify Authorised Reporting Mechanisms (ARMs) and Approved Publications Arrangements (APAs) subject to authorisation and supervision by a competent authority of a EU Member States from January 2022.

Supervisory fees

The consultation aims to gather stakeholder views on fees for DRSPs that will be supervised by ESMA. The proposed fee framework for DRSPs draws on the existing fee frameworks for Trade Repositories and Securitisation Repositories which set out application as well as annual supervisory fees.

ESMA is proposing both application and authorisation fees, as well as an annual supervisory fee for DRSPs. It has also proposed a timeline for the payment of the fees.

Authorised Reporting Mechanisms (ARMs) and Approved Publications Arrangements (APAs)

The aim of this consultation is to provide technical advice to the European Commission on such derogation criteria, in particular on:

• how to determine if the APA or ARM services are provided to investment firms authorised in one Member State;
• how to calculate the number of trade reports or transactions;
• how to determine whether the ARM or APA is part of a group of financial market participants operating cross-border; as well as other aspects relevant for the determination whether the ARM or APA has a limited relevance for the internal market.

Click on the below link for further information.