EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/13.II.3:13.II.3 Future alterations following the ESA-review

EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/13.II.3

13.II.3 Future alterations following the ESA-review

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The Commission reviewed the MiFID II framework with respect to data reporting service providers in 2017. The review was part of the broader review of the European Supervisory Authorities (ESAs).1 ESMA is one of the three ESAs.2 Relevant in the context of APAs and CTPs is the Commission’s proposal to confer competences from NCAs to ESMA with respect to (1) the authorization and (2) oversight (supervision) of data reporting service providers (i.e. APAs, CTPs, and ARMs).3 The Commission argues that granting those competences to ESMA is instrumental for ESMA’s tasks, including consistent compliance with pre- and post-trade transparency requirements.4 The Commission proposes, among other things, that ESMA should be able to impose penalties or periodic penalty payments to compel data reporting service providers, including APAs and CTPs, to put an end to an infringement, to supply complete and correct information required by ESMA or to submit an investigation or an on-site inspection.5 The European Parliament and Council accepted the Commission’s proposal. The result is that, from 1 January 2022, ESMA (not: the NCAs) will be the direct supervisor of data reporting service providers (ARMs, APAs and CTPs).6 In effect, the MiFID II framework for data reporting service providers will become more top-down (EU-led) from 1 January 2022.

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