Le texte à une date

Les dates de l’éditeur que ce site détient pour cet acte

• Entrée en vigueur : 2014-07-02 (mention de l’éditeur, mot pour mot : DATPUB +20 V ART 55)
• Mise en application : 2014-07-02 (mention de l’éditeur, mot pour mot : MA/PART V ART 55)
• Mise en application : 2017-01-03 (mention de l’éditeur, mot pour mot : V ART 55)
• Mise en application : 2018-01-03 (mention de l’éditeur, mot pour mot : V ART 55)
• Mise en application : 2019-01-03 (mention de l’éditeur, mot pour mot : MA/PART V ART 55 L 4)
• Mise en application : 2020-01-03 (mention de l’éditeur, mot pour mot : MA/PART V ART 55 L 4)
• Date limite : 2019-03-03 (mention de l’éditeur, mot pour mot : B-19.12)
• Date limite : 2020-03-03 (mention de l’éditeur, mot pour mot : B-19.12 V ART 52.1 ET 52.4 ET 52.5 ET 52.6)
• Date limite : 2020-07-03 (mention de l’éditeur, mot pour mot : B-19.12 V ART 52.7 ET 52.8 ET 52.9 L 1 ET 52.10 L 1 ET 52.11)
• Date limite : 2021-02-11 (mention de l’éditeur, mot pour mot : V ART 54.2)
• Date limite : 2021-07-03 (mention de l’éditeur, mot pour mot : V ART 54.2)
• Date limite : 2021-10-01 (mention de l’éditeur, mot pour mot : V ART 54a.2)
• Date limite : 2022-01-01 (mention de l’éditeur, mot pour mot : V ART 54a.1 ET 54a.3)
• Date limite : 2022-07-03 (mention de l’éditeur, mot pour mot : B-19.12 V ART 52.9 L 2)

Dates non détenues pour cet acte : fin de validité. Les déclarations datées de l’éditeur que ce site détient pour cet acte n’indiquent aucune date de ce type, ce qui ne dit rien de l’existence d’une telle date.

Aucune des dates ci-dessus ne sert à choisir un libellé : chaque libellé ci-dessous porte sa propre date.

32014R0600, eng, le libellé consolidé du 2025-11-23 (la date de consolidation de l’éditeur)

Il s’agit du dernier libellé détenu : il sert de réponse pour toute date ultérieure, et une modification que l’éditeur n’a pas encore consolidée n’y figure pas.

1 autre œuvre de l’éditeur porte cette date ; avec ce même texte détenu ici : 1 ; sans texte détenu ici : 0.

/eu-eurlex/32014R0600/2025-11-23--b2a988f16b8fa5f92f622f4c77330eb7a7a837cf472482e9d078aa98f615f8e3/eng

95 articles cités ; détenus sans texte : 0.

Page 2 sur 4 : Article 22a à Article 35.

28. 022A Article 22a

    Article 22a Transmission of data to the CTP 1. Trading venues and APAs (‘data contributors’) shall, with regard to shares, ETFs and bonds that are traded on a trading venue, and with regard to OTC derivatives as referred to in Article 8a(2), transmit to the data centre of the CTP, as close to real time as technically possible, regulatory data and the data required pursuant to Article 3(1), without prejudice to Article 4, and pursuant to Article 6(1), Article 10(1) and Articles 20 and 21, and, where regulatory technical standards are adopted pursuant to Article 22b(3), point (d), in accordance with the requirements specified therein. Those data shall be transmitted in a harmonised format, through a high-quality transmission protocol. 2. An investment firm operating an SME growth market, or a market operator, whose annual trading volume of shares represents 1 % or less of the annual trading volume of shares in the Union shall not be required to transmit its data to the CTP where: (a) that investment firm or market operator is not a part of a group comprising or having close links with an investment firm or a market operator whose annual trading volume of shares represents more than 1 % of the annual trading volume of shares in the Union; or (b) the regulated market or SME growth market operated by that investment firm or market operator accounts for more than 85 % of the annual trading volume of shares that were initially admitted to trading on that regulated market or SME growth market. 3. Notwithstanding paragraph 2, an investment firm operating an SME growth market, or a market operator, which meets the conditions laid down in that paragraph may decide to transmit data to the CTP in accordance with paragraph 1, provided that it notifies ESMA and the CTP accordingly. Such an investment firm or market operator shall start transmitting data to the CTP within 30 working days of the date of the notification to ESMA. 4. ESMA shall publish on its website and keep up to date a list of investment firms operating SME growth markets and market operators that meet the conditions laid down in paragraph 2, indicating which of them have decided to apply paragraph 3. 5. Each CTP shall choose, from among the types of transmission protocols that the data contributors offer to other users, which transmission protocol is to be used for the direct transmission of the data referred to in paragraph 1 to the data centre of the CTP. 6. Data contributors shall not receive any remuneration for transmitting the data referred to in paragraph 1 of this Article or the transmission protocol referred to in paragraph 5 of this Article, other than the revenue received pursuant to Article 27h(5), (6) and (7). 7. Data contributors shall, where applicable, apply the deferrals laid down in Articles 7, 11 and 11a, Article 20(2) and Article 21(4) to the data to be transmitted to the CTP. 8. Where the CTP considers the quality of the data to be insufficient, it shall notify the competent authority of the data contributor accordingly. The competent authority shall take the necessary measures in accordance with Article 38g of this Regulation and Articles 69 and 70 of Directive 2014/65/EU.

    Empreinte du texte 23877f4ce696972442d443be3d290f58fc4348cee9c1d6d1467855e236727291, empreinte du corps 5ed719b403ea8cb2d1e797978579cb033c00f27a819da3a3e63abc2063207b22, source officielle https://publications.europa.eu/resource/cellar/f759d033-0147-11f1-825d-01aa75ed71a1.0006.01, /eu-eurlex/32014R0600/2025-11-23--b2a988f16b8fa5f92f622f4c77330eb7a7a837cf472482e9d078aa98f615f8e3/eng/022A

29. 022B Article 22b

    Article 22b Data quality 1. The data transmitted to the CTP pursuant to Article 22a(1) and the data disseminated by the CTP pursuant to Article 27h(1), point (d), shall comply with the regulatory technical standards adopted pursuant to Article 4(6), point (a), Article 7(2), point (a), Article 11(4), point (a), and Article 11a(3), point (a), unless provided otherwise in the regulatory technical standards adopted pursuant to paragraph 3, points (b) and (d), of this Article. 2. The Commission shall establish an expert stakeholder group by 29 June 2024 to provide advice on the quality and the substance of data and the quality of the transmission protocol referred to in Article 22a(1). The expert stakeholder group and ESMA shall work closely together. The expert stakeholder group shall make its advice public. The expert stakeholder group shall be composed of members with a sufficiently wide range of expertise, skills, knowledge and experience to provide adequate advice. The members of the expert stakeholder group shall be selected following an open and transparent selection procedure. In selecting the members of the expert stakeholder group, the Commission shall ensure that they reflect the diversity of market participants across the Union. The expert stakeholder group shall elect a Chair from among its members, for a term of two years. The European Parliament may invite the Chair of the expert stakeholder group to make a statement before it and to answer any questions from its members whenever so requested. 3. ESMA shall develop draft regulatory technical standards to specify the quality of the transmission protocol, measures to address erroneous trade reporting and enforcement standards in relation to data quality, including arrangements regarding cooperation between data contributors and the CTP, and, where necessary, the quality and the substance of the data for the operation of the consolidated tapes. Those draft regulatory technical standards shall in particular specify all of the following: (a) the minimum requirements for the quality of the transmission protocols referred to in Article 22a(1); (b) the presentation of the core market data to be disseminated by the CTP, in accordance with prevailing industry standards and practices; (c) what constitutes the transmission of data as close to real time as technically possible; (d) where necessary, the data needed to be transmitted to the CTP in order for it to be operational, taking into account the advice of the expert stakeholder group established pursuant to paragraph 2, including the substance and the format of those data, in accordance with prevailing industry standards and practices. For the purposes of the first subparagraph of this paragraph, ESMA shall take into account the advice from the expert stakeholder group established pursuant to paragraph 2 of this Article, international developments, and standards agreed at Union or international level. ESMA shall ensure that the draft regulatory technical standards take into account the transparency requirements laid down in Articles 3, 6, 8, 8a, 8b, 10, 11, 11a, 14, 20, 21 and 27g. ESMA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 29 December 2024. Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

    Empreinte du texte 21142ab65f80751a08ca31c1921cdb9068584e9d41e78517f20193c0eb7cab35, empreinte du corps 5ed719b403ea8cb2d1e797978579cb033c00f27a819da3a3e63abc2063207b22, source officielle https://publications.europa.eu/resource/cellar/f759d033-0147-11f1-825d-01aa75ed71a1.0006.01, /eu-eurlex/32014R0600/2025-11-23--b2a988f16b8fa5f92f622f4c77330eb7a7a837cf472482e9d078aa98f615f8e3/eng/022B

30. 022C Article 22c

    Article 22c Synchronisation of business clocks 1. Trading venues and their members, participants or users, systematic internalisers, designated publishing entities, APAs and CTPs shall synchronise the business clocks they use to record the date and time of any reportable event. 2. ESMA shall, in accordance with international standards, develop draft regulatory technical standards to specify the level of accuracy to which business clocks are to be synchronised. ESMA shall submit those draft regulatory technical standards to the Commission by 29 December 2024. Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

    Empreinte du texte d798a2f4f7cb4827f559ad52ee567c61fa4a384691118188809548326c7c16be, empreinte du corps 5ed719b403ea8cb2d1e797978579cb033c00f27a819da3a3e63abc2063207b22, source officielle https://publications.europa.eu/resource/cellar/f759d033-0147-11f1-825d-01aa75ed71a1.0006.01, /eu-eurlex/32014R0600/2025-11-23--b2a988f16b8fa5f92f622f4c77330eb7a7a837cf472482e9d078aa98f615f8e3/eng/022C

31. 023 Article 23

    Article 23 Trading obligation for investment firms 1. An investment firm shall ensure that the trades it undertakes in shares which have a European Economic Area (EEA) International Securities Identification Number (ISIN), and which are traded on a trading venue, take place on a regulated market, an MTF, a systematic internaliser or a third-country trading venue assessed as equivalent in accordance with Article 25(4), point (a), of Directive 2014/65/EU, as appropriate, unless: (a) those shares are traded on a third-country venue in the local currency or in a non-EEA currency; or (b) those trades are carried out between eligible counterparties, between professional counterparties or between eligible and professional counterparties and do not contribute to the price discovery process. 2. An investment firm that operates an internal matching system which executes client orders in shares, depositary receipts, ETFs, certificates and other similar financial instruments on a multilateral basis must ensure it is authorised as an MTF under Directive 2014/65/EU and comply with all relevant provisions pertaining to such authorisations. 3. ESMA shall develop draft regulatory technical standards to specify the particular characteristics of those transactions in shares that do not contribute to the price discovery process as referred to in paragraph 1, taking into consideration cases such as: (a) non-addressable liquidity trades; or (b) where the exchange of such financial instruments is determined by factors other than the current market valuation of the financial instrument. ESMA shall submit those draft regulatory technical standards to the Commission by 3 July 2015. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

    Empreinte du texte 984540bb7f26e5cc98a2f024097fc15cc69ebc70fbf52ee7f577e5a04404d4d0, empreinte du corps 5ed719b403ea8cb2d1e797978579cb033c00f27a819da3a3e63abc2063207b22, source officielle https://publications.europa.eu/resource/cellar/f759d033-0147-11f1-825d-01aa75ed71a1.0006.01, /eu-eurlex/32014R0600/2025-11-23--b2a988f16b8fa5f92f622f4c77330eb7a7a837cf472482e9d078aa98f615f8e3/eng/023

32. 023A Article 23a

    Article 23a Accessibility of information on the European single access point From 10 January 2030, the information referred to in Article 14(6), Article 15(1), second subparagraph, Articles 18(4) and 27(1), Article 34, Articles 40(5), 42(5), 44(2), 45(6) and Article 48 of this Regulation, shall be made accessible on the European single access point (ESAP) established under Regulation (EU) 2023/2859 of the European Parliament and of the Council. 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 to which the information relates; (ii) where available, the legal entity identifier of the investment firm, 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.

    Empreinte du texte 8ff94cb5f6dce7a96c56e079ade8aab0cc1faab43773644e212deab19792ebdb, empreinte du corps 5ed719b403ea8cb2d1e797978579cb033c00f27a819da3a3e63abc2063207b22, source officielle https://publications.europa.eu/resource/cellar/f759d033-0147-11f1-825d-01aa75ed71a1.0006.01, /eu-eurlex/32014R0600/2025-11-23--b2a988f16b8fa5f92f622f4c77330eb7a7a837cf472482e9d078aa98f615f8e3/eng/023A

33. 024 Article 24

    Article 24 Obligation to uphold integrity of markets Without prejudice to the allocation of responsibilities for enforcing Regulation (EU) No 596/2014, competent authorities coordinated by ESMA in accordance with Article 31 of Regulation (EU) No 1095/2010 shall monitor the activities of investment firms to ensure that they act honestly, fairly and professionally and in a manner which promotes the integrity of the market.

    Empreinte du texte 036bbe8e0d2a21e4f9079af7b4c3346ee065b5b3c2b7a92a6456e4ee82856e13, empreinte du corps 5ed719b403ea8cb2d1e797978579cb033c00f27a819da3a3e63abc2063207b22, source officielle https://publications.europa.eu/resource/cellar/f759d033-0147-11f1-825d-01aa75ed71a1.0006.01, /eu-eurlex/32014R0600/2025-11-23--b2a988f16b8fa5f92f622f4c77330eb7a7a837cf472482e9d078aa98f615f8e3/eng/024

34. 025 Article 25

    Article 25 Obligation to maintain records 1. Investment firms shall keep at the disposal of the competent authority, for five years, the relevant data relating to all orders and all transactions in financial instruments which they have carried out, whether on own account or on behalf of a client. In the case of transactions carried out on behalf of clients, the records shall contain all the information and details of the identity of the client, and the information required under Directive 2005/60/EC of the European Parliament and of the Council. ESMA may request access to that information in accordance with the procedure and under the conditions set out in Article 35 of Regulation (EU) No 1095/2010. 2. The operator of a trading venue shall keep at the disposal of the competent authority, for at least five years, the relevant data relating to all orders in financial instruments which are advertised through their systems in a machine-readable format and using a common template. The competent authority of the trading venue may request those data on an ongoing basis. The records shall contain the relevant data that constitute the characteristics of the order, including those that link an order with the executed transactions that stem from that order and the details of which shall be reported in accordance with Article 26(1) and (3). ESMA shall perform a facilitation and coordination role in relation to the access by competent authorities to information under this paragraph. 3. ESMA shall develop draft regulatory technical standards to specify the details and formats of the relevant order data required to be maintained under paragraph 2 of this Article that is not referred to in Article 26. Those draft regulatory technical standards shall include the identification code of the member or participant which transmitted the order, the identification code of the order, the date and time the order was transmitted, the characteristics of the order, including the type of order, the limit price if applicable, the validity period, any specific order instructions, details of any modification, cancellation, partial or full execution of the order, the agency or principal capacity. ESMA shall submit those draft regulatory technical standards to the Commission by 5 September 2025. Power is delegated to the Commission to supplement this Regulation by adopting regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

    Empreinte du texte 6fa77130b357aeed9678ddeaba3d276d97a719e58d970200f943c229525a4916, empreinte du corps 5ed719b403ea8cb2d1e797978579cb033c00f27a819da3a3e63abc2063207b22, source officielle https://publications.europa.eu/resource/cellar/f759d033-0147-11f1-825d-01aa75ed71a1.0006.01, /eu-eurlex/32014R0600/2025-11-23--b2a988f16b8fa5f92f622f4c77330eb7a7a837cf472482e9d078aa98f615f8e3/eng/025

35. 026 Article 26

    Article 26 Obligation to report transactions 1. Investment firms which execute transactions in financial instruments shall report complete and accurate details of such transactions to the competent authority as quickly as possible, and no later than the close of the following working day. The competent authorities shall, in accordance with Article 85 of Directive 2014/65/EU, establish the necessary arrangements in order to ensure that the following competent authorities also receive that information: (a) the competent authority of the most relevant market in terms of liquidity for those financial instruments; (b) the competent authorities responsible for the supervision of the transmitting investment firms; (c) the competent authorities responsible for the supervision of the branches which have been part of the transaction; and (d) the competent authority responsible for the supervision of the trading venues used. The competent authority referred to in the first subparagraph shall without undue delay make available to ESMA any information reported in accordance with this Article. 2. The obligation laid down in paragraph 1 shall apply to: (a) financial instruments which are admitted to trading or traded on a trading venue or for which a request for admission to trading has been made, irrespective of whether such transactions are carried out on the trading venue, with the exception of transactions in OTC derivatives other than those referred in Article 8a(2), to which the obligation shall apply only when carried out on a trading venue; (b) financial instruments where the underlying is a financial instrument that is traded on a trading venue, irrespective of whether such transactions are carried out on the trading venue; (c) financial instruments where the underlying is an index or a basket composed of financial instruments that are traded on a trading venue, irrespective of whether such transactions are carried out on the trading venue; (d) OTC derivatives as referred to in Article 8a(2), irrespective of whether such transactions are carried out on the trading venue. 3. The reports shall, in particular, include details of the names and numbers of the financial instruments bought or sold, the quantity, the dates and times of execution, the effective dates, the transaction prices, a designation to identify the parties on whose behalf the investment firm has executed that transaction, a designation to identify the persons and the computer algorithms within the investment firm responsible for the investment decision and the execution of the transaction, a designation to identify the entity subject to the reporting obligation, and means of identifying the investment firms concerned. Reports on a transaction made at the trading venue shall include a transaction identification code generated and disseminated by the trading venue to both buying and selling members of the trading venue. For transactions not carried out on a trading venue, the reports shall include a designation identifying the types of transactions in accordance with the regulatory technical standards adopted pursuant to Article 20(3), point (a), and Article 21(5), point (a), of this Regulation. For commodity derivatives, the reports shall indicate whether the transaction reduces risk in an objectively measurable way in accordance with Article 57 of Directive 2014/65/EU. 4. Investment firms which transmit orders shall include in the transmission of that order all the details as specified in paragraphs 1 and 3. Instead of including the mentioned details when transmitting orders, an investment firm may choose to report the transmitted order, if it is executed, as a transaction in accordance with the requirements under paragraph 1. In that case, the transaction report by the investment firm shall state that it pertains to a transmitted order. 5. The operator of a trading venue shall report details of transactions in financial instruments traded on its platform which are executed through its systems by any member, participant or user not subject to this Regulation in accordance with paragraphs 1 and 3. 6. In reporting the designation to identify the clients as required under paragraphs 3 and 4, investment firms shall use a legal entity identifier established to identify clients that are legal persons. ESMA shall develop by 3 January 2016 guidelines in accordance with Article 16 of Regulation (EU) No 1095/2010 to ensure that the application of legal entity identifiers within the Union complies with international standards, in particular those established by the Financial Stability Board. 7. The reports shall be made to the competent authority either by the investment firm itself, an ARM acting on its behalf or by the trading venue through whose system the transaction was completed, in accordance with paragraphs 1, 3 and 9. Investment firms shall have responsibility for the completeness, accuracy and timely submission of the reports which are submitted to the competent authority. By way of derogation from that responsibility, where an investment firm reports details of those transactions through an ARM which is acting on its behalf or a trading venue, the investment firm shall not be responsible for failures in the completeness, accuracy or timely submission of the reports which are attributable to the ARM or trading venue. In those cases and subject to Article 66(4) of Directive 2014/65/EU the ARM or trading venue shall be responsible for those failures. Investment firms must nevertheless take reasonable steps to verify the completeness, accuracy and timeliness of the transaction reports which were submitted on their behalf. The home Member State shall require the trading venue, when making reports on behalf of the investment firm, to have sound security mechanisms in place designed to guarantee the security and authentication of the means of transfer of information, to minimise the risk of data corruption and unauthorised access and to prevent information leakage maintaining the confidentiality of the data at all times. The home Member State shall require the trading venue to maintain adequate resources and have back-up facilities in place in order to offer and maintain its services at all times. Trade-matching or reporting systems, including trade repositories registered or recognised in accordance with Title VI of Regulation (EU) No 648/2012, may be approved by the competent authority as an ARM in order to transmit transaction reports to the competent authority in accordance with paragraphs 1, 3 and 9. Where transactions have been reported to a trade repository in accordance with Article 9 of Regulation (EU) No 648/2012 which is approved as an ARM and where those reports contain the details required under paragraphs 1, 3 and 9 and are transmitted to the competent authority by the trade repository within the time limit set in paragraph 1, the obligation on the investment firm laid down in paragraph 1 shall be considered to have been complied with. Where there are errors or omissions in the transaction reports, the ARM, investment firm or trading venue reporting the transaction shall correct the information and submit a corrected report to the competent authority. 8. An investment firm shall report transactions executed wholly or partly through its branch to the competent authority of the home Member State of the investment firm. The branch of a third country firm shall submit its transaction reports to the competent authority which authorised the branch. Where a third-country firm has set up branches in more than one Member State, those branches shall determine the competent authority that is to receive all the transaction reports. When, in accordance with Article 35(8) of Directive 2014/65/EU, reports provided for under this Article are transmitted to the competent authority of the host Member State, it shall transmit that information to the competent authorities of the home Member State of the investment firm, unless the competent authorities of the home Member State decide that they do not want to receive that information. 9. ESMA shall develop draft regulatory technical standards to specify: (a) data standards and formats for the information to be reported in accordance with paragraphs 1 and 3, including the methods and arrangements for reporting financial transactions and the form and content of such reports; (b) the criteria for defining a relevant market in accordance with paragraph 1; (c) the references of the financial instruments bought or sold, the quantity, the dates and times of execution, the effective dates, the transaction prices, the information and details of the identity of the client, a designation to identify the parties on whose behalf the investment firm has executed that transaction, a designation to identify the persons and the computer algorithms within the investment firm responsible for the investment decision and the execution of the transaction, a designation to identify the entity subject to the reporting obligation, the means of identifying the investment firms concerned, the way in which the transaction was executed, data fields necessary for the processing and analysis of the transaction reports in accordance with paragraph 3; (d) the designation to identify short sales of shares and sovereign debt as referred to in paragraph 3; (e) the relevant categories of indices to be reported in accordance with paragraph 2, point (c); (f) the conditions upon which legal entity identifiers are developed, attributed and maintained, by Member States in accordance with paragraph 6, and the conditions under which those legal entity identifiers are used by investment firms so as to provide, pursuant to paragraphs 3, 4 and 5, for the designation to identify the clients in the transaction reports they are required to establish pursuant to paragraph 1; (g) the application of transaction reporting obligations to branches of investment firms; (h) what constitutes a transaction and execution of a transaction for the purposes of this Article; (i) when an investment firm is deemed to have transmitted an order for the purposes of paragraph 4; (j) the conditions for linking specific transactions and the means of identifying aggregated orders resulting in the execution of a transaction; and (k) the date by which transactions are to be reported. When developing those draft regulatory technical standards, ESMA shall take into account international developments and standards agreed at Union or international level, and the consistency of those draft regulatory technical standards with the reporting requirements laid down in Regulations (EU) No 648/2012 and (EU) 2015/2365. ESMA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 29 September 2025. Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010. 10. By 3 January 2020, ESMA shall submit a report to the Commission on the functioning of this Article, including its interaction with the related reporting obligations under Regulation (EU) No 648/2012, and whether the content and format of transaction reports received and exchanged between competent authorities comprehensively enables monitoring of the activities of investment firms in accordance with Article 24 of this Regulation. The Commission may take steps to propose any changes, including providing for transactions to be transmitted only to a single system appointed by ESMA instead of to competent authorities. The Commission shall forward ESMA’s report to the European Parliament and to the Council. 11. By 29 March 2028, ESMA shall submit to the Commission a report assessing the feasibility of more integration in transaction reporting and streamlining of data flows pursuant to this Article to: (a) reduce duplicative or inconsistent requirements for transaction data reporting, and in particular duplicative or inconsistent requirements laid down in this Regulation and Regulations (EU) No 648/2012 and (EU) 2015/2365, and in other relevant Union legal acts; (b) improve data standardisation and efficient sharing and use of data reported within any Union reporting framework by any relevant authority at Union or national level. When preparing the report, ESMA shall, where relevant, work in close cooperation with the other bodies of the European System of Financial Supervision and the European Central Bank.

    Empreinte du texte 06681dd37d15f5d011d19265dfead281fc76cc8c2980d57bd3eba5c7793e6a25, empreinte du corps 5ed719b403ea8cb2d1e797978579cb033c00f27a819da3a3e63abc2063207b22, source officielle https://publications.europa.eu/resource/cellar/f759d033-0147-11f1-825d-01aa75ed71a1.0006.01, /eu-eurlex/32014R0600/2025-11-23--b2a988f16b8fa5f92f622f4c77330eb7a7a837cf472482e9d078aa98f615f8e3/eng/026

36. 027 Article 27

    Article 27 Obligation to supply financial instrument reference data 1. With regard to financial instruments admitted to trading or traded on a trading venue or where the issuer has approved trading of the issued instrument or where a request for admission to trading has been made, trading venues shall provide ESMA with identifying reference data for the purposes of transaction reporting pursuant to Article 26 and of the transparency requirements pursuant to Articles 3, 6, 8, 8a, 8b, 10, 14, 20 and 21. With regard to OTC derivatives, identifying reference data shall be based on a globally agreed unique product identifier and on any other relevant identifying reference data. With regard to OTC derivatives not covered by the first subparagraph of this paragraph that fall within the scope of Article 26(2), each designated publishing entity shall provide ESMA with the identifying reference data. Identifying reference data shall be made ready for submission to ESMA in an electronic and standardised format before trading commences in the financial instrument that it refers to. The financial instrument reference data shall be updated whenever there are changes to the data with respect to a financial instrument. ESMA shall publish those reference data immediately on its website. ESMA shall give competent authorities access without undue delay to those reference data. 2. In order to allow competent authorities to monitor, pursuant to Article 26, the activities of investment firms to ensure that they act honestly, fairly and professionally and in a manner which promotes the integrity of the market, ESMA shall, after consulting the competent authorities, establish the necessary arrangements in order to ensure that: (a) ESMA effectively receives the financial instrument reference data pursuant to paragraph 1 of this Article; (b) the quality of the financial instrument reference data received pursuant to paragraph 1 of this Article is appropriate for the purpose of transaction reporting under Article 26; (c) the financial instrument reference data received pursuant to paragraph 1 of this Article is efficiently and without undue delay transmitted to the relevant competent authorities; (d) there are effective mechanisms in place between ESMA and the competent authorities to resolve data delivery or data quality issues. 3. ESMA shall develop draft regulatory technical standards to specify: (a) data standards and formats for the financial instrument reference data in accordance with paragraph 1, including the methods and arrangements for supplying the data and any update thereto to ESMA and transmitting it to competent authorities in accordance with paragraph 1, and the form and content of such data; (b) the technical measures that are necessary in relation to the arrangements to be made by ESMA and the competent authorities pursuant to paragraph 2; (c) the date by which reference data are to be reported. When developing those draft regulatory technical standards, ESMA shall take into account international developments and standards agreed at Union or international level, and the consistency of those draft regulatory technical standards with the reporting requirements laid down in Regulations (EU) No 648/2012 and (EU) 2015/2365. Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010. 4. ESMA may suspend the reporting obligations specified in paragraph 1 for certain or all financial instruments where all of the following conditions are met: (a) the suspension is necessary in order to preserve the integrity and quality of the reference data subject to reporting obligation as specified in paragraph 1 which may be put at risk by any of the following: (i) serious incompleteness, inaccuracy or corruption of the submitted data, or (ii) unavailability in a timely manner, disruption or damage of the functioning of systems used for the submitting, collecting, processing or storing the respective reference data by ESMA, national competent authorities, market infrastructures, clearing and settlement systems, and important market participants; (b) the existing Union regulatory requirements that are applicable do not address the threat; (c) the suspension does not have any detrimental effect on the efficiency of financial markets or investors that is disproportionate to the benefits of the action; (d) the suspension does not create any regulatory arbitrage. When taking the measure referred to in the first subparagraph of this paragraph, ESMA shall take into account the extent to which the measure ensures the accuracy and completeness of the reported data for the purposes specified in paragraph 2. Before deciding to take the measure referred to in the first subparagraph, ESMA shall notify the relevant competent authorities. The Commission is empowered to adopt delegated acts in accordance with Article 50 in order to supplement this Regulation by specifying the conditions referred to in the first subparagraph and the circumstances under which the suspension referred to in that subparagraph ceases to apply. 5. By 29 June 2024, the Commission shall adopt delegated acts in accordance with Article 50 to supplement this Regulation by specifying the identifying reference data to be used with regard to OTC derivatives for the purposes of the transparency requirements laid down in Article 8a(2) and Articles 10 and 21. The Commission is empowered to adopt delegated acts in accordance with Article 50 to supplement this Regulation by specifying the identifying reference data to be used with regard to OTC derivatives for the purposes of Article 26.

    Empreinte du texte a08cb4631ed471219b72bada43657ae602396fde2de88624b406a1256f6d5649, empreinte du corps 5ed719b403ea8cb2d1e797978579cb033c00f27a819da3a3e63abc2063207b22, source officielle https://publications.europa.eu/resource/cellar/f759d033-0147-11f1-825d-01aa75ed71a1.0006.01, /eu-eurlex/32014R0600/2025-11-23--b2a988f16b8fa5f92f622f4c77330eb7a7a837cf472482e9d078aa98f615f8e3/eng/027

37. 027A Article 27a

    Article 27a For the purposes of this Title, a national competent authority means a competent authority as defined in point (26) of Article 4(1) of Directive 2014/65/EU.

    Empreinte du texte 8e0069715f544cc936f4b944ccbde4011336386ce6645c6078de1c2f8e090ff2, empreinte du corps 5ed719b403ea8cb2d1e797978579cb033c00f27a819da3a3e63abc2063207b22, source officielle https://publications.europa.eu/resource/cellar/f759d033-0147-11f1-825d-01aa75ed71a1.0006.01, /eu-eurlex/32014R0600/2025-11-23--b2a988f16b8fa5f92f622f4c77330eb7a7a837cf472482e9d078aa98f615f8e3/eng/027A

38. 027B Article 27b

    Article 27b Requirement for authorisation 1. The operation of an APA, a CTP or an ARM as a regular occupation or business shall be subject to prior authorisation by ESMA in accordance with this Title. By way of derogation from the first subparagraph of this paragraph, an APA or ARM identified in accordance with the delegated act referred to in Article 2(3) shall be subject to prior authorisation and supervision by the relevant national competent authority in accordance with this Title. 2. An investment firm or a market operator operating a trading venue may also provide the services of an APA, a CTP or an ARM, subject to the prior verification by ESMA or the relevant national competent authority that the investment firm or the market operator complies with this Title. The provision of those services shall be included in their authorisation. 3. ESMA shall establish a register of all data reporting services providers in the Union. The register shall be publicly available and shall contain information on the services for which the data reporting services provider is authorised and it shall be updated on a regular basis. Where ESMA, or a national competent authority where relevant, has withdrawn an authorisation in accordance with Article 27e, that withdrawal shall be published in the register for a period of five years. 4. Data reporting services providers shall provide their services under the supervision of ESMA or the national competent authority where relevant. ESMA, or the national competent authority where relevant, shall regularly review the compliance of data reporting services providers with this Title. ESMA, or the national competent authority where relevant, shall monitor that data reporting services providers comply at all times with the conditions for initial authorisation established under this Title.

    Empreinte du texte f1cf5bd5217c7e824520aa6e900d8c983e4939cf037180ec2b7dbce82f4bd590, empreinte du corps 5ed719b403ea8cb2d1e797978579cb033c00f27a819da3a3e63abc2063207b22, source officielle https://publications.europa.eu/resource/cellar/f759d033-0147-11f1-825d-01aa75ed71a1.0006.01, /eu-eurlex/32014R0600/2025-11-23--b2a988f16b8fa5f92f622f4c77330eb7a7a837cf472482e9d078aa98f615f8e3/eng/027B

39. 027C Article 27c

    Article 27c Authorisation of data reporting services providers 1. Data reporting services providers shall be authorised by ESMA, or the national competent authority where relevant, for the purposes of this Title where: (a) the data reporting services provider is a legal person established in the Union; and (b) the data reporting services provider meets the requirements laid down in this Title. 2. The authorisation referred to in paragraph 1 shall specify the data reporting service which the data reporting services provider is authorised to provide. Where an authorised data reporting services provider seeks to extend its business to additional data reporting services, it shall submit a request to ESMA, or the national competent authority where relevant, for extension of that authorisation. 3. An authorised data reporting services provider shall comply at all times with the conditions for authorisation referred to in this Title. An authorised data reporting services provider shall, without undue delay, notify ESMA, or the national competent authority where relevant, of any material changes to the conditions for authorisation. 4. The authorisation referred to in paragraph 1 shall be effective and valid for the entire territory of the Union, and shall allow the data reporting services provider to provide the services for which it has been authorised throughout the Union.

    Empreinte du texte f879c8f88b55d51917d98d3c4bfee99ea2744e3a7852b6c5ca797b463f253314, empreinte du corps 5ed719b403ea8cb2d1e797978579cb033c00f27a819da3a3e63abc2063207b22, source officielle https://publications.europa.eu/resource/cellar/f759d033-0147-11f1-825d-01aa75ed71a1.0006.01, /eu-eurlex/32014R0600/2025-11-23--b2a988f16b8fa5f92f622f4c77330eb7a7a837cf472482e9d078aa98f615f8e3/eng/027C

40. 027D Article 27d

    Article 27d Procedures for granting and refusing applications for authorisation of ARMs and APAs 1. The applicant APA or ARM shall submit an application providing all information necessary to enable ESMA, or, where relevant, the national competent authority, to confirm that the APA or ARM has put in place, at the time of initial authorisation, all the necessary arrangements to meet its obligations pursuant to this Title, including a programme of operations setting out, inter alia, the types of services envisaged and the organisational structure. 2. ESMA, or, where relevant, the national competent authority, shall assess whether the application for authorisation is complete within 20 working days of receipt of the application. Where the application is not complete, ESMA, or, where relevant, the national competent authority, shall set a deadline by which the APA or ARM is to provide additional information. After assessing the application as complete, ESMA, or, where relevant, the national competent authority, shall notify the APA or ARM accordingly. 3. ESMA, or, where relevant, the national competent authority, shall, within six months of receipt of a complete application, assess the compliance of the APA or ARM with this Title. It shall adopt a reasoned decision granting or refusing authorisation and shall notify the applicant APA or ARM accordingly within five working days of adoption. 4. ESMA shall develop draft regulatory technical standards to determine: (a) the information to be provided under paragraph 1, including the programme of operations; (b) the information to be included in the notifications referred to in Article 27f(2) as regards APAs and ARMs. Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010. 5. ESMA shall develop draft implementing technical standards to determine standard forms, templates and procedures for the information to be provided pursuant to paragraph 1 of this Article and the information to be included in the notifications referred to in Article 27f(2) as regards APAs and ARMs. Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010.

    Empreinte du texte 759d113a6b120307ada73ecb5a5258c7156c27839f18587eefde6ca8b828e452, empreinte du corps 5ed719b403ea8cb2d1e797978579cb033c00f27a819da3a3e63abc2063207b22, source officielle https://publications.europa.eu/resource/cellar/f759d033-0147-11f1-825d-01aa75ed71a1.0006.01, /eu-eurlex/32014R0600/2025-11-23--b2a988f16b8fa5f92f622f4c77330eb7a7a837cf472482e9d078aa98f615f8e3/eng/027D

41. 027DA Article 27da

    Article 27da Procedure for the selection of a single CTP for each asset class 1. For each of the following asset classes, ESMA shall organise a separate selection procedure for the appointment of a single CTP for a period of five years: (a) bonds; (b) shares and ETFs; and (c) OTC derivatives or relevant subclasses of OTC derivative. ESMA shall initiate the first selection procedure pursuant to the first subparagraph, point (a), by 29 December 2024. ESMA shall initiate the first selection procedure pursuant to the first subparagraph, point (b), within six months of the initiation of the selection procedure pursuant to the first subparagraph, point (a). ESMA shall initiate the first selection procedure pursuant to the first subparagraph, point (c), of this paragraph within three months of the date of application of the delegated act referred to in Article 27(5) and no earlier than six months from the initiation of the selection procedure laid down in the first subparagraph, point (b), of this paragraph. ESMA shall initiate subsequent selection procedures pursuant to the first subparagraph in time to allow the provision of the consolidated tape to continue without disruption. 2. For each of the asset classes referred to in paragraph 1, ESMA shall select the applicant that is suitable for operating the consolidated tape on the basis of the following criteria: (a) the technical ability of the applicant to provide a resilient consolidated tape throughout the Union; (b) the capacity of the applicant to comply with the organisational requirements laid down in Article 27h; (c) the ability of the applicant to receive, consolidate and disseminate, as applicable: (i) for shares and ETFs, pre-trade and post-trade data; (ii) for bonds, post-trade data; (iii) for OTC derivatives, post-trade data; (d) the adequacy of the governance structure of the applicant; (e) the speed at which the applicant can disseminate core market data and regulatory data; (f) the appropriateness of the applicant’s methods and arrangements to ensure data quality; (g) the total expenditure needed by the applicant to develop the consolidated tape and the costs of operating the consolidated tape on an ongoing basis; (h) the level of the fees that the applicant intends to charge to the different types of users of the consolidated tape, the simplicity of its fee and licensing models, and compliance with Article 13; (i) for the consolidated tape for bonds, the existence of arrangements for revenue redistribution in accordance with Article 27h(5); (j) the use of modern interface technologies by the applicant for the dissemination of core market data and regulatory data and for connectivity; (k) the appropriateness of the arrangements put in place by the applicant to keep records in accordance with Article 27ha(3); (l) the ability of the applicant to ensure resilience and business continuity, and the arrangements that the applicant intends to put in place to mitigate and address outages and cyber risk; (m) the arrangements the applicant intends to put in place to mitigate the energy consumption generated by the collection, processing and storage of data; (n) where an application is submitted by joint applicants, the necessity, in terms of technical and logistical capacity, for each of the applicants to apply jointly. 3. The applicant shall provide all the information necessary to enable ESMA to confirm that the applicant has put in place, at the time of the application, all the necessary arrangements to fulfil the criteria laid down in paragraph 2 of this Article and to comply with the organisational requirements laid down in Article 27h. 4. Within six months of the initiation of each selection procedure referred to in paragraph 1, ESMA shall adopt a reasoned decision selecting the applicant that is suitable for operating the consolidated tape and inviting it to submit without undue delay an application for authorisation. 5. Where no applicant has been selected pursuant to this Article or authorised pursuant to Article 27db, ESMA shall initiate a new selection procedure within six months of the end of the unsuccessful selection or authorisation procedure.

    Empreinte du texte 6cb1540e06adf24e1c782bcf197fc1810822a84d73ed0f0a1a9d3748f6bd1f81, empreinte du corps 5ed719b403ea8cb2d1e797978579cb033c00f27a819da3a3e63abc2063207b22, source officielle https://publications.europa.eu/resource/cellar/f759d033-0147-11f1-825d-01aa75ed71a1.0006.01, /eu-eurlex/32014R0600/2025-11-23--b2a988f16b8fa5f92f622f4c77330eb7a7a837cf472482e9d078aa98f615f8e3/eng/027DA

42. 027DB Article 27db

    Article 27db Procedures for granting and refusing applications for authorisation of CTPs 1. The applicant for authorisation referred to in Article 27da(4) shall provide all the information necessary to enable ESMA to confirm that the applicant has put in place, at the time of the application for authorisation, all the necessary arrangements to fulfil the criteria laid down in Article 27da(2). 2. ESMA shall assess whether the application for authorisation is complete within 20 working days of receipt of the application. Where the application for authorisation is not complete, ESMA shall set a deadline by which the applicant is to provide additional information. After assessing the application for authorisation as complete, ESMA shall notify the applicant accordingly. 3. Within three months of receipt of a complete application for authorisation, ESMA shall assess the compliance of the applicant with this Title. It shall adopt a reasoned decision granting or refusing authorisation and shall notify the applicant accordingly within five working days of the date of adoption of such reasoned decision. A decision granting authorisation shall specify the conditions under which the applicant is to operate. 4. Following authorisation pursuant to paragraph 3, ESMA may grant the applicant authorised as a CTP a transition period to put in place the necessary operational and technical arrangements. 5. The CTP shall comply at all times with the organisational requirements laid down in Article 27h and with the conditions laid down in the reasoned decision authorising the CTP referred to in paragraph 3 of this Article. A CTP that is no longer able to comply with those requirements and conditions shall inform ESMA thereof without undue delay. 6. The withdrawal of the authorisation referred to in Article 27e shall take effect only after a new CTP has been selected and authorised for the asset class concerned in accordance with Articles 27da and 27db. 7. ESMA shall develop draft regulatory technical standards to determine: (a) the information to be provided pursuant to paragraph 1; (b) the information to be included in the notifications referred to in Article 27f(2) as regards CTPs. ESMA shall submit those draft regulatory technical standards to the Commission by 29 December 2024. Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010. 8. ESMA shall develop draft implementing technical standards to determine standard forms, templates and procedures for the information to be provided pursuant to paragraph 1 of this Article and the information to be included in the notifications referred to Article 27f(2) as regards CTPs. ESMA shall submit those draft implementing technical standards to the Commission by 29 December 2024. Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010.

    Empreinte du texte 87ed467ab22f6d74b4459fd213c5704f740a1baf878fd231b20e73163eeaace7, empreinte du corps 5ed719b403ea8cb2d1e797978579cb033c00f27a819da3a3e63abc2063207b22, source officielle https://publications.europa.eu/resource/cellar/f759d033-0147-11f1-825d-01aa75ed71a1.0006.01, /eu-eurlex/32014R0600/2025-11-23--b2a988f16b8fa5f92f622f4c77330eb7a7a837cf472482e9d078aa98f615f8e3/eng/027DB

43. 027E Article 27e

    Article 27e Withdrawal of authorisation 1. ESMA, or the national competent authority where relevant, may withdraw the authorisation of a data reporting services provider where the latter: (a) does not make use of the authorisation within 12 months, expressly renounces the authorisation or has provided no services for the preceding six months; (b) obtained the authorisation by making false statements or by any other irregular means; (c) no longer meets the conditions under which it was authorised; (d) has seriously and systematically infringed this Regulation. 2. ESMA shall, where relevant, without undue delay, notify the national competent authority in the Member State where the data reporting services provider is established of a decision to withdraw the authorisation of a data reporting services provider. 3. A data reporting services provider from which authorisation is to be withdrawn shall ensure orderly substitution, including the transfer of data to other data reporting services providers, the provision of due notice to its clients and the redirection of reporting flows to other data reporting services providers before the withdrawal.

    Empreinte du texte 5777587fbf573e0e525728db3fc8066a389e3a1217d0f6d73cc8586642af2f5e, empreinte du corps 5ed719b403ea8cb2d1e797978579cb033c00f27a819da3a3e63abc2063207b22, source officielle https://publications.europa.eu/resource/cellar/f759d033-0147-11f1-825d-01aa75ed71a1.0006.01, /eu-eurlex/32014R0600/2025-11-23--b2a988f16b8fa5f92f622f4c77330eb7a7a837cf472482e9d078aa98f615f8e3/eng/027E

44. 027F Article 27f

    Article 27f Requirements for the management body of a data reporting services provider 1. The management body of a data reporting services provider shall at all times be of sufficiently good repute, possess sufficient knowledge, skills and experience and commit sufficient time to perform their duties. The management body shall possess adequate collective knowledge, skills and experience to be able to understand the activities of the data reporting services provider. Each member of the management body shall act with honesty, integrity and independence of mind to effectively challenge the decisions of the senior management where necessary and to effectively oversee and monitor management decision-making where necessary. Where a market operator seeks authorisation to operate an APA, a CTP or an ARM pursuant to Article 27d and the members of the management body of the APA, the CTP or the ARM are the same as the members of the management body of the regulated market, those persons are deemed to comply with the requirements laid down in the first subparagraph. 2. A data reporting services provider shall notify to ESMA, or the national competent authority where relevant, the names of all members of its management body and any changes to its membership, along with all information needed to assess whether the entity complies with paragraph 1. 3. The management body of a data reporting services provider shall define and oversee the implementation of the governance arrangements that ensure effective and prudent management of an organisation, including the segregation of duties in the organisation and the prevention of conflicts of interest, and in a manner that promotes the integrity of the market and the interest of its clients. 4. ESMA, or, where relevant, the national competent authority, shall refuse or withdraw authorisation if it is not satisfied that the person or persons who effectively direct the business of the data reporting services provider are of sufficiently good repute, or if there are objective and demonstrable grounds for believing that proposed changes to the management body of the data reporting services provider pose a threat to its sound and prudent management and to the adequate consideration of the interest of its clients and the integrity of the market 5. ESMA shall develop draft regulatory technical standards by 1 January 2021 for the assessment of the suitability of the members of the management body described in paragraph 1, taking into account different roles and functions carried out by them and the need to avoid conflicts of interest between members of the management body and users of the APA, CTP or ARM. Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

    Empreinte du texte c15bdf134a31b3c147b0fcb9b90087b21ad83a639117218fcbf152b3c04bd859, empreinte du corps 5ed719b403ea8cb2d1e797978579cb033c00f27a819da3a3e63abc2063207b22, source officielle https://publications.europa.eu/resource/cellar/f759d033-0147-11f1-825d-01aa75ed71a1.0006.01, /eu-eurlex/32014R0600/2025-11-23--b2a988f16b8fa5f92f622f4c77330eb7a7a837cf472482e9d078aa98f615f8e3/eng/027F

45. 027G Article 27g

    Article 27g Organisational requirements for APAs 1. An APA shall have adequate policies and arrangements in place to make public the information required under Articles 20 and 21 as close to real time as is technically possible, on a reasonable commercial basis. The information shall be made available free of charge 15 minutes after the APA has published it. The APA shall efficiently and consistently disseminate such information in a way that ensures fast access to the information, on a non-discriminatory basis and in a format that facilitates the consolidation of the information with similar data from other sources. 2. The information made public by an APA in accordance with paragraph 1 shall include, at least, the following details: (a) the identifier of the financial instrument; (b) the price at which the transaction was concluded; (c) the volume of the transaction; (d) the time of the transaction; (e) the time the transaction was reported; (f) the price notation of the transaction; (g) the code for the trading venue the transaction was executed on, or where the transaction was executed via a systematic internaliser the code ‘SI’ or otherwise the code ‘OTC’; (h) if applicable, an indicator that the transaction was subject to specific conditions. 3. An APA shall operate and maintain effective administrative arrangements designed to prevent conflicts of interest with its clients. In particular, an APA who is also a market operator or investment firm shall treat all information collected in a non-discriminatory way and shall operate and maintain appropriate arrangements to separate different business functions. 4. An APA shall comply with the requirements concerning the security of network and information systems set out in Regulation (EU) 2022/2554 of the European Parliament and of the Council. 4a. An APA shall have objective, non-discriminatory and publicly disclosed requirements for access to its services by undertakings that are subject to the transparency requirements laid down in Article 20(1) and Article 21(1). An APA shall publicly disclose the prices and fees associated with the data reporting services provided pursuant to this Regulation. It shall disclose separately the prices and fees of each service provided, including discounts and rebates and the conditions for benefiting from them. It shall allow reporting entities to access specific services separately. 4b. An APA shall keep records relating to its business at the disposal of the relevant competent authority or ESMA for at least five years. 5. The APA shall have systems in place that can effectively check trade reports for completeness, identify omissions and obvious errors, and request re-transmission of any such erroneous reports. 6. ESMA shall develop draft regulatory technical standards to determine common formats, data standards and technical arrangements facilitating the consolidation of information as referred to in paragraph 1. Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010. 7. The Commission is empowered to adopt delegated acts in accordance with Article 50 in order to supplement this Regulation by specifying what constitutes a reasonable commercial basis to make information public as referred to in paragraph 1 of this Article. 8. ESMA shall develop draft regulatory technical standards specifying: (a) the means by which an APA may comply with the information obligation referred to in paragraph 1; (b) the content of the information published under paragraph 1, including at least the information referred to in paragraph 2 in such a way as to enable the publication of information required under this Article; (c) the concrete organisational requirements laid down in paragraphs 3 and 5. Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

    Empreinte du texte b937af9380d22f38a4fb0c16e4736eaf8447b229e52fee677bc0f625a14abf10, empreinte du corps 5ed719b403ea8cb2d1e797978579cb033c00f27a819da3a3e63abc2063207b22, source officielle https://publications.europa.eu/resource/cellar/f759d033-0147-11f1-825d-01aa75ed71a1.0006.01, /eu-eurlex/32014R0600/2025-11-23--b2a988f16b8fa5f92f622f4c77330eb7a7a837cf472482e9d078aa98f615f8e3/eng/027G

46. 027H Article 27h

    Article 27h Organisational requirements for CTPs 1. A CTP shall, in accordance with the conditions for authorisation referred to in Article 27db: (a) collect all data transmitted by data contributors in relation to the asset class for which it is authorised; (b) collect fees from users, while providing access, free of charge, to the consolidated tape to retail investors, academics, civil society organisations and competent authorities; (c) in the case of the consolidated tape for shares and ETFs, redistribute part of its revenue in accordance with paragraph 6; (d) disseminate core market data and regulatory data to users as a continuous electronic live data stream on non-discriminatory terms as close to real time as technically possible; (e) ensure that the core market data and regulatory data are easily accessible, machine-readable and usable for all users, including retail investors; (f) have systems in place that can effectively check the completeness of the data transmitted by data contributors, identify obvious errors, and request the re-submission of data; (g) where the CTP is controlled by a group of economic operators, have a compliance system in place to ensure that the operation of the consolidated tape does not result in a distortion of competition. For the purposes of the first subparagraph, point (d), a CTP for shares and ETFs shall not publish the market identifier code when disseminating the European best bid and offer as close as to real time as technically possible to the public. 2. A CTP shall adopt, publish on its website and regularly update service level standards covering all of the following: (a) an inventory of data contributors from whom data are received; (b) modes and speed of delivery of core market data and regulatory data to users; (c) measures taken to ensure operational continuity in the provision of core market data and regulatory data. 3. A CTP shall have sound security arrangements in place designed to guarantee the security of the means of transfer of data between the data contributors and the CTP and between the CTP and the users and to minimise the risk of data corruption and unauthorised access. The CTP shall maintain adequate resources and have back-up facilities in place to offer and maintain its services at all times. 4. For each of the asset classes referred to in Article 27da(1), a CTP shall publish a list of the financial instruments that are covered by the consolidated tape, indicating their identifying reference data. The CTP shall offer access, free of charge, to its list, and shall ensure that the list is regularly reviewed and updated, in order to offer a comprehensive view of all the financial instruments covered by the consolidated tape. 5. A CTP for financial instruments other than shares and ETFs may redistribute to data contributors part of the revenue generated by the consolidated tape. 6. A CTP for shares and ETFs shall redistribute part of the revenue generated by the consolidated tape, as indicated in the reasoned decision referred to in Article 27db(3), to data contributors meeting one or more of the following criteria (the ‘revenue redistribution scheme’): (a) the data contributor is a regulated market or an SME growth market whose annual trading volume of shares represents 1 % or less of the annual trading volume of shares in the Union (‘small trading venue’); (b) the data contributor is a trading venue that provided initial admission to trading of shares or ETFs on 27 March 2019 or thereafter; (c) the data are transmitted by a trading venue and pertain to transactions in shares and ETFs that have been concluded on a trading system that provides pre-trade transparency, where those transactions did not result from orders that were subject to a waiver from pre-trade transparency pursuant to Article 4(1), point (c). 7. For the purposes of the revenue redistribution scheme, the CTP shall take into account the following trading volume (the ‘relevant trading volume’): (a) for the purposes of paragraph 6, point (a), the total annual trading volume generated by that trading venue; (b) for the purposes of paragraph 6, point (b): (i) in the case of small trading venues, their total annual trading volume; (ii) in the case of trading venues other than small trading venues, the trading volume pertaining to the shares and ETFs referred to in that point; (c) for the purposes of paragraph 6, point (c), the volume pertaining to the shares and ETFs referred to in that point. The CTP shall determine the amount of the revenue to be redistributed to data contributors under the revenue redistribution scheme by multiplying the relevant trading volume by the weighting assigned to each criterion laid down in paragraph 6, as specified in the regulatory technical standards adopted pursuant to paragraph 8. If trading venues meet more than one of the criteria laid down in paragraph 6, the amounts resulting from the calculation referred to in the second subparagraph of this paragraph shall be added cumulatively. 8. ESMA shall develop draft regulatory technical standards to: (a) specify the weighting assigned to each criterion laid down in paragraph 6; (b) further specify the method for calculating the amount of the revenue to be redistributed to data contributors as referred to in paragraph 7, second subparagraph; (c) specify the criteria under which the CTP can, where the CTP proves that a data contributor has seriously and repeatedly breached the data requirements referred to in Articles 22a, 22b and 22c, temporarily suspend the participation of that data contributor in the revenue redistribution scheme, and specify the conditions under which the CTP is to: (i) resume revenue redistribution; and (ii) where there was no breach of those requirements, provide that data contributor with the revenue retained plus interest. For the purposes of the first subparagraph, point (a), of this paragraph, the criterion laid down in paragraph 6, point (a), shall have a higher weighting than the criterion laid down in point (b) of that paragraph, and the criterion laid down in point (b) of that paragraph shall have a higher weighting than the criterion laid down in point (c) of that paragraph. ESMA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 29 December 2024. Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

    Empreinte du texte 6564cd86731c635030284d520c593fe4a57ed8122093481b1b48453c3681c916, empreinte du corps 5ed719b403ea8cb2d1e797978579cb033c00f27a819da3a3e63abc2063207b22, source officielle https://publications.europa.eu/resource/cellar/f759d033-0147-11f1-825d-01aa75ed71a1.0006.01, /eu-eurlex/32014R0600/2025-11-23--b2a988f16b8fa5f92f622f4c77330eb7a7a837cf472482e9d078aa98f615f8e3/eng/027H

47. 027HA Article 27ha

    Article 27ha Reporting obligations for CTPs 1. A CTP shall, every year, publish on its website performance statistics and incident reports relating to data quality and data systems. Those performance statistics and incident reports shall be publicly accessible free of charge. 2. ESMA shall develop draft regulatory technical standards to specify the content, timing, format and terminology of the reporting obligation laid down in paragraph 1. ESMA shall submit those draft regulatory technical standards to the Commission by 29 September 2025. Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010. 3. A CTP shall keep records relating to its business at the disposal of the relevant competent authority or ESMA for at least five years.

    Empreinte du texte adb2e3e47560c591b48249c9329014165e49f41e4fc1e0bed51f89b83ce15a22, empreinte du corps 5ed719b403ea8cb2d1e797978579cb033c00f27a819da3a3e63abc2063207b22, source officielle https://publications.europa.eu/resource/cellar/f759d033-0147-11f1-825d-01aa75ed71a1.0006.01, /eu-eurlex/32014R0600/2025-11-23--b2a988f16b8fa5f92f622f4c77330eb7a7a837cf472482e9d078aa98f615f8e3/eng/027HA

48. 027I Article 27i

    Article 27i Organisational requirements for ARMs 1. An ARM shall have adequate policies and arrangements in place to report the information required under Article 26 as quickly as possible, and no later than the close of the working day following the day upon which the transaction took place. 2. The ARM shall operate and maintain effective administrative arrangements designed to prevent conflicts of interest with its clients. In particular, an ARM that is also a market operator or investment firm shall treat all information collected in a non-discriminatory fashion and shall operate and maintain appropriate arrangements to separate different business functions. 3. An ARM shall comply with the requirements concerning the security of network and information systems set out in Regulation (EU) 2022/2554. 4. The ARM shall have systems in place that can effectively check transaction reports for completeness, identify omissions and obvious errors caused by the investment firm, and where such error or omission occurs, to communicate details of the error or omission to the investment firm and request re-transmission of any such erroneous reports. The ARM shall have systems in place to enable the ARM to detect errors or omissions caused by the ARM itself and to enable the ARM to correct and transmit, or re-transmit as the case may be, correct and complete transaction reports to the competent authority. 4a. An ARM shall have objective, non-discriminatory and publicly disclosed requirements for access to its services by undertakings that are subject to the reporting obligation laid down in Article 26. An ARM shall publicly disclose the prices and fees associated with the data reporting services provided pursuant to this Regulation. It shall disclose separately the prices and fees of each service provided, including discounts and rebates and the conditions for benefiting from them. It shall allow reporting entities to access specific services separately. The prices and fees charged by an ARM shall be cost-related. 4b. An ARM shall keep records relating to its business at the disposal of the relevant competent authority or ESMA for at least five years. 5. ESMA shall develop draft regulatory technical standards specifying: (a) the means by which the ARM may comply with the information obligation referred to in paragraph 1; and (b) the concrete organisational requirements laid down in paragraphs 2 and 4. Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

    Empreinte du texte 27118d455848ad899c8243bda81272e4ea2c60b406369ed731c2e83100b021d2, empreinte du corps 5ed719b403ea8cb2d1e797978579cb033c00f27a819da3a3e63abc2063207b22, source officielle https://publications.europa.eu/resource/cellar/f759d033-0147-11f1-825d-01aa75ed71a1.0006.01, /eu-eurlex/32014R0600/2025-11-23--b2a988f16b8fa5f92f622f4c77330eb7a7a837cf472482e9d078aa98f615f8e3/eng/027I

49. 028 Article 28

    Article 28 Obligation to trade on regulated markets, MTFs or OTFs 1. Financial counterparties and non-financial counterparties that are subject to the clearing obligation under Title II of Regulation (EU) No 648/2012 shall conclude transactions with other such financial counterparties or other such non-financial counterparties in derivatives pertaining to a class of derivative that has been declared subject to the trading obligation in accordance with Article 32 and listed in the register referred to in Article 34 only on: (a) regulated markets; (b) MTFs; (c) OTFs; or (d) third-country trading venues, provided that the Commission has adopted a decision in accordance with paragraph 4 and provided that the third country provides for an effective equivalent system for the recognition of trading venues authorised under Directive 2014/65/EU to admit to trading or trade derivatives declared subject to a trading obligation in that third country on a non-exclusive basis. 2. The trading obligation shall also apply to counterparties referred to in paragraph 1 which enter into derivatives transactions pertaining to a class of derivatives that has been declared subject to the trading obligation with third-country financial institutions or other third-country entities that would be subject to the clearing obligation if they were established in the Union. The trading obligation shall also apply to third-country entities that would be subject to the clearing obligation if they were established in the Union, which enter into derivatives transactions pertaining to a class of derivatives that has been declared subject to the trading obligation, provided that the contract has a direct, substantial and foreseeable effect within the Union or where such obligation is necessary or appropriate to prevent the evasion of any provision of this Regulation. ESMA shall regularly monitor the activity in derivatives which have not been declared subject to the trading obligation as described in paragraph 1 in order to identify cases where a particular class of contracts may pose systemic risk and to prevent regulatory arbitrage between derivative transactions subject to the trading obligation and derivative transactions which are not subject to the trading obligation. 2a. Transactions in derivatives that are exempt from or not subject to the clearing obligation under Title II of Regulation (EU) No 648/2012 shall not be subject to the trading obligation. 3. Derivatives declared subject to the trading obligation pursuant to paragraph 1 shall be eligible to be admitted to trading on a regulated market or to trade on any trading venue as referred to in paragraph 1 on a non-exclusive and non-discriminatory basis. 4. The Commission may, in accordance with the examination procedure referred to in Article 51(2) adopt decisions determining that the legal and supervisory framework of a third country ensures that a trading venue authorised in that third country complies with legally binding requirements which are equivalent to the requirements for the trading venues referred to in paragraph 1(a), (b) or (c) of this Article, resulting from this Regulation, Directive 2014/65/EU, and Regulation (EU) No 596/2014, and which are subject to effective supervision and enforcement in that third country. Those decisions shall be for the sole purpose of determining eligibility as a trading venue for derivatives subject to the trading obligation. The legal and supervisory framework of a third country is considered to have equivalent effect where that framework fulfils all the following conditions: (a) trading venues in that third country are subject to authorisation and to effective supervision and enforcement on an ongoing basis; (b) trading venues have clear and transparent rules so that derivatives are capable of being traded in a fair, orderly and efficient manner, and are freely negotiable; (c) issuers of financial instruments are subject to periodic and ongoing information requirements ensuring a high level of investor protection; (d) it ensures market transparency and integrity via rules addressing market abuse in the form of insider dealing and market manipulation; A decision of the Commission under this paragraph may be limited to a category or categories of trading venues. In that case, a third-country trading venue is only included in paragraph 1(d) if it falls within a category covered by the Commission’s decision. 5. In order to ensure consistent application of this Article, ESMA shall develop draft regulatory technical standards to specify the types of contracts referred to in paragraph 2 which have a direct, substantial and foreseeable effect within the Union and the cases where the trading obligation is necessary or appropriate to prevent the evasion of any provision of this Regulation. ESMA shall submit those draft regulatory technical standards to the Commission by 3 July 2015. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010. Where possible and appropriate, the regulatory technical standards referred to in this paragraph shall be identical to those adopted under Article 4(4) of Regulation (EU) No 648/2012.

    Empreinte du texte d3b52955d4fd15881bca4bd24f026cff99b7263911041675a1f501a5d8f2cb70, empreinte du corps 5ed719b403ea8cb2d1e797978579cb033c00f27a819da3a3e63abc2063207b22, source officielle https://publications.europa.eu/resource/cellar/f759d033-0147-11f1-825d-01aa75ed71a1.0006.01, /eu-eurlex/32014R0600/2025-11-23--b2a988f16b8fa5f92f622f4c77330eb7a7a837cf472482e9d078aa98f615f8e3/eng/028

50. 029 Article 29

    Article 29 Clearing obligation for derivatives traded on regulated markets and timing of acceptance for clearing 1. The operator of a regulated market shall ensure that all transactions in derivatives that are concluded on that regulated market are cleared by a CCP. 2. CCPs, trading venues and investment firms which act as clearing members in accordance with Article 2(14) of Regulation (EU) No 648/2012 shall have in place effective systems, procedures and arrangements in relation to cleared derivatives to ensure that transactions in cleared derivatives are submitted and accepted for clearing as quickly as technologically practicable using automated systems. In this paragraph, ‘cleared derivatives’ means (a) all derivatives which are to be cleared pursuant to the clearing obligation under paragraph 1 of this Article or pursuant to the clearing obligation under Article 4 of Regulation (EU) No 648/2012; (b) all derivatives which are otherwise agreed by the relevant parties to be cleared. 3. ESMA shall develop draft regulatory technical standards to specify the minimum requirements for systems, procedures and arrangements, including the acceptance timeframes, under this Article taking into account the need to ensure proper management of operational or other risks. ESMA shall have ongoing authority to develop further regulatory technical standards to update those in force if it considers that that is required as industry standards evolve. ESMA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 3 July 2015. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first and second subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

    Empreinte du texte 9d0fbf8cb160cce8af87c67430f7d4b025f68763f5f5b77a8865e3f7315f4d90, empreinte du corps 5ed719b403ea8cb2d1e797978579cb033c00f27a819da3a3e63abc2063207b22, source officielle https://publications.europa.eu/resource/cellar/f759d033-0147-11f1-825d-01aa75ed71a1.0006.01, /eu-eurlex/32014R0600/2025-11-23--b2a988f16b8fa5f92f622f4c77330eb7a7a837cf472482e9d078aa98f615f8e3/eng/029

51. 030 Article 30

    Article 30 Indirect Clearing Arrangements 1. Indirect clearing arrangements with regard to exchange-traded derivatives are permissible provided that those arrangements do not increase counterparty risk and ensure that the assets and positions of the counterparty benefit from protection with equivalent effect to that referred to in Articles 39 and 48 of Regulation (EU) No 648/2012. 2. ESMA shall develop draft regulatory technical standards to specify the types of indirect clearing service arrangements, where established, that meet the conditions referred to in paragraph 1, ensuring consistency with provisions established for OTC derivatives under Chapter II of Commission Delegated Regulation (EU) No 149/2013. ESMA shall submit those draft regulatory technical standards to the Commission by 3 July 2015. Power is delegated to the Commission to adopt the regulatory technical standards referred to in this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

    Empreinte du texte e31b1365172c5b0745839aa8264d88b201ea6a7951d8d760659ab5b9222787bf, empreinte du corps 5ed719b403ea8cb2d1e797978579cb033c00f27a819da3a3e63abc2063207b22, source officielle https://publications.europa.eu/resource/cellar/f759d033-0147-11f1-825d-01aa75ed71a1.0006.01, /eu-eurlex/32014R0600/2025-11-23--b2a988f16b8fa5f92f622f4c77330eb7a7a837cf472482e9d078aa98f615f8e3/eng/030

52. 031 Article 31

    Article 31 Post-trade risk reduction services 1. The transparency requirements laid down in Articles 8a, 10 and 21 of this Regulation, the trading obligation laid down in Article 28 of this Regulation and the obligation to execute orders on terms most favourable to the client laid down in Article 27 of Directive 2014/65/EU shall not apply to transactions in OTC derivatives that are formed and established as a result of post-trade risk reduction services. 2. Investment firms and market operators providing portfolio compression shall make public through an APA the volumes of transactions subject to portfolio compressions and the time they were concluded within the time limits specified in Article 10. 3. Investment firms and market operators that are providers of post-trade risk reduction services shall keep complete and accurate records of the transactions referred to in paragraph 1 of this Article that are not already recorded or reported in accordance with Regulation (EU) No 648/2012. Those investment firms and market operators shall make those records available to the relevant competent authority or ESMA promptly upon request. 4. The Commission is empowered to adopt delegated acts in accordance with Article 50 to supplement this Regulation by specifying: (a) post-trade risk reduction services for the purposes of paragraph 1; (b) the transactions to be recorded pursuant to paragraph 3.

    Empreinte du texte 91b84027296c8f5895fab864f1f45315cbcdc978890aef668abca05cd4459964, empreinte du corps 5ed719b403ea8cb2d1e797978579cb033c00f27a819da3a3e63abc2063207b22, source officielle https://publications.europa.eu/resource/cellar/f759d033-0147-11f1-825d-01aa75ed71a1.0006.01, /eu-eurlex/32014R0600/2025-11-23--b2a988f16b8fa5f92f622f4c77330eb7a7a837cf472482e9d078aa98f615f8e3/eng/031

53. 032 Article 32

    Article 32 Trading obligation procedure 1. ESMA shall develop draft regulatory technical standards to specify the following: (a) which of the class of derivatives declared subject to the clearing obligation in accordance with Article 5(2) and (4) of Regulation (EU) No 648/2012 or a relevant subset thereof shall be traded on the venues referred to in Article 28(1) of this Regulation; (b) the date or dates from which the trading obligation takes effect, including any phase-in and the categories of counterparties to which the obligation applies where such phase-in and such categories of counterparties have been provided for in regulatory technical standards in accordance with Article 5(2)(b) of Regulation (EU) No 648/2012. ESMA shall submit those draft regulatory technical standards to the Commission within six months after the adoption of the regulatory technical standards in accordance with Article 5(2) of Regulation (EU) No 648/2012 by the Commission. Before submitting the draft regulatory technical standards to the Commission for adoption, ESMA shall conduct a public consultation and, where appropriate, may consult third-country competent authorities. Power is conferred to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010. 2. In order for the trading obligation to take effect: (a) the class of derivative pursuant to paragraph 1, point (a), of this Article or a relevant subset thereof must be traded on at least one trading venue as referred to in Article 28(1); and (b) there must be sufficient third-party buying and selling interest in the class of derivatives or a relevant subset thereof so that such a class of derivatives is considered sufficiently liquid to trade only on the venues referred to in Article 28(1). 3. In developing the draft regulatory technical standards referred to in paragraph 1, ESMA shall consider the class of derivatives or a relevant subset thereof as sufficiently liquid pursuant to the following criteria: (a) the average frequency and size of trades over a range of market conditions, having regard to the nature and lifecycle of products within the class of derivatives; (b) the number and type of active market participants including the ratio of market participants to products/contracts traded in a given product market; (c) the average size of the spreads. In preparing those draft regulatory technical standards, ESMA shall take into consideration the anticipated impact that trading obligation might have on the liquidity of a class of derivatives or a relevant subset thereof and the commercial activities of end users which are not financial entities. ESMA shall determine whether the class of derivatives or relevant subset thereof is only sufficiently liquid in transactions below a certain size. 4. ESMA shall, on its own initiative, in accordance with the criteria laid down in paragraph 2 and after conducting a public consultation, identify and notify to the Commission the classes of derivative or individual derivative contracts that should be subject to the obligation to trade on the venues referred to in Article 28(1) of this Regulation, but for which no CCP has yet received authorisation pursuant to Article 14 or 15 of Regulation (EU) No 648/2012. Following the notification by ESMA referred to in the first subparagraph, the Commission may publish a call for development of proposals for the trading of those derivatives on the venues referred to in Article 28(1). 4a. Where ESMA considers that the suspension of the clearing obligation as referred to in Article 6a of Regulation (EU) No 648/2012 is a material change in the criteria for the trading obligation to take effect, as referred to in paragraph 5 of this Article, ESMA may request that the Commission suspend the trading obligation laid down in Article 28(1) of this Regulation for the same classes of OTC derivative that are subject to the request to suspend the clearing obligation. 4b. ESMA may request that the Commission suspend the trading obligation laid down in Article 28(1) for specific classes of OTC derivative or for a specific type of counterparty, where such a suspension is necessary to avoid or address adverse effects on liquidity or a serious threat to financial stability and to ensure the orderly functioning of financial markets in the Union and where that suspension is proportionate to those aims. 4c. The requests referred to in paragraphs 4a and 4b shall not be made public. 4d. After having received the requests referred to in paragraphs 4a and 4b, the Commission shall, without undue delay and on the basis of the reasons and evidence provided by ESMA, do either of the following: (a) by way of an implementing act, suspend the trading obligation for classes of OTC derivative or for types of counterparties; (b) reject the requested suspension. For the purposes of point (b) of the first subparagraph, the Commission shall inform ESMA of the reasons why it rejected the requested suspension. The Commission shall immediately inform the European Parliament and the Council of that rejection and forward them the reasons provided to ESMA. The information provided to the European Parliament and the Council regarding the rejection and the reasons for that rejection shall not be made public. The suspension referred to in the first subparagraph, point (a), shall be valid for an initial period of no more than three months from the date of publication of the implementing act referred to in that point. Where the grounds for the suspension referred to in the first subparagraph, point (a), continue to apply, the Commission may, by way of an implementing act, extend that suspension for further periods of no more than three months, with the total period of the suspension of no more than 12 months. The implementing acts referred to in the first subparagraph, point (a), and the fourth subparagraph of this paragraph shall be adopted in accordance with the examination procedure referred to in Article 51. 5. ESMA shall in accordance with paragraph 1, submit to the Commission draft regulatory technical standards to amend, suspend or revoke existing regulatory technical standards whenever there is a material change in the criteria set out in paragraph 2. Before doing so, ESMA may, where appropriate, consult the competent authorities of third countries. Power is conferred to the Commission to adopt regulatory technical standards referred to in this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010. 6. ESMA shall develop draft regulatory technical standards to specify the criteria referred to in paragraph 2(b). ESMA shall submit drafts for those regulatory technical standards to the Commission by 3 July 2015. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

    Empreinte du texte 854cad53ebbcec18f34e4ffad4356a52ee3e979182d9faccee2a3e2bf0c66426, empreinte du corps 5ed719b403ea8cb2d1e797978579cb033c00f27a819da3a3e63abc2063207b22, source officielle https://publications.europa.eu/resource/cellar/f759d033-0147-11f1-825d-01aa75ed71a1.0006.01, /eu-eurlex/32014R0600/2025-11-23--b2a988f16b8fa5f92f622f4c77330eb7a7a837cf472482e9d078aa98f615f8e3/eng/032

54. 032A Article 32a

    Article 32a Stand-alone suspension of the trading obligation 1. At the request of the competent authority of a Member State, the Commission may, by way of an implementing act, suspend the trading obligation laid down in Article 28 (the ‘derivative trading obligation’) with respect to certain financial counterparties, where appropriate after consulting ESMA. The competent authority shall indicate why it considers that the conditions for a suspension are met. In particular, the competent authority shall demonstrate that a financial counterparty within its jurisdiction: (a) regularly acts as a market maker in an OTC derivative subject to the derivative trading obligation and regularly receives requests for a quote for the derivatives subject to the derivative trading obligation from a non-EEA counterparty which has no active membership on an EEA trading venue that offers trading in the OTC derivative subject to the derivative trading obligation; or (b) regularly acts as a market maker in a credit default swap subject to the derivative trading obligation and: (i) intends to trade credit default swaps subject to the derivative trading obligation on own account on a trading venue open only to counterparties that are CCP clearing members as defined in Article 2, point (14), of Regulation (EU) No 648/2012 (‘dealer-to-dealer’ venue); (ii) intends to trade credit default swaps subject to the derivative trading obligation on own account with a counterparty which is a market maker and which has no active membership on an EEA dealer-to-dealer venue that offers trading in the OTC derivatives subject to the derivative trading obligation; and (iii) clears those credit default swaps in a CCP authorised or recognised pursuant to Regulation (EU) No 648/2012. The implementing act referred to in the first subparagraph of this paragraph shall be adopted in accordance with the examination procedure referred to in Article 51. 2. When assessing whether to suspend the derivative trading obligation pursuant to paragraph 1, the Commission shall consider whether to suspend it for specific markets, and shall take into account whether such suspension of the derivative trading obligation would have a distortive effect on the clearing obligation under Title II of Regulation (EU) No 648/2012. The Commission shall also contact other competent authorities of other Member States to assess whether financial counterparties in Member States other than that making the request pursuant to paragraph 1 (the ‘requesting Member State’) are in a situation similar to that in the requesting Member State. The competent authority of a Member State other than the requesting Member State may, after adoption of the implementing act referred to in paragraph 1, request that financial counterparties that are in a situation similar to that in the requesting Member State be added to the implementing act. The competent authority of the Member State making that request shall demonstrate why it considers that the conditions for a suspension are met. 3. Where the derivative trading obligation is suspended pursuant to paragraph 1 or 2 with respect to a financial counterparty, the derivative trading obligation shall not apply with respect to its counterparty, as referred to in paragraph 1, point (a), or paragraph 1, point (b)(ii). 4. The implementing act referred to in paragraph 1 shall be accompanied by the evidence presented by the competent authority requesting the suspension. 5. The implementing act referred to in paragraph 1 shall be communicated to ESMA and shall be published in the register referred to in Article 34. 6. The Commission shall regularly review whether the grounds for the suspension of the derivative trading obligation continue to apply.

    Empreinte du texte 99c56ada5fb650b654e343305062eafa5a1077e83a5ce763768fe7d2a6daba87, empreinte du corps 5ed719b403ea8cb2d1e797978579cb033c00f27a819da3a3e63abc2063207b22, source officielle https://publications.europa.eu/resource/cellar/f759d033-0147-11f1-825d-01aa75ed71a1.0006.01, /eu-eurlex/32014R0600/2025-11-23--b2a988f16b8fa5f92f622f4c77330eb7a7a837cf472482e9d078aa98f615f8e3/eng/032A

55. 033 Article 33

    Article 33 Mechanism to avoid duplicative or conflicting rules 1. The Commission shall be assisted by ESMA in monitoring and preparing reports, at least on an annual basis, to the European Parliament and to the Council on the international application of principles laid down in Articles 28 and 29, in particular with regard to potential duplicative or conflicting requirements on market participants, and recommend possible actions. 2. The Commission may adopt implementing acts declaring that the legal, supervisory and enforcement arrangements of the relevant third country: (a) are equivalent to the requirements resulting from Articles 28 and 29; (b) ensure protection of professional secrecy that is equivalent to that set out in this Regulation; (c) are being effectively applied and enforced in an equitable and non-distortive manner so as to ensure effective supervision and enforcement in that third country. Those implementing acts shall be adopted in accordance with the examination procedure referred to in Article 51. 3. An implementing act on equivalence as referred to in paragraph 2 shall have the effect that counterparties entering into a transaction subject to this Regulation shall be deemed to have fulfilled the obligation contained in Articles 28 and 29 where at least one of the counterparties is established in that third country and the counterparties are in compliance with those legal, supervisory and enforcement arrangements of the relevant third country. 4. The Commission shall, in cooperation with ESMA, monitor the effective implementation by third countries, for which an implementing act on equivalence has been adopted, of the requirements equivalent to those contained in Articles 28 and 29 and regularly report, at least on an annual basis, to the European Parliament and to the Council. Within 30 calendar days of the presentation of the report where the report reveals a significant defect or inconsistency in the application of the equivalent requirements by third-country authorities, the Commission may withdraw the recognition as equivalent of the third-country legal framework in question. Where an implementing act on equivalence is withdrawn, transactions by counterparties shall automatically be subject again to all requirements contained in Articles 28 and 29 of this Regulation.

    Empreinte du texte d5a4a96cc0280efbd98d1084c880faa2db23f95ab91d4e44119c5e503f226cb1, empreinte du corps 5ed719b403ea8cb2d1e797978579cb033c00f27a819da3a3e63abc2063207b22, source officielle https://publications.europa.eu/resource/cellar/f759d033-0147-11f1-825d-01aa75ed71a1.0006.01, /eu-eurlex/32014R0600/2025-11-23--b2a988f16b8fa5f92f622f4c77330eb7a7a837cf472482e9d078aa98f615f8e3/eng/033

56. 034 Article 34

    Article 34 Register of derivatives subject to the trading obligation ESMA shall publish and maintain on its website a register specifying, in an exhaustive and unequivocal manner, the derivatives that are subject to the obligation to trade on the venues referred to in Article 28(1), the venues where they are admitted to trading or traded, and the dates from which the obligation takes effect.

    Empreinte du texte 5235e1a99f479a52e308a139db0985c903f609be5a11b57cc82cb7e4fc357e71, empreinte du corps 5ed719b403ea8cb2d1e797978579cb033c00f27a819da3a3e63abc2063207b22, source officielle https://publications.europa.eu/resource/cellar/f759d033-0147-11f1-825d-01aa75ed71a1.0006.01, /eu-eurlex/32014R0600/2025-11-23--b2a988f16b8fa5f92f622f4c77330eb7a7a837cf472482e9d078aa98f615f8e3/eng/034

57. 035 Article 35

    Article 35 Non-discriminatory access to a CCP 1. Without prejudice to Article 7 of Regulation (EU) No 648/2012, a CCP shall accept to clear financial instruments on a non-discriminatory and transparent basis, including as regards collateral requirements and fees relating to access, regardless of the trading venue on which a transaction is executed. The requirement in the first subparagraph shall not apply to exchange-traded derivatives. The CCP shall in particular ensure that a trading venue has the right to non-discriminatory treatment of contracts traded on that trading venue in terms of: (a) collateral requirements and netting of economically equivalent contracts, where the inclusion of such contracts in the close-out and other netting procedures of a CCP based on the applicable insolvency law would not endanger the smooth and orderly functioning, the validity or enforceability of such procedures; and (b) cross-margining with correlated contracts cleared by the same CCP under a risk model that complies with Article 41 of Regulation (EU) No 648/2012. A CCP may require that the trading venue comply with the operational and technical requirements established by the CCP including the risk management requirements. The requirement in this paragraph does not apply to any derivative contract that is already subject to the access obligations under Article 7 of Regulation (EU) No 648/2012. A CCP is not bound by this Article if it is connected by close links to a trading venue which has given notification under Article 36(5). 2. A request to access a CCP by a trading venue shall be formally submitted to a CCP, its relevant competent authority and the competent authority of the trading venue. The request shall specify to which types of financial instruments access is requested. 3. The CCP shall provide a written response to the trading venue within three months of receiving the request referred to in paragraph 2, either permitting access, provided that the relevant competent authority has granted access pursuant to paragraph 4, or denying access. The CCP may deny a request for access subject to the conditions laid down in paragraph 6, point (a). Where a CCP denies access, it shall provide full reasons in its response and inform its competent authority of the decision in writing. Where the trading venue is established in a Member State other than that of the CCP, the CCP shall also forward that written response to the competent authority of the trading venue. The CCP shall provide access within three months of providing a positive response to the access request. 4. The competent authority of the CCP or that of the trading venue shall grant a trading venue access to a CCP provided that such access would not threaten the smooth and orderly functioning of the markets, in particular due to liquidity fragmentation, or would not adversely affect systemic risk. Nothing in point (a) of the first subparagraph shall prevent access being granted where the request referred to in paragraph 2 requires interoperability and the trading venue and all CCPs party to the proposed interoperability arrangement have consented to the arrangement and the risks to which the incumbent CCP is exposed to arising from inter-CCP positions are collateralised at a third party. Where the need for an interoperability arrangement is the reason or is part of the reason for denying a request, the trading venue will advise the CCP and inform ESMA which other CCPs have access to the trading venue and ESMA will publish that information so that investment firms may choose to exercise their rights under Article 37 of Directive 2014/65/EU in respect of those CCPs in order to facilitate alternative access arrangements. If a competent authority refuses access it shall issue its decision within two months following receipt of the request referred to in paragraph 2 and provide full reasons to the other competent authority, the CCP and the trading venue including the evidence on which the decision is based. 5. As regards transferable śecurities and money market instruments, a CCP that has been newly established and authorised as a CCP as defined in Article 2(1) of Regulation (EU) No 648/2012 to clear under Article 17 of Regulation (EU) No 648/2012 or recognised under Article 25 of Regulation (EU) No 648/2012 or authorised under a pre-existing national authorisation regime for a period of less than three years on 2 July 2014 may, before 3 January 2018, apply to its competent authority for permission to avail itself of transitional arrangements. The competent authority may decide that this Article does not apply to the CCP in respect of transferable securities and money market instruments, for a transitional period until 3 July 2020. Where such a transitional period is approved, the CCP cannot benefit from the access rights under Article 36 or this Article in respect of transferable securities and money market instruments for the duration of that transitional arrangement. The competent authority shall notify members of the college of competent authorities for the CCP and ESMA when a transitional period is approved. ESMA shall publish a list of all notifications that it receives. Where a CCP which has been approved for the transitional arrangements under this paragraph is connected by close links to one or more trading venues, those trading venues shall not benefit from access rights under Article 36 or this Article in respect of transferable securities and money market instruments for the duration of the transitional arrangement. A CCP which is authorised during the three year period prior to entry into force, but is formed by a merger or acquisition involving at least one CCP authorised prior to that period, shall not be permitted to apply for the transitional arrangements under this paragraph. 6. ESMA shall develop draft regulatory technical standards to specify: (a) the specific conditions under which an access request may be denied by a CCP, including the anticipated volume of transactions, the number and type of users, arrangements for managing operational risk and complexity or other factors creating significant undue risks; (b) the conditions under which access must be permitted by a CCP, including confidentiality of information provided regarding financial instruments during the development phase, the non-discriminatory and transparent basis as regards clearing fees, collateral requirements and operational requirements regarding margining; (c) the conditions under which granting access will threaten the smooth and orderly functioning of markets or would adversely affect systemic risk; (d) the procedure for making a notification under paragraph 5; (e) the conditions for non-discriminatory treatment in terms of how contracts traded on that trading venue are treated in terms of collateral requirements and netting of economically equivalent contracts and cross-margining with correlated contracts cleared by the same CCP. ESMA shall submit those draft regulatory technical standards to the Commission by 3 July 2015. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

    Empreinte du texte 907ccfdeeac7e28393e397455b1d2158c70a7a760e7c4d993a7ad949b9db891d, empreinte du corps 5ed719b403ea8cb2d1e797978579cb033c00f27a819da3a3e63abc2063207b22, source officielle https://publications.europa.eu/resource/cellar/f759d033-0147-11f1-825d-01aa75ed71a1.0006.01, /eu-eurlex/32014R0600/2025-11-23--b2a988f16b8fa5f92f622f4c77330eb7a7a837cf472482e9d078aa98f615f8e3/eng/035