EC finalized the regulation that lays down implementing technical standards on the standard forms, templates, and procedures for authorization of data reporting services providers and related notifications pursuant to Markets in Financial Instruments Directive II (or MiFID II; Directive 2014/65/EU). This Commission Implementing Regulation (EU) 2017/1110 was published in the Official Journal of the European Union.
As per the regulation, to facilitate communications between the applicant and the competent authority, competent authorities should designate a contact point and should publish the information on that contact point on their website. Moreover, an applicant should only be required to include in its application the information needed for assessing the application for the data reporting service it intends to provide. To allow competent authorities to assess whether changes to the management body of a data reporting services provider may pose a threat to the effective, sound, and prudent management of the data reporting services provider and to adequately take into consideration of the interests of its clients and the integrity of the market, it is appropriate to set out clear time limits for the submission of information on those changes. Data reporting services providers should be able to submit information on a change to the management body after that change takes effect where the change is due to factors beyond the control of the data reporting services provider.
For reasons of consistency and to ensure the smooth functioning of the financial markets, it is necessary that the provisions laid down in this Regulation and the provisions laid down in MiFID II apply from the same date. This Regulation is based on the draft implementing technical standards submitted by ESMA to the EC. This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union. It shall apply from January 03, 2018.
Related Link: Regulation (EU) 2017/1110
Effective Date: July 13, 2017
Keywords: Europe, EC, ESMA, Securities, MiFID II, Reporting, Implementing Technical Standards
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