September 28, 2017

ESMA published guidelines for the management body of market operators and data reporting services providers (DRSPs). The guidelines clarify the criteria to be used to assess whether the management body of market operators and DRSPs, and each of its individual members, are suitable to ensure sound and prudent management of the firms as well as exercise effective responsibility for the activities undertaken by those firms. These guidelines will apply to national competent authorities, market operators, and DRSPs from January 03, 2018.

The guidelines based on Article 45(9) for market operators and Article 63(2) for DRSPs of the Markets in Financial Instruments Directive (MiFID II: Directive 2014/65/EU) clarify the requirements applicable to members of the management bodies of market operators or DRSPs. The guidelines based on Article 16 of Regulation (EU) No 1095/2010 (ESMA Regulation) clarify how information is to be recorded by market operators or DRSPs to make it available to the competent authorities for the exercise of their supervisory duties. The guidelines are intended to develop common standards to be taken into consideration by market operators and DRSPs when appointing new and assessing current members of the management body and to provide guidance on how information should be recorded by market operators and DRSPs to make it available to the competent authorities for the exercise of their supervisory duties.

 

Related Link: Guidelines (PDF)

Effective Date: January 03, 2018

Keywords: Europe, Securities, MiFID II, Market Operators, DRSP, ESMA Regulation, ESMA

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