CTPs brought into scope of ESMA rules for DRSP fines and fees

The European Commission has adopted delegated regulations amending the rules for data reporting service providers (DRSP) fines and fees to include consolidated tape providers (CTPs) in scope. Previously, the relevant requirements had only been applied to two types of DRSPs: approved publication arrangements and approved reporting mechanisms. The amendments are in line with the changes brought in as a result of the EU MiFID/MiFIR review changes which focussed on enhancing market data transparency and removing obstacles to the emergency of CTPs in the EU.

Delegated Regulation (EU) 2025/2691 amends Delegated Regulation (EU) 2022/803 specifying rules of procedure for the exercise of the power to impose fines or periodic penalty payments on data reporting service providers (DRSPs) by the European Securities Markets Authority (ESMA).

Delegated Regulation (EU) 2025/2687 amends Delegated Regulation (EU) 2022/930 regarding fees relating to the supervision of consolidated tape providers (CTPs) by the European Securities Markets Authority (ESMA). ESMA charges fees to DRSPs to cover its necessary expenditure relating to authorisation and supervision of DRSPs. The regulation introduces a fixed one-off authorisation fee per CTP of EUR100,000, which is a higher fee than the fee applied to other DRSPs due to the complexity of the authorisation process of CTPs. That fee is lowered to EUR50,000 where an authorised CTP applies for authorisation to provide data reporting services in respect of a different asset class. Annual supervisory fees for CTPs will use broadly the same methodology as used for other DRSPs. ESMA will monitor CTPs' revenues on an ongoing basis to ensure a proportionate approach that does not jeopardise their business viability and is in principle in line with the full cost recovery principle.

The regulations will enter into force on the twentieth day following publication in the Official Journal of the European Union.

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