EC adopts technical standards for the development of consolidated tapes

The European Commission (EC) has adopted a suite of technical standards for the development of consolidated tapes. The creation of consolidated tapes and the removal of obstacles to the development of consolidated tapes, were a key action point following the findings of the European MiFID/MIFIR review. The changes relate to technical standards for data reporting service providers, i.e. approved publication arrangements (APAs), approved reporting mechanisms (ARMs) and consolidated tape providers (CTPs). The technical standards adopted consist of implementing technical standards and three sets of regulatory technical standards, supplementing Regulation (EU) No 600/2014 (MIFIR).

• RTS on the authorisation and organisational requirements for APAs and ARMs, and on the authorisation requirements for consolidated tape providers, and repealing Delegated Regulation (EU) 2017/571.
• ITS for standard forms, templates and procedures for the authorisation of APAs, ARMs and CTPs and related notifications, and repealing Commission Implementing Regulation (EU) 2017/1110 (with Annexes).
• RTS specifying the input and output data of consolidated tapes, the synchronisation of business clocks and revenue redistribution by the consolidated tape provider for shares and ETFs, and repealing Delegated Regulation (EU) 2017/574 (with Annexes).
• RTS on the obligation to make market data available to the public on a reasonable commercial basis (with Annexes).

The delegated regulations will be submitted to the European Parliament and Council for scrutiny. The EC has also confirmed its upcoming adoption of another delegated regulation regarding transparency rules.

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