Delegated Regulations bringing CTPs into scope of ESMA rules for DRSP fines and fees published in OJ

Delegated Regulation (EU) 2025/1768 and Delegated Regulation (EU) 2025/884 have been published in the Official Journal of the European Union (OJ), extending the scope of rules on fines and fees for data reporting service providers (DRSPs) to include consolidated tape providers (CTPs). Previously, these rules applied only to two types of DRSPs: approved publication arrangements and approved reporting mechanisms. The amendments align with the EU's review of the Markets in Financial Instruments Directive and Regulation, which aims to improve market data transparency and support the emergence of CTPs in the EU.

• Delegated Regulation (EU) 2025/1768 of 7 May amends Delegated Regulation (EU) 2022/803 regarding the European Securities Markets Authority's (ESMA) procedures for imposing fines or periodic penalty payments on CTPs.
• Delegated Regulation (EU) 2025/884 of 7 May amends Delegated Regulation (EU) 2022/930 regarding ESMA's supervisory fees for CTPs. The regulation introduces a one-off authorisation fee of EUR100,000 per CTP, reflecting the complexity of the authorisation process. This is reduced to EUR50,000 for authorised CTPs seeking approval to cover a different asset class. Annual supervisory fees will follow the same methodology as for other data reporting service providers (DRSPs). ESMA will monitor CTP revenues to ensure fees remain proportionate.

Both Delegated Regulations enter into force on the twentieth day following publication in the OJ, being 22 September.

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