Following a review, authorisation and supervision of data reporting services providers (DRSP) will move from competent authorities to ESMA. The revised regulation envisages that certain ARMs and APAs may be exempted from direct EU supervision due to their limited relevance for the internal market.
ESMA consultation for publication Q1 2021:
- how to determine if the APA or ARM services are provided to investment firms authorised in one Member State;
- how to calculate the number of trade reports or transactions;
- how to determine whether the ARM or APA is part of a group of financial market participants operating cross-border; as well as other aspects relevant for the determination whether the ARM or APA has a limited relevance for the internal market.