What changed between the plenary report and the adopted text

Removed:When preparing the report, ESMA shall, where relevant, work in close cooperation with the other bodies of the European System of Financial Supervision and the European Central Bank.

Removed:________________________________________________________

Removed:*1 Regulation (EU) 2019/834 of the European Parliament and of the Council of 20 May 2019 amending Regulation (EU) No 648/2012 as regards the clearing obligation, the suspension of the clearing obligation, the reporting requirements, the risk-mitigation techniques for OTC derivative contracts not cleared by a central counterparty, the registration and supervision of trade repositories and the requirements for trade repositories (OJ L 141, 28.5.2019, p. 42)’;

Removed:(14) Article 27▌ is amended as follows:

Removed:(-a) in paragraph 1, first and second subparagraphs are replaced by the following:

Removed:‘With regard to financial instruments admitted to trading or traded on a trading venue or concluded on a trading venue or where the issuer has approved trading of the issued instrument or where a request for admission to trading has been made, trading venues shall provide ESMA with identifying reference data for the purpose of transaction reporting under Article 26 and the transparency requirements under Articles 3, 6, 8, 8a, 10, 11, 11a, 14, 20 and 21.

Removed:With regard to derivatives, identifying reference data shall be based and further developed on globally agreed international standard used for identifying reference data as derivative identifiers.’;

Removed:(a) paragraph 3 is amended as follows;

Removed:(i) the following point (c) is added:

Removed:‘(c) the date by which reference data are to be reported’.

Removed:(ii) the following subparagraph is inserted after the first subparagraph:

Removed:‘When drafting those draft regulatory technical standards, ESMA shall take into account international developments and standards agreed upon at Union or global level, and the consistency of those draft regulatory technical standards with the reporting requirements laid down in Regulation (EU) 2019/834 and Regulation (EU) 2015/2365.’;

Removed:(14a) Article 27d is amended as follows:

Removed:(a) the title is replaced by the following:

Removed:‘Article 27d

Removed:Procedures for granting and refusing applications for authorisation for ARMs and APAs’;

Removed:(b) paragraphs 1-3 are replaced by the following:

Removed:‘1. The applicant APA or ARM shall submit an application providing all information necessary to enable ESMA, or the national competent authority where relevant, to confirm that the APA or ARM has established, at the time of initial authorisation, all the necessary arrangements to meet its obligations under the provisions of this Title, including a programme of operations setting out, inter alia, the types of services envisaged and the organisational structure.

Removed:2. ESMA, or the national competent authority where relevant, shall assess whether the application for authorisation is complete within 20 working days of receipt of the application.

Removed:Where the application is not complete, ESMA, or the national competent authority where relevant, shall set a deadline by which the APA or ARM is to provide additional information.

Removed:After assessing an application as complete, ESMA, or the national competent authority where relevant, shall notify the APA or ARM accordingly.

Removed:3. ESMA, or the national competent authority where relevant, shall, within six months from the receipt of a complete application, assess the compliance of the APA or ARM with this Title. It shall adopt a fully reasoned decision granting or refusing authorisation and shall notify the applicant APA or ARM accordingly within five working days.’;

Removed:(15) the following Article 27da is inserted:

Removed:‘Article 27da Process for the selection of a single CTP for each asset class

Removed:1. By [OP insert date 3 months as of entry into force], ESMA shall organise a selection procedure for the appointment of the CTP for a five year term. ESMA shall organise a separate selection procedure for ▌ the following asset classes, in the following order:

Removed:(a) bonds;

Removed:(b) shares and ETFs;

Removed:(c) derivatives.

Removed:Each selection procedure shall be initiated no later than six months following the initiation of the preceding one.

Removed:2. For each of the asset classes referred to in paragraph 1, ESMA shallselect the applicant for subsequent authorisation on the basis of the following criteria:

Removed:(a) the technical ability of the applicants to provide a resilient consolidated tape throughout the Union;

Removed:(b) the capacity of the applicants to comply with the organisational requirements laid down in Article 27h;

Removed:(ba) the ability to receive, consolidate and disseminate pre-trade and post-trade market data for shares and ETFs, up to the first five layers of the order books, and post-trade data for bonds and derivatives;

Removed:(c) the adequacy of the governance structure of the applicants;

Removed:(d) the adequacy of the speed at which the applicants can disseminate core market data;

Removed:(e) the appropriateness of the applicant’s methods and arrangements to ensure data quality;

Removed:(f) the reasonable level of total expenditure needed by the applicants to develop the consolidated tape and the costs of operating the consolidated tape on an ongoing basis;

Removed:(g) the level of the fees that the applicant intends to charge to the different types of users of the core market data, their proportionality to the costs incurred for running the CTP, the simplicity of its fee and licensing models, and the applicant’s ultimate ability to cover costs and generate a reasonable margin in line with the requirements of Article 13;

Removed:(h) the possibility of the applicants to use modern interface technologies for the provision of the core market data and for connectivity;

Removed:(i) the appropriateness of the arrangements in place to preserve records for the purposes of Article 27ha(3);

Removed:(j) the ability to ensure regularity, resilience and business continuity, and the process the applicants intend to put in place to mitigate and address cyber-risk;

Removed:(k) the process the applicants intend to put in place to mitigate the energy consumption generated by the storage of data.

Removed:3. For the selection of the CTP for shares and ETFs, in addition to the criteria in paragraph 2 of this Article, ESMA shall consider the revenue redistribution scheme that the applicant intends to put in place in relation to each market data contributor, and in particular the formula applicable to smaller regulated markets and SME growth markets that decide to provide their market data to the CTP, in accordance with Article 22a(1c).

Removed:4. Within six months from the initiation of the selection procedure referred to in paragraph 1, ESMA shall adopt a fully reasoned decision selecting entities deemed suitable for operating the consolidated tapes and inviting them to submit an application for authorisation.

Removed:▌

Removed:▌

Removed:▌

Removed:(15a) the following Article is inserted:

Removed:‘Article 27db

Removed:Process for the authorisation of CTPs

Removed:1. The application referred to in Article 27da shall provide all the information necessary to enable ESMA to confirm that the applicant has put in place, at the time of initial authorisation, all the necessary arrangements to fulfil the criteria set out in Article 27da(2) and to comply with the organisational requirements set out in Article 27h.

Removed:ESMA shall assess whether the application for authorisation is complete within 20 working days of its receipt.

Removed:Where the application is not complete, ESMA shall set a deadline by which the applicant is to provide additional information.

Removed:After assessing the application as complete, ESMA shall notify the CTP accordingly. Within three months from the receipt of a complete application, ESMA shall assess the compliance of the applicant with this Title. It shall adopt a fully reasoned decision granting or refusing authorisation and shall notify the applicant accordingly within five working days of the date of adoption of such reasoned decision. Such reasoned decision shall specify the conditions under which the CTP shall operate and, in particular, the level of fees referred to in Article 27da(2)(g), as indicated by the applicant, and, for shares, the level of the participation as referred to in Article 27h(1), point (c).

Removed:2. Once authorised by ESMA, the CTP shall be granted a transition period of three months to ensure the operational and technical set-up in accordance with the respective regulatory technical standards before the consolidated tape begins to operate. During this transition period, the CTP shall allow data providers to connect and test the connection to the CTP for data contribution.

Removed:3. The selected CTPs shall comply at all times with the organisational requirements set out in Article 27h and with the conditions set out in the decision of ESMA authorising the CTP referred to in paragraph 1, fourth subparagraph of this Article. A CTP that is no longer able to comply with those requirements and conditions, including the requirements and conditions on system disruptions and intrusions, shall inform ESMA thereof without undue delay.

Removed:4. The withdrawal of the authorisation referred to in Article 27e shall only take effect when a new CTP has been selected and authorised in accordance with Articles 27da and 27db.

Removed:5. ESMA shall develop draft regulatory technical standards to determine:

Removed:(a) the information to be provided under paragraph 1, including the programme of operations;

Removed:(b) the information included in the notifications under Article 27f(2).