EU · MiFIR · TITLE IVa DATA REPORTING SERVICES · CHAPTER 2 Conditions for APAs, CTPs and ARMs
Article 27g MiFIROrganisational requirements for APAs
Organisational requirements for APAs: publish trade reports under Articles 20 and 21 as close to real time as possible on a reasonable commercial basis (free after 15 minutes) in a format that aids consolidation, with minimum details; prevent conflicts; meet DORA security requirements; set objective, public access conditions and disclose prices and fees per service; keep records for five years; and check reports for errors.
Amendments and application dates
| Amending act | Change | Applies from |
|---|---|---|
| Regulation (EU) 2019/2175 | Provision inserted; Text inserted | by 1 Jan 2022 |
| Regulation (EU) 2024/791 | Text deleted; Text inserted | 28 Mar 2024 |
| Regulation (EU) 2022/2554 | Text amended | by 17 Jan 2025 |
Level 2: delegated and implementing acts
- RTSIn forceLegal basis
AI summaryRTS under the 2024 MiFIR review on authorisation and organisational requirements for APAs and ARMs (including digital operational resilience under DORA, error handling, ARM connectivity and APA publication details) and on the information CTP applicants must give ESMA. Repeals Delegated Regulation 2017/571 and applies from 23 November 2025.
Level 3: ESMA Q&As, guidelines and opinions
- Q&AAnsweredESMA rulebook
AI summaryData that trading venues and APAs must make free 15 minutes after publication must be clearly signposted, freely accessible to anyone in a readable and machine-readable form; publishing via subscription-based third parties, restricting human access to pre-registered IP addresses, or formats that prevent copying do not comply.
- GuidelinesPublishedESMA rulebook
AI summaryESMA guidelines of May 2026 (ESMA80-634726060-3082) on the internal control framework and internal control functions (such as compliance, risk management and internal audit) expected of entities ESMA supervises directly, including benchmark administrators, credit rating agencies, data reporting services providers other than consolidated tape providers, and securitisation repositories.
- GuidelinesPublishedESMA rulebook
AI summaryESMA guidelines of May 2021 (ESMA50-164-4285) on outsourcing to cloud service providers by a wide range of firms, including fund managers and depositaries, CCPs, trade repositories and MiFID II investment firms and credit institutions providing investment services, covering governance and documentation, pre-outsourcing due diligence, key contract terms, information security, exit strategies, access and audit rights, sub-outsourcing, notifying authorities and supervision.
- GuidelinesPublishedESMA rulebook
AI summaryESMA's June 2021 final report and guidelines (ESMA70-156-4305) on making market data available on a reasonable commercial basis: clear market data policies, fees based on the cost of production and dissemination, non-discriminatory terms, per-user fees, unbundling, transparency on prices and terms, and making data free 15 minutes after publication. The 2024 MiFIR review has since revised these obligations.
Commentary
No law-firm commentary is linked to this provision yet.
219 more documents relate to MiFIR as a whole without naming an article.
UK counterpart
- No UK counterpartExplicit reference
Inserted in the EU by Regulation (EU) 2019/2175 (by 1 Jan 2022), after exit.
Version history
- From 17 Jan 2025
- From 28 Mar 2024 to 17 Jan 2025
- From 1 Jan 2022 to 28 Mar 2024
Each entry is a consolidated version of the act on EUR-Lex in which this provision appears. The text itself is on the official site.