EU · MiFIR · TITLE IVa DATA REPORTING SERVICES · CHAPTER 2 Conditions for APAs, CTPs and ARMs
Article 27h MiFIROrganisational requirements for CTPs
Organisational requirements for consolidated tape providers: collect all contributors' data for their asset class, charge users while giving free access to retail investors, academics, civil society and authorities, disseminate core market and regulatory data as a real-time machine-readable stream (without venue identifiers in the share EBBO), check data quality, publish service levels and covered instruments, ensure security and continuity, and, for shares and ETFs, redistribute part of revenue to contributors.
Amendments and application dates
| Amending act | Change | Applies from |
|---|---|---|
| Regulation (EU) 2024/791 | Text amended; Provision replaced | 28 Mar 2024 |
Level 2: delegated and implementing acts
- RTSIn forceLegal basis
AI summaryRTS on consolidated tapes under the 2024 MiFIR review: specifies the input data contributors must send to the bond and share/ETF CTPs and the output data CTPs disseminate, transmission quality and timestamp format, business clock synchronisation and accuracy for venues, SIs, APAs and CTPs, and the methodology for redistributing share/ETF CTP revenue. Repeals RTS 25 (2017/574); applies from 2 March 2026.
Level 3: ESMA Q&As, guidelines and opinions
- Q&AAnsweredESMA rulebook
AI summaryData contributors comply with the consolidated tape timestamp requirements in Articles 5 and 6 of Delegated Regulation 2025/1155 if they send ISO 8601 timestamps with at least six decimal places (microseconds), so venues may send more granular timestamps from their existing feeds.
- 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 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
No article with this number in the UK version.
Version history
- From 28 Mar 2024
- 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.