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CySEC issues MiFID II Data management firms Authorization Requirements
11/08/2017
CySEC issues MiFID II Data management firms Authorization Requirements

CySEC has issued an announcement in regards to the MiFID II Data management firms Authorization Requirements. The Cypriot regulator aims to clarify the authorisation norms.

11 August, AtoZForex The Cyprus Securities and Exchange Commission (CySEC) has published an announcement in regards to the Markets in Financial Instruments Directive (MiFID II). The announcement is aimed at all the interested parties about the Authorisation of Data Reporting Service Providers.

CySEC issues MiFID II Data management firms Authorization Requirements

Specifically, the latest CySEC announcement strives to inform potential applicants and provide guidance in their preparations for the MiFID II authorization requirements. In fact, the MiFID II will get into effect from the 3rd January 2018.

Companies that plan to apply for authorization as a DRSP should inform CySEC about their intentions. The deadline for notifying CySEC is the 30th September 2017. Firms can do so by sending an email to mifidii.authorisations@cysec.gov.cy. Cypriot watchdog also encourages them to file an application as of November 2017. They should use the application forms for the authorization to provide Data Reporting Services.

Moreover, the CySEC has also stressed that all market players that are affected by these changes need to prepare accordingly. According to CySEC official announcement, these firms include:

“… firms or market operators operating a trading venue to operate the data reporting services of an APA, a CTP and an ARM, subject to the prior verification of their compliance with Title V of the Law L.87/(I)/2017, and entities that will no longer be exempted from the scope of the Law L.87/(I)/2017.”

Validity of the DRSP authorisation

Yet, CySEC has also noted that the CTP regime will apply to the equity and equity-like financial instruments from the 3rd January 2017. This regime extends to non-equity instruments from the 3rd September 2017. Moreover, the regulator has stated:

An investment firm or a market operator operating a trading venue may provide the data reporting services to an APA, a CTP and an ARM, provided they are compliant with the relevant provisions applying to DRSPs.”

The authorization for the data reporting services is valid for the whole European Union. Thus, the DRSPs might provide the services across the EU bloc.

Following on this, the Cypriot regulator has highlighted s number of points in regards to the DRSPs. You can find the official announcement here.

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