Date: 2025-09-02Category: Not ApplicableState: Union GovernmentCountry: Europe
Commission Delegated Regulation (EU) 2025/1768 of 7 May 2025 amending Delegated Regulation (EU) 2022/803 as regards rules of procedure for the exercise of the power to impose fines or periodic penalty payments by the European Securities Markets Authority with respect to consolidated tape providers
Executive Summary:
Commission Delegated Regulation (EU) 2025/1768 amends Delegated Regulation (EU) 2022/803 to broaden its scope to include all Data Reporting Service Providers (DRSPs) under ESMA supervision, specifically including Consolidated Tape Providers (CTPs). This change is in response to the MiFIR reform, which removed obstacles to the emergence of CTPs in the Union. The regulation entered into force on the twentieth day following its publication in the Official Journal of the European Union.
Key Points / Main Content:
* **Scope Extension:**
* Delegated Regulation (EU) 2022/803 now applies to all DRSPs as defined in Article 2(136a) of Regulation (EU) No 600/2014 that are subject to ESMA supervision, including CTPs.
* **Amendment Details:**
* Article 1 of Delegated Regulation (EU) 2022/803 is replaced to reflect the updated scope.
* **Entry into Force:**
* The regulation came into force on the twentieth day following its publication in the Official Journal of the European Union.
Impact Analysis:
European Securities and Markets Authority (ESMA)
* Impact: ESMA's supervisory responsibilities now extend to all DRSPs, including CTPs, under the framework of Delegated Regulation (EU) 2022/803 regarding fines and periodic penalty payments.
* Action Required: ESMA needs to apply the procedures outlined in Delegated Regulation (EU) 2022/803 to all DRSPs, including CTPs, when exercising its power to impose fines or periodic penalty payments.
Data Reporting Service Providers (DRSPs) including Consolidated Tape Providers (CTPs)
* Impact: All DRSPs, including CTPs, are now subject to the rules of procedure outlined in Delegated Regulation (EU) 2022/803 regarding potential fines and periodic penalty payments.
* Action Required: DRSPs, including CTPs, must ensure compliance with the rules of procedure outlined in Delegated Regulation (EU) 2022/803 to avoid potential fines or periodic penalty payments imposed by ESMA.
Key Entities Referenced
European Union: A political and economic union of member states located primarily in Europe.
European Commission: An institution of the European Union, responsible for proposing legislation, implementing decisions, upholding the EU treaties and managing the day-to-day business of the EU.
Treaty on the Functioning of the European Union: One of the primary treaties of the European Union, defining the scope of EU powers.
Regulation EU No 600/2014: Regulation of the European Parliament and of the Council on markets in financial instruments (MiFIR).
European Parliament: The directly elected parliamentary assembly of the European Union.
Council of the European Union: A body composed of government ministers from each EU member state to discuss, amend and adopt laws, and coordinate policies.
European Securities and Markets Authority (ESMA): A European Union financial regulatory agency and authority.
Commission Delegated Regulation EU 2022/803: A delegated regulation specifying the rules of procedure for the ESMA to impose fines or periodic penalty payments regarding data reporting service providers.
Official Journal EN
of the European Union L series
2025/1768 2.9.2025
COMMISSION DELEGATED REGULATION(EU) 2025/1768
of 7 May 2025
amending Delegated Regulation (EU) 2022/803 as regards rules of procedure for the exercise of the
power to impose fines or periodic penalty payments by the European Securities Markets Authority
with respect to consolidated tape providers
(Text with EEA relevance)
THE EUROPEAN COMMISSION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets
in financial instruments and amending Regulation (EU) No 648/2012(1), and in particular Article 38k(10) thereof,
Whereas:
(1) Commission Delegated Regulation (EU) 2022/803(2) specifies the rules of procedure that apply to the European
Securities and Markets Authority (‘ESMA’) for the exercise of the power to impose fines, as referred to in Article 38h
of Regulation (EU) No 600/2014, or periodic penalty payments, as referred to in Article 38i of that Regulation,
regarding data reporting service providers (‘DRSPs’). The scope of that Delegated Regulation was limited to approved
publication arrangements and approved reporting mechanisms subject to ESMA supervision. The scope of that
Delegated Regulation did not cover other DRSPs subject to ESMA supervision, including consolidated tape providers
(‘CTPs’). That limited scope was due to the absence of DRSPs providing consolidated tape services in the Union and to
the pending review of Regulation (EU) No 600/2014, which was amended by Regulation (EU) 2024/791 of the
European Parliament and of the Council(3)(‘MiFIR reform’). The MiFIR reform entered into force on 28 March 2024.
(2) The MiFIR reform removed obstacles to the emergence of CTPs in the Union and set a timeline for the selection and
authorisation by ESMA of a CTP for bonds, a CTP for shares and exchange-traded funds, and a CTP for over-the-
counter derivatives. In light of the upcoming CTP authorisation process, it is necessary to amend the scope of
Delegated Regulation (EU) 2022/803, to ensure it covers all DRSPs subject to ESMA supervision, including CTPs.
(3) Delegated Regulation (EU) 2022/803 should therefore be amended accordingly,
HAS ADOPTED THIS REGULATION:
Article 1
Amendment to Delegated Regulation (EU) 2022/803
Article 1 of Delegated Regulation (EU) 2022/803 is replaced by the following:
‘Article 1
Scope
This Delegated Regulation applies to “data reporting services providers”, or “DRSPs”, as defined in Article 2(1)(36a) of
Regulation (EU) No 600/2014, that are subject to ESMA supervision.’.
(1) OJ L 173, 12.6.2014, p. 84.
(2) Commission Delegated Regulation (EU) 2022/803 of 16 February 2022, supplementing Regulation (EU) No 600/2014 of the
European Parliament and of the Council by specifying rules of procedure for the exercise of the power to impose fines or periodic
penalty payments by the European Securities Markets Authority regarding data reporting service providers (OJ L 145, 24.5.2022, p. 1).
(3) Regulation (EU) 2024/791 of the European Parliament and of the Council of 28 February 2024 amending Regulation (EU)
No 600/2014 as regards enhancing data transparency, removing obstacles to the emergence of consolidated tapes, optimising the
trading obligations and prohibiting receiving payment for order flow (OJ L, 2024/791, 8.3.2024, ELI: http://data.europa.eu/eli/reg/
2024/791/oj).
ELI: http://data.europa.eu/eli/reg_del/2025/1768/oj 1/2EN
OJ L, 2.9.2025
Article 2
Entry into force
This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the
European Union.
This Regulation shall be binding in its entirety and directly applicable in all Member States.
Done at Brussels, 7 May 2025.
For the Commission
The President
Ursula VON DER LEYEN
2/2 ELI: http://data.europa.eu/eli/reg_del/2025/1768/oj