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Information to ESMA
1. An applicant seeking authorisation to operate a consolidated tape (‘CT’) pursuant to Article 27db of Regulation (EU) No 600/2014 shall submit to ESMA the information set out in Articles 16 to 29. 2. A CTP shall promptly inform ESMA of any material change to the information provided at the time of the authorisation or thereafter.
Information on ownership
1. An applicant seeking authorisation to operate a CT pursuant to Article 27db of Regulation (EU) No 600/2014 shall include in its application for authorisation: (a) a list containing the name of each person or entity who directly or indirectly holds 10 % or more of the applicant’s capital or of its voting rights or whose holding makes it possible to exercise a significant influence on the applicant; (b) a list of all undertakings in which a person or entity referred to in point (a) holds 10 % or more of the capital or voting rights or on which that person or entity exercises a significant influence; (c) a chart showing the ownership links between the parent undertaking, any subsidiaries and any other associated entities or branches. 2. The undertakings mentioned in the chart referred to in paragraph 1, point (c), shall be identified by their full name, legal status and legal address.
Information on the organisation
1. An applicant seeking authorisation to operate a CT pursuant to Article 27db of Regulation (EU) No 600/2014 shall include in its application for authorisation the following information on the organisation: (a) information on the organisational structure of the applicant, including an organisational chart and a description of the human, technical and legal resources allocated to its business activities; (b) information on the operational separation policies and procedures to ensure segregation between the CTP and any other activities performed by the applicant; (c) information on the compliance policies and procedures of the CTP, including: (i) the name of the person or persons responsible for the approval and maintenance of those policies; (ii) the arrangements to monitor and enforce the compliance policies and procedures; (iii) the measures to be undertaken in the event of a breach which may result in a failure to meet the conditions for initial authorisation; (iv) a description of the procedure for reporting to ESMA any breach which may result in a failure to meet the conditions for initial authorisation; (d) a list of all outsourced functions and resources allocated to the control of the outsourced functions. 2. A CTP offering services other than data reporting services shall describe those services in the organisational chart provided under paragraph 1, point (a).
Information on corporate governance
1. An applicant seeking authorisation to operate a CT pursuant to Article 27db of Regulation (EU) No 600/2014 shall include in its application for authorisation information on the internal corporate governance policies and the procedures which govern its management body, senior management, and, where established, committees. 2. The information set out in paragraph 1 shall include: (a) a description of the processes for selection, appointment, performance evaluation and removal of senior management and members of the management body; (b) a description of the reporting lines and the frequency of reporting to the senior management and the management body; (c) a description of the policies and procedures on access to documents by members of the management body.
Information on the members of the management body
1. An applicant seeking authorisation to operate a CT pursuant to Article 27db of Regulation (EU) No 600/2014 shall include in its application for authorisation the following information in respect of each member of the management body: (a) name, date and place of birth, personal national identification number or an equivalent thereof, address and contact details; (b) the position for which that member is or will be appointed; (c) a curriculum vitae evidencing sufficient experience and knowledge to adequately perform the conferred responsibilities; (d) proof of the absence of criminal records relating to money laundering, terrorist financing, provision of financial services or data services, acts of fraud or embezzlement, notably through an official certificate, or, where such a certificate is not available in the relevant Member State, a self-declaration of good repute and the authorisation to ESMA to request information about whether that member has been convicted of a criminal offence in connection with money laundering, terrorist financing, the provision of financial services or data services or in relation to acts of fraud or embezzlement; (e) a self-declaration of good repute and the authorisation to ESMA to request information about whether that member: (i) has been subject to an adverse decision in any proceedings of disciplinary nature brought by a regulatory authority or government body; (ii) has been subject to an adverse judicial finding in civil proceedings before a court in connection with the provision of financial or data services, or for misconduct or fraud in the management of a business; (iii) has been part of the management body of an undertaking which was subject to an adverse decision or penalty by a regulatory authority or whose registration or authorisation was withdrawn by a regulatory authority; (iv) has been refused the right to carry on activities which require registration or authorisation by a regulatory authority; (v) has been otherwise fined, suspended, disqualified, or been subject to any other sanction in relation to fraud, embezzlement or in connection with the provision of financial or data services, by a professional body; (vi) has been disqualified from acting as a director, disqualified from acting in any managerial capacity, dismissed from employment or other appointment in an undertaking as a consequence of misconduct or malpractice; (f) an indication of the minimum time that is to be devoted to the performance of the member’s functions within the CTP; (g) a declaration of any potential conflicts of interest that may exist or arise in performing the duties and how those conflicts are managed. 2. The information set out in paragraph 1 shall also be included in the notifications referred to in Article 27f(2) of Regulation (EU) No 600/2014 as regards CTPs. A CTP shall notify electronically to ESMA any change to the membership of its management body before such change takes effect. Where, for substantiated reasons, it is not possible to make the notification before that change takes effect, it shall be made within 10 working days after the change has occurred. 3. A CTP shall record the information set out in paragraph 1 in a medium which enables its storage in a way that ensures that the information is accessible for future reference and which allows for the unchanged reproduction of the information stored. A CTP shall keep that information up-to-date. 4. A CTP shall keep the information set out in paragraph 1, points (d) and (e), for no longer than five years after the concerned member has ceased to perform its function. 5. Where the proof referred to in paragraph 1, point (d), contains information on other criminal convictions than those listed in that provision, a CTP shall ensure that only persons responsible for the assessment of the suitability of the members of the management body have access to that information. That information shall be stored separately from other information regarding a member of the management body. Access to that information shall be recorded. That information shall not be stored where it concerns candidate members of the management body that have not been appointed. 6. ESMA shall keep the information set out in paragraph 1, points (d) and (e), for no longer than five years after the concerned member of the management body has ceased to perform its function.
Information on internal controls
1. An applicant seeking authorisation to operate a CT pursuant to Article 27db of Regulation (EU) No 600/2014 shall include in its application for authorisation detailed information regarding its internal control’s environment. This shall include information regarding its internal control function, compliance function, risk management function and its internal audit function. 2. The detailed information set out in paragraph 1 shall contain: (a) an outline of the organisation of the applicant’s internal control, risk management, compliance and internal audit functions, including where the applicant relies on outsourced functions; (b) an assessment of the key risks that may arise in the operation of the CT; (c) the applicant’s internal control policies and procedures to ensure the consistent and effective implementation of those policies; (d) any policies, procedures and manuals for monitoring and evaluating the adequacy and effectiveness of the applicant’s systems; (e) any policies, procedures and manuals for controlling and safeguarding the applicant’s information processing systems; (f) the identity of the internal bodies in charge of evaluating any findings resulting from the performance of the internal control and deciding on their outcome. 3. With respect to the applicant’s internal audit function, the detailed information referred to in paragraph 1 shall contain the following: (a) information on the applicant’s adherence to national or international professional standards; (b) any internal audit function charter, methodologies, and procedures; (c) an explanation of how the internal audit methodology, if any, is developed and applied taking into account the nature of the applicant’s activities, complexities and risks; (d) where there is an Internal Audit Committee: (i) information on its composition, competences and responsibilities; (ii) its work plan for the three years following the date of application, taking into account the nature and extent of the applicant’s activities, complexities and risks.
Information on conflicts of interest
An applicant seeking authorisation to operate a CT pursuant to Article 27db of Regulation (EU) No 600/2014 shall include in its application for authorisation the information regarding its administrative arrangements designed to prevent conflicts of interest. Such arrangements shall include policies and procedures for identifying, managing and disclosing existing and potential conflicts of interest and shall contain: (a) an inventory of existing and potential conflicts of interest, setting out their description, identification, prevention, management and disclosure; (b) the separation of duties and business functions within the CTP, including: (i) measures to prevent or control the exchange of information where a risk of conflicts of interest may arise; (ii) the separate supervision of relevant persons whose main functions involve interests that are potentially in conflict with those of a client; (c) a description of the remuneration policy for the members of the management body and senior management; (d) the rules regarding the acceptance of money, gifts or favours by staff of the CTP and its management body.
Information on business operativity
1. An applicant seeking authorisation to operate a CT pursuant to Article 27db of Regulation (EU) No 600/2014 shall include in its application the following information: (a) the expected total capital expenditure to develop the CT; (b) the expected operating expenditure to run the CT; (c) a description of the liquid net assets funded by equity to cover potential general business losses in order to continue providing services taking into account the information referred to in points (a) and (b). 2. An applicant seeking authorisation to operate the CT for bonds shall also provide terms of reference, statutes, contracts, or other documentation to demonstrate the existence of arrangements for revenue redistribution in accordance with Article 27h(5) of Regulation (EU) No 600/2014.
Information on outsourcing
1. An applicant seeking authorisation to operate a CT that arranges for activities to be performed on its behalf by third-party service providers, including undertakings with which it has close links, shall include in its application for authorisation confirmation that the third-party service provider has the ability and the capacity to perform the activities reliably and professionally. 2. The applicant shall specify which of the activities are to be outsourced, including a specification of the level of human and technical resources needed to carry out each of those activities. 3. The applicant that outsources activities shall provide evidence that the outsourcing does not reduce its ability or power to perform senior management or management body functions. 4. The applicant shall provide evidence that it remains responsible for any outsourced activity and shall adopt organisational measures to ensure: (a) that it assesses whether the third-party service provider is carrying out outsourced activities effectively and in compliance with applicable laws and regulatory requirements and adequately addresses identified failures; (b) the identification of the risks in relation to outsourced activities and adequate periodic monitoring; (c) adequate control procedures with respect to outsourced activities, including effectively supervising the activities and their risks within the CTP; (d) adequate business continuity of outsourced activities. For the purposes of point (d), the applicant shall obtain information on the business continuity arrangements of the third-party service provider, assess its quality and, where needed, request improvements. 5. Where the applicant outsources any critical or important function, it shall provide ESMA with: (a) the identification of the third-party service provider; (b) the organisational measures and policies with respect to outsourcing and the risks posed by it as specified in paragraph 4; (c) internal or external reports on the outsourced activities.
Information on market data fees and licensing models
An applicant seeking authorisation to operate a CT pursuant to Article 27db of Regulation (EU) No 600/2014 shall provide ESMA with the information referred to in Article 17 of Delegated Regulation (EU) 2025/1156.
Information on digital operational resilience
1. An applicant seeking authorisation to operate a CT pursuant to Article 27db of Regulation (EU) No 600/2014 shall include in its application for authorisation evidence of compliance with the requirements on ICT risk management organisation and capabilities, operational resilience strategy and testing, incident management and ICT third-party risk monitoring under Regulation (EU) 2022/2554. 2. The information set out in paragraph 1 shall include documents regarding the applicant’s arrangements, in accordance with Regulation (EU) 2022/2554, on: (a) ICT risk management; (b) ICT-related incident management; (c) digital operational resilience testing; (d) ICT third-party risk monitoring. 3. The information set out in paragraph 1 shall take into account the size and overall risk profile, and the nature, scale and complexity of the applicant’s services, activities and operations.
Information on energy efficiency
1. An applicant seeking authorisation to operate a CT pursuant to Article 27db of Regulation (EU) No 600/2014 shall provide in its application for authorisation information on the expected power utilisation effectiveness ratio as defined by ISO/IEC 30134-2:2016 ( 13 ) and the best practices referred to in the most recent version of the European Code of Conduct on Data Centre Energy Efficiency. 2. For the purposes of the expected power utilisation effectiveness ratio referred to in paragraph 1, the applicant shall consider the activities set out in points 8.1 of Annexes I and II to Commission Delegated Regulation (EU) 2021/2139 ( 14 ) .
Information on record keeping arrangements
An applicant seeking authorisation to operate a CT pursuant to Article 27db of Regulation (EU) No 600/2014 shall provide ESMA with information on the arrangements adopted to ensure that: (a) each key stage of the CTP business may be reconstituted; (b) the original content of a record related to its business in accordance with Article 27ha(3) of Regulation (EU) No 600/2014 before any corrections or other amendments may be recorded, traced and retrieved; (c) measures to prevent unauthorised alteration of such records are in place; (d) the data recorded are secured and confidential; (e) a mechanism for identifying and correcting errors is incorporated in the record keeping system; (f) in the case of a system failure, the records are timely recovered.
Information on organisational requirements
An applicant seeking authorisation to operate a CT pursuant to Article 27db of Regulation (EU) No 600/2014 shall provide ESMA with the information on the arrangements in place to ensure compliance with the organisational requirements laid down in Article 27h of Regulation (EU) No 600/2014.
Information on reception, consolidation and dissemination of data and data quality
An applicant seeking authorisation to operate a CT pursuant to Article 27db of Regulation (EU) No 600/2014 shall provide ESMA with information on: (a) the transmission protocols referred to in Article 22a of Regulation (EU) No 600/2014, in accordance with the requirements set out in Article 2 of Delegated Regulation (EU) 2025/1155; (b) the technical features of the systems adopted to ensure that the speed of dissemination of core market data and regulatory data matches the information on the basis of which the applicant was selected; (c) the methods adopted to ensure data quality, in accordance with the requirements set out in Article 10 of Delegated Regulation (EU) 2025/1155; (d) the documentation certifying that the modern interface technologies adopted for the dissemination of market data and for connectivity comply with the minimum requirements set out in Article 9 of Delegated Regulation (EU) 2025/1155.
Information from joint applicants
In addition to the requirements set out in Article 15, joint applicants seeking authorisation to operate a CT shall include in their application for authorisation information on the necessity in terms of technical and logistical capacity for each applicant to jointly operate the CT.
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Source: EUR-Lex (Publications Office of the EU), © European Union, reuse permitted under Commission Decision 2011/833/EU.