European Commission Adopts Amending Delegated Regulation on RTS on Consolidated Tape for Non-Equity Products Under MiFID II


On September 26, 2017, the European Commission published Delegated Regulation (C(2017) 6337 final), which it has adopted to amend Delegated Regulation (EU) 2017/571, which supplements MiFID II Directive (2014/65/EU) with regulatory technical standards (RTS) on authorization, organizational requirements and the publication of transactions for data reporting services providers.

The amending Delegated Regulation sets out RTS specifying the scope of the consolidated tape for non-equity financial instruments under MiFID II.

The RTS reflect a mandate given to ESMA under Article 65(8)(c) of the MiFID II Directive. ESMA submitted its draft RTS to the Commission in March 2017.

Next, the Council of the EU and the European Parliament will consider the Delegated Regulation. If neither of them objects, the amending Delegated Regulation will enter into force 20 days after its publication in the Official Journal of the EU (OJ). It is stated as applying from January 3, 2018, except for:

  1. Article 15a(4) (that is, the transitional provisions relating to the first assessment period for determining the coverage ratios by consolidated tape providers (CTPs)), which will apply from January 1, 2019; and

Articles 14(2), 15(1), (2) and (3), and 20(b) (that is, the provisions on the non-equity tape of Article 65(2)), which will apply from September 3, 2019.