BETA

10 Amendments of Lídia PEREIRA related to 2021/0385(COD)

Proposal for a regulation
Recital 20

(20) Competition among consolidated tape providers ensures that the consolidated tape is provided in the most efficient way and under the best conditions for users. However, no entity has, up until now, applied to act as a consolidated tape provider. It is therefore considered appropriate to empower ESMA to periodically organise a competitive selection procedure to select a single entity which is able to provide the consolidated tape for each specified asset class. Taking into account the novelty of the proposed scheme, ESMA should only mandate the provision of post-trade transparency data with a 1 minute delay period for the first selection procedure that it runs in relation to shares. At least 18 months before the launch of the second selection procedure, ESMA should submit a report to the Commission assessing whether there is market demand for extending the data contributed to the tape to pre-trade data. On the basis of such a report, the Commission should be empowered, by way of a delegated act, to further specify the depth of pre-trade data to the tape. the provision of the post-trade consolidated tape in real-time or in a close to real-time period, taking into account a reliable evaluation of the provisions of this Regulation. The Commission shall also conduct a detailed impact assessment of the consequences of the consolidated tape on exchange's revenues. The application of a potential real-time post-trade tape may be evaluated if ESMA is able to demonstrate, through an exhaustive impact assessment, that a consolidated tape containing real-time post-trade data will not have significant impact on the exchange's revenues. On the basis of such a report, the Commission should be empowered, by way of a delegated act, to further specify the timeline for the provision of a real-time or close to real-time post-trade data to the consolidated tape where appropriate.

2022/10/20
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 2 – point d

Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36b – point a – point i

~~(i) the best bids and offers with corresponding volumes;~~deleted

2022/10/20
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 2 – point d

Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36b – point a – point ii

(ii) the transaction price and volume executed at the stated price, including trades concluded during intraday and end of day auctions;

2022/10/20
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 2 – point d

Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36b – point a – point iii

~~(iii) the intra-day auction information;~~deleted

2022/10/20
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 2 – point d

Regulation (EU) No 600/2014
Article 2 – paragraph 1 – point 36b – point a – point iv

~~(iv) the end-of-day auction information;~~deleted

2022/10/20
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 2 – point d

(36c) ‘regulatory data’ means data related to the status of systems matching orders in financial instruments, including information about circuit breakers, trading halts, and opening and closing prices of those financial instruments;deleted

2022/10/20
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 15

Regulation (EU) No 600/2014
Article 27da – paragraph 3

3. The first selection procedure organised for shares shall only invite bids for the provision of a ~~consolidated tape containing~~1 minute delayed post -trade ~~data~~consolidated tape. Prior to subsequent selection procedures, ESMA shall assess market demand and revenue impacts on regulated markets and based on that assessment, report to the Commission on the opportunity of adding ~~best bids and offers and corresponding volumes to the~~real-time or close to real-time post-trade data to the consolidated tape. Based on that report and on the experience gained further to the first selection procedure, the Commission is empowered to adopt a delegated act specifying the ~~appropriate level of pre-~~ timeline for the provision of real-time or close to real-time post-trade data to bthe con~~tributed to the CTP~~solidated tape, if and where appropriate.

2022/10/21
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 15

Regulation (EU) No 600/2014
Article 27da – paragraph 4

4. The selection of the CTP ~~for shares~~ shall, in addition to the criteria in paragraph 2, consider the revenue participation scheme, and in particular the formula, applicable to regulated markets that are market data contributors. ESMA shall, when considering the competing tenders, select the CTP ~~for shares that offers the revenue participation scheme that provides regulated markets, in particular smaller regulated markets~~that (a) ensures a fair and just minimum compensation for (i) costs incurred in complying with their obligations under article 22a, article 22b and article 22c and (ii) revenue losses as a result of the consolidated tape offering a substitute to the exchanges market data licenses and (b) offers the revenue participation scheme that provides fair and just compensation for the data contributed to the tape, with the highest amount of revenue that remains for distribution once deducted operating costs and a reasonable margin. This revenue shall be distributed in accordance with Article 27h(1)(c), and in a manner commensurate to the market data contributed according to Article 22a.

2022/10/21
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 15

Regulation (EU) No 600/2014
Article 27da – paragraph 6

6. The selected CTPs shall comply at all times with the organisational requirements set out in Article 27h and with the conditions set out in the decision of ESMA authorising the CTP referred to in paragraph 3. A CTP that is no longer able to comply with those requirements and conditions, including the requirements and conditions on system disruptions and intrusions, shall inform ESMA thereof without undue delay. In such case, ESMA shall withdraw the authorization referred to in Article 27e.

2022/10/21
Committee: ECON

Proposal for a regulation
Article 1 – paragraph 15

Regulation (EU) No 600/2014
Article 27da – paragraph 7

7. The withdrawal of the authorisation referred to in Article 27e shall ~~only~~ take effect either (a) as of the moment that a new CTP has been selected and authorised in accordance with paragraphs 1 to 4 or (b) if the consolidated tape has not complied with the organizational requirements set out in Article 27h for more than 6 months.

2022/10/21
Committee: ECON