6 Amendments of Raffaele FITTO related to 2021/0385(COD)
Amendment 340 #
Proposal for a regulation
Article 1 – paragraph 10
Article 1 – paragraph 10
Regulation (EU) No 600/2014
Article 22a – paragraph 4
Article 22a – paragraph 4
4. Market data contributors shall not receive any remuneration for the market data provided other than the revenue sharing as referred to in Article 27da(2), point (c)to the CTP.
Amendment 380 #
Proposal for a regulation
Article 1 – paragraph 15
Article 1 – paragraph 15
Regulation (EU) No 600/2014
Article 27da – paragraph 2 – point g
Article 27da – paragraph 2 – point g
(g) the level of the fees that the applicant intends to charge to the different types of users of the core market data. Such level of fees should be determined on the basis of a principle of reasonable commercial basis, specified by ESMA ;
Amendment 400 #
Proposal for a regulation
Article 1 – paragraph 15
Article 1 – paragraph 15
Regulation (EU) No 600/2014
Article 27da – paragraph 4
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 contributorsevery execution venue. 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 marketsevery execution venue, 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.
Amendment 405 #
Proposal for a regulation
Article 1 – paragraph 15
Article 1 – paragraph 15
Regulation (EU) No 600/2014
Article 27da – paragraph 5
Article 27da – paragraph 5
5. ESMA shall adopt a fully reasoned decision selecting and authorising the entitiesentities deemed suitable for operating the consolidated tapes within 3 months as of initiation of the selection procedure referred to in paragraph 2. Such reasoned decision shall specify the conditions under which the CTPs shall operate, and in particular the level of fees referred to in paragraph 2, point (g) and for shares the level of the participation referred to in paragraph 3, in particular for smaller regulated markets, taking into account the revenue participation scheme applicable to every execution venue and inviting them to submit an application for authorization within six months from the initiation of the selection procedure referred to in paragraph 1.
Amendment 425 #
Proposal for a regulation
Article 1 – paragraph 16
Article 1 – paragraph 16
Regulation (EU) No 600/2014
Article 27h – paragraph 1 – second subparagraph
Article 27h – paragraph 1 – second subparagraph
For the purpose of establishing the participarevenue distribution in point (c), the revenue of the CTP shall be allocated amongof this paragraph, execution venues shall be allocated a higher share of the revenue of the CTP regulated markets according to a formula that reflects the proportion of pre-trade transparent liquidity in shares displayed by a regulated marketthat execution venue relative to the average daily turnover in these shares in the Union.
Amendment 434 #
Proposal for a regulation
Article 1 – paragraph 16
Article 1 – paragraph 16
Regulation (EU) No 600/2014
Article 27h – paragraph 4
Article 27h – paragraph 4
4. After 12 months of full operation of the CTP for shares, ESMA shall provide the Commission with a motivated opinion on the effectiveness and fairness of the level of participation of regulated marketseach type of execution venue in the revenues generated by the CTP as set out in accordance with the second subparagraph of paragraph 1. The Commission may request ESMA to provide further opinions, where necessary or appropriate. The Commission shall be empowered to adopt a delegated act in accordance with Article 50 to revise the allocation key for the revenue redistribution, where appropriate.;