The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has performed the first annual assessment based on data collected in 2022. Through the assessment ESMA has established that two Data Reporting Service Providers (DRSPs) have exceeded the derogation thresholds.
The concerned DRSPs would fall under ESMA’s direct supervision from 1 June 2025 if they exceed the defined thresholds again next year. Until then, they will continue to be supervised by their respective National Competent Authorities (NCAs) in 2024.
ESMA is mandated to conduct an annual assessment of the relevance of Approved Publication Arrangements (APAs) and Approved Reporting Mechanisms (ARMs) for the European Union (EU) market. The specific criteria for identifying DRSPs eligible for derogation and, consequently, under the supervision of the NCAs, are detailed in the Delegated Act (DA).
