While the CTP selection process is keeping to ESMA’s intended timeline, there is still uncertainty around when the tape will be implemented.
Once a provider is chosen by the regulator, it will be invited to apply for authorisation immediately. The specific duration of this process is undetermined, and will be based on the completeness of the applicant’s submissions and their ability to respond to ESMA’s requests, the authority said. Compliance procedures are expected to be completed within three months of a provider’s approval.
Under MIFIR, ESMA can instate a short transitional period before implementation if requested by the CTP. It has advised market participants to prepare for this measure not to be taken.
The regulator has also provided an update on the draft technical standards it published on 16 December last year, stating that it does not anticipate the European Commission (EC) to make any changes before adoption.
A decision on the tape provider is expected in early July.
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