MiFIR Art. 27e: every consolidated version and what changed

in force 2024-03-28 MODIFIED+339 −0§

Amended by Regulation (EU) 2024/791 32024R0791

applies from: unchanged

A new paragraph 3 has been added stating that a data reporting services provider whose authorisation is to be withdrawn shall ensure orderly substitution, including transferring data to other data reporting services providers, giving due notice to its clients, and redirecting reporting flows to other data reporting services providers before the withdrawal.

Paragraphs 1 and 2, covering the grounds for withdrawal and ESMA's notification duty, remain unchanged between the two versions.

Cited: Art. 27e, v2 · Art. 27e, v1

text before / after

02014R0600-20240109 → 02014R0600-20240328

Article 27e Withdrawal of authorisation 1. ESMA, or the national competent authority where relevant, may withdraw the authorisation of a data reporting services provider where the latter: (a) does not make use of the authorisation within 12 months, expressly renounces the authorisation or has provided no services for the preceding six months; (b) obtained the authorisation by making false statements or by any other irregular means; (c) no longer meets the conditions under which it was authorised; (d) has seriously and systematically infringed this Regulation. 2. ESMA shall, where relevant, without undue delay, notify the national competent authority in the Member State where the data reporting services provider is established of a decision to withdraw the authorisation of a data reporting services provider.3. A data reporting services provider from which authorisation is to be withdrawn shall ensure orderly substitution, including the transfer of data to other data reporting services providers, the provision of due notice to its clients and the redirection of reporting flows to other data reporting services providers before the withdrawal.

in force 2022-01-01 INSERTED§

Amended by Regulation (EU) 2019/2175 32019R2175 · Regulation (EU) 2022/858 32022R0858

applies from: unknown (an inserted provision states its own application date only in prose)

Sources disagree — the text comparison found this change; the EU's own amendment metadata does not list it. Both are shown; neither is overruled.

Article 27e is new text that gives ESMA, or the national competent authority where relevant, the power to withdraw a data reporting services provider's authorisation on grounds such as non-use, renunciation, absence of activity for six months, obtaining authorisation through false statements or irregular means, no longer meeting the authorisation conditions, or serious and systematic infringement of the Regulation.

It also adds a duty for ESMA to notify, where relevant and without undue delay, the national competent authority of the Member State where the provider is established when such a withdrawal decision is taken.

Cited: Art. 27e, v2

text before / after, on the event page →