Art. 52

02014R0600-20240109 → 02014R0600-20240328

Article 52 Reports and review 1. By 3 March 2020, the Commission shall, after consulting ESMA, submit a report to the European Parliament and to the Council on the impact in practice of the transparency obligations established pursuant to Articles 3 to … 997 unchanged words … staffing and resources needs arising from the assumption of its powers and duties in accordance with Article 64 of Regulation (EU) 2019/2033 and submit a report on that assessment to the European Parliament, to the Council and to the Commission. 14. The By 30 June 2026, ESMA, in close cooperation with the expert stakeholder group established pursuant to Article 22b(2), shall assess the market demand for the consolidated tape for shares and ETFs, the impact of that consolidated tape on the functioning, attractiveness and international competitiveness of Union markets and firms, and whether the consolidated tape has delivered on its aim to decrease information asymmetries between market participants and to make the Union a more attractive location to invest. ESMA shall report to the Commission on the appropriateness of adding additional features to the consolidated tape, such as the dissemination of the market identifier code for pre-trade data. On the basis of that report, the Commission shall submit, where appropriate, a legislative proposal to the European Parliament and the Council. 14a. Three years after the first authorisation of a consolidated tape, the Commission shall, after consulting ESMA, present reports ESMA and the expert stakeholder group established pursuant to Article 22b(2), submit a report to the European Parliament and to the Council on the functioning following: (a) the asset classes covered by a consolidated tape; (b) the timeliness and the quality of the data transmitted to the CTP; (c) the timeliness of the dissemination, and the quality, of the core market data and regulatory data; (d) the role of core market data and regulatory data in reducing implementation shortfall; (e) the number of users of the consolidated tape established in accordance with Title IVa. The report relating per asset class; (f) the effect of core market data and regulatory data on remedying information asymmetries between various capital market participants; (g) the appropriateness of the transmission protocols used for the transmission of data to Article 27h(1) shall be presented by 3 September 2019. The report relating to Article 27h(2) shall be presented by 3 September 2021. The reports referred to in the first subparagraph shall assess CTP; (h) the appropriateness and functioning of the consolidated tape against the following criteria: (a) the availability and timeliness of post trade information revenue redistribution scheme, in a consolidated format capturing all transactions irrespective of whether they are carried out on trading venues or not; (b) the availability and timeliness of full and partial post trade information that is of a high quality, in formats particular as regards data contributors that are easily accessible small trading venues; (i) the effects of the core market data and usable for market participants and available regulatory data on a reasonable commercial basis. Where investments in SMEs. 14b. By 29 March 2025, the Commission concludes that shall, in close cooperation with ESMA, assess the CTPs have failed possibility of extending the requirements of Article 26 of this Regulation to AIFMs as defined in Article 4(1), point (b), of Directive 2011/61/EU, and management companies, as defined in Article 2(1), point (b), of Directive 2009/65/EC, which provide information investment services and activities and which execute transactions in a way that meets the criteria set out in the second subparagraph, financial instruments. In particular, the Commission shall attach include in that assessment a request to its report for ESMA to launch a negotiated procedure for the appointment though a public procurement process run by ESMA of a commercial entity operating a consolidated tape. ESMA shall launch the procedure after receiving the request from the Commission on the conditions specified in the Commission’s request cost-benefit analysis and in accordance with Regulation (EU, Euratom) 2018/1046 an evaluation of the European Parliament scope of such extension. On the basis of that assessment and taking into account the goals of the CouncilRegulation (EU, Euratom) 2018/1046 of the European Parliament and of the Council of 18 July 2018 on the financial rules applicable to the general budget of the Union, amending Regulations (EU) No 1296/2013, (EU) No 1301/2013, (EU) No 1303/2013, (EU) No 1304/2013, (EU) No 1309/2013, (EU) No 1316/2013, (EU) No 223/2014, (EU) No 283/2014, and Decision No 541/2014/EU and repealing Regulation (EU, Euratom) No 966/2012 (OJ L 193, 30.7.2018, p. 1).. 15. Where the procedure outlined in paragraph 14 of this Article has been initiated, capital markets union, the Commission is empowered to adopt delegated acts in accordance with Article 50 to amend this Regulation by extending the requirements of Article 26 in order accordance with the first subparagraph of this paragraph. 14c. By 29 March 2028, ESMA shall submit to the Commission a report assessing the appropriateness of the volume cap set in Article 5(1) and the necessity to remove or to extend it to other trading systems or execution venues which derive their prices from a reference price, taking into account international best practices, the competitiveness of Union financial markets, and the effects of that volume cap on the fair and orderly trading on markets, and on the efficiency of price formation. 15. The Commission is empowered to adopt delegated acts in accordance with Article 50 to supplement this Regulation, by specifying measures in order to: (a) provide for the contract duration of the commercial entity operating a consolidated tape and the process and conditions for renewing the contract and the launching of new public procurement; (b) provide that the commercial entity operating a consolidated tape shall do so on an exclusive basis and that no other entity shall be authorised as a CTP in accordance with Article 27b; (c) empower ESMA to ensure adherence with tender conditions by the commercial entity operating a consolidated tape appointed through a public procurement; (d) ensure that the post-trade information provided by the commercial entity operating a consolidated tape is of a high quality, in formats that are easily accessible and usable for market participants and in a consolidated format capturing the entire market; (e) ensure that the post trade information is core market data and regulatory data are provided on a reasonable commercial basis, on both a consolidated basis and unconsolidated basis, and meets meet the needs of the users of that information those data across the Union; (f) ensure that trading venues and APAs shall make their trade data available to the commercial entity operating a consolidated tape appointed through a public procurement process run by ESMA at a reasonable cost; (g) specify arrangements applicable where the commercial entity operating a consolidated tape appointed through a public procurement fails to fulfil CTP no longer fulfils the tender conditions; selection criteria; (h) specify arrangements under which CTPs authorised under Article 27b a CTP may continue to operate a consolidated tape where the empowerment provided for in point (b) of this paragraph is not used or, where that no new entity is appointed authorised through the public procurement, until such time as a new public procurement is completed and a commercial entity is appointed to operate a consolidated tape. selection procedure.