AI Summary of Article 27h Organisational requirements for CTPs
The document outlines the requirements for a Consolidated Tape Provider (CTP) under Article 27db, mandating data collection from contributors, free access for certain users, and revenue redistribution for shares and ETFs. Key obligations include ensuring data integrity, security arrangements, and the publication of service standards.
The CTP must calculate and redistribute revenue based on specified criteria, with the European Securities and Markets Authority (ESMA) tasked to develop technical standards to guide compliance efforts and outline the conditions for temporary suspension of contributors who breach data requirements.
Article 27h Organisational requirements for CTPs
1.A CTP shall, in accordance with the conditions for authorisation referred to in Article 27db:
(a) collect all data transmitted by data contributors in relation to the asset class for which it is authorised;
(b) collect fees from users, while providing access, free of charge, to the consolidated tape to retail investors, academics, civil society organisations and competent authorities;
(c) in the case of the consolidated tape for shares and ETFs, redistribute part of its revenue in accordance with paragraph 6;
(d) disseminate core market data and regulatory data to users as a continuous electronic live data stream on non-discriminatory terms as close to real time as technically possible;
(e) ensure that the core market data and regulatory data are easily accessible, machine-readable and usable for all users, including retail investors;
(f) have systems in place that can effectively check the completeness of the data transmitted by data contributors, identify obvious errors, and request the re-submission of data;
(g) where the CTP is controlled by a group of economic operators, have a compliance system in place to ensure that the operation of the consolidated tape does not result in a distortion of competition.