The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has today published Draft Regulatory Technical Standards (RTS) setting out criteria for the sound and prudent management of Data Reporting Services Providers (DRSPs) as well as for their operational effectiveness under MiFIR.
The draft RTS build on ESMA’s Guidelines for DRSPs and address the different roles and functions carried out by members of DRSP management bodies, with a view to preventing conflicts of interest between them and the users of DRSP services.
ESMA proposes to assess the suitability of the members of DRSP management bodies under the following criteria:
Honesty and integrity;
Sufficient time commitment;
Knowledge, skills, and experience;
Induction and training;