European Securities and Markets Authority Finalizes Guidelines for Management of Exchanges and Data Reporting Service Providers

The European Securities and Markets Authority has published final Guidelines on the requirements for the management body of market operators and Data Reporting Services Providers. The revised Markets in Financial Instruments Directive requires all members of the management body of any market operator to be of sufficiently good repute, possess sufficient knowledge, skills and experience to perform their duties, to commit sufficient time to perform their functions and to act with honesty, integrity and independence of mind. Market operators must also promote diversity and allocate adequate human and financial resources to the induction and training of the management body.  Similar requirements are placed on the management body of DRSPs, but DRSPs are not required to promote diversity and allocate adequate human and financial resources to the induction and training of the management body.

The Guidelines form common standards which exchanges and DRSPs must take into account when appointing new and assessing current members of their management body. The Guidelines also set out the record-keeping requirements for exchanges and DRSPs which will need to be made available to a national regulator on request.

The Guidelines will apply to market operators, to DRSPs and to the relevant national regulators. The Guidelines will apply from January 3, 2018.

View the Guidelines.