The Treasury is allowing temporary authorisations for MIFID-authorised DRSPs to provide a data reporting service in the UK for up to 1 year.
Now that the transition period has ended, EEA DRSPs that have notified us within the required timeframe that they intend to provide a service in the UK under the deemed authorisations regime will be able to provide a data reporting service in the UK for up to 1 year while enabling them to seek authorisation in the UK on a permanent basis under the Data Reporting Services Regulations 2017 (DRS Regs) as onshored.
We’ve published a list of these EEA DRSPs.
Supervisory notification obligations of entities deemed to be authorised under the DRS Regs to us
We expect EEA DRSPs in the regime to follow the requirements in the DRS Regs and relevant provisions of our Handbook, including:
- MAR 9 Annex 5 - notification of material change in information provided at the time of deemed authorisation
- MAR 9 Annex 6 - to notify us of any change to the membership of the management body before such change takes effect, or where this is not possible, within 10 working days after the change
- MAR 9 Annex 9 - ad hoc notifications to include breaches in physical and electronic security measures and service interruptions or connection disruptions and, in the case of ARMs, errors or omissions in the transaction reports caused by the ARM
EEA DRSPs in the temporary authorisation regime will need to pay periodic fees on the same basis as UK authorised DRSPs. See our TPR fees page for more information.
The authorisation fees for EEA DRSPs that apply for full UK authorisation will be based on those for UK applicants for authorisation.
31/01/2020: Information changed Updated with the latest information
07/01/2019: Information added The notification process added