Directive 2019/2177 - Amendment of Directive 2009/138/EC on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II), Directive 2014/65/EU on markets in financial instruments and Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money-laundering or terrorist financing - Main contents
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Directive (EU) 2019/2177 of the European Parliament and of the Council of 18 December 2019 amending Directive 2009/138/EC on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II), Directive 2014/65/EU on markets in financial instruments and Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money-laundering or terrorist financing| Legal instrument | Directive |
|---|---|
| Number legal act | Directive 2019/2177 |
| Original proposal | COM(2017)537  |
| CELEX number i | 32019L2177 |
| Document | 18-12-2019; Date of signature |
|---|---|
| Publication in Official Journal | 27-12-2019; OJ L 334 p. 155-163 |
| Signature | 18-12-2019 |
| Effect | 30-12-2019; Entry into force Date pub. +3 See Art 5 |
| End of validity | 31-12-9999 |
| Transposition | 30-06-2020; Adoption See Art 4.2 01-07-2020; Application See Art 4.3 30-06-2021; Adoption See Art 4.1 30-06-2021; Application See Art 4.3 01-01-2022; Application See Art 4.3 |
27.12.2019 |
EN |
Official Journal of the European Union |
L 334/155 |
DIRECTIVE (EU) 2019/2177 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
of 18 December 2019
amending Directive 2009/138/EC on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II), Directive 2014/65/EU on markets in financial instruments and Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money-laundering or terrorist financing
(Text with EEA relevance)
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 53(1) and 62 thereof,
Having regard to the proposal from the European Commission,
After transmission of the draft legislative act to the national parliaments,
Having regard to the opinion of the European Central Bank (1),
Having regard to the opinion of the European Economic and Social Committee (2),
Acting in accordance with the ordinary legislative procedure (3),
Whereas:
(1) |
Directive 2014/65/EU of the European Parliament and of the Council (4) creates a regulatory framework for data reporting services providers (DRSPs) and requires a post-trade data reporting services provider to be authorised as an approved publication arrangement (APA). In addition, a consolidated tape provider (CTP) is required to offer consolidated trading data covering all trades in both equity and non-equity instruments throughout the Union, in accordance with Directive 2014/65/EU. Directive 2014/65/EU also formalises transaction reporting channels to the competent authorities by requiring a third party that reports on behalf of investment firms to be authorised as an approved reporting mechanism (ARM). |
(2) |
The quality of trading data and of the processing and provision of such data, including cross-border data processing and provision, is of paramount importance for achieving the main objective of Regulation (EU) No 600/2014 of the European Parliament and of the Council (5), which is to strengthen the transparency of financial markets. Accurate trading data provide users with an overview of trading activity across Union financial markets and provide competent authorities with accurate and comprehensive information on relevant transactions. Given the cross-border dimension of data handling, the benefits of pooling data-related competences, including potential economies of scale, and the adverse impact of potential divergences in supervisory practices on both the quality of trading data and on the tasks of DRSPs, it is therefore appropriate to transfer the authorisation and supervision of DRSPs, as well as data gathering powers, from the competent authorities to the European Supervisory Authority (European Securities and Markets Authority) established by Regulation (EU) No 1095/2010 of the European Parliament and of the Council (6) (ESMA), other than with respect to ARMs or APAs that benefit from a derogation under Regulation (EU) No 600/2014. |
(3) |
To achieve the consistent transfer of such powers, it is appropriate to delete provisions pertaining to the operational requirements for DRSPs and the competences of competent authorities with respect to DRSPs set out in Directive 2014/65/EU, and to introduce those provisions in Regulation (EU) No 600/2014. |
(4) |
The transfer of the authorisation and supervision of DRSPs, other than with respect to APAs or ARMs that benefit from a derogation under Regulation (EU) No 600/2014, to ESMA is congruent with ESMA’s tasks. More specifically, the conferral of data gathering powers, authorisation and supervision from competent authorities to ESMA is instrumental to other tasks that ESMA performs under Regulation (EU) No 600/2014, such as market monitoring, temporary intervention powers and position management powers, and ensures... |
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