COMMISSION DELEGATED REGULATION (EU) …/... amending Commission Delegated Regulation (EU) 2022/803 as regards rules of procedure for the exercise of the power to impose fines or periodic penalty pay...

EUROPEAN COMMISSION Brussels, 7.5.2025 C(2025) 2691 final COMMISSION DELEGATED REGULATION (EU) …/... of 7.5.2025 amending Commission Delegated Regulation (EU) 2022/803 as regards rules of procedure for the exercise of the power to impose fines or periodic penalty payments by the European Securities Markets Authority with respect to consolidated tape providers (Text with EEA relevance) EXPLANATORY MEMORANDUM 1. CONTEXT OF THE DELEGATED ACT Article 38k of Regulation (EU) 600/2014 of the European Parliament and of the Council1 (‘MiFIR’), sets out rules of procedure that apply to the European Securities and Markets Authority (‘ESMA’) when taking supervisory measures. Article 38k(10) of MiFIR delegates to the Commission the power of adopting a delegated act to further specify the rules of procedure for the exercise of the power to impose fines or periodic penalty payments by ESMA regarding data reporting service providers (‘DRSPs’). This includes provisions on the rights of defence, the collection of fines or periodic penalty payments, and the limitation periods for imposing and enforcing fines and periodic penalty payments. On 16 February 2022, the Commission adopted Commission Delegated Regulation (EU) 2022/8032, based on Article 38k(10) of MiFIR. It set out rules of procedure for the exercise of the power to impose fines or periodic penalty payments by ESMA regarding two specific types of DRSPs, namely approved publication arrangements (‘APAs’)...