(46)

Article 52 is amended as follows: paragraphs 11, 12 and 13 are deleted; paragraph 14 is replaced by the following: ‘14. By 30 June 2026, ESMA, in close cooperation with the expert stakeholder group established pursuant to Article 22b(2), shall assess the market demand for the consolidated tape for shares and ETFs, the impact of that consolidated tape on the functioning, attractiveness and international competitiveness of Union markets and firms, and whether the consolidated tape has delivered on its aim to decrease information asymmetries between market participants and to make the Union a more attractive location to invest. ESMA shall report to the Commission on the appropriateness of adding additional features to the consolidated tape, such as the dissemination of the market identifier code for pre-trade data. On the basis of that report, the Commission shall submit, where appropriate, a legislative proposal to the European Parliament and the Council. 14a. Three years after the first authorisation of a consolidated tape, the Commission shall, after consulting ESMA and the expert stakeholder group established pursuant to Article 22b(2), submit a report to the European Parliament and to the Council on the following: 14b. By 29 March 2025, the Commission shall, in close cooperation with ESMA, assess the possibility of extending the requirements of Article 26 of this Regulation to AIFMs as defined in Article 4(1), point (b), of Directive 2011/61/EU, and management companies, as defined in Article 2(1), point (b), of Directive 2009/65/EC, which provide investment services and activities and which execute transactions in financial instruments. In particular, the Commission shall include in that assessment a cost-benefit analysis and an evaluation of the scope of such extension. On the basis of that assessment and taking into account the goals of the capital markets union, the Commission is empowered to adopt delegated acts in accordance with Article 50 to amend this Regulation by extending the requirements of Article 26 in accordance with the first subparagraph of this paragraph. 14c. By 29 March 2028, ESMA shall submit to the Commission a report assessing the appropriateness of the volume cap set in Article 5(1) and the necessity to remove or to extend it to other trading systems or execution venues which derive their prices from a reference price, taking into account international best practices, the competitiveness of Union financial markets, and the effects of that volume cap on the fair and orderly trading on markets, and on the efficiency of price formation.’ ; the asset classes covered by a consolidated tape; the timeliness and the quality of the data transmitted to the CTP; the timeliness of the dissemination, and the quality, of the core market data and regulatory data; the role of core market data and regulatory data in reducing implementation shortfall; the number of users of the consolidated tape per asset class; the effect of core market data and regulatory data on remedying information asymmetries between various capital market participants; the appropriateness of the transmission protocols used for the transmission of data to the CTP; the appropriateness and functioning of the revenue redistribution scheme, in particular as regards data contributors that are small trading venues; the effects of the core market data and regulatory data on investments in SMEs. paragraph 15 is amended as follows: the introductory wording is replaced by the following: ‘The Commission is empowered to adopt delegated acts in accordance with Article 50 to supplement this Regulation, by specifying measures in order to:’; points (a) to (d) are deleted; point (e) is replaced by the following: ensure that the core market data and regulatory data are provided on a reasonable commercial basis and meet the needs of the users of those data across the Union;’; point (f) is deleted; points (g) and (h) are replaced by the following: specify arrangements applicable where the CTP no longer fulfils the selection criteria; specify arrangements under which a CTP may continue to operate a consolidated tape provided that no new entity is authorised through the selection procedure.’;

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Source: EUR-Lex (Cellar) · retrieved 2026-10-13 · Text as adopted (Official Journal); later amendments are not incorporated in this text.