Recital 27

Regulation (EU) 2024/791 of the European Parliament and of the Council of 28 February 2024 amending Regulation (EU) No 600/2014 as regards enhancing data transparency, removing obstacles to the emergence of consolidated tapes, optimising the trading obligations and prohibiting receiving payment for order flow (Text with EEA relevance) · European Union

(27) A selected applicant should, without undue delay, apply to ESMA for authorisation. Within 20 working days of such an application, ESMA should assess whether the application is complete and should notify the applicant accordingly. Within three months of receipt of a complete application, ESMA should adopt a reasoned decision granting or refusing authorisation. ESMA should base that reasoned decision on its assessment of whether the applicant is able, within a reasonable time, to operate a consolidated tape in compliance with all the requirements. ESMA’s reasoned decision should specify the conditions applicable to the applicant’s operation of the consolidated tape, in particular the level of fees charged to users. In order to ensure an orderly start of operation, it should be possible for ESMA, after granting authorisation, to allow the applicant a reasonable period of time to complete the development of the consolidated tape.

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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.