Authorisation procedure

Data Reporting Service Providers (“DRSP”) are subject to a prior written authorisation of the Minister responsible for the CSSF if they propose data reporting services as a regular occupation or business pursuant Articles 29-7 and 29-8 of the Law of 5 April 1993 on the financial sector (“LFS”).

Article 29-8(2) of the LFS allows credit institutions, investment firms or market operators operating a trading venue to carry out data reporting services providing prior verification of their compliance with Sub-section 4 of the LFS (Articles 29-7 to 29-15). Such services shall be included in their authorisation.

DRSP are characterised by three exceptions compared to the other categories of professionals of the financial sector

1. Firstly, they are not concerned by shareholders (Article 18(20) of the LFS) and capital base requirements (Article 20(1) of the LFS).
2. Secondly, Article 41 of the LFS does not apply to the activities exercised by an Approved Publication Arrangement (APA) or a Consolidated Tape Provider (CTP).
3. The persons authorised in Luxembourg to grant data reporting services as set out in annexe II, section D of the LFS are allowed to provide these services throughout the entire European Union. The same services can be provided in Luxemburg by persons authorised by another Member State, provided the planned services are covered by an authorisation and fall under the services set out in annexe II, section D of the LFS.