Circular CSSF 18/690 is a CSSF circular, published 13 April 2018. Subject: Guidelines of the European Securities and Markets Authority (ESMA) on the management body of market operators and data reporting services providers.
\nMain topic: MiFID II. Keywords: Trading venue, Transaction reporting.
\nIn case of discrepancies between the French and the English text, the French text shall prevail.
\nLuxembourg, 13 April 2018
\nTo all market operators and data reporting services providers
\nCIRCULAR CSSF 18/690 Re:
\nGuidelines of the European Securities and Markets Authority (ESMA) on the management body of market operators and data reporting services providers
\nLadies and Gentlemen, The purpose of this circular is to implement the ESMA Guidelines on the management body of market operators and data reporting services providers pursuant to Article 45(9) of Directive 2014/65/EU on markets in financial instruments (MiFID II) for market operators and Article 63(2) of MiFID II for data reporting services providers, into the Luxembourg regulatory framework. 1.
\nESMA guidelines
\nThe purpose of these guidelines is to develop common standards to be taken into consideration by market operators and data reporting services providers when appointing new and assessing current members of the management body and to provide guidance on how information should be recorded by market operators and data reporting services providers in order to make it available to the competent authorities for the exercise of their supervisory duties. The guidelines are attached to this circular and are available on ESMA’s website http://www.esma.europa.eu. 2.
\nArrangements for sending notifications to the CSSF
\nMarket operators and data reporting services providers authorised in Luxembourg are required to notify to the Commission de Surveillance du Secteur Financier (CSSF) the identity of all the members of their management body and must inform the CSSF beforehand of any change in the composition of the management body. Circular CSSF 18/690
\nFurthermore, pursuant to the guidelines on independence of mind and more particularly as regards conflicts of interest, the management body of the market operator or data reporting services provider is required to notify any material conflict of interest identified and the mitigating measures taken by the management body to the CSSF. The notifications must be sent to the CSSF by post.
\nEntry into force
\nThis circular enters into force on the date of entry into force of the law transposing MiFID II. Yours faithfully,
\nAnnex: ESMA Guidelines on the management body of market operators and data reporting services providers (Ref.: 19/12/2017 | ESMA70-154-271)
\nGuidelines on the management body of market operators and data reporting services providers
\n28 September 2017 | ESMA70-154-271
\nTable of Contents 1
\nScope ............................................................................................................................. 3
\nDefinitions ...................................................................................................................... 4
\nPurpose.......................................................................................................................... 5
\nCompliance and reporting obligations............................................................................. 6
\n4.1
\nStatus of the guidelines ........................................................................................... 6
\n4.2
\nReporting requirements ........................................................................................... 6
\nGuidelines on management bodies pursuant to Article 45(9) and Article 65(3) of MiFID II 6 5.1
\nSufficient time commitment: general ........................................................................ 6
\n5.2
\nSufficient time commitment: calculation of the number of directorships ................... 7
\n5.3
\nKnowledge, skills and experience............................................................................ 8
\n5.4
\nHonesty and integrity.....................
\nThe text above is the opening of the document; the PDF carries the whole.
\nDocument page, PDF. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.
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