Erscheinung:28.02.2017 | Topic Authorisation Data reporting services providers: BaFin is accepting draft applications
The European Markets in Financial Instruments Directive II (MiFID II) requires the provision of data reporting services by data reporting services providers to be authorised and supervised by the national competent authorities from 3 January 2018. More detailed information can be found on the BaFin website.
BaFin cannot accept or process formal applications for authorisation and for an assessment of whether the authorisation conditions have been met until after the entry into force of the corresponding legal provisions governing competence in the German Banking Act (Kreditwesengesetz – KWG) following the enactment of the planned Second Act Amending Financial Market Regulations (Zweites Finanzmarktnovellierungsgesetz). In order to allow a smooth transition for companies which wish to operate as data reporting services providers from 3 January 2018, the KWG is expected to contain transitional provisions which provide for notional authorisation for these companies, provided the latter submit a complete application for authorisation by 2 July 2018. BaFin is accepting draft applications as of 1 March in order to preliminarily assess these.
