As the next step in the EU’s endeavour to establish a consolidated tape, The European Securities and Markets Authority (ESMA) has released guidance on the exclusion criteria for applicants participating in the upcoming selection for consolidated tape providers. Also included are clarifying details for the documents that applicants are expected to submit for consideration.
ESMA details the selection process in a statement: “During the first stage of the selection procedure, the exclusion criteria will be used to assess if applicants can be invited to submit their applications in the second stage of the procedure. ESMA will require specific documentation from applicants, including a declaration of honour and valid evidence on exclusion criteria.”
The required documents for each member state might differ; an overview can be found in an attached table within the published guidance.
ESMA reminds applicants that “all evidence submitted must be valid and the time that has elapsed since the issuing date of the evidence provided must not exceed one year from the date of their submission”.
The selection for consolidated tape providers for bonds will begin on 3 January 2025 while that for exchange traded funds (ETFs) will commence in June 2025.
