Article 27i — Organisational requirements for ARMs — compare
Showing 2 of 2Release 1 Nov 2026Details
- Coverage
- MiFIR: every English consolidation from 1 Jan 2022. Older wording is not held and is not replaced by any other text. Not covered: national guidance, court decisions.
- Freshness
- Release a4f2a049 published 1 Nov 2026, 17:41 CET. This article checked word for word against EUR-Lex on 26 Oct 2026.
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- Showing 2 of 2
- Failures
- None.
- Incomplete
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- From
- 28 March 2024 · Consolidated version of 28 March 2024 · Checked against EUR-Lex on 26 Oct 2026 · Official source
- To
- 2 November 2026 · Consolidated version of 17 January 2025 · Checked against EUR-Lex on 26 Oct 2026 · Official source
1.An ARM shall have adequate policies and arrangements in place to report the information required under Article 26 as quickly as possible, and no later than the close of the working day following the day upon which the transaction took place.
2.The ARM shall operate and maintain effective administrative arrangements designed to prevent conflicts of interest with its clients. In particular, an ARM that is also a market operator or investment firm shall treat all information collected in a non-discriminatory fashion and shall operate and maintain appropriate arrangements to separate different business functions.
3.TheAn ARM shall have sound security mechanisms in place designed to guarantee the security and authentication ofcomply with the means of transfer of information, minimiserequirements concerning the risksecurity of data corruption and unauthorised accessnetwork and to prevent information leakage, maintaining the confidentiality of the data at all times. The ARM shall maintain adequate resources and have back-up facilities in placesystems set out in order to offer and maintain its services at all timesRegulation (EU) 2022/2554.
4.The ARM shall have systems in place that can effectively check transaction reports for completeness, identify omissions and obvious errors caused by the investment firm, and where such error or omission occurs, to communicate details of the error or omission to the investment firm and request re-transmission of any such erroneous reports.
The ARM shall have systems in place to enable the ARM to detect errors or omissions caused by the ARM itself and to enable the ARM to correct and transmit, or re-transmit as the case may be, correct and complete transaction reports to the competent authority.
4a.An ARM shall have objective, non-discriminatory and publicly disclosed requirements for access to its services by undertakings that are subject to the reporting obligation laid down in Article 26.
An ARM shall publicly disclose the prices and fees associated with the data reporting services provided pursuant to this Regulation. It shall disclose separately the prices and fees of each service provided, including discounts and rebates and the conditions for benefiting from them. It shall allow reporting entities to access specific services separately. The prices and fees charged by an ARM shall be cost-related.
4b.An ARM shall keep records relating to its business at the disposal of the relevant competent authority or ESMA for at least five years.
5.ESMA shall develop draft regulatory technical standards specifying:
Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.