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2025/1155","number":"2025/1155","celex":"32025R1155","title_official":"COMMISSION DELEGATED REGULATION (EU) 2025/1155 of 12 June 2025 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards specifying the input and output data of consolidated tapes, the synchronisation of business clocks and the revenue redistribution by the consolidated tape provider for shares and ETFs, and repealing Commission Delegated Regulation (EU) 2017/574 (Text with EEA relevance)","document_date":"2025-06-12"},"position":{"kind":"article","key":"22","index":22,"articles":26,"annexes":5},"prev":{"path":"/mifir/level-2/rts/2025-1155-commission-delegated-regulation-eu-2025-1155-of-12-june/articles/21","key":"21","title":"Article 21 — Methodology for determining the amount of revenue to be redistributed (Article 27h(7) and (8), point (b), of Regulation (EU) No 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participation in the revenue redistribution scheme (Article 27h(8), point (c), of Regulation (EU) No 600/2014)","text":"## <a id=\"art-22\"></a>Article 22 — Criteria for the temporary suspension of the participation in the revenue redistribution scheme (Article 27h(8), point (c), of Regulation (EU) No 600/2014)\n\n1. <a id=\"art-22-p-1\"></a>When deciding whether to suspend the participation of a data contributor in the revenue redistribution scheme as laid down in Article 27h(8), point (c), of Regulation (EU) No 600/2014, the CTP for shares and ETFs shall take into account whether any of the following criteria is met:\n\n    <a id=\"art-22-p-1-a\"></a>**(a)** for three consecutive days, the data contributor has failed to submit trade reports or order reports or has submitted more than three trade reports or order reports later than as close to real time as is technically possible, as laid down in Article 3, and those trade reports or order reports account for at least a volume of transactions or orders that in a percentage is not lower than 10 % of the total volume of transactions or orders submitted in a single day;\n\n    <a id=\"art-22-p-1-b\"></a>**(b)** for three consecutive days, the data contributor has submitted more than three trade reports or order reports that are incomplete or contain potentially erroneous data, as laid down in Article 10, and those trade reports or order reports account for at least a volume of transactions or orders that in percentage is not lower than 10 % of the total volume of transactions or orders submitted in a single day;\n\n    <a id=\"art-22-p-1-c\"></a>**(c)** the data contributor no longer meets the minimum requirements for the quality of the transmission protocols set out in Article 2;\n\n    <a id=\"art-22-p-1-d\"></a>**(d)** the data contributor no longer meets the requirements on the level of accuracy to which business clocks are to be synchronised, as set out in Chapter III.\n\n1. <a id=\"art-22-p-2\"></a>The CTP for shares and ETFs may decide not to suspend the participation of a data contributor in the revenue redistribution scheme where the situations set out in paragraph 1 occurred due to circumstances that were out of the ordinary, unavoidable, or unexpected.\n\n","marks":[],"text_hash":"9733d173e7ffd71ff8c9899308839a8f4a43d33a83a42fdf0aeaed5998178267","revision":1}}