European Union: European Commission adopted Delegated Regulation 2025/1768 on European Securities and Markets Authority sanctioning procedures for consolidated tape providers

On 7 May 2025, the European Commission adopted Commission Delegated Regulation (EU) 2025/1768, amending Commission Delegated Regulation (EU) 2022/803 concerning the rules of procedure for the exercise of the power to impose fines or periodic penalty payments by the European Securities and Markets Authority (ESMA) with respect to consolidated tape providers. The amendment extends the scope of the existing framework, which previously applied only to approved publication arrangements and approved reporting mechanisms, to cover all data reporting service providers, including consolidated tape providers, following the reforms introduced by Regulation (EU) 2024/791 on markets in financial instruments (MiFIR reform).