Data reporting services providers

Information about the data reporting serivce providers and the process regarding authorisation

 With the introduction of MiFID II, data reporting services providers will be subject to regulation and a requirement for authorisation. The rules are implemented in the coming Capital Markets Act which enters into force on 3 January 2018.


The objective of the regulation is to ensure the necessary quality of the central market data used by both market participants and competent authorities as part of their activity and market surveillance. The regulation also ensures that market data are delivered on a reasonably commercial basis and in a uniform and non-discriminating way.


In order to obtain authorisation as a data reporting services provider, an undertaking must meet the requirements applying to an ARM, an APA and a CTP, respectively. Moreover, data reporting services providers must comply with a number of management requirements applying to all three types of undertakings.


An undertaking seeking authorisation as a data reporting services provider as either


  • an approved reporting mechanism (ARM)

  • an approved publication arrangement (APA)

  • a consolidated tape provider (CTP)


must submit an application with an application form and a fit & proper form for each member of management to the Danish Financial Supervisory Authority. 


The application form must include all information following from the Commission delegated regulation (EU) 2017/571 of 2 June 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards on the authorisation, organisational requirements and the publication of transactions for data reporting services providers.



Please find the regulation here.


Application process


The Danish FSA has six months for making a decision in respect of authorisation from the date of receipt of a complete application. An undertaking seeking authorisation after entry into force of the new rules on 3 January 2018 must therefore submit a complete application no later than 3 July 2017.




Data reporting services providers with authorisation according to chapter 26 of the Danish Capital Markets Act must pay a fee to the Danish FSA per type of data reporting service provided by the undertaking. This means that an undertaking operating both an APA and an ARM must pay the fee twice.


In 2018, the fee is expected to amount to DKK 838,000.


If you have any questions in respect of the application process, please contact Capital Markets Regulation by mail to or telephone +45 33 55 82 00