S.L. 345.21 Art. 3Requirement for authorisation.

(1) No person shall operate an APA, a CTP or an

ARM in or from Malta, or hold itself out to be or provide the services of an APA, a CTP or an ARM, unless such person has received prior authorisation in accordance with Article 27b of MiFIR.

(2) A person seeking to operate an APA or an ARM which has a derogation in accordance with Article 2(3) of MiFIR in or from Malta shall require prior authorisation for this purpose. The authorisation shall be issued by the competent authority in terms of these regulations and Article 27b of MiFIR.

(3) An application for authorisation to operate an APA or an ARM which has a derogation in accordance with Article 2(3) of MiFIR in terms of sub-regulation (2) shall be made to the competent authority in writing and shall be accompanied by such documents as the competent authority may specify. accordance with Article 2(3) of MiFIR shall be authorised by the competent authority in terms of sub-regulation (2) where:

(a) the data reporting services provider is a legal person established in the Union; and

(b) the data reporting services provider meets the requirements laid down in Title IVa of MiFIR:

Provided that the competent authority shall not issue an authorisation unless it is satisfied that the applicant is in a position to comply with any conditions for authorisation set out in Title IVa of MiFIR which the competent authority may deem fit to impose.

(5) Notwithstanding the provisions of sub-regulation (2), the competent authority shall allow an investment firm or a market operator operating a trading venue to operate the data reporting services of an APA or an ARM which has a derogation in accordance with Article 2(3) of MiFIR subject to the prior verification of their compliance with the provisions of Title IVa of MiFIR. This service shall be included in their licence..