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Data Reporting Services Regulations 2024 [SI 2024 No. 107]Introductory TextPart 1 Introductory Provisions (regs. 1-2)Regulation 1 Citation, commencement and extentRegulation 2 InterpretationPart 2 Authorisation of Data Reporting Services (rags. 3-11)Regulation 3 Prohibition on the provision of a data reporting serviceRegulation 4 Register of data reporting service providersRegulation 5 Application for authorisation to provide a data reporting serviceRegulation 6 Direction to tenderRegulation 7 Verification of complianceRegulation 8 Conditions for authorisation to provide a data reporting serviceRegulation 9 Determination of an application for authorisation to provide a data reporting serviceRegulation 10 Cancellation of an authorisation to provide a data reporting serviceRegulation 11 Variation of an authorisation to provide data reporting servicesPart 3 Administration and enforcement (regs. 12-30)Chapter 1 The FCA (regs. 12-14)Functions of the FCA (regs. 12-14)Regulation 12 Consulting the Bank of EnglandRegulation 13 Restrictions on authorisation to carry on data reporting servicesRegulation 14 Breach of the prohibition on the provision of a data reporting serviceChapter 2 Application of FSMA 2000 for the purposes of the Regulations (regs. 15-27)Regulation 15 FCA's general dutiesRegulation 16 Supervision, monitoring and enforcementRegulation 17 Application of Part 9 of FSMA 2000 (hearings and appeals)Regulation 18 Application of Part 11 of FSMA 2000 (information gathering and investigations)Regulation 19 Disciplinary measuresRegulation 20 Information given by an auditorRegulation 21 Restrictions on disclosure of informationRegulation 22 Application of Part 25 of FSMA 2000 (injunctions and restitution)Regulation 23 Application of Part 26 of FSMA 2000 (notices)Regulation 24 Application of Part 27 of FSMA 2000 (offences)Regulation 25 Application of section 413 of FSMA 2000 (protected items)Regulation 26 Application of section 415AA of FSMA 2000 (application of powers to formerly authorised persons)Regulation 27 FCA: penalties, fees and exemption from liability in damagesChapter 3 Application of secondary legislation for the purposes of the Regulations (regs. 28-30)Regulation 28 Service of noticesRegulation 29 Disclosure of confidential informationRegulation 30 Communications by auditorsPart 4 Amendment of primary and secondary legislation (regs. 31-35)Regulation 31 Amendment of FSMA 2000Regulation 32 Amendment of the Financial Services and Markets Act 2000 (Recognition requirements for Investment Exchanges, Clearing Houses and Central Securities Depositaries) Regulations 2001Regulation 33 Amendment of the Financial Services Act 2012 (Relevant Functions in relation to Complaints Scheme) Order 2014Regulation 34 Amendment of the Public Interest Disclosure (Prescribed Persons) Order 2014Regulation 35 Amendment of the Public Interest Disclosure (Prescribed Persons) Order (Northern Ireland) 1999Part 5 Amendment of assimilated legislation (regs. 36-37)Regulation 36 Amendment of the markets in financial instruments regulationRegulation 37 Amendment of Commission Delegated Regulation (EU) 2017/565Part 6 Transitional and saving provision (regs. 38-43)Regulation 38 The registerRegulation 39 Authorisation and verification under the 2017 RegulationsRegulation 40 Undetermined applicationsRegulation 41 References to the TribunalAdministration and determinations (regs. 42-43)Regulation 42Regulation 43SignatureExplanatory NoteExplanatory MemorandumDe minimis assessment
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 5 April 2024 - onwards
Version 2 of 2

Regulation 3 Prohibition on the provision of a data reporting service

(1) A person must not provide a data reporting service in the United Kingdom as a regular occupation or business unless the person is -

(a) acting in accordance with an authorisation to provide that data reporting service granted under these Regulations;

(b) an investment firm which is operating a UK multilateral trading facility or a UK organised trading facility where the FCA has verified under these Regulations that the firm complies with these Regulations in respect of the data reporting service concerned;

(c) a credit institution which is operating a UK multilateral trading facility or a UK organised trading facility where the FCA has verified under these Regulations that the institution complies with these Regulations in respect of the data reporting service concerned; or

(d) a recognised investment exchange operating a trading venue where the FCA has verified under these Regulations that the exchange complies with these Regulations in respect of the data reporting service concerned.

(2) A person who breaches a prohibition imposed by paragraph (1) is to be taken to have contravened a requirement imposed on it under these Regulations.

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