Regulation 8 Conditions for authorisation to provide a data reporting service

(1)

The FCA may only grant an application for authorisation to provide a data reporting service if—

(a)

the applicant has complied with all the directions and requirements under regulation 5;

(b)

where a direction to tender applies in respect of the data reporting service concerned, the applicant is a preferred bidder;

(c)

the applicant—

(i)

is established in the United Kingdom, or

(ii)

is a person not established in the United Kingdom who—

(aa)

is applying to provide a service described in the definition of an APA or an ARM, and

(bb)

has a branch in the United Kingdom;

(d)

the FCA is satisfied that the applicant complies with all the requirements imposed by or under—

(i)

these Regulations,

(ii)

data reporting service rules,

(iii)

the markets in financial instruments regulation,

(iv)

the assimilated law made under the markets in financial instruments directive or the markets in financial instruments regulation; and

(e)

the FCA is satisfied that the persons who effectively direct the business of the applicant are of good repute.

(2)

In this regulation, “branch” means a place of business other than the head office or registered office which—

(a)

is part of the applicant,

(b)

has no legal personality, and

(c)

provides a data reporting service.