Recital 15

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Recital 15

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(15)The receipt of high-quality data is of the utmost importance for the functioning of the consolidated tapes and requires all data contributors and CTPs to timestamp their data in a synchronised manner. Regulation (EU) 2024/791 of the European Parliament and of the Council ⁴ therefore amended Regulation (EU) No 600/2014 to extend the requirement to synchronise business clocks to DPEs, to APAs and to CTPs. Since that requirement is now laid down in Article 22c of Regulation (EU) No 600/2014, Directive (EU) 2024/790 of the European Parliament and of the Council ⁵ deleted Article 50 of Directive 2014/65/EU of the European Parliament and of the Council ⁶ . Commission Delegated Regulation (EU) 2017/574 ⁷ was adopted based on the empowerment set out in Article 50 of Directive 2014/65/EU. Following the deletion of that Article and the establishment of clock synchronisation requirements in Article 22c of Regulation (EU) No 600/2014, it is necessary to update the regulatory framework to reflect that legislative change. Consequently, Delegated Regulation (EU) 2017/574 should be repealed, and references to that Regulation should be understood as references to this Regulation.

5 Directive (EU) 2024/790 of the European Parliament and of the Council of 28 February 2024 amending Directive 2014/65/EU on markets in financial instruments ( OJ L, 2024/790, 8.3.2024, ELI: http://data.europa.eu/eli/dir/2024/790/oj ). ↩
7 Commission Delegated Regulation (EU) 2017/574 of 7 June 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the level of accuracy of business clocks ( OJ L 87, 31.3.2017, p. 148 , ELI: http://data.europa.eu/eli/reg_del/2017/574/oj ). ↩
4 Regulation (EU) 2024/791 of the European Parliament and of the Council of 28 February 2024 amending Regulation (EU) No 600/2014 as regards enhancing data transparency, removing obstacles to the emergence of consolidated tapes, optimising the trading obligations and prohibiting receiving payment for order flow ( OJ L, 2024/791, 8.3.2024, ELI: http://data.europa.eu/eli/reg/2024/791/oj ). ↩
6 Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU ( OJ L 173, 12.6.2014, p. 349 , ELI: http://data.europa.eu/eli/dir/2014/65/oj ). ↩