The Data Reporting Services Regulations 2024
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Change 1
6 Direction to tender
(1) The FCA may give a direction that a tender is to take place in order to select a person to provide a CTP service (a “direction to tender”). (2) A direction to tender must specify— (a) the steps to be taken by prospective bidders wishing to participate in the tender, and (b) the nature of the CTP service to which the tender applies, by reference to the description of financial instrument for which trade reports are to be collected and, where applicable, the relevant class of assets within that financial instrument. (3) The FCA must make a determination as to whether— (a) a bidder is to be awarded a contract to provide the CTP service to which the tender applies (a “tender contract”), or (b) where a bidder is not authorised or verified to provide the CTP service concerned, the bidder is a person to whom the FCA proposes to award a tender contract subject to that person being authorised or verified (a “preferred bidder”). (4) The maximum term for which the tender contract may be awarded by the FCA following a direction to tender (“the initial tender term”) is a period of five years beginning on such day as the FCA may determine. (5) The initial tender term may be extended by a period of no more than two years where— (a) the FCA intends to give a direction to tender in respect of the CTP service concerned and— (i) significant changes to the arrangements for the selection of a person to provide the service, or to the obligations associated with the provision of the service, are anticipated by the FCA which would not otherwise be in effect before the commencement of the tender, or (ii) following consultation with prospective bidders, the FCA cannot identify any likely participants in the tender other than the incumbent to whom the tender contract was awarded; or (b) following a direction to tender, a preferred bidder is not authorised or verified to provide the CTP service concerned. (6) For the duration of the period during which a tender contract is in effect (including any period during which the tender contract is extended) no person other than a person who has been awarded a contract to provide the CTP service concerned may provide that service. (7) A person who breaches a prohibition imposed by paragraph (6) is to be taken to have contravened a requirement imposed on it under these Regulations. (8) In this regulation, reference to a person “authorised or verified” means a person who is authorised under regulation 9 to provide the CTP service to which the tender applies or a person whose compliance with these Regulations in connection with the provision of that service has been verified by the FCA under regulation 7.
6 Direction to tender
(1) The FCA may give a direction that a tender is to take place in order to select a person to provide a CTP service (a “direction to tender”). (2) A direction to tender must specify— (a) the steps to be taken by prospective bidders wishing to participate in the tender, and (b) the nature of the CTP service to which the tender applies, by reference to the description of financial instrument for which trade reports are to be collected and, where applicable, the relevant class of assets within that financial instrument. (3) The FCA must make a determination as to whether— (a) a bidder is to be awarded a contract to provide the CTP service to which the tender applies (a “tender contract”), or (b) where a bidder is not authorised or verified to provide the CTP service concerned, the bidder is a person to whom the FCA proposes to award a tender contract subject to that person being authorised or verified (a “preferred bidder”). (4) The maximum term for which the tender contract may be awarded by the FCA following a direction to tender (“the initial tender term”) is a period of five years beginning on such day as the FCA may determine. (5) The initial tender term may be extended by a period of no more than two years where— (a) the FCA intends to give a direction to tender in respect of the CTP service concerned and— (i) significant changes to the arrangements for the selection of a person to provide the service, or to the obligations associated with the provision of the service, are anticipated by the FCA which would not otherwise be in effect before the commencement of the tender, or (ii) following consultation with prospective bidders, the FCA cannot identify any likely participants in the tender other than the incumbent to whom the tender contract was awarded; or (b) following a direction to tender, a preferred bidder is not authorised or verified to provide the CTP service concerned. (6) For the duration of the period during which a tender contract is in effect (including any period during which the tender contract is extended) no person other than a person who has been awarded a contract to provide the CTP service concerned may provide that service. (7) A person who breaches a prohibition imposed by paragraph (6) is to be taken to have contravened a requirement imposed on it under these Regulations. (8) In this regulation, reference to a person “authorised or verified” means a person who is authorised under regulation 9 to provide the CTP service to which the tender applies or a person whose compliance with these Regulations in connection with the provision of that service has been verified by the FCA under regulation 7.
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