As of 9 September 2024, investment firms may register as a Designated Publishing Entity (DPE) with the Dutch Authority for the Financial Markets (AFM). The review of the Markets in Financial Instruments Regulation (MiFIR review) has introduced the DPE status.
Previously, investment firms that met the definition of a Systematic Internaliser (SI) were required to report transactions to an Approved Publication Arrangement (APA). Many investment firms voluntarily opted-in under the SI regime to enable them to report the transactions they carried out for their clients so their client did not have to report. As part of the MiFIR review the DPE status was created to avoid disproportionate obligations being imposed on institutions that voluntarily opted-in as an SI. Once registered as a DPE, an investment firm can take responsibility for reporting transactions to an APA, without opting for the SI status. The SI regime will remain in place albeit amended.
Since 9 September 2024, investment firms – which have a licence from the AFM – may register as a DPE with the AFM. The AFM will send the registration to the European Securities and Markets Authority (ESMA).
The change to the DPE regime will happen in two stages:
- ESMA will create a DPE register, specifying a DPE’s identity and the classes of financial instruments for which they act. The register becomes available from 29 September 2024.
- The DPE regime becomes fully operational on 3 February 2025. Registered DPEs involved in a transaction are from that date required to make information on the transaction public through an APA.
Please see the AFM’s update here: link