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Data Reporting Service Providers (“DRSP”) are subject to a prior written authorisation of the Minister responsible for the CSSF if they propose data reporting services as a regular occupation or business pursuant Articles 29-7 and 29-8 of the Law of 5 April 1993 on the financial sector (“LFS”).
Article 29-8(2) of the LFS allows credit institutions, investment firms or market operators operating a trading venue to carry out data reporting services providing prior verification of their compliance with Sub-section 4 of the LFS (Articles 29-7 to 29-15). Such services shall be included in their authorisation.
DRSP are characterised by three exceptions compared to the other categories of professionals of the financial sector