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The Law of 5 April 1993 on the financial sector (“LFS”) has transposed Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on Markets in Financial Instruments, widely known as MiFID 2, and Regulation (EU) No 600/2014 (MiFIR) and introduced a new legal framework aiming to strengthen investors’ protection and improve the functioning of financial markets.
To reach that objective, new rules were adopted and new parties were introduced. These new parties offer data reporting services and are called Data Reporting Service Provider or “DRSP”.
DRSP are financial professionals referred to in Part I, Chapter 2, Section 2, Sub-section 4 (“Data Reporting Services”) of the LFS and include institutions authorised under the following articles: