> For the complete documentation index, see [llms.txt](https://www.mica.wtf/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://www.mica.wtf/mica.wtf/mifir/title-iva-data-reporting-services-art.-27a-27i/27g.md). # Art. 27g — Organisational requirements for APAs **1.**An APA shall have adequate policies and arrangements in place to make public the information required under [Articles 20](/mica.wtf/mifir/title-iii-transparency-for-systematic-internalisers-and-investment-firms-trading-otc-and-tick-size-r/20.md) and [21](/mica.wtf/mifir/title-iii-transparency-for-systematic-internalisers-and-investment-firms-trading-otc-and-tick-size-r/21.md) as close to real time as is technically possible, on a reasonable commercial basis. The information shall be made available free of charge 15 minutes after the APA has published it. The APA shall efficiently and consistently disseminate such information in a way that ensures fast access to the information, on a non-discriminatory basis and in a format that facilitates the consolidation of the information with similar data from other sources. **2.**The information made public by an APA in accordance with paragraph 1 shall include, at least, the following details: > **(a)**the identifier of the financial instrument; > > **(b)**the price at which the transaction was concluded; > > **(c)**the volume of the transaction; > > **(d)**the time of the transaction; > > **(e)**the time the transaction was reported; > > **(f)**the price notation of the transaction; > > **(g)**the code for the trading venue the transaction was executed on, or where the transaction was executed via a systematic internaliser the code SI or otherwise the code OTC; > > **(h)**if applicable, an indicator that the transaction was subject to specific conditions. **3.**An APA shall operate and maintain effective administrative arrangements designed to prevent conflicts of interest with its clients. In particular, an APA who is also a market operator or investment firm shall treat all information collected in a non-discriminatory way and shall operate and maintain appropriate arrangements to separate different business functions. **4.**An APA shall comply with the requirements concerning the security of network and information systems set out in Regulation (EU) 2022/2554 of the European Parliament and of the Council. **4a.**An APA shall have objective, non-discriminatory and publicly disclosed requirements for access to its services by undertakings that are subject to the transparency requirements laid down in [Article 20(1)](/mica.wtf/mifir/title-iii-transparency-for-systematic-internalisers-and-investment-firms-trading-otc-and-tick-size-r/20.md) and [Article 21(1)](/mica.wtf/mifir/title-iii-transparency-for-systematic-internalisers-and-investment-firms-trading-otc-and-tick-size-r/21.md). An APA shall publicly disclose the prices and fees associated with the data reporting services provided pursuant to this Regulation. It shall disclose separately the prices and fees of each service provided, including discounts and rebates and the conditions for benefiting from them. It shall allow reporting entities to access specific services separately. **4b.**An APA shall keep records relating to its business at the disposal of the relevant competent authority or ESMA for at least five years. **5.**The APA shall have systems in place that can effectively check trade reports for completeness, identify omissions and obvious errors, and request re-transmission of any such erroneous reports. **6.**ESMA shall develop draft regulatory technical standards to determine common formats, data standards and technical arrangements facilitating the consolidation of information as referred to in paragraph 1. Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010. **7.**The Commission is empowered to adopt delegated acts in accordance with [Article 50](/mica.wtf/mifir/title-ix-delegated-and-implementing-acts-art.-50-51/50.md) in order to supplement this Regulation by specifying what constitutes a reasonable commercial basis to make information public as referred to in paragraph 1 of this Article. **8.**ESMA shall develop draft regulatory technical standards specifying: > **(a)**the means by which an APA may comply with the information obligation referred to in paragraph 1; > > **(b)**the content of the information published under paragraph 1, including at least the information referred to in paragraph 2 in such a way as to enable the publication of information required under this Article; > > **(c)**the concrete organisational requirements laid down in paragraphs 3 and 5. Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. 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