[ESMA 70-872942901-35 MiFIR transparency Q&A, Q&A 8.3]

As part of the organisational requirements set out in Article 12 of RTS 13, ARMs have to comply with the technical specifications for the submission of transactions reports. According to the time line set out in the authorisation process under Article 61(3) of MiFID II, CAs are required to inform an applicant of whether or not authorisation has been granted within 6 months of the submission of a complete application. This time line includes the time required for approving and establishing the connectivity of ARMs. ESMA considers that for approving and establishing the connectivity of ARMs to CAs other than the CA of the home Member State, the same timeline of 6 months should apply.