Source: OJ L, 2025/1140, 10.6.2025Current language: EN
- Markets in crypto-assets
Crypto-asset service provider
- RTS on record keeping
Article 10 Identification of a person or computer algorithm determining conditions for the execution of a transaction
Where a person or computer algorithm within the crypto-asset service provider which executes a transaction determines which trading platform for crypto-assets located outside the Union to access, which other crypto-asset service provider to transmit orders to or any conditions related to the execution of a transaction, that employee or computer algorithm shall be identified in Field 41 of Table 3 in Section 3 of the Annex.
Where a person within the crypto-asset service provider takes decisions determining the execution of the transaction, the crypto-asset service provider shall assign a designation for identifying that person in its transaction records in accordance with Article 9.
Where a computer algorithm operating under the control of the crypto-asset service provider takes decisions determining the execution of the transaction, that computer algorithm shall be identified in Field 43 of the Table in Section 3 of the Annex.
Where a person and computer algorithm are both involved in execution of the transaction, or more than one person or algorithm are involved, the crypto-asset service provider shall record the person or computer algorithm primarily responsible for the execution of the transaction in Field 43 of Table 3 in Section 3 of the Annex.
Relevant recitals
Recital 5 Identifying decision-makers in algorithmic trading
Market abuse, including market manipulation, may be carried out through various means, including through algorithmic trading. Therefore, in order to ensure effective market surveillance, where investment decisions are made by a person other than the client or by a computer algorithm, that person or algorithm should be identified in the order and transaction records using unique, robust and consistent identifiers. For the same reasons, it is important to lay down that where more than one person in a crypto-asset service provider makes the investment decision, the person with primary responsibility for the decision is to be identified in the record.
Recital 12 Identifying execution-responsible persons or algorithms
Manual or algorithmic abusive behaviours can also occur when a crypto-asset service provider determines the trading platform for crypto-asset to access or the crypto-asset service provider to which the orders are to be transmitted or any other conditions related to the execution of the order. Therefore, to ensure effective market surveillance, a person or computer algorithm within the crypto-asset service provider performing such activities should be identified in the order and transaction records. For the same reasons, where both a person and computer algorithm are involved, or more than one person or algorithm is involved, the crypto-asset service provider should determine, on a consistent basis following predetermined criteria, which person or algorithm is primarily responsible for those activities.
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