1The FCA will give a direction to tender for the provision of the service of a consolidated tape for bonds by placing a notice on the FCA’s website inviting tenders, and providing details of the tender specification and process to be followed. As well as providing additional information to be set out in the direction to tender, tenders should include the information set out in MAR 9.2A.3 and MAR 9.2A.4.
1Tenders should include a programme of operations. The programme of operations should include:
information on the organisational structure of the bidder, including an organisational chart and a description of the human, technical and legal resources allocated to its business activities;
information on the compliance policies and procedures of the bidder, including:
the arrangements to monitor and enforce the compliance policies and procedures;
the measures to be undertaken in the event of a breach which may result in a failure to meet the conditions for initial authorisation; and
a description of the procedure for reporting to the FCA any breach which may result in a failure to meet the conditions for initial authorisation; and
a list of all outsourced functions and resources allocated to the control of the outsourced functions.
A bidder offering services other than data reporting services must describe those services in the organisational chart.
1A bidder should include in its tender:
a description of the policies and procedures on access to documents by members of the management body.
The tender contract is awarded for a maximum of 5 years, commencing from a date to be determined by the FCA. The tender contract term is renewable in limited circumstances for a period of no more than 2 years in accordance with regulation 6 of the DRS Regulations.
Within 6 months before either the expiry of the tender contract term or the FCA cancelling an authorisation to provide a data reporting service as a CTP under regulation 10 of the DRS Regulations, the FCA will begin the process to re-tender for a CTP for bonds.
1A CTP for bonds must take all reasonable steps to transfer without delay to a successor CTP the assets, data and operational information necessary to enable it to operate the consolidated tape effectively. It must also have in place agreements with its clients which enable those clients who decide to do so to transfer to a successor CTP.