Regulatory Alerts2021-08-18
Added · Updated
Guidelines on the MiFID II/ MiFIR obligations on market data
These guidelines establish supervisory practices for national competent authorities and financial market participants, including trading venues, approved publication arrangements, consolidated tape providers, and systematic internalisers, regarding market data obligations under MiFID II and MiFIR. They require market data providers to publish clear policies, apply cost-based pricing methodologies, ensure non-discriminatory access, and make delayed data available free of charge fifteen minutes after publication. The guidelines specify that providers must document cost accounting methods, justify customer categorizations and fee differentiations, and avoid unjustified penalty clauses. National competent authorities must notify ESMA of their compliance status within two months of publication, and the guidelines apply from 1 January 2022.
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