ESMA simplifies MiFID II/ MiFIR obligations on market data
Executive Summary
ESMA has immediately withdrawn its guidelines on MiFID II/MiFIR market data obligations to align with the new Regulatory Technical Standards on making market data available on a reasonable commercial basis (RTS on RCB), reducing compliance burdens for market participants. This simplifies the regulatory framework by eliminating overlapping soft-law guidance, focusing firms on binding RTS requirements for data transparency, non-discrimination, and cost-based pricing. It matters as it streamlines operations amid broader MiFID II/MiFIR reviews, lowering costs while maintaining market integrity. #
What Changed
- - Withdrawal of ESMA's previous guidelines on MiFID II/MiFIR market data obligations, effective immediately on 23 February 2026, to avoid overlap with binding rules.
- Full alignment with RTS on RCB, which sets criteria for transparency, non-discrimination, and reasonable commercial basis pricing of market data by trading venues and approved publication arrangements.
- Firms must now rely solely on RTS legal text for interpreting data provision, disclosure, and fee structures, without legacy interpretive guidance.
Suggested Considerations
- Review and map internal policies, procedures, and data disclosure practices directly to RTS on RCB criteria for transparency, non-discrimination, and cost-based pricing.
- For market data providers authorised before 23 November 2025: Use the transition period (until 22 August 2026) exclusively to renegotiate and align existing contractual arrangements, including pricing schedules, data packages, and service-level clauses, with RTS requirements.
- Document compliance with RTS across asset classes and distribution channels; cease reliance on withdrawn guidelines.
- Contact ESMA at RCB@esma.europa.eu for issues on RTS application or interpretative uncertainties.
Key Dates
Compliance Impact
Urgency: High - Immediate guideline withdrawal requires prompt policy updates to avoid supervisory misalignment, though the 22 August 2026 transition eases contract changes for legacy providers. This matters as it reduces ambiguity and burdens in a simplifying regulatory environment, but non-compliance risks enforcement under binding RTS amid MiFID II/MiFIR reviews; proactive alignment prevents fu
Who is Affected
References
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Summary
ESMA simplifies MiFID II/ MiFIR obligations on market data 23 February 2026 Guidelines and Technical standards Market data Trading The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has withdrawn its guidelines on the MiFID II/ MiFIR obligations on market data , effective immediately, reflecting its ongoing commitment to simplifying rules and reducing unnecessary compliance burdens for market participants. The decision aligns the framewo...