The European Securities and Markets Authority has withdrawn its guidelines on MiFID II and MiFIR obligations on market data, with immediate effect, to align supervisory expectations with the newly applicable regulatory technical standards on making market data available to the public on a reasonable commercial basis (RTS on RCB). The RTS on RCB entered into force on 23 November 2025. Market data providers authorised before that date have a transition period until 22 August 2026, which is limited to allowing them to align existing contractual arrangements with the RTS requirements. ESMA invited stakeholders to raise issues related to the rules and the application of the RTS on RCB.
European Securities and Markets Authority 2026-02-23
European Securities and Markets Authority withdraws MiFID II and MiFIR market data guidelines to align with RTS on reasonable commercial basis
The European Securities and Markets Authority (ESMA) has withdrawn its guidelines on MiFID II and MiFIR market data obligations to align with new regulatory technical standards on making market data available on a reasonable commercial basis. The RTS on RCB took effect on 23 November 2025, with a transition period until 22 August 2026 for pre-authorised market data providers to adjust contracts. ESMA has invited stakeholders to discuss issues related to these rules and the RTS application.