ESMA Publishes Draft Guidelines on MiFIR and MiFID II Market Data Obligations

On November 6, the European Securities and Markets Authority (ESMA) published a consultation paper on draft guidelines on obligations regarding market data under the Markets in Financial Instruments Regulation (MiFIR) and Markets in Financial Instruments Directive (MiFID II) (the Consultation Paper).

In the Consultation Paper, ESMA proposes guidelines with the aim to ensure common and consistent application of certain provisions, including providing market data on a reasonable commercial basis and providing market data free of charge 15 minutes after publication under MiFIR and MiFID II. The basis of the Consultation Paper originates from a previous report published by ESMA in December 2019.

The deadline for comments on the Consultation Paper is January 11, 2021. ESMA intends to publish its final review report and final guidelines in the second quarter of 2021.

The Consultation Paper is available here.



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