ESMA Withdraws MiFID II/MiFIR Market Data Guidelines
Summary
The European Securities and Markets Authority (ESMA) has withdrawn its guidelines on MiFID II/MiFIR obligations concerning market data. This action aligns the regulatory framework with new technical standards that entered into force in November 2025, aiming to simplify rules for market participants.
What changed
ESMA has withdrawn its previous guidelines on MiFID II/MiFIR obligations related to market data, effective immediately. This withdrawal is in response to the implementation of new regulatory technical standards (RTS) on the obligation to make market data available to the public on a reasonable commercial basis, which became applicable in November 2025. The decision reflects ESMA's commitment to simplifying regulatory requirements and reducing compliance burdens for entities operating within the EU financial markets.
Market data providers authorized before November 23, 2025, have a transition period until August 22, 2026, to align their existing contractual arrangements with the new RTS requirements. While the withdrawn guidelines were non-binding, their removal signifies a shift towards the new RTS as the primary framework. Regulated entities, particularly market data providers, should ensure their practices and contracts are compliant with the new RTS by the August 2026 deadline to avoid potential issues related to market data dissemination and availability.
Source document (simplified)
ESMA simplifies MiFID II/ MiFIR obligations on market data
Guidelines and Technical standards Market data Trading 23/02/2026 The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has withdrawn its guidelines on the MiFID II/ MiFIR obligations on market data, effective immediately, reflecting its ongoing commitment to simplifying rules and reducing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 framework with the newly applicable regulatory technical standards on the obligation to make market data available to the public on a reasonable commercial basis (RTS on RCB).
Next steps
The RTS on RCB entered into force on 23 November 2025. Market data providers authorised before that date benefit from a transition period until 22 August 2026. The transition period serves solely to allow market data providers to align existing contractual arrangements with the new requirements in the RTS.
Further information
ESMA encourages stakeholders to raise any issues related to the rules and the application of the RTS on RCB via email at RCB@esma.europa.eu.
Further information:
Cristina Bonillo
Senior Communications Officer
press@esma.europa.eu
Related Documents
Download All Files Download Selected Files
| Date | Reference | Title | Download | Select |
| --- | --- | --- | --- | --- |
| 23/02/2026 | ESMA74-276584410-11228 | Decision on the withdrawal of guidelines on the MiFID II/ MiFIR obligations on market data | | |
| 18/08/2021 | ESMA70-156-4263 | Guidelines on the MiFID II/ MiFIR obligations on market data | | |
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