ESMA Withdraws MiFID II/MiFIR Market Data Guidelines

ESMA has withdrawn its previous guidelines on MiFID II/MiFIR obligations related to market data, effective immediately.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 While the withdrawn guidelines were non-binding, their removal signifies a shift towards the new RTS as the primary framework.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.