Updated 07/12/2025

Metadata

In force since 23/11/2025

Initial Legal Act

References (4)

Timeline

03/11/2025

Delegated Regulation 2025/1156 published in OJ

17/12/2024

ESMA74-2134169708-7775

Final Draft published

21/05/2024

ESMA74-2134169708-7241

Consultation published

MiFIR Tool Delegated Regulation 2025/1156

Delegated Regulation 2025/1156

Commission Delegated Regulation (EU) 2025/1156 of 12 June 2025 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards on the obligation to make market data available to the public on a reasonable commercial basis

CHAPTER I - DEFINITIONS (Article 1)Article 1 - Definitions

CHAPTER II - CALCULATION OF TOTAL COSTS AND MARGINS OF MARKET DATA (Article 2-3)Article 2 - Total costs Article 3 - Principles in setting a reasonable margin for market data

CHAPTER III - NON-DISCRIMINATORY ACCESS (Article 4-6)Article 4 - Obligation to provide market data on a non-discriminatory basis Article 5 - Differentials in fees Article 6 - Distribution channels

CHAPTER IV - UNBIASED AND FAIR CONTRACTUAL TERMS (Article 7-16)Article 7 - Provision of pre-contractual information Article 8 - Fair terms Article 9 - Contractual terms Article 10 - Conformity of the terms with the market data policy Article 11 - Additional fees Article 12 - Per client fees Article 13 - Obligation to keep data unbundled Article 14 - Penalties Article 15 - Contractual provisions on audit Article 16 - Unilateral changes to fees and conditions

CHAPTER V - CONTENT, FORMAT AND TERMINOLOGY OF THE MARKET DATA POLICIES (Article 17-22)Article 17 - Information to be included in the market data policy Article 18 - Terminology of market data policies Article 19 - Accessible format of market data policies Article 20 - Unit of count Article 21 - Format for publication of market data policy Article 22 - Cost disclosure

CHAPTER VI - DATA ACCESS, CONTENT AND FORMAT OF DELAYED MARKET DATA (Article 23-25)Article 23 - Access to delayed market data Article 24 - Content of delayed market data Article 25 - Format of delayed market data

CHAPTER VII - CONTENT, FORMAT AND TERMINOLOGY OF THE INFORMATION TO BE PROVIDED TO THE COMPETENT AUTHORITIES (Article 26)Article 26 - Information to be provided to the competent authorities

CHAPTER VIII - FINAL PROVISIONS (Article 27-28)Article 27 - Transitional measures Article 28 - Entry into force

ANNEX I ANNEX II