1.   Market data providers shall clearly indicate in the market data agreement the infringements of the rights and obligations arising under that agreement to which penalties are applicable.

2.   The amount of penalties shall not unreasonably exceed the fees the client would have paid in case of compliance with the market data agreement.

3.   A request for payment of a penalty may only be made within a reasonable time from the occurrence of the infringement, which shall not exceed five years from the date an audit is notified, and shall be based on clear evidence of the infringement.