1.   Market data providers shall include in the market data policy a summary of how the level of fees for market data was set and a more detailed explanation of the cost accounting methodology used.

2.   The explanation of the cost accounting methodology shall provide, at the minimum, the list of all the cost types included in the fees of market data with examples of such costs and the allocation principles and allocation keys for costs that are shared with other services not directly related to the production and dissemination of market data.

3.   Market data providers shall disclose whether they include a margin in the fees of market data and explain how they ensure that the margins are reasonable.

4.   Market data providers shall update the information referred to in paragraphs 1, 2 and 3 of this Article immediately after having finalised the review referred to in Article 2(7).