On 23 February 2026, the European Securities and Markets Authority (ESMA) published a decision adopted by its Board of Supervisors to withdraw its guidelines on market data obligations under the Markets in Financial Instruments Directive II (MiFID II) and Markets in Financial Instruments Regulation (MiFIR).
The Board of Supervisors of ESMA adopted guidelines on the MiFID II / MiFIR obligations on market data on 18 August 2021. The guidelines were to ensure a common, uniform and consistent application of MiFID II and MiFIR with regard to the obligations on market data, and notably Article 13 of MiFIR on the “obligation to make pre-trade and post-trade data available on a reasonable commercial basis”.
The Board of Supervisors has decided to withdraw the guidelines with immediate effect on the basis that they are no longer needed. The clarifications on the subject matter which they covered have been incorporated into Commission Delegated Regulation (EU) 2025/1156 of 12 June 2025 supplementing MiFIR with regard to regulatory technical standards on the obligation to make market data available to the public on a reasonable commercial basis, as mandated by the revised Article 13 of Regulation (EU) 2024/791 of amending MiFIR as regards enhancing data transparency, removing obstacles to the emergence of consolidated tapes, optimising the trading obligations and prohibiting receiving payment for order flow.