Recital 19

(19)To demonstrate the reasonable level of fees that an applicant for authorisation as a CTP intends to charge to its clients, that applicant should provide ESMA with the market data policy, including a detailed explanation of licensing models and the envisaged fee schedule pursuant to Article 17 of Commission Delegated Regulation (EU) 2025/1156 ⁶ . An applicant for authorisation as a CTP for bonds should disclose any arrangements for any revenue redistribution to data contributors as referred to in Article 27h, point (5), of Regulation (EU) No 600/2014.