What changes on 23/11/2025

The text in force from 01/11/2012 compared with the text from 23/11/2025.

Read the act as of 23/11/2025 · other versions:

Chapter I

• inserted Article 1 - Definitions

Chapter II

• inserted Article 2 - Total costs
• inserted Article 3 - Principles in setting a reasonable margin for market data

Chapter III

• inserted Article 4 - Obligation to provide market data on a non-discriminatory basis
• inserted Article 5 - Differentials in fees
• inserted Article 6 - Distribution channels

Chapter IV

• inserted Article 7 - Provision of pre-contractual information
• inserted Article 8 - Fair terms
• inserted Article 9 - Contractual terms
• inserted Article 10 - Conformity of the terms with the market data policy
• inserted Article 11 - Additional fees
• inserted Article 12 - Per client fees
• inserted Article 13 - Obligation to keep data unbundled
• inserted Article 14 - Penalties
• inserted Article 15 - Contractual provisions on audit
• inserted Article 16 - Unilateral changes to fees and conditions

Chapter V

• inserted Article 17 - Information to be included in the market data policy
• inserted Article 18 - Terminology of market data policies
• inserted Article 19 - Accessible format of market data policies
• inserted Article 20 - Unit of count
• inserted Article 21 - Format for publication of market data policy
• inserted Article 22 - Cost disclosure

Chapter VI

• inserted Article 23 - Access to delayed market data
• inserted Article 24 - Content of delayed market data
• inserted Article 25 - Format of delayed market data

Chapter VII

• inserted Article 26 - Information to be provided to the competent authorities

Chapter VIII

• inserted Article 27 - Transitional measures
• inserted Article 28 - Entry into force

Outside any heading

• inserted Recital 1
• inserted Recital 2
• inserted Recital 3
• inserted Recital 4
• inserted Recital 5
• inserted Recital 6
• inserted Recital 7
• inserted Recital 8
• inserted Recital 9
• inserted Recital 10
• inserted Recital 11
• inserted Recital 12
• inserted Recital 13
• inserted Recital 14
• inserted Recital 15
• inserted Recital 16
• inserted Recital 17
• inserted Recital 18
• inserted Recital 19
• inserted Recital 20
• inserted Recital 21
• inserted Recital 22
• inserted Recital 23
• inserted Recital 24
• inserted Recital 25
• inserted Preamble
• inserted Annex I
• inserted Annex II