Circular CSSF 21/783 is a CSSF circular, published 29 September 2021 and updated 24 August 2026. Subject: Application of the Guidelines of the European Securities and Market Authority on the MiFID II/MiFIR obligations on market data. The CSSF marks it as outdated.
\nRelevant for: Credit institutions, Data Reporting Service Providers (DRSPs), Investment firms, Specialised PFS.
\nMain topic: MiFID II. Keywords: Multilateral trading facilities (MTFs), Organised trading facilities (OTFs), Trading venue.
\nMARKET AUTHORITY ON THE MIFID II/MIFIR OBLIGATIONS ON MARKET DATA
\nCircular CSSF 21/783 RE: Application of the Guidelines of the European Securities and Market Authority on the MiFID II/MiFIR obligations on market data
\nLuxembourg, 29 September 2021 To all regulated markets, market operators, credit institutions, investment firms and market operators operating an MTF or an OTF, approved publication arrangements (APAs) and systematic internalisers (SIs)
\nLadies and Gentlemen, Subject: Application of the Guidelines of the European Securities and Market Authority on the obligations on market data under Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (“MiFID II”) and the Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 (“MiFIR”) (ESMA Guidelines 70-1564263). Purpose of the Circular The purpose of this circular is to inform you that the CSSF, in its capacity as competent authority, applies the Guidelines of ESMA on the MiFID II/MiFIR obligations on market data (Ref. ESMA70-156-4263) (the “Guidelines”), published on 18 August 2021. Consequently, the CSSF has integrated the Guidelines into its administrative practice and regulatory approach with a view to promote supervisory convergence in this field at European level. All regulated markets, market operators, credit institutions, investment firms and market operators operating an MTF or an OTF, APAs and SIs shall duly comply with them.
\nThe Guidelines The Guidelines are issued by ESMA in accordance with Article 16 of the ESMA Regulation. 1 The Guidelines apply in relation to market data to be made public for the purpose of the pre-trade and post-trade transparency regime in accordance with Articles 13, 15(1) and 18(8) of MiFIR as further specified in Articles 6 to 11 of Delegated Regulation 2017/567 2 and of Articles 64(1) and (2) and 65(1) and (2) of MiFID II 3 as further specified in Articles 84 to 89 of Delegated Regulation 2017/565 4. The Guidelines apply as from 1 January 2022. The Guidelines apply in relation to market data that trading venues, APAs and SIs have to make public for the purpose of the pre-trade and post-trade transparency regime. The Guidelines aim to ensure that financial market participants have a uniform understanding of the requirement to provide market data on a reasonable commercial basis (RCB), including the disclosure requirements, as well as the requirement to provide the market data 15 minutes after publication (delayed data) free of charge. The Guidelines are attached to this circular and are available on ESMA’s website. Scope of application The present circular shall apply in relation to regulated markets, market operators, credit institutions, investment firms and market operators operating an MTF or an OTF, APAs and SIs when making public market data for the purpose of the pre-trade and post-trade transparency regime.
\nThe text above is the opening of the document; the PDF carries the whole.
\nDocument page, PDF. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.
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