{"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"from:2022-08-02","held_since":"2022-08-02","gaps":[],"covered":["2017/565 — Delegated act — Organisational requirements and operating conditions [in force] L2"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","release_published":"2026-11-01T16:41:30Z","checked_at":"2026-10-26","checked_against":"EUR-Lex"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/mifid-ii/level-2/delegated-acts/2017-565-organisational-requirements-and-operating-conditions-for/articles/88","url":"https://www.headlesslaw.com/mifid-ii/level-2/delegated-acts/2017-565-organisational-requirements-and-operating-conditions-for/articles/88","title":"Article 88 — Unbundling and disaggregating market data (Article 64(1) and 65(1) of Directive 2014/65/EU)","family":"l2_unit_view","work_id":"spaces/mifid-ii/level-2/delegated-acts/2017-565-organisational-requirements-and-operating-conditions-for","view_of":"/mifid-ii/level-2/delegated-acts/2017-565-organisational-requirements-and-operating-conditions-for","status":"in_force","force_status":"in_force","date_state":"current","requested_date":null,"as_of":"2026-11-02","applies_from":null,"application":null,"version_label":"Consolidated version of 2 August 2022","check":{"against":"EUR-Lex","on":"2026-10-26"},"check_result":"matched","official_url":"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02017R0565-20220802","valid_from":"2017-04-20","valid_until":null,"content_id":"9361088c6b8a7923","versions":["2017-04-20"],"version_url":"https://www.headlesslaw.com/mifid-ii/level-2/delegated-acts/2017-565-organisational-requirements-and-operating-conditions-for/articles/88/versions/2022-08-02","revision_url":"https://www.headlesslaw.com/mifid-ii/level-2/delegated-acts/2017-565-organisational-requirements-and-operating-conditions-for/articles/88/versions/2022-08-02/rev/9361088c6b8a7923","versions_url":"https://www.headlesslaw.com/mifid-ii/level-2/delegated-acts/2017-565-organisational-requirements-and-operating-conditions-for/articles/88/versions","relations_url":"https://www.headlesslaw.com/mifid-ii/level-2/delegated-acts/2017-565-organisational-requirements-and-operating-conditions-for/articles/88/relations","act_url":"https://www.headlesslaw.com/mifid-ii/level-2/delegated-acts/2017-565-organisational-requirements-and-operating-conditions-for#art-88","source_line":"Commission Delegated Regulation (EU) 2017/565 · binding · OJ L 87, 31.3.2017 · dated 25 Apr 2016 [in force]","attribution":{"prepared_by":"European Commission","published_by":"Publications Office of the EU","published_in":"Official Journal of the European Union","document_type":"delegated_regulation","legal_nature":"binding_adopted","addressees":"not stated in the document","dates":{"document_date":"2016-04-25","entry_into_force":"2017-04-20","locators":{"document_date":"CELLAR 32017R0565 work_date_document","entry_into_force":"CELLAR 32017R0565 resource_legal_date_entry-into-force (earliest)"}},"adoption":null},"context":{"act":{"work_id":"spaces/mifid-ii/level-2/delegated-acts/2017-565-organisational-requirements-and-operating-conditions-for","path":"/mifid-ii/level-2/delegated-acts/2017-565-organisational-requirements-and-operating-conditions-for","name":"Commission Delegated Regulation (EU) 2017/565","number":"2017/565","celex":"32017R0565","title_official":"COMMISSION DELEGATED REGULATION (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive (Text with EEA relevance)","document_date":"2016-04-25"},"position":{"kind":"article","key":"88","index":89,"articles":92,"annexes":4},"prev":{"path":"/mifid-ii/level-2/delegated-acts/2017-565-organisational-requirements-and-operating-conditions-for/articles/87","key":"87","title":"Article 87 — Per user fees (Article 64(1) and 65(1) of Directive 2014/65/EU)"},"next":{"path":"/mifid-ii/level-2/delegated-acts/2017-565-organisational-requirements-and-operating-conditions-for/articles/89","key":"89","title":"Article 89 — Transparency obligation (Article 64(1) and 65(1) of Directive 2014/65/EU)"},"act_anchor":"#art-88"}},"provenance":{"official_url":"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02017R0565-20220802","check":{"result":"matched","checked_at":"2026-10-26","against":"EUR-Lex"},"repo_path":"spaces/mifid-ii/level-2/delegated-acts/2017-565-organisational-requirements-and-operating-conditions-for.md","unit_text_sha256":"a5406e8260e678365b192b8fe3494e543f875be548496de2a6ac82f2d82f44f2","note":"the unit is a byte-exact part of the act page, whose check record covers it"},"unit":{"locator":"spaces/mifid-ii/level-2/delegated-acts/2017-565-organisational-requirements-and-operating-conditions-for/art-88","kind":"article","key":"88","heading":"Article 88 — Unbundling and disaggregating market data (Article 64(1) and 65(1) of Directive 2014/65/EU)","text":"## <a id=\"art-88\"></a>Article 88 — Unbundling and disaggregating market data (Article 64(1) and 65(1) of Directive 2014/65/EU)\n\n1. <a id=\"art-88-p-1\"></a>APAs and CTPs shall make market data available without being bundled with other services.\n\n2. <a id=\"art-88-p-2\"></a>Prices for market data shall be charged on the basis of the level of market data disaggregation provided for in Article 12(1) of Regulation (EU) No 600/2014 as further specified in Articles of Commission Delegated [Regulation (EU) 2017/572](https://www.headlesslaw.com/mifir/level-2/rts/2017-572-the-specification-of-the-offering-of-pre-and-post-trade).\n\n","marks":[],"text_hash":"a5406e8260e678365b192b8fe3494e543f875be548496de2a6ac82f2d82f44f2","revision":1}}