{"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"current_only","held_since":"2026-10-26","gaps":[],"covered":["2025/1156 — RTS — Obligation to make market data available to the public [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":"/mifir/level-2/rts/2025-1156-commission-delegated-regulation-eu-2025-1156-of-12-june/articles/3","url":"https://www.headlesslaw.com/mifir/level-2/rts/2025-1156-commission-delegated-regulation-eu-2025-1156-of-12-june/articles/3","title":"Article 3 — Principles in setting a reasonable margin for market data","family":"l2_unit_view","work_id":"spaces/mifir/level-2/rts/2025-1156-commission-delegated-regulation-eu-2025-1156-of-12-june","view_of":"/mifir/level-2/rts/2025-1156-commission-delegated-regulation-eu-2025-1156-of-12-june","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":"Commission Delegated Regulation (EU) 2025/1156, OJ L, 2025/1156, 3.11.2025","check":{"against":"EUR-Lex","on":"2026-10-26"},"check_result":"matched","official_url":"https://eur-lex.europa.eu/eli/reg_del/2025/1156/oj/eng","valid_from":"2025-11-23","valid_until":null,"content_id":"69394021c9c837a1","versions":["2025-11-23"],"version_url":"https://www.headlesslaw.com/mifir/level-2/rts/2025-1156-commission-delegated-regulation-eu-2025-1156-of-12-june/articles/3/versions/2026-10-26","revision_url":"https://www.headlesslaw.com/mifir/level-2/rts/2025-1156-commission-delegated-regulation-eu-2025-1156-of-12-june/articles/3/versions/2026-10-26/rev/69394021c9c837a1","versions_url":"https://www.headlesslaw.com/mifir/level-2/rts/2025-1156-commission-delegated-regulation-eu-2025-1156-of-12-june/articles/3/versions","relations_url":"https://www.headlesslaw.com/mifir/level-2/rts/2025-1156-commission-delegated-regulation-eu-2025-1156-of-12-june/articles/3/relations","act_url":"https://www.headlesslaw.com/mifir/level-2/rts/2025-1156-commission-delegated-regulation-eu-2025-1156-of-12-june#art-3","source_line":"Commission Delegated Regulation (EU) 2025/1156 · binding · OJ L, 2025/1156, 3.11.2025 · dated 12 Jun 2025 [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":"2025-06-12","published_on":"2025-11-03","entry_into_force":"2025-11-23","locators":{"document_date":"CELLAR 32025R1156 work_date_document","published_on":"CELLAR 32025R1156 official-journal-act_date_publication","entry_into_force":"CELLAR 32025R1156 resource_legal_date_entry-into-force (earliest)"}},"adoption":null},"context":{"act":{"work_id":"spaces/mifir/level-2/rts/2025-1156-commission-delegated-regulation-eu-2025-1156-of-12-june","path":"/mifir/level-2/rts/2025-1156-commission-delegated-regulation-eu-2025-1156-of-12-june","name":"Commission Delegated Regulation (EU) 2025/1156","number":"2025/1156","celex":"32025R1156","title_official":"COMMISSION DELEGATED REGULATION (EU) 2025/1156 of 12 June 2025 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards on the obligation to make market data available to the public on a reasonable commercial basis (Text with EEA relevance)","document_date":"2025-06-12"},"position":{"kind":"article","key":"3","index":3,"articles":28,"annexes":2},"prev":{"path":"/mifir/level-2/rts/2025-1156-commission-delegated-regulation-eu-2025-1156-of-12-june/articles/2","key":"2","title":"Article 2 — Total costs"},"next":{"path":"/mifir/level-2/rts/2025-1156-commission-delegated-regulation-eu-2025-1156-of-12-june/articles/4","key":"4","title":"Article 4 — Obligation to provide market data on a non-discriminatory basis"},"act_anchor":"#art-3"}},"provenance":{"official_url":"https://eur-lex.europa.eu/eli/reg_del/2025/1156/oj/eng","check":{"result":"matched","checked_at":"2026-10-26","against":"EUR-Lex"},"repo_path":"spaces/mifir/level-2/rts/2025-1156-commission-delegated-regulation-eu-2025-1156-of-12-june.md","unit_text_sha256":"8c746681027e0ad359890ffcd38ae455311ed9ae8043f2ae7ce9760afde39746","note":"the unit is a byte-exact part of the act page, whose check record covers it"},"unit":{"locator":"spaces/mifir/level-2/rts/2025-1156-commission-delegated-regulation-eu-2025-1156-of-12-june/art-3","kind":"article","key":"3","heading":"Article 3 — Principles in setting a reasonable margin for market data","text":"## <a id=\"art-3\"></a>Article 3 — Principles in setting a reasonable margin for market data\n\n1. <a id=\"art-3-p-1\"></a>The reasonable margin for market data shall be the operating profit.\n1. <a id=\"art-3-p-2\"></a>The reasonable margin for market data shall:\n\n    <a id=\"art-3-p-2-a\"></a>**(a)** be set as a percentage of the total costs;\n\n    <a id=\"art-3-p-2-b\"></a>**(b)** not exceed disproportionately the total costs;\n\n    <a id=\"art-3-p-2-c\"></a>**(c)** for market data providers who offer services other than the production and dissemination of market data, be reasonably comparable to the operating profit attributable to the overall business conducted by the market data provider.\n\n1. <a id=\"art-3-p-3\"></a>The reasonable margin shall be achieved by setting fees for market data which enable data access to the maximum number of market data clients.\n\n**CHAPTER III — NON-DISCRIMINATORY ACCESS**\n\n","marks":[],"text_hash":"8c746681027e0ad359890ffcd38ae455311ed9ae8043f2ae7ce9760afde39746","revision":1}}