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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":"5","index":5,"articles":28,"annexes":2},"prev":{"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"},"next":{"path":"/mifir/level-2/rts/2025-1156-commission-delegated-regulation-eu-2025-1156-of-12-june/articles/6","key":"6","title":"Article 6 — Distribution channels"},"act_anchor":"#art-5"}},"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":"f72f7f8ac476eedd9004f783a14acbebbe5a9acc3d5216e4550fae6247afbe12","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-5","kind":"article","key":"5","heading":"Article 5 — Differentials in fees","text":"## <a id=\"art-5\"></a>Article 5 — Differentials in fees\n\n1. <a id=\"art-5-p-1\"></a>Market data providers may only apply differentials in fees if those are determined on the basis of a categorisation of clients and provided that all of the following conditions are met:\n\n    <a id=\"art-5-p-1-a\"></a>**(a)** the criteria used to set forth categories are based on elements that are factual, easily verifiable and sufficiently general to be applicable to a group of clients;\n\n    <a id=\"art-5-p-1-b\"></a>**(b)** the margin for market data, established in accordance with Article 3, is the same for all clients within the same category;\n\n    <a id=\"art-5-p-1-c\"></a>**(c)** differences among categories are clear and clients are able to understand the category to which they belong;\n\n    <a id=\"art-5-p-1-d\"></a>**(d)** only one category is applicable per client.\n\n1. <a id=\"art-5-p-2\"></a>Where there are multiple and significant different extra costs for the provision of the market data to the same client, market data providers may add an increment to the applicable fee determined by the extra costs incurred.\n1. <a id=\"art-5-p-3\"></a>Market data providers may only grant discounts or other temporary reductions of fees provided that those discounts or reductions are based on elements which are factual, easily verifiable and sufficiently general to pertain to more than one client.\n\n","marks":[],"text_hash":"f72f7f8ac476eedd9004f783a14acbebbe5a9acc3d5216e4550fae6247afbe12","revision":1}}