{"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"current_only","held_since":"2017-11-15","gaps":[],"covered":["ESMA Q&A 1553 — Q&A — Transparency - fees [Published Answer Updated] L3"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","release_published":"2026-11-01T16:41:30Z","checked_at":"2026-10-26","checked_against":"the ESMA publication"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/mifir/level-3/q-and-a/esma/esma-qa-1553-transparency-fees","url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1553-transparency-fees","title":"ESMA Q&A 1553 — Q&A — Transparency - fees [Published Answer Updated]","family":"l3","work_id":"spaces/mifir/level-3/q-and-a/esma/esma-qa-1553-transparency-fees","status":"published answer updated","force_status":null,"date_state":"current","requested_date":null,"as_of":"2026-11-02","applies_from":null,"application":null,"version_label":"ESMA Q&A register, 15 November 2017","check":{"against":"the ESMA publication","on":"2026-10-26"},"check_result":"matched","official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1553","valid_from":"0001-01-01","valid_until":null,"revision":1,"content_id":"76225192824dce49","change_date":null,"nearest_versions":["2017-11-15"],"first_text_date":null,"correction_applies":false,"versions":["2017-11-15"],"version_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1553-transparency-fees/versions/2017-11-15","revision_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1553-transparency-fees/versions/2017-11-15/rev/76225192824dce49","versions_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1553-transparency-fees/versions","relations_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1553-transparency-fees/relations","source_line":"Answer by ESMA, published in its Q&A tool · not legislation · published 15 Nov 2017, updated 16 Oct 2024 [Published Answer Updated]","attribution":{"prepared_by":"ESMA","published_by":"ESMA","published_in":"ESMA Q&A tool","document_type":"qa_answer","legal_nature":"not_legislation","addressees":"not stated in the document","dates":{"published_on":"2017-11-15","last_updated":"2024-10-16","question_submitted_on":"2017-11-15","locators":{"published_on":"ESMA Q&A Excel export ESMA_QA_1553, column 'Esma responses', date line (earliest)","last_updated":"ESMA Q&A Excel export ESMA_QA_1553, column 'Esma responses', date line (latest)","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_1553, column 'Date of submission'"}},"adoption":null}},"provenance":{"official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1553","check":{"result":"matched","checked_at":"2026-10-26","against":"the ESMA publication"},"repo_path":"spaces/mifir/level-3/q-and-a/esma/esma-qa-1553-transparency-fees.md","body_sha256":"dc2bd63d73b71ef613a4565cd222de3e6db28f81478ef957b868c99236cb44dc"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 1553 — Q&A — Transparency - fees [Published Answer Updated]\"\nshortTitle: \"ESMA Q&A 1553 — Q&A — Transparency - fees [Published Answer Updated]\"\nanswer_id: ESMA_QA_1553\ntopic: \"Non-equity transparency\"\nstatus: \"Published Answer Updated\"\ntype: qa\ninstrument_type: qa\nauthority: ESMA\nbinding: false\nbinding_character: non_binding\nlegal_status: in_force\nregulation: \"MiFIR\"\nmifir_level3: true\nmica_level2: false\nlegal_basis: \"MiFIR\"\ndate: 15 November 2017\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/1553\nlifecycle: \"Published Answer Updated\"\ntext_version: \"ESMA Q&A register, 15 November 2017\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/1553\"\ncheck_status: matched\nverified: true\nlast_checked: 2026-10-26\nchecked_against: \"the ESMA publication\"\nsource:\n  prepared_by: \"ESMA\"\n  published_by: \"ESMA\"\n  published_in: \"ESMA Q&A tool\"\n  evidence:\n    prepared_by: \"ESMA Answer\"\n    locator: \"ESMA Q&A entry ESMA_QA_1553: field 'ESMA Answer', no 'Answer provided by' line\"\ndocument_type: \"qa_answer\"\nlegal_nature: \"not_legislation\"\naddressees: \"not stated in the document\"\ndates:\n  published_on: \"2017-11-15\"\n  last_updated: \"2024-10-16\"\n  question_submitted_on: \"2017-11-15\"\n  locators:\n    published_on: \"ESMA Q&A Excel export ESMA_QA_1553, column 'Esma responses', date line (earliest)\"\n    last_updated: \"ESMA Q&A Excel export ESMA_QA_1553, column 'Esma responses', date line (latest)\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_1553, column 'Date of submission'\"\nlifecycle_label: \"Published Answer Updated\"\n---\n\n**Answer by ESMA, published in its Q&A tool · not legislation · published 15 Nov 2017, updated 16 Oct 2024 [Published Answer Updated]**\n\n*Published Answer Updated · ESMA Q&A register, 15 November 2017 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1553)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 1553 — Q&A — Transparency - fees \\[Published Answer Updated\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_1553 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 15 November 2017; updated 16 October 2024; question submitted 15 November 2017 |\n| **Legal basis** | MiFIR |\n| **Related instruments** | None recorded |\n| **Text on this page** | Word for word — an excerpt (not reproduced: 250 words after it) of the ESMA publication |\n\n**Transparency - fees**\n\n### Question\n\na) Are trading venues and APAs required to make data available free of charge for any length of time 15 minutes after publication?\n\nb) Does MiFID II/MiFIR prevent trading venues and APAs to apply usage restrictions, licensing and redistribution fees, including fees for deriving and/or manipulating data in automated applications for internal or external distribution, and non-monetary costs to market data – such as requirements on registrations, subscriptions and usage reporting – on data which they make available free of charge 15 minutes after publication?\n\n***\n\n### Answer\n\n(a) The information made available free of charge 15 minutes after its publication should replicate the information published on a reasonable commercial basis but with a 15 minutes delay. The information should be made available directly to end users. Where the trading venues makes the data available via third parties, this should not impose restrictions on access to that data to end users. Trading venues are not required to make any further replication of already published information available free of charge.\n\n(b) Trading venues and APAs may not impose redistribution fees or other similar restrictions on redistributors/third parties making available data free of charge 15 minutes after the initial publication. Where a redistributor/third party charges fees for the distribution of data – including a general fee for accessing its services – trading venues, APAs may impose redistribution fees or other similar restrictions on this redistributor/third party.\n\nFurthermore, trading venues and APAs may not charge fees or impose other similar restrictions on added-value services created by redistributors/third parties from data provided free of charge. Where a redistributor/third party charges for added-value services created from such data, trading venues and APAs may impose fees or other similar restrictions to this redistributor/third party.\n\nHowever, MiFIR/MiFID II only requires data to be published after 15 minutes free of charge and therefore, trading venues and APAs may charge fees for the use and redistribution of historic data that is considered as an added-value service.\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1553)\n"}