17.III.4.2.2.5 Final MiFID II text

The approach of ESMA is also reflected in the final MiFID II-text. The Commission adopted ESMA’s proposal of light-touch cost-based controls with disclosure obligations. Following ESMA’s approach, MiFID II does not require MiFID II Data Suppliers to base the price levels of MiFID II equity pre- and post-trade data on a prescribed formula. Instead, MiFID II leaves flexibility for MiFID II Data Suppliers in making such calculations, which replicates ESMA’s aim not to impose a too burdensome regime. MiFID II provides several disclosure obligations to keep the price of equity pre- and post-trade data, including the relation between data prices versus production and publication costs, as well as the terms and conditions, transparent.