17.IV.5 Concluding remarks

MiFID II is more top-down compared to MiFID I. In contrast to MiFID I, MiFID II requires RMs and MTFs (and APAs and CTPs) to make MiFID II equity data available free of charge 15 minutes after publication. That being said, MiFID II is top-down in a mild manner. First of all, MiFID II formalises a practice that was already common under MiFID I, being equity post-trade data free of charge 15 minutes of publication. Second, the MiFID II-rule is principle-based in nature. No details are provided on Level 2. Uneasy with this situation, ESMA has issued several guidelines to support legal clarity and a consistent approach. The clarifications of ESMA make the MiFID II regime for publishing equity pre- and post-trade data free of charge after 15 minutes hybrid in nature. The MiFID II-text only provides a principle-based norm, which is complemented by formally non-binding recommendations of ESMA. The MiFID II approach for free MiFID II equity pre- and post-trade data 15 minutes after publication is part of the MiFID II Review. The MiFID II Review is examined below.