Review of rules on financial market data

Briefing 23-06-2022

The IA is based on solid internal and external sources, in particular several ESMA review reports, and stakeholder consultations. However, the definitions of both the problems and the objectives lack consistency and coherence, as the lines between problems, their drivers and consequences are blurred and objectives seem to overlap (and shift). This weakens the IA's intervention logic. The policy options presented to tackle the problems are assessed against two baseline scenarios, which is unusual. Considering the technicality of their implementation – and of the whole IA, more explanatory information would have increased transparency, accessibility and accountability of the analysis, which is also affected by insufficient information on the methods, data and assumptions underlying it (namely regarding quantified estimations drawn from other sources). Finally, the effects of the preferred options combination could have been discussed in more depth.