I think there are three relevant angles on this in Europe:
1) Since many manufacturers have given ATP a sole agency for the publication of their MMs, any EASA reg which simply mandates the "latest data" will be illegal under EU law, in the same way that "mandatory handling" is illegal unless there is more than one handling agent (the fact that multiple handling agents will probably run an illegal price fixing cartel, or behave de facto as if they were doing that as a result of the airport's dictat on using pricing to exclude GA, notwithstanding).
2) Sole agencies have been illegal in the EU for many years so ATP being the sole publisher is illegal over here (though not illegal in the USA and elsewhere)
3) Due Diligence is a defence in UK law and so any system where you have less than latest data, but have some way of obtaining a list of changes (that are relevant to the work being done) should be legit.