European Securities and Markets Authority Q&A Database

Consolidated Tape Provider (CTP)

Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014- Secondary Markets · Art. Article 22 of MiFIR

Consolidated Tape Provider (CTP)

Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014- Secondary Markets · Art. Article 22 of MiFIR

Trading status for on halt/suspended instruments

Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014- Secondary Markets

Consolidated Tape Provider (CTP)

Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014- Secondary Markets · Art. Articles 5, 6 and 12(1) of Commission Delegated Regulation (EU) 2025/1155

Consolidated Tape Provider (CTP)

Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014- Secondary Markets · Art. Article 22 of MiFIR

Exemption for SPO providers

ESGR - Regulation (EU) 2024/3005

ESG ratings used for internal purposes or in-house financial services

ESGR - Regulation (EU) 2024/3005

Updating the Loan Value and Security Price Fields following lifecycle events

Securities Financing Transactions Regulation (SFTR) Regulation (EU) 2015/2365- MDP

Payment for order flow (PFOF) prohibition: scope for rebates or discounts on transaction fees or any other benefits for investment firms acting on behalf of retail clients or opt-in professional clients

Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014 - Investor Protection and Intermediaries · Art. Article 39a, Paragraph 1

Payment for order flow (PFOF) prohibition and client instructions for order executions

Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014 - Investor Protection and Intermediaries · Art. Article 39a

Payment for order flow (PFOF) prohibition and OTC execution of client orders

Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014 - Investor Protection and Intermediaries · Art. Article 39a

Investment firms’ use of rebates and discounts to lower fees for clients under the payment for order flow (PFOF) prohibition

Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014 - Investor Protection and Intermediaries · Art. Article 39a, Paragraph 1

AAR stress testing

Regulation 648/2012 - OTC derivatives, central counterparties and trade repositories (EMIR) - CCPs · Art. Article 7a(3)

AAR representativeness obligation

Regulation 648/2012 - OTC derivatives, central counterparties and trade repositories (EMIR) - CCPs · Art. Article 7a

AAR representativeness obligation

Regulation 648/2012 - OTC derivatives, central counterparties and trade repositories (EMIR) - CCPs · Art. Article 7a

AAR threshold calculation

Regulation 648/2012 - OTC derivatives, central counterparties and trade repositories (EMIR) - CCPs · Art. Article 7a

MiFID II remuneration rules applicable to tied agents

Directive 2014/65/EU - Markets in Financial Instruments Directive (MiFID II)

Application of Title II requirements to CASPs operating a trading platform for crypto-assets

MiCA · Art. Article 5(2) of MiCA

Overlap between offers of crypto-assets and placing

MiCA · Art. Article 3(1)(22) of MiCA

Payouts in fiat currency by CASPs in the context of exchange services

MiCA · Art. Article 75 of MiCA

Interests earned from client funds deposited at credit institutions

MiCA

Calculation of fixed overheads

MiCA · Art. Article 67 / Paragraph 3

Clarification on Withdrawal Requirements under Article 75 of MiCA for CASPs

MiCA · Art. Article 75 MiCA

Application of a new exception to PDMRs’ general prohibition to trade during the close period

Market Abuse Regulation (MAR) Regulation (EU) No 596/2014 - Market Intergrity · Art. Article 19 (12a) of MAR as introduced by the Listing Act

Interaction of the APM Guidelines with IFRS 18 Presentation and Disclosure in Financial Statements; APM Guidelines and paragraphs 117 to 125 of IFRS 18

Transparency Directive (TD) Directive 2004/109/EC

Interim financial statements; Paragraph 31 and 32 of the APMs Guidelines.

Transparency Directive (TD) Directive 2004/109/EC

Concept of Prominence; Paragraph 35 and 36 of the APM Guidelines.

Transparency Directive (TD) Directive 2004/109/EC

Measures presented simultaneously inside and outside financial statements; Paragraphs 4, 17, 19, 29, 35 to 36 and 45 to 48 of APMs Guidelines.

Transparency Directive (TD) Directive 2004/109/EC

Due diligence

Regulation 2020/1503 - European crowdfunding service providers for business · Art. Article 5

Prospectus Q&A exemption

Prospectus Regulation 2017/1129

Prospectus QA exemption

Prospectus Regulation 2017/1129

Exclusion related to UNGC/OECD Guidelines

Undertakings for Collective Investment in Transferable Securities Directive (UCITS) Directive 2009/65/EC

Exclusion related to UNGC/OECD Guidelines

Alternative Investment Fund Managers Directive (AIFMD) Directive 2011/61/EU

Trading obligation for shares

Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014- Secondary Markets

NEW LIQUIDITY MANAGEMENT TOOLS REQUIREMENTS FOR UCITS AND OPEN ENDED AIFS COMING INTO EFFECT ON 16 APRIL 2026: DOES THE SCOPE OF LMTs EXTEND TO NON-EU OPEN ENDED AIFs?

Alternative Investment Fund Managers Directive (AIFMD) Directive 2011/61/EU · Art. Directive [EU] 2024/927 amending UCITS Directive and AIFM Directive with regard to the new liquidity management tools (LMTs) requirements for UCITS and open-ended AIFs coming into effect on 16 April 2026

ESMA assessment of temporary regime notification

ESGR - Regulation (EU) 2024/3005

Group-affiliated small ESG rating providers

ESGR - Regulation (EU) 2024/3005

Content of temporary regime notification

ESGR - Regulation (EU) 2024/3005

Small ESG rating provider no longer meeting temporary regime size requirements

ESGR - Regulation (EU) 2024/3005

Obligation to apply the ICT risk managment (Art. 5-15) and/or the simplified ICT risk management framework for entities that hold two or more licences.

Regulation (EU) 2022/2554 - The Digital Operational Resilience Act (DORA) · Art. Art. 5-15, Art. 16 DORA; Art. 12 (1) IFR + Art. 12 ECSPR

Obligation to consider issuer feedback

ESGR - Regulation (EU) 2024/3005

Application of two working day notification period

ESGR - Regulation (EU) 2024/3005

Notifications without a designated contact

ESGR - Regulation (EU) 2024/3005

Position reporting

Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Secondary Markets

Position reporting

Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Secondary Markets

Scope of the term “trading platform for crypto-assets” in Article 78(5) of MiCA (executing client orders outside of a trading platform)

MiCA · Art. Article 78(5)

Listing Act implementation for secondary issuances of existing shares

Prospectus Regulation 2017/1129 · Art. Article 1, paragraph 4, points (da) and (db)

Offerors and CASPs’ responsibilities with regards to white papers for Title II tokens admitted to trading prior to 30 December 2024

MiCA · Art. 143(2)

How to distinguish between different execution services

MiCA · Art. Article 3

EMIR 3.0 Active Account Requirement and Reporting Obligation

Regulation 648/2012 - OTC derivatives, central counterparties and trade repositories (EMIR) - CCPs