European Securities and Markets Authority Q&A Database

Reporting of the representativeness obligation

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

Transparency - Single Volume Cap

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

Compliance with the SI regime and notification to NCAs

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

Impact for SIs of an instrument changing liquidity status in between the SI determination dates

Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014- Secondary Markets · Art. Commission Delegated Regulation (EU) 2017/565

DVC and corporate actions

Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014- Secondary Markets · Art. Regulation 2017/577- RTS on markets in financial instruments with regard to regulatory technical standards on the volume cap mechanism and the provision of information for the purposes of transparency and other calculations(RTS 3)

Transactions that should be included in the calculations

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

Notification of Errors and Omissions related to exchange-traded derivatives involving multiple Entities Responsible for Reporting (‘ERRs’) managed by the same Management Company/AIFM

European Market Infrastructure Regulation (EMIR) Regulation (EU) No 648/2012- MDP

Audit frequency limitations

Regulation (EU) 2022/2554 - The Digital Operational Resilience Act (DORA) · Art. 28(6), 30(3)(e)

Scope of the exception in Article 19(12a) of MAR to PDMRs’ general prohibition to trade during the closed period

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

Performance fees for feeder funds

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

Active Account Requirement

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

Active Account Requirement

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

Active Account Requirement

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

Active Account Requirement

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

Active Account Requirement

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

Active Account Requirement

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

Active Account Requirement

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

Active Account Requirement

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

Active Account Requirement

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

Active Account Requirement

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

Active Account Requirement

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

Active Account Requirement

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

Active Account Requirement

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

Active Account Requirement

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

Pre-funding clients’ orders with clients’ crypto-assets

MiCA

Staking on own account

MiCA

Use of fiduciary (nominee) structures in equity crowdfunding

Regulation 2020/1503 - European crowdfunding service providers for business

Shared order book model

MiCA

Updates of notification letters for the cross-border marketing of UCITS

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

Historical financial information - if we intend to prepare and file a Prospectus should we, acting as an issuer of equity securities (shares), prepare historical financial information covering the last three or two financial years? (Deleted 09/09/2026)

Prospectus Regulation 2017/1129 · Art. Annex I to the Prospectus Regulation and Commission Delegated Regulation (EU) 2019/980 of 14 March 2019

Scope of the record keeping obligation of telephone conversations and electronic communications

Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Investor Protection and Intermediaries

Scope of the obligation to document face-to-face conversations with clients

Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Investor Protection and Intermediaries

Commingling clients’ crypto-assets with crypto-assets from other entities of the group when acting as custodian

MiCA · Art. Article 75(7)

Custody agreements in the exercise of rights attached to crypto-assets

MiCA · Art. Article 75.4 MiCA

Proprietary trading under MICA

MiCA

Future incorporation by reference of financial information, which will be permitted once Article 19 PR is amended by the Listing Act

Prospectus Regulation 2017/1129

Future incorporation by reference of financial information, which will be permitted once Article 19 PR is amended by the Listing Act

Prospectus Regulation 2017/1129

The interaction between the EU Green Bond Regulation (EuGBR) and the Prospectus Regulation

Prospectus Regulation 2017/1129

Future incorporation by reference of financial information, which will be permitted once Article 19 PR is amended by the Listing Act

Prospectus Regulation 2017/1129

Future incorporation by reference of financial information, which will be permitted once Article 19 PR is amended by the Listing Act

Prospectus Regulation 2017/1129

Does DORA also apply to non-EU AIFM?

Regulation (EU) 2022/2554 - The Digital Operational Resilience Act (DORA)

New exemptions for fungible securities in Prospectus Regulation.

Prospectus Regulation 2017/1129

New exemptions for fungible securities in Prospectus Regulation.

Prospectus Regulation 2017/1129

Autotrading

MiCA

Registered AIFM and MICA

MiCA · Art. article 60 paragraph 5 MICA

Assessment of the entity to be considered as the project owner

Regulation 2020/1503 - European crowdfunding service providers for business · Art. Article 2(1)of the ECSPR

Bulletin Board - Disclosure obligations (point (b) of Article 25(3) of the ECSPR)

Regulation 2020/1503 - European crowdfunding service providers for business · Art. Article 25(3) of ECSPR

Mark-To-Market value reporting

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

Redemption policy

European Long-Term Investment Funds Regulation (ELTIF) Regulation (EU) 2015/760

Matching mechanism

European Long-Term Investment Funds Regulation (ELTIF) Regulation (EU) 2015/760