European Securities and Markets Authority Q&A Database

Matching mechanism

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

Redemption policy

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

Investment strategy

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

Redemption policy

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

Indirect investment

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

Investment strategy

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

Redemption policy

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

Redemption policy

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

Redemption policy

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

Nationality-related eligibility restrictions on ELTIFs stemming from national law

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

Redemption policy

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

ELTIF unit or share classes and liquidity management tools

European Long-Term Investment Funds Regulation (ELTIF) Regulation (EU) 2015/760 · Art. Regulation 2023/606 (revised ELTIF Regulation)

Payments to be considered as remuneration

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

AAR threshold calculation

Regulation 648/2012 - OTC derivatives, central counterparties and trade repositories (EMIR) - CCPs · Art. The new article 7a(1) EMIR (as issued by (EU) 2024/2987)

direct agreements between AIF and ICT service provider

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

Reporting of Settlement Rate Options

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

Assessment of significance for the purpose of the Error and Omission Notifications

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

Q&A on open interest thresholds in energy derivatives

Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Secondary Markets · Art. Article 83(1)(b) of CDR 2017/565; Article 57(1) of MiFID II

Scope of the ECSPR - Calculation of threshold in point (c) of Article 1(2) of ECSPR

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

Multiple offers

Regulation 2020/1503 - European crowdfunding service providers for business

Scope of public offering

MiCA

AIFMs safekeeping client money

Alternative Investment Fund Managers Directive (AIFMD) Directive 2011/61/EU · Art. Article 6(4)

Permission of AIFMs to delegate portfolio or risk management to non-supervised undertakings established outside of the EU

Alternative Investment Fund Managers Directive (AIFMD) Directive 2011/61/EU · Art. Article 20(1)(c)(d)

Change of beneficial ownership

Central Securities Depositories Regulation (CSDR) Regulation (EU) No 909/2014- PTR- CSDR · Art. Article 9

Calibration of confidence interval for CCP margin requirements

Regulation 648/2012 - OTC derivatives, central counterparties and trade repositories (EMIR) - CCPs · Art. Art 41 of EMIR 648/2012 and Art 24 of RTS 153/2013

Article 3(28) and EU Subcontractors

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

Guidelines on funds' names

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

Guidelines on funds' names

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

Guidelines on funds' names

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

Guidelines on funds' names

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

Guidelines on funds' names

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

Guidelines on funds' names

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

Possibility of natural persons and trusts / trustees to be authorised as CASPs

MiCA

Minimum capital requirements for CASPs

MiCA

Audit / certification of CASP financial statements

MiCA

Questions on Microenterprises and RMF

Regulation (EU) 2022/2554 - The Digital Operational Resilience Act (DORA) · Art. Final Report on Draft RTS on ICT Risk Management Framework and on Simplified ICT Risk Management Framework

Applicability of DORA and TFR Requirements to VASPs Not Classified as CASPs Under MiCAR

MiCA · Art. Applicability of DORA and TFR Requirements to VASPs Not Classified as CASPs Under MiCAR

Life-Cycle of ELTIFS

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

Application of DORA to AIFMs which have chosen to opt-in to the application of the AIFMD but whose asset under managment is below the thresholds as provided for by Article 3(2) of AIFMD

Regulation (EU) 2022/2554 - The Digital Operational Resilience Act (DORA) · Art. Articles 2(1)(k) and 2(3)(a), Regulation (EU) 2022/2554 (“DORA”)

Pre-arranged/negotiated transactions for non-equity instruments

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

Hedging Exemption

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

Quoting obligation for SI in non-TOTV instruments

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

Pre-trade transparency waivers under MiFID I

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

Quoting obligation for SIs in non-equity financial instruments

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

Pre-trade transparency- RFQ system

Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014- Secondary Markets · Art. Regulation 2017/583- RTS on transparency requirements in respect of non-equity financial instruments (RTS 2)

Transparency - data (pre- and/or post-trade data) available free of charge 15 minutes after publication

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

Scope of Article 9(1)(c) of MiFIR

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

Transparency - voice trading systems

Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014- Secondary Markets · Art. Regulation 2017/583- RTS on transparency requirements in respect of non-equity financial instruments (RTS 2)

Application of MiFID II after 3 January 2018, including issues of ‘late transposition’

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

Application of MiFID II after 3 January 2018, including issues of ‘late transposition’

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