European Securities and Markets Authority Q&A Database

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

SSTI – calculation of indicative pre-trade prices

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

Price to be published by SIs in bonds and derivatives

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

Partial execution of LIS orders (Article 9(1)(a) of MiFIR) and orders above SSTI

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

Transparency - fees

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

Access to quotes

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

Commercial policy of access to quotes

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

Access rights to venues trading for CCP with links with tradibg venue which opted out the access provisions for ETDs

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

Trading venue and exemption

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

Compliance with the quoting obligations for SIs in non-equity instruments

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

Substantial and non-substantial amendments to MiFID I waivers

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

Waiver procedure for illiquid non-equity financial instruments

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

Q&A on lot sizes and position limits

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

ESMA’s guidelines on performance fees in UCITS and certain types of AIFs

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

Crystallisation of performance fees in case of the creation of a new UCITS/compartment/share class in the course of the financial year

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

Status of entities providing crypto-asset services as part of the grandfathering regime

MiCA

Calculation of Net Short Positions in case of issuers with non-listed shares

Short Selling Regulation (SSR) Regulation (EU) No 236/2012

Tied agents under MiCA

MiCA

CASPs providing services based on an Article 60 notification

MiCA · Art. Article 60

Scope of the word "shares" in certain exemptions from the obligation to publish a prospectus in Articles 1(4), 1(5) and 1(6) of the Prospectus Regulation.

Prospectus Regulation 2017/1129 · Art. Articles 1(4), 1(5) and 1(6) of the Prospectus Regulation

MAR Q&A on the application of the trading volume limit in the context of buy-back programmes

Market Abuse Regulation (MAR) Regulation (EU) No 596/2014 - Market Intergrity

Voting arrangements in resolution colleges

Regulation 2021/23 - recovery and resolution of central counterparties (CCPRRR)

Voting arrangements in resolution colleges

Regulation 2021/23 - recovery and resolution of central counterparties (CCPRRR)

Resolution college membership

Regulation 2021/23 - recovery and resolution of central counterparties (CCPRRR)

Size Thresholds for Self-Managed AIFs and UCITS

Regulation (EU) 2022/2554 - The Digital Operational Resilience Act (DORA) · Art. Article 3 of the DORA Regulation points (60), (63) and (64)

Two classifications for one client

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

Deadline for providing clients with statement on owned financial instruments

Directive 2014/65/EU - Markets in Financial Instruments Directive (MiFID II) · Art. Article 63, Paragraph 1 of Delegated Regulation EU 2017/565

Entities not authorised as CASPs by the end of the transition period

MiCA · Art. 143(3)

Entities who have not applied for, or whose application for authorisation as CASPs has been refused by the end of the transition period

MiCA

Interpretation of "emission allowances" under C(4)

Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- MDP · Art. MiFID II main text, Annex I, Section C on financial instruments

Grandfathering clause and applicable AML laws

MiCA · Art. Article 143(3)

Interaction between Article 60 notifications and the CASP transitional phase

MiCA · Art. Articles 60 and 143

Crypto-asset transfers as component of another crypto-asset service or as a separate crypto-asset transfer service

MiCA · Art. Article 3(1), point (26), Article 82(2)

Simplified authorisation procedures

MiCA · Art. Article 143(6)

Treatment of staking services in MiCA

MiCA

Initial capital and additional own funds

Alternative Investment Fund Managers Directive (AIFMD) Directive 2011/61/EU · Art. Directive 2009/65/EC of the European Parliament and of the Council (UCITS)

Notification upon establishment of a branch

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

Prudential requirements

Regulation 2020/1503 - European crowdfunding service providers for business · Art. Article 11 ECSPR

Prudential requirements

Regulation 2020/1503 - European crowdfunding service providers for business · Art. Article 11 ECSPR

Default rate disclosure

Regulation 2020/1503 - European crowdfunding service providers for business · Art. Article 20 ECSPR

Risk management framework

Regulation 2020/1503 - European crowdfunding service providers for business · Art. Article 4(1) ECSPR

Reporting of price field at position level

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

Reporting of accumulator contracts

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

Reporting of accumulator contracts

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

Performance fees

Undertakings for Collective Investment in Transferable Securities Directive (UCITS) Directive 2009/65/EC · Art. ESMA guidelines on performance fees in UCITS and certain types of AIFs

Performance fees

Undertakings for Collective Investment in Transferable Securities Directive (UCITS) Directive 2009/65/EC · Art. ESMA guidelines on performance fees in UCITS and certain types of AIFs

Performance fees

Alternative Investment Fund Managers Directive (AIFMD) Directive 2011/61/EU · Art. ESMA guidelines on performance fees in UCITS and certain types of AIFs

Performance fees

Alternative Investment Fund Managers Directive (AIFMD) Directive 2011/61/EU · Art. ESMA guidelines on performance fees in UCITS and certain types of AIFs

Publication of information by CASPs providing the service of exchange of crypto-assets for funds or other crypto-assets

MiCA · Art. Article 77

Understandig of timelimits of intermediate repots for major related ICT-incidents

Regulation (EU) 2022/2554 - The Digital Operational Resilience Act (DORA) · Art. Draft RTS Article 6 section 1 lit. b)JC 2023 70