European Securities and Markets Authority Q&A Database

Integration of sustainability within the MiFID II product governance requirements

Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014 - Investor Protection and Intermediaries · Art. Articles 9(9) and 10(2)

Scope of Article 3(1)(b) of DLTR

Regulation (EU) 2022/858 - DLT Pilot Regime Regulation (DLTR)

Exemptions for DLT SS/TSS operators on cash settlement

Regulation (EU) 2022/858 - DLT Pilot Regime Regulation (DLTR) · Art. Article 5(8) of DLTR

MiFID II Q&A on the Ancillary Activity Exemption

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

Application of DORA for outsourced critical services that are not ICT

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

EUC, EULA and Shadow IT

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

Passporting rights for entities benefiting from grandfathering

MiCA · Art. Article 143

Provision of crypto-asset services by credit institutions

MiCA · Art. Article 60

Notifications under Article 60 MiCA

MiCA · Art. Article 60

Prohibition of monetary and non-monetary benefits under MiCA

MiCA · Art. Article 80

New CASPs established before (and after) 30 December 2024

MiCA · Art. Article 143

Reporting under STM/CTM model

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

Discontinuation of credit ratings

Credit Rating Agencies Regulation (CRAR) Regulation (EC) No 1060/2009

Transaction reporting

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

Market making in securitised derivatives

Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Secondary Markets · Art. Article 2(1)(b)

Provision of other services by a CSP

Regulation 2020/1503 - European crowdfunding service providers for business

Hedging definition and virtual power purchase agreements

European Market Infrastructure Regulation (EMIR) Regulation (EU) No 648/2012- PTR- Derivatives · Art. Article 10(3)(1) of EMIR and Article 10 of Commission Delegated Regulation (EU) No 149/2013

Legal person appointed as responsible of the management of a CSP

Regulation 2020/1503 - European crowdfunding service providers for business

crowdfunding services

Regulation 2020/1503 - European crowdfunding service providers for business

Material changes to content of application

Regulation 2020/1503 - European crowdfunding service providers for business

Sophisticated investors

Regulation 2020/1503 - European crowdfunding service providers for business

Scope of exemption in Article 1(2)

Regulation 2020/1503 - European crowdfunding service providers for business

Eligibility for operating a DLT SS under the DLT Pilot Regime

Regulation (EU) 2022/858 - DLT Pilot Regime Regulation (DLTR)

Prudential requirements

Regulation 2020/1503 - European crowdfunding service providers for business

Scope of exemption in Article 1(2)

Regulation 2020/1503 - European crowdfunding service providers for business

Involvement of the authorities in Article 12(1)(b) of CSDR in the authorisation of a DLT SS/ DLT TSS using e-money tokens

Regulation (EU) 2022/858 - DLT Pilot Regime Regulation (DLTR) · Art. Articles 9(6)(b) and Article 10(7)(b) of Regulation (EU) 2022/858 (DLTR) and article 12(1)(b) of Regulation (EU) 909/2014

Application of the Regulation outside the EU (ESMA70-145-114 Q&A_4.4)

Benchmarks Regulation (BMR) - Regulation 2016/1011

Transitional provisions applicable to third country benchmarks (ESMA 70-145-114 Q&A9.3)

Benchmarks Regulation (BMR) - Regulation 2016/1011

Disclosure of costs and charges paid in or represented in an amount of foreign currency

Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Investor Protection and Intermediaries · Art. Art. 24(4) of MiFID II, Article 1(4)(a) of Directive 2021/338/EU, Art. 50(2) and (9) of the MiFID II Delegated Regulation, Article 59(4) MiFID II Delegated Regulation

Aggregation of costs and charges

Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Investor Protection and Intermediaries · Art. Art. 24 of MiFID II, Art. 50(2) of the MiFID II Delegated Regulation

Notification of Major Holdings; TD Art. 9(1)

Transparency Directive (TD) Directive 2004/109/EC

Authorisation for credit institutions to operate a DLT MTF

Regulation (EU) 2022/858 - DLT Pilot Regime Regulation (DLTR) · Art. Article 8 of DLTR

Crypto-asset services of a DLT MI

MiCA · Art. Articles 2 and 143 of MICA

Capital requirements for a DLT TSS

Regulation (EU) 2022/858 - DLT Pilot Regime Regulation (DLTR)

Admission of subscription rights to trading or recording on a DLT market infrastructure

Regulation (EU) 2022/858 - DLT Pilot Regime Regulation (DLTR) · Art. Article 3 of DLTR

Integration of sustainability within the MiFID II product governance requirements

Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Investor Protection and Intermediaries · Art. Commission Delegated Directive (EU) 2017/593, Articles 9(9) and 10(2)

Article 6a(1)(a) – Entry into force of the prohibition of holding 5% or more of the capital or the voting right of any other agency (ESMA33-5-87 Q&A 6)

Credit Rating Agencies Regulation (CRAR) Regulation (EC) No 1060/2009

Article 6a – Investments in credit rating agencies (ESMA33-5-87 Q&A 4)

Credit Rating Agencies Regulation (CRAR) Regulation (EC) No 1060/2009

Annex I, Section B – Operational requirements: Identification of relevant shareholders (ESMA33-5-87 Q&A 5)

Credit Rating Agencies Regulation (CRAR) Regulation (EC) No 1060/2009

Article 7 MAR and Article 10(2a) CRAR – Distribution of subscription ratings and disclosure of inside information (ESMA33-5-87 Q&A 15)

Credit Rating Agencies Regulation (CRAR) Regulation (EC) No 1060/2009

Article 8(5a) and Article 14(3) – Notification of material changes to methodologies (ESMA33-5-87 Q&A 7)

Credit Rating Agencies Regulation (CRAR) Regulation (EC) No 1060/2009

Article 7 MAR and Article 10(2a) CRAR – Disclosure to the public of credit ratings and inside information (ESMA33-5-87 Q&A 14)

Credit Rating Agencies Regulation (CRAR) Regulation (EC) No 1060/2009

Article 7 MAR and Article 10(2a) CRAR – Interactions between MAR and CRAR (ESMA33-5-87 Q&A 13)

Credit Rating Agencies Regulation (CRAR) Regulation (EC) No 1060/2009

Article 7(4) and Annex I Section C – Rules on Rating Analysts and Other Persons Directly Involved in Credit Rating Activities (ESMA33-5-87 Q&A 12)

Credit Rating Agencies Regulation (CRAR) Regulation (EC) No 1060/2009

Article 10(5) – Disclosure and presentation of unsolicited credit ratings (ESMA33-5-87 Q&A 10)

Credit Rating Agencies Regulation (CRAR) Regulation (EC) No 1060/2009

Point 3, Part III, Section D of Annex I – Timing of publication of sovereign ratings (ESMA33-5-87 Q&A 2)

Credit Rating Agencies Regulation (CRAR) Regulation (EC) No 1060/2009

Article 8a(3) – Entry into force of the calendar for publication of sovereign ratings (ESMA33-5-87 Q&A 1)

Credit Rating Agencies Regulation (CRAR) Regulation (EC) No 1060/2009

Article 8a(4) – Deviations from the sovereign ratings calendar (ESMA33-5-87 Q&A 3)

Credit Rating Agencies Regulation (CRAR) Regulation (EC) No 1060/2009

Disclosure and Presentation of Credit Ratings (ESMA33-5-87 Q&A 11)

Credit Rating Agencies Regulation (CRAR) Regulation (EC) No 1060/2009

Article 8(7) – Error Reporting (ESMA33-5-87 Q&A 8)

Credit Rating Agencies Regulation (CRAR) Regulation (EC) No 1060/2009