Resources › EU Financial Regulatory Q&A Database EU Financial Regulatory Q&A Database Official Q&As published by EBA, ESMA, EIOPA and the ESA Joint Committee. Non-binding but treated
as authoritative guidance by national competent authorities across the EU.
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All regulations Alternative Investment Fund Managers Directive (AIFMD) Directive 2011/61/EU Benchmarks Regulation (BMR) - Regulation 2016/1011 Central Securities Depositories Regulation (CSDR) Regulation (EU) No 909/2014- PTR- CSDR Credit Rating Agencies Regulation (CRAR) Regulation (EC) No 1060/2009 Directive 2002/87/EC (FiCOD) Directive 2009/110/EC (EMD) Directive 2013/36/EU (CRD) Directive 2014/17/EU (MCD) Directive 2014/49/EU (DGSD) Directive 2014/59/EU (BRRD) Directive 2014/65/EU - Markets in Financial Instruments Directive (MiFID II) Directive 2014/92/EU (PAD) Directive 2015/2366/EU (PSD2) Directive 2022/2556/EU (DORA Dir) Directive (EU) 2015/849 (AMLD) Directive (EU) 2019/2034 (IFD) EIOPA-BoS/18-114 - Information request towards NCAs regarding provision of occupational pensions information EIOPA-BoS-23-030 - Regular information requests regarding provision of occupational pensions information EMIR ESGR - Regulation (EU) 2024/3005 (EU) 2016/2341 - IORP II Directive (EU) 2016/2341 - IORP II Directive, (EU) No 2016/97 - Insurance Distribution Directive (EU) 2016/2341 - IORP II Directive, Other (EU) 2017/653 - PRIIPs Delegated Regulation for key information document (EU) 2017/653 - PRIIPs Delegated Regulation for key information document, (EU) No 1286/2014 - PRIIPs Regulation (EU) 2019/1238 - Pan-European Personal Pension Product (PEPP) (EU) 2019/1238 - Pan-European Personal Pension Product (PEPP), (EU) 2022/2454 - ITS with regard to supervisory reporting of risk concentrations and intra-group transactions (FICOD, (EU) 2023/894 - ITS with regard to the templates for the submission of information necessary for supervision, EIOPA-BoS-23-030 - Regular information requests regarding provision of occupational pensions information (EU) 2019/2088 - SFDR (EU) 2020/852 - Taxonomy Regulation (EU) 2022/2454 - ITS with regard to supervisory reporting of risk concentrations and intra-group transactions (FICOD (EU) 2022/2454 - ITS with regard to supervisory reporting of risk concentrations and intra-group transactions (FICOD, (EU) 2023/894 - ITS with regard to the templates for the submission of information necessary for supervision (EU) 2022/2554 - Digital Operational Resilience Act (DORA) (EU) 2023/894 - ITS with regard to the templates for the submission of information necessary for supervision (EU) 2023/894 - ITS with regard to the templates for the submission of information necessary for supervision, (EU) 2023/895 - ITS for the disclosure of solvency and financial condition report (EU) 2023/894 - ITS with regard to the templates for the submission of information necessary for supervision, (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII) (EU) 2023/894 - ITS with regard to the templates for the submission of information necessary for supervision, Other (EU) 2023/894 - ITS with regard to the templates for the submission of information necessary for supervision, Revised Guidelines on Contract Boundaries, Guidelines on contract boundaries (EU) 2023/895 - ITS for the disclosure of solvency and financial condition report EU Green Bond Regulation (EU) 2023/2361 (EU) No 1286/2014 - PRIIPs Regulation (EU) No 2009/138 - Solvency II Directive (Insurance and Reinsurance) (EU) No 2015/2011 - lists of regional governments & local authorities, exposures to be treated as to central government (EU) No 2015/2013 - standard deviations in relation to health risk equalisation systems (EU) No 2015/2450 - templates for the submission of information to the supervisory authorities (EU) No 2015/2450 - templates for the submission of information to the supervisory authorities, (EU) No 2009/138 - Solvency II Directive (Insurance and Reinsurance) (EU) No 2015/2450 - templates for the submission of information to the supervisory authorities, Guidelines on reporting and public disclosure (EU) No 2015/2451 - templates and structure of the disclosure of specific information by supervisory authorities (EU) No 2015/2451 - templates and structure of the disclosure of specific information by supervisory authorities, (EU) No 2009/138 - Solvency II Directive (Insurance and Reinsurance) (EU) No 2015/2452 - procedures, formats and templates of the solvency and financial condition report (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII) (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII), (EU) No 2009/138 - Solvency II Directive (Insurance and Reinsurance) (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII), (EU) No 2015/2011 - lists of regional governments & local authorities, exposures to be treated as to central government (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII), (EU) No 2015/2450 - templates for the submission of information to the supervisory authorities (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII), (EU) No 2015/2450 - templates for the submission of information to the supervisory authorities, (EU) No 2009/138 - Solvency II Directive (Insurance and Reinsurance) (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII), Guidelines on application of outwards reinsurance (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII), Guidelines on contract boundaries (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII), Guidelines on group solvency (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII), Guidelines on implementation of the long-term guarantee measures (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII), Guidelines on look-through approach (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII), Guidelines on methodology for equivalence assessments by national supervisory authorities under Solvency II (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII), Guidelines on recognition and valuation of assets and liabilities other than technical provisions (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII), Guidelines on valuation of technical provisions (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII), Guidelines on valuation of technical provisions, (EU) No 2009/138 - Solvency II Directive (Insurance and Reinsurance) (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII), Other (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII), Risk-Free Interest Rate - General questions (EU) No 2016/1800 - allocation of Credit Assessments of external CA institutions to objective scale of credit quality steps (EU) No 2016/97 - Insurance Distribution Directive (EU) No 2016/97 - Insurance Distribution Directive, (EU) No 2009/138 - Solvency II Directive (Insurance and Reinsurance) (EU) No 2017/1469 - standardised presentation format for the insurance product information document (EU) No 2017/1469 - standardised presentation format for the insurance product information document, Guidelines on classification of own funds (EU) No 2017/2358 - product oversight and governance requirements for insurance (EU) No 2017/2358 - product oversight and governance requirements for insurance, (EU) No 2016/97 - Insurance Distribution Directive (EU) No 2017/2358 - product oversight and governance requirements for insurance, Preparatory Guidelines on product oversight & governance arrangements by insurance undertakings & insurance distributors, (EU) No 2016/97 - Insurance Distribution Directive (EU) No 2017/2359 - info requirements and conduct of business rules applicable European Long-Term Investment Funds Regulation (ELTIF) Regulation (EU) 2015/760 European Market Infrastructure Regulation (EMIR) Regulation (EU) No 648/2012- MDP European Market Infrastructure Regulation (EMIR) Regulation (EU) No 648/2012- PTR- Derivatives European Social Entrepreneurship Funds Regulation (EuSEF) Regulation (EU) No 346/2013 European Venture Capital Regulation (EuVECA) Regulation (EU) No 345/2013 Guidelines on application of life underwriting risk module Guidelines on application of outwards reinsurance Guidelines on basis risk Guidelines on classification of own funds Guidelines on classification of own funds, (EU) No 2009/138 - Solvency II Directive (Insurance and Reinsurance) Guidelines on contract boundaries Guidelines on financial stability reporting Guidelines on financial stability reporting, Guidelines on reporting for financial stability purposes Guidelines on group solvency Guidelines on health catastrophe risk sub-module Guidelines on look-through approach Guidelines on loss-absorbing capacity of technical provisions and deferred taxes Guidelines on own risk and solvency assessment Guidelines on recognition and valuation of assets and liabilities other than technical provisions Guidelines on reporting and public disclosure Guidelines on reporting for financial stability purposes Guidelines on ring-fenced funds Guidelines on submission of information to NCAs (Preparatory phase) Guidelines on supervision of branches of third-country insurance undertakings Guidelines on supervisory review process Guidelines on system of governance Guidelines on the Forward looking assessment of own risks Guidelines on treatment of related undertakings, including participations Guidelines on use of internal models Guidelines on valuation of technical provisions Market Abuse Regulation (MAR) Regulation (EU) No 596/2014 - Market Intergrity Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Investor Protection and Intermediaries Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- MDP Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Secondary Markets Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014 - Investor Protection and Intermediaries Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014- MDP Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014- Secondary Markets MiCA Other Packaged Retail and Insurance-based Investment Products Regulation (PRIIPS) Regulation (EU) No 1286/2014 PRIIPs Prospectus Regulation 2017/1129 Regulation 2020/1503 - European crowdfunding service providers for business Regulation 2021/23 - recovery and resolution of central counterparties (CCPRRR) Regulation 648/2012 - OTC derivatives, central counterparties and trade repositories (EMIR) - CCPs Regulation (EU) 2015/847 (WTR) (recast) Regulation (EU) 2019/2088 - Sustainable Finance Disclosure Regulation (SFDR) Regulation (EU) 2022/2554 - The Digital Operational Resilience Act (DORA) Regulation (EU) 2022/858 - DLT Pilot Regime Regulation (DLTR) Regulation (EU) 2023/1113 (WTR II) Regulation (EU) 2024/886 (IPR) Regulation (EU) No 2017/2402 (SecReg) Regulation (EU) No 2019/2033 (IFR) Regulation (EU) No 2022/2554 (DORA Reg) Regulation (EU) No 2023/1114 (MiCAR) Regulation (EU) No 575/2013 (CRR) Regulation (EU) No 648/2012 (EMIR) Regulation (EU) No 909/2014 (CSDR) - only RTS 2017/390 Revised Guidelines on Contract Boundaries Revised Guidelines on valuation of technical provisions Revised Guidelines on valuation of technical provisions, (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII) Revised Guidelines on valuation of technical provisions, (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII), (EU) No 2009/138 - Solvency II Directive (Insurance and Reinsurance) Risk-Free Interest Rate - Credit and currency adjustments Risk-Free Interest Rate - Deep, Liquid and Transparent maturities Risk-Free Interest Rate - Extrapolation Risk-Free Interest Rate - Extrapolation, Risk-Free Interest Rate - Financial market data Risk-Free Interest Rate - Extrapolation, Risk-Free Interest Rate - General questions, Risk-Free Interest Rate - VA calculations Risk-Free Interest Rate - Financial market data Risk-Free Interest Rate - General questions Risk-Free Interest Rate - Matching adjustment Risk-Free Interest Rate - Matching adjustment, (EU) No 2009/138 - Solvency II Directive (Insurance and Reinsurance) Risk-Free Interest Rate - VA calculations Risk-Free Interest Rate - VA calculations, Risk-Free Interest Rate - VA representative portfolios Risk-Free Interest Rate - VA representative portfolios Securities Financing Transactions Regulation (SFTR) Regulation (EU) 2015/2365- MDP Securitisation Regulation (EU) 2017/2402 SFDR Short Selling Regulation (SSR) Regulation (EU) No 236/2012 Symmetric adjustment of the equity capital charge Transparency Directive (TD) Directive 2004/109/EC Undertakings for Collective Investment in Transferable Securities Directive (UCITS) Directive 2009/65/EC
7,005 Q&As · page 106 of 141
Position reporting
Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Secondary Markets
ESMA Answer Published
Answered 2017-12-15
Position reporting
Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Secondary Markets
ESMA Answer Published
Answered 2017-12-15
Value assigned to liabilities arising from derivative contracts
Directive 2014/59/EU (BRRD) · Art. 103
EBA Final Q&A
Answered 2017-12-15
Written plans for cessation or material changes of a benchmark (ESMA70-145-114_Q&A 8.1)
Benchmarks Regulation (BMR) - Regulation 2016/1011
ESMA Answer Published
Answered 2017-12-14
Authorisation and registration vis-à-vis the applicability of the requirements of the BMR (ESMA70-145-114_Q&A 7.1)
Benchmarks Regulation (BMR) - Regulation 2016/1011
ESMA Answer Published
Answered 2017-12-14
Transaction reporting
Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014- MDP
ESMA Answer Published
Answered 2017-12-14
Date and time of the request of admission and admission
Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014- MDP
ESMA Answer Published
Answered 2017-12-14
Organisational requirements: Record keeping
Central Securities Depositories Regulation (CSDR) Regulation (EU) No 909/2014- PTR- CSDR
ESMA Answer Published
Answered 2017-12-14
Emission allowances market participants (EAMPs) - Time span for the calculation of the CO2 equivalent emissions and the rated thermal input
Market Abuse Regulation (MAR) Regulation (EU) No 596/2014 - Market Intergrity
ESMA Answer Published
Answered 2017-12-14
Transaction reporting
Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014- MDP
ESMA Answer Published
Answered 2017-12-14
Treatment of expected loss amounts in validation rule v4772_m
Regulation (EU) No 575/2013 (CRR) · Art. 99
EBA Final Q&A
Answered 2017-12-08
Template C 17.00 (OPR Details) - Reporting on loss adjustments
Regulation (EU) No 575/2013 (CRR) · Art. 99
EBA Final Q&A
Answered 2017-12-08
Incorrect validation rules v4779_m and v4782_m
Regulation (EU) No 575/2013 (CRR) · Art. 99
EBA Final Q&A
Answered 2017-12-08
New EBA Validation rule (taxonomy 2.6) v4786_m about the comparison between the risk weighted exposure amount and the exposure value for Equity in CR GB IRB
Regulation (EU) No 575/2013 (CRR) · Art. 99
EBA Final Q&A
Answered 2017-12-08
C 09.02 - validation rules v4776_m, v4777_m, v4778_m, v4780_m and v4781_m
Regulation (EU) No 575/2013 (CRR) · Art. 99
EBA Final Q&A
Answered 2017-12-08
Scope of bail-in tool: Clarification on Article 44(2)(f)
Directive 2014/59/EU (BRRD) · Art. 44
EBA Final Q&A
Answered 2017-12-01
Transactions with maturities longer than 10 years
Regulation (EU) No 575/2013 (CRR) · Art. 415
EBA Final Q&A
Answered 2017-12-01
C 17.01 – Total gross losses and loss adjustments (v6127_h and v6128_h)
Regulation (EU) No 575/2013 (CRR) · Art. 99
EBA Final Q&A
Answered 2017-11-24
Reporting of credit risk adjustments according to Article 110 of CRR
Regulation (EU) No 575/2013 (CRR) · Art. 99
EBA Final Q&A
Answered 2017-11-24
Classification as off-balance sheet items of a committed reverse repo facility or other committed credit facilities where drawing under the facility is conditional upon purchasing or receiving eligible collateral
Regulation (EU) No 575/2013 (CRR) · Art. 166
EBA Final Q&A
Answered 2017-11-24
CCF for uncommitted lines
Regulation (EU) No 575/2013 (CRR) · Art. 111
EBA Final Q&A
Answered 2017-11-24
Presentation of IRB floor (Article 500 CRR) in COREP templates
Regulation (EU) No 575/2013 (CRR) · Art. 99
EBA Final Q&A
Answered 2017-11-24
Connected Clients and Control Relationship
Regulation (EU) No 575/2013 (CRR) · Art. 4
EBA Final Q&A
Answered 2017-11-24
LRCalc – Reporting of SFT Exposures according to Article 429 (5) (d), 429 (8) and 429b (1) CRR
Regulation (EU) No 575/2013 (CRR) · Art. 429
EBA Final Q&A
Answered 2017-11-24
Groups of connected clients when a client is connected through various criteria (interconnection through control and / or economic interconnection)
Regulation (EU) No 575/2013 (CRR) · Art. 4
EBA Final Q&A
Answered 2017-11-24
Trading during closed periods and prohibition of insider dealing
Market Abuse Regulation (MAR) Regulation (EU) No 596/2014 - Market Intergrity
ESMA Answer Published
Answered 2017-11-21
Types of transactions by PDMRs prohibited during closed periods
Market Abuse Regulation (MAR) Regulation (EU) No 596/2014 - Market Intergrity
ESMA Answer Published
Answered 2017-11-21
How does the information on the underlying options of a MOP need to be provided?
PRIIPs
Joint Committee Final
Answered 2017-11-20
The Delegated Regulation uses terms “biometric risk premium” and “insurance premium”. Do these
terms have the same meaning?
PRIIPs
Joint Committee Final
Answered 2017-11-20
How should credit-linked notes be treated, for example which is their product category for the
purposes of the MRM calculation?
PRIIPs
Joint Committee Final
Answered 2017-11-20
Regarding the correction for risk neutrality in Annex II, 22(c) of the Delegated Regulation - each of
the 10,000 simulated returns needs a correction to ensure that the simulated average return is equ
PRIIPs
Joint Committee Final
Answered 2017-11-20
Is a KID always required when an investment product is listed on a regulated market?
PRIIPs
Joint Committee Final
Answered 2017-11-20
Transaction reporting
Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014- MDP
ESMA Answer Published
Answered 2017-11-17
Protection of securities of participants and those of their clients
Central Securities Depositories Regulation (CSDR) Regulation (EU) No 909/2014- PTR- CSDR
ESMA Answer Published
Answered 2017-11-17
Inconsistency in validation rule v5016_s for C 05.01
Regulation (EU) No 575/2013 (CRR) · Art. 99
EBA Final Q&A
Answered 2017-11-17
International Organisations allocated to the 'Institutions' exposure class
Regulation (EU) No 575/2013 (CRR) · Art. 99
EBA Final Q&A
Answered 2017-11-17
Validation rule e4901_n
Regulation (EU) No 575/2013 (CRR) · Art. 99
EBA Final Q&A
Answered 2017-11-17
Foreign Exchange Risk– Off-balance sheet items in C 22.00
Regulation (EU) No 575/2013 (CRR) · Art. 99
EBA Final Q&A
Answered 2017-11-17
Reporting requirements for template C 33.00
Regulation (EU) No 575/2013 (CRR) · Art. 99
EBA Final Q&A
Answered 2017-11-17
Validations between F 13.01 and F 05.00
Regulation (EU) No 575/2013 (CRR) · Art. 99
EBA Final Q&A
Answered 2017-11-17
EBA validations rules for 2.5 with reference v2708_m and v3091_ m
Regulation (EU) No 575/2013 (CRR) · Art. 99
EBA Final Q&A
Answered 2017-11-17
FINREP IFRS 9, F 16.01 - Interest income and expenses by instrument and counterparty sector
Regulation (EU) No 575/2013 (CRR) · Art. 99
EBA Final Q&A
Answered 2017-11-17
Validation rules v4764_m, v4765_m, v4766_m, v4767_m and v4768_m in template C 08.01
Regulation (EU) No 575/2013 (CRR) · Art. 99
EBA Final Q&A
Answered 2017-11-17
v4760_m & v4761_m in C 02.00 and C 08.01
Regulation (EU) No 575/2013 (CRR) · Art. 99
EBA Final Q&A
Answered 2017-11-17
O-SII Buffer on individual and consolidated level
Directive 2013/36/EU (CRD) · Art. 131
EBA Final Q&A
Answered 2017-11-17
Grandfathering of own funds instruments
Regulation (EU) No 575/2013 (CRR) · Art. 484
EBA Final Q&A
Answered 2017-11-17
Geographical scope of the temporary suspension of transparency
Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014- Secondary Markets
ESMA Answer Published
Answered 2017-11-15
Temporary suspension of transparency for bonds
Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014- Secondary Markets
ESMA Answer Published
Answered 2017-11-15
Timeline for approving connections to ARMs to NCAs
Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Secondary Markets
ESMA Answer Published
Answered 2017-11-15
Maximum authorised deviation around the reference price for negotiated transactions in illiquid equity instruments
Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014- Secondary Markets
ESMA Answer Published
Answered 2017-11-15
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