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 108 of 141
Information on cost and charges
Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Investor Protection and Intermediaries
ESMA Answer Published
Answered 2017-10-03
Information on cost and charges
Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Investor Protection and Intermediaries
ESMA Answer Published
Answered 2017-10-03
Information on cost and charges
Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Investor Protection and Intermediaries
ESMA Answer Published
Answered 2017-10-03
Information on cost and charges
Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Investor Protection and Intermediaries
ESMA Answer Published
Answered 2017-10-03
Information on cost and charges
Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Investor Protection and Intermediaries
ESMA Answer Published
Answered 2017-10-03
Client categorisation
Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Investor Protection and Intermediaries
ESMA Answer Published
Answered 2017-10-03
Information on cost and charges
Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Investor Protection and Intermediaries
ESMA Answer Published
Answered 2017-10-03
Suitability checks and controls of DEA provider
Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Secondary Markets
ESMA Answer Published
Answered 2017-10-03
Organized Trading facilities OTFs
Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Secondary Markets
ESMA Answer Published
Answered 2017-10-03
Organized Trading facilities OTFs
Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Secondary Markets
ESMA Answer Published
Answered 2017-10-03
Post-sale reporting
Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Investor Protection and Intermediaries
ESMA Answer Published
Answered 2017-10-03
Best Execution
Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Investor Protection and Intermediaries
ESMA Answer Published
Answered 2017-10-03
Information on cost and charges
Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Investor Protection and Intermediaries
ESMA Answer Published
Answered 2017-10-03
Recording of telephone conversations and electronic communications
Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Investor Protection and Intermediaries
ESMA Answer Published
Answered 2017-10-03
Post-sale reporting
Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Investor Protection and Intermediaries
ESMA Answer Published
Answered 2017-10-03
Best Execution
Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Investor Protection and Intermediaries
ESMA Answer Published
Answered 2017-10-03
Organized Trading facilities OTFs
Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Secondary Markets
ESMA Answer Published
Answered 2017-10-03
Ongoing monitoring of collateral requirements (old CCP question 22 dated 2/10/2017)
Regulation 648/2012 - OTC derivatives, central counterparties and trade repositories (EMIR) - CCPs · Art. Article 46 of EMIR and Article 37 of the RTS on CCP requirements - old CCP question 22 dated 2/10/2017
ESMA Answer Published
Answered 2017-10-02
Provision of banking-type ancillary services
Central Securities Depositories Regulation (CSDR) Regulation (EU) No 909/2014- PTR- CSDR
ESMA Answer Published
Answered 2017-10-02
Family of benchmarks (ESMA70-145-114 Q&A_5.1)
Benchmarks Regulation (BMR) - Regulation 2016/1011
ESMA Answer Published
Answered 2017-09-29
Exemption on single reference price (ESMA70-145-114 Q&A_4.3)
Benchmarks Regulation (BMR) - Regulation 2016/1011
ESMA Answer Published
Answered 2017-09-29
Use of a benchmark (ESMA70-145-114 Q&A_5.2)
Benchmarks Regulation (BMR) - Regulation 2016/1011
ESMA Answer Published
Answered 2017-09-29
Application of the Regulation to EU and third country central banks (ESMA70-145-114_Q&A 4.1)
Benchmarks Regulation (BMR) - Regulation 2016/1011
ESMA Answer Published
Answered 2017-09-29
Delayed inside information that lost the feature of the price sensitivity
Market Abuse Regulation (MAR) Regulation (EU) No 596/2014 - Market Intergrity
ESMA Answer Published
Answered 2017-09-29
Permission for delta models for back-to-back positions
Regulation (EU) No 575/2013 (CRR) · Art. 329, 352, 358
EBA Final Q&A
Answered 2017-09-22
Reporting of Pillar 2 requirements in C 03.00 (follow-up to Q&As 2015_2302 and 2016_2699)
Regulation (EU) No 575/2013 (CRR) · Art. 99
EBA Final Q&A
Answered 2017-09-22
Risk weight for the credit risk for third countries with supervisory and regulatory arrangements at least equivalent to those applied in the Union according to Article 114(7) CRR
Regulation (EU) No 575/2013 (CRR) · Art. 114
EBA Final Q&A
Answered 2017-09-22
Netting between depositary receipts and underlying equities
Regulation (EU) No 575/2013 (CRR) · Art. 327
EBA Final Q&A
Answered 2017-09-22
LCR treatment of cash pooling services
Regulation (EU) No 575/2013 (CRR) · Art. 420, 422
EBA Final Q&A
Answered 2017-09-22
Aircraft loans as collateral for covered bonds
Regulation (EU) No 575/2013 (CRR) · Art. 129
EBA Final Q&A
Answered 2017-09-22
Validation rule v0786_m
Regulation (EU) No 575/2013 (CRR) · Art. 99
EBA Final Q&A
Answered 2017-09-22
Issuer’s responsibility in case of delegation
Market Abuse Regulation (MAR) Regulation (EU) No 596/2014 - Market Intergrity
ESMA Answer Published
Answered 2017-09-01
Subject of the insider list requirements
Market Abuse Regulation (MAR) Regulation (EU) No 596/2014 - Market Intergrity
ESMA Answer Published
Answered 2017-09-01
OSII capital buffer
Directive 2013/36/EU (CRD) · Art. 131
EBA Final Q&A
Answered 2017-09-01
Treatment of inflows from credit facilities in LCR
Regulation (EU) No 575/2013 (CRR) · Art. 425, 460
EBA Final Q&A
Answered 2017-08-25
High income OECD countries and Liquid asset classifications
Regulation (EU) No 575/2013 (CRR) · Art. 114, 137
EBA Final Q&A
Answered 2017-08-25
Liquid assets underlying sold call options
Regulation (EU) No 575/2013 (CRR) · Art. 417
EBA Final Q&A
Answered 2017-08-25
Should the 10% threshold for calculating credit risk in Annex II, part 2, Point 35 be applied per
instrument or per exposure?
PRIIPs
Joint Committee Final
Answered 2017-08-18
Does “as appropriate” in Point 7 of Annex III mean that the wording of the elements A-J can be
amended? Or should the manufacturer remove an entire text element if it is not suitable for a specific
PR
PRIIPs
Joint Committee Final
Answered 2017-08-18
In accordance with Annex II, Part 2, Point 42 the credit quality step shall be adjusted to the maturity
or recommended holding period of the PRIIP. Should the maturity to be used for this adjustment b
PRIIPs
Joint Committee Final
Answered 2017-08-18
Can a credit assessment assigned to a group be used for the assessment of the credit risk of the
relevant obligor?
PRIIPs
Joint Committee Final
Answered 2017-08-18
How should the CRM be calculated when the credit risk needs to be assessed only for a part of the
assets of the PRIIP? For example if there are both individual investment holdings representing 10%
or
PRIIPs
Joint Committee Final
Answered 2017-08-18
What are the implications of Point 53 of Annex II, Part 3 in terms of the monitoring of data? In
particular, is it necessary to calculate the MRM on a daily basis?
PRIIPs
Joint Committee Final
Answered 2017-08-18
When performance fees or exit costs are not applicable for a product - does the format of Table 2
Composition of costs allow that the manufacturer to mention ‘n.a.’ instead of ‘0%’ in the table?
PRIIPs
Joint Committee Final
Answered 2017-08-18
Which annual cost impact is shown in table 2 (composition of costs)?
For insurance-based investment products, the table shows the impact of the different types of costs on
the investment return the in
PRIIPs
Joint Committee Final
Answered 2017-08-18
Can an appropriate benchmark or proxy continue to be used once sufficient data becomes available?
PRIIPs
Joint Committee Final
Answered 2017-08-18
What is meant by factors not observed in the market as stated in Annex II, Part 1, Point 7?
PRIIPs
Joint Committee Final
Answered 2017-08-18
Does the categorisation of a retail investor depend on the definition in Directive 2014/65/EU?
PRIIPs
Joint Committee Final
Answered 2017-08-18
Validation rule v4795_m, C 13.00 - Securitisations
Regulation (EU) No 575/2013 (CRR) · Art. 99
EBA Final Q&A
Answered 2017-08-04
V4835_m - C 19.00 column 610 calculation
Regulation (EU) No 575/2013 (CRR) · Art. 99
EBA Final Q&A
Answered 2017-08-04
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