EU Financial Regulatory Q&A Database

Field 30 - Quantity

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

Position reporting

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

Systematic internaliser

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

Transaction reporting

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

Position reporting

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

Position reporting

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

Reference Data for financial instruments

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

Record-keeping obligations of HFT firms - non-algorithmic trading desks

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

Under which circumstances a trading venue may cancel, vary or correct a transaction?

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

Order Record Keeping

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

Unauthorised person as an investment firm meeting the requirements of Article 53(3) of MiFID II being a member or participant of a regulated market or an MTF

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

NFE application of a trading venue for position limit exemption

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

Positions held by an investment firm on behalf of their clients

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

Transparent and non-discriminatory rules

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

Position reporting

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

CCP - novation trade acceptance model

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

Position reporting

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

Direct Electronic Access (DEA) and algorithmic trading

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

Kill functionality

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

Trading venues - maximum bid-ask ranges for all instruments traded on venues or only for instruments with market making scheme

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

Trading venues

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

Order to Trade Ratio (OTR)

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

Direct Electronic Access (DEA) and algorithmic trading

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

Transaction reporting

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

Trading venues - OTRs

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

Closely associated persons under Article 3(1)(26)(d) of MAR

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

Transitional provisions applicable to EU index providers already providing a benchmark on 30 June 2016 (ESMA70-145-114_Q&A 9.1)

Benchmarks Regulation (BMR) - Regulation 2016/1011

Transitional provisions applicable to EU index providers starting to provide a benchmark between 1 July 2016 and 31 December 2017 (ESMA70-145-114_Q&A 9.2)

Benchmarks Regulation (BMR) - Regulation 2016/1011

What is meant by unconditional protection of the capital (e.g. Point 24 of Annex II)?

PRIIPs

Does Point 53 of Annex VI apply inter alia to insurance-based investment products (unit-linked products as well as non-unit-linked products) in which the capital provided by investors is invested in U

PRIIPs

For PRIIPs that allow for investment in underlying instruments of a different nature, which are classified in different groups for risk calculation, how should the Summary Risk Indicator (SRI) be calc

PRIIPs

In Annex II, Part 1, Points 9 and 10 it states that the minimum observation frequency is monthly but subsequently it is specified that in the event of bi-monthly publication of prices the frequency wi

PRIIPs

If the order is a limit order, should the arrival price be the limit order?

PRIIPs

[Question deleted] (Revised 21 December 2022) 9. [Question deleted] (Revised 21 December 2022) 10. How should I calculate the transaction costs associated with an IPO or other offering of primary sec

PRIIPs

While financing costs related to borrowing (provided by related parties)” are recognised as a recurring cost in Point 5(h) of Annex VI, could you confirm that overdraft charges on a bank account opera

PRIIPs

Could you specify which types of costs of capital guarantee provided by a third party guarantor are those mentioned in Point 5 (i) of Annex VI?

PRIIPs

Is the provision in Annex II, Part 1, Point 14 (b) applicable where a fund has sufficient history?

PRIIPs

The MRM class determination for Category 3 PRIIPs, as specified in Annex II, Point 16, states that the “[…] VaR shall be the value of the PRIIP at the 97.5% confidence level […]”. Since the formula in

PRIIPs

Does the formula in Annex II Point 17 use the simulated value of the PRIIP divided by its initial value? Should the calculation of VEV post-issuance be based on the ratio of the simulated value divide

PRIIPs

For products with an automatic early-redemption feature, the holding periods might differ for each of the simulations. What value of T, related to the formula for the calculation of the MRM, the lengt

PRIIPs

The principal component analysis of Annex II, Point 23 ensures the consistent simulation of curves. Is it mandatory to use this method also for PRIIPs that depend on only one interest rate underlying,

PRIIPs

Are we right to assume that the bootstrapping of equity baskets should also be based on a principal component decomposition (at least for baskets of more than two underlyings)? On which rule should th

PRIIPs

A fully protected product can be allocated to MRM 1. Is this still the case if the underlying assets do not have the required minimum historical data, or is the product automatically allocated to MRM

PRIIPs

In which situations does the credit risk of the underlyings of a PRIIP need to be assessed? In particular, a) what approach should be taken for stocks and UCITS investing in stocks? And b) If a positi

PRIIPs

For a PRIIP with an MRM of 6, the aggregate SRI will always be 6. Therefore, is it still necessary to assess the credit risk for a PRIIP with an MRM of 6?

PRIIPs

Where the investor has access to a compensation scheme for the investment amount of the KID, is it correct to assume that credit risk is zero? It is not correct to assume that there is no credit risk.

PRIIPs

In case a PRIIP is a fund of funds, where the underlying investment is a fund which is in turn investing in another fund, should we consider the funds in which the PRIIP is investing in directly as th

PRIIPs

How should derivatives be weighted when applying Point 40 of Annex II?

PRIIPs

Please clarify the requirement in Point 38 of Annex II, part II: where a credit assessment is not available under both (a) and (b), i.e. there is not both a credit assessment assigned to the PRIIP and

PRIIPs

Is it fair to assume that a EU-regulated UCITS fund will always meet the requirements under Annex II Point 46 (a) and (b) and thus the CRM for a UCITS fund will always be equal to 1. If not under what

PRIIPs