EU Financial Regulatory Q&A Database

Prior permission for repurchase of CET 1 instruments for discretionary trading activity over treasury shares for a certain predetermined amount.

Regulation (EU) No 575/2013 (CRR) · Art. 77

Derivative adjustment of the basic annual contribution through mark-to-market method

Regulation (EU) No 575/2013 (CRR) · Art. 274

Effective Maturity calculation for fully/nearly fully collateralised derivatives and Security Financing Transcations

Regulation (EU) No 575/2013 (CRR) · Art. 162

Instrumenty w Tier II / Tier 2 instruments and incentives to redeem or repay subordinated bonds prior to their maturity.

Regulation (EU) No 575/2013 (CRR) · Art. 63

Minority Interests

Regulation (EU) No 575/2013 (CRR) · Art. 81

Cap on inflows for consumer finance or leasing and factoring activity

Regulation (EU) No 575/2013 (CRR) · Art. 33

Compliance by reference; Paragraph 45 and 46 of the APMs Guidelines (not applicable to prospectuses which are covered by a separate regime).

Transparency Directive (TD) Directive 2004/109/EC

Definition of an APM; Paragraph 17 to 19 and 24 of the APMs Guidelines.

Transparency Directive (TD) Directive 2004/109/EC

Recording of telephone conversations and electronic communications

Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014 - Investor Protection and Intermediaries

Best Execution

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

Position reporting

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

Field 30 - Quantity

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

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

Transaction reporting

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

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

Direct Electronic Access (DEA) and algorithmic trading

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

Trading venues

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

Order Record Keeping

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

CCP - novation trade acceptance model

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

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

Systematic internaliser

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

Position reporting

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

Order to Trade Ratio (OTR)

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

Trading venues - OTRs

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

Kill functionality

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

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

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

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

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 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

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

Using the ‘reference indexes’ mentioned in the question above, how should the ‘average bid-ask spreads’ mentioned in Point 21(c)(i) of the Annex VI of the Commission Delegated Regulation be estimated?

PRIIPs

At what frequency must the Recurring costs and Incidental costs be calculated?

PRIIPs

Clarification is necessary on the specific currency risks which will be covered by Element C of Annex III of the Commission Delegated Regulation. Clarification is necessary for PRIIPs distributed simu

PRIIPs

Is it possible for an insurance company to satisfy the criteria in Point 47 of Annex II, Part 2?

PRIIPs

Is a look-through only required for underlying investments above a certain threshold within the portfolio of the fund of fund? When dealing with fund of fund or other multi-layer instruments, does the

PRIIPs

Could you provide an example of the provisioned fees for specific treatment of gain and losses, which are referred to in Point 5 (d) of Annex VI?

PRIIPs

What is the meaning of the term “underlying investments” in Annex II, Part 1, Points 4-6 for a PRIIP that is an Undertaking for Collective Investment (UCI)? In particular, do we need to look at the po

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

How should the requirement to use data of an appropriate benchmark/proxy be interpreted where there is no, or insufficient, price data for the PRIIP or the underlying value. For example: - Would an op

PRIIPs

Could the ‘reasonable estimate of the consolidated price’ referred to in Point 17 of Annex VI be an average of observable quotes within a certain time frame?

PRIIPs

According to the Point 37 of Annex VI ‘If the PRIIP manufacturer is unable to distinguish the relevant implicit costs to be disclosed as referred to in Point 29 of this Annex using the difference betw

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