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

Best Execution

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

Recording of telephone conversations and electronic communications

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

Reference Data for financial instruments

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

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

Position reporting

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

Kill functionality

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

Transaction reporting

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

Transaction reporting

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

Transparent and non-discriminatory rules

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

NFE application of a trading venue for position limit exemption

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

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

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

Trading venues

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

Direct Electronic Access (DEA) and algorithmic trading

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

Trading venues - OTRs

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 - 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

Field 30 - Quantity

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

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

Point 3 (d) of Annex VI indicates that subscription fee includes taxes. Would this include the following types of taxes: VATs, FTTs, stamp duties?

PRIIPs

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

PRIIPs

Point 80 of Annex VI specifies that “the costs are assessed on an ‘all taxes included’ basis. Which types of taxes are referred to in this point?

PRIIPs

In the case of private Equity, infrastructure and other similar funds where the investments to be made by those funds are unknown at the date of creation/investment in the fund, how to anticipate cost

PRIIPs

If the recommended holding period (RHP) of the PRIIP is less than one year, how should performance and cost figures be presented in the KID? Point 45 of Annex IV and point 76a of Annex VI of the Deleg

PRIIPs

Would a hedge fund that meets the following criteria be considered a Category 1 or Category 3 PRIIP?

PRIIPs

It appears that unit-linked insurance products without guarantees would fall into Category 2.

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

Are PRIIPs with unconditional capital protection categorised as Category 2 or Category 3?

PRIIPs

The main difference between Category 2 and Category 3 is whether the condition of “constant multiple” is fulfilled in Annex II, Part 1, Point 5. Would it be correct to treat unit-linked insurance prod

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

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

PRIIPs