EU Financial Regulatory Q&A Database

Trading venues

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

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

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

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

CCP - novation trade acceptance model

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

Reference Data for financial instruments

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

Transparent and non-discriminatory rules

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

Order to Trade Ratio (OTR)

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 - OTRs

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

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

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

Systematic internaliser

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

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

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

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

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

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

Will it be possible for the manufacturer to include certain products, such as leveraged products, voluntarily in “Category 1” for the purposes of the market risk assessment?

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

Some fees are paid from the fund/investors to the manager based on the narrowing of the share price to NAV discount on a closed-ended listed fund. Should this type of fee be classed as a performance f

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

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

For new funds with performance fees, is it possible to refer to an appropriate benchmark for estimating the relevant returns of a peer group as foreseen in Point 24(b)(ii) second subparagraph of Annex

PRIIPs

What could be the ‘reference indexes’ mentioned in Point 21(c)(i) of the Annex VI of the Commission Delegated Regulation?

PRIIPs

- Guidance on the methodology described in Point 21(c)(ii) to estimate transaction costs: 3. What could be the ‘comparable information’ mentioned in Point 21 (c) (ii) of the Annex VI of the Commission

PRIIPs

According to Point 21 of the Annex VI of the Commission Delegated Regulation for PRIIPs that have been operating less than 3 years transaction costs may be calculated as an average of the actual trans

PRIIPs

Should transaction costs be calculated the same way in the ‘Composition of costs’ and the ‘Cost over time’ table? Yes, in both cases, transaction costs should be calculated according to Point 66 and t

PRIIPs

Are portfolio costs for traditional endowment insurances to be taken into account in the summary cost indicator of the KID?

PRIIPs

Should entry and exit costs under the table ‘Composition of costs’ of Annex VII be recalculated as an impact per year based on the recommended holding period instead of a RIY figure? No, the calculati

PRIIPs

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

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

Appendix I Standardised transaction costs: examples of calculation [Last update 4 July 2017] The procedure explained in Point (c) of Point 21 of Annex VI, Part I can be broken down as follows:

PRIIPs

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