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

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

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

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

Systematic internaliser

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

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

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

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

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

Direct Electronic Access (DEA) and algorithmic trading

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

Trading venues

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

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 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

Can a PRIIP manufacturer supplement the information described in Annex IV, point 30, of the Commission Delegated Regulation for the pay-off graph to ensure that it is comprehensible and meaningful for

PRIIPs

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

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

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

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

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

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

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

- 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

Can non-ETDs use the same treatment as ETDs?

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