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

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

Transparency Directive (TD) Directive 2004/109/EC

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

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

Kill functionality

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

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

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

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

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

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

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 value should be input into portfolio transaction costs of PRIPs other than investment funds?

PRIIPs

Is it correct to say that for the purpose of the Points 36 and the following provisions, while the fair value of the product needs to be in line with accounting standards, it does not have to be neces

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

According to Point 33 (b) of Annex VI, the costs of the underlying shall be taken into account in the list of costs of PRIPs other than investment funds. How should this requirement be understood in t

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

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

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

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

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

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

- 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

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