Resources › EU Financial Regulatory Q&A Database EU Financial Regulatory Q&A Database Official Q&As published by EBA, ESMA, EIOPA and the ESA Joint Committee. Non-binding but treated
as authoritative guidance by national competent authorities across the EU.
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All regulations Alternative Investment Fund Managers Directive (AIFMD) Directive 2011/61/EU Benchmarks Regulation (BMR) - Regulation 2016/1011 Central Securities Depositories Regulation (CSDR) Regulation (EU) No 909/2014- PTR- CSDR Credit Rating Agencies Regulation (CRAR) Regulation (EC) No 1060/2009 Directive 2002/87/EC (FiCOD) Directive 2009/110/EC (EMD) Directive 2013/36/EU (CRD) Directive 2014/17/EU (MCD) Directive 2014/49/EU (DGSD) Directive 2014/59/EU (BRRD) Directive 2014/65/EU - Markets in Financial Instruments Directive (MiFID II) Directive 2014/92/EU (PAD) Directive 2015/2366/EU (PSD2) Directive 2022/2556/EU (DORA Dir) Directive (EU) 2015/849 (AMLD) Directive (EU) 2019/2034 (IFD) EIOPA-BoS/18-114 - Information request towards NCAs regarding provision of occupational pensions information EIOPA-BoS-23-030 - Regular information requests regarding provision of occupational pensions information EMIR ESGR - Regulation (EU) 2024/3005 (EU) 2016/2341 - IORP II Directive (EU) 2016/2341 - IORP II Directive, (EU) No 2016/97 - Insurance Distribution Directive (EU) 2016/2341 - IORP II Directive, Other (EU) 2017/653 - PRIIPs Delegated Regulation for key information document (EU) 2017/653 - PRIIPs Delegated Regulation for key information document, (EU) No 1286/2014 - PRIIPs Regulation (EU) 2019/1238 - Pan-European Personal Pension Product (PEPP) (EU) 2019/1238 - Pan-European Personal Pension Product (PEPP), (EU) 2022/2454 - ITS with regard to supervisory reporting of risk concentrations and intra-group transactions (FICOD, (EU) 2023/894 - ITS with regard to the templates for the submission of information necessary for supervision, EIOPA-BoS-23-030 - Regular information requests regarding provision of occupational pensions information (EU) 2019/2088 - SFDR (EU) 2020/852 - Taxonomy Regulation (EU) 2022/2454 - ITS with regard to supervisory reporting of risk concentrations and intra-group transactions (FICOD (EU) 2022/2454 - ITS with regard to supervisory reporting of risk concentrations and intra-group transactions (FICOD, (EU) 2023/894 - ITS with regard to the templates for the submission of information necessary for supervision (EU) 2022/2554 - Digital Operational Resilience Act (DORA) (EU) 2023/894 - ITS with regard to the templates for the submission of information necessary for supervision (EU) 2023/894 - ITS with regard to the templates for the submission of information necessary for supervision, (EU) 2023/895 - ITS for the disclosure of solvency and financial condition report (EU) 2023/894 - ITS with regard to the templates for the submission of information necessary for supervision, (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII) (EU) 2023/894 - ITS with regard to the templates for the submission of information necessary for supervision, Other (EU) 2023/894 - ITS with regard to the templates for the submission of information necessary for supervision, Revised Guidelines on Contract Boundaries, Guidelines on contract boundaries (EU) 2023/895 - ITS for the disclosure of solvency and financial condition report EU Green Bond Regulation (EU) 2023/2361 (EU) No 1286/2014 - PRIIPs Regulation (EU) No 2009/138 - Solvency II Directive (Insurance and Reinsurance) (EU) No 2015/2011 - lists of regional governments & local authorities, exposures to be treated as to central government (EU) No 2015/2013 - standard deviations in relation to health risk equalisation systems (EU) No 2015/2450 - templates for the submission of information to the supervisory authorities (EU) No 2015/2450 - templates for the submission of information to the supervisory authorities, (EU) No 2009/138 - Solvency II Directive (Insurance and Reinsurance) (EU) No 2015/2450 - templates for the submission of information to the supervisory authorities, Guidelines on reporting and public disclosure (EU) No 2015/2451 - templates and structure of the disclosure of specific information by supervisory authorities (EU) No 2015/2451 - templates and structure of the disclosure of specific information by supervisory authorities, (EU) No 2009/138 - Solvency II Directive (Insurance and Reinsurance) (EU) No 2015/2452 - procedures, formats and templates of the solvency and financial condition report (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII) (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII), (EU) No 2009/138 - Solvency II Directive (Insurance and Reinsurance) (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII), (EU) No 2015/2011 - lists of regional governments & local authorities, exposures to be treated as to central government (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII), (EU) No 2015/2450 - templates for the submission of information to the supervisory authorities (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII), (EU) No 2015/2450 - templates for the submission of information to the supervisory authorities, (EU) No 2009/138 - Solvency II Directive (Insurance and Reinsurance) (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII), Guidelines on application of outwards reinsurance (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII), Guidelines on contract boundaries (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII), Guidelines on group solvency (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII), Guidelines on implementation of the long-term guarantee measures (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII), Guidelines on look-through approach (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII), Guidelines on methodology for equivalence assessments by national supervisory authorities under Solvency II (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII), Guidelines on recognition and valuation of assets and liabilities other than technical provisions (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII), Guidelines on valuation of technical provisions (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII), Guidelines on valuation of technical provisions, (EU) No 2009/138 - Solvency II Directive (Insurance and Reinsurance) (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII), Other (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII), Risk-Free Interest Rate - General questions (EU) No 2016/1800 - allocation of Credit Assessments of external CA institutions to objective scale of credit quality steps (EU) No 2016/97 - Insurance Distribution Directive (EU) No 2016/97 - Insurance Distribution Directive, (EU) No 2009/138 - Solvency II Directive (Insurance and Reinsurance) (EU) No 2017/1469 - standardised presentation format for the insurance product information document (EU) No 2017/1469 - standardised presentation format for the insurance product information document, Guidelines on classification of own funds (EU) No 2017/2358 - product oversight and governance requirements for insurance (EU) No 2017/2358 - product oversight and governance requirements for insurance, (EU) No 2016/97 - Insurance Distribution Directive (EU) No 2017/2358 - product oversight and governance requirements for insurance, Preparatory Guidelines on product oversight & governance arrangements by insurance undertakings & insurance distributors, (EU) No 2016/97 - Insurance Distribution Directive (EU) No 2017/2359 - info requirements and conduct of business rules applicable European Long-Term Investment Funds Regulation (ELTIF) Regulation (EU) 2015/760 European Market Infrastructure Regulation (EMIR) Regulation (EU) No 648/2012- MDP European Market Infrastructure Regulation (EMIR) Regulation (EU) No 648/2012- PTR- Derivatives European Social Entrepreneurship Funds Regulation (EuSEF) Regulation (EU) No 346/2013 European Venture Capital Regulation (EuVECA) Regulation (EU) No 345/2013 Guidelines on application of life underwriting risk module Guidelines on application of outwards reinsurance Guidelines on basis risk Guidelines on classification of own funds Guidelines on classification of own funds, (EU) No 2009/138 - Solvency II Directive (Insurance and Reinsurance) Guidelines on contract boundaries Guidelines on financial stability reporting Guidelines on financial stability reporting, Guidelines on reporting for financial stability purposes Guidelines on group solvency Guidelines on health catastrophe risk sub-module Guidelines on look-through approach Guidelines on loss-absorbing capacity of technical provisions and deferred taxes Guidelines on own risk and solvency assessment Guidelines on recognition and valuation of assets and liabilities other than technical provisions Guidelines on reporting and public disclosure Guidelines on reporting for financial stability purposes Guidelines on ring-fenced funds Guidelines on submission of information to NCAs (Preparatory phase) Guidelines on supervision of branches of third-country insurance undertakings Guidelines on supervisory review process Guidelines on system of governance Guidelines on the Forward looking assessment of own risks Guidelines on treatment of related undertakings, including participations Guidelines on use of internal models Guidelines on valuation of technical provisions Market Abuse Regulation (MAR) Regulation (EU) No 596/2014 - Market Intergrity Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Investor Protection and Intermediaries Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- MDP Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Secondary Markets Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014 - Investor Protection and Intermediaries Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014- MDP Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014- Secondary Markets MiCA Other Packaged Retail and Insurance-based Investment Products Regulation (PRIIPS) Regulation (EU) No 1286/2014 PRIIPs Prospectus Regulation 2017/1129 Regulation 2020/1503 - European crowdfunding service providers for business Regulation 2021/23 - recovery and resolution of central counterparties (CCPRRR) Regulation 648/2012 - OTC derivatives, central counterparties and trade repositories (EMIR) - CCPs Regulation (EU) 2015/847 (WTR) (recast) Regulation (EU) 2019/2088 - Sustainable Finance Disclosure Regulation (SFDR) Regulation (EU) 2022/2554 - The Digital Operational Resilience Act (DORA) Regulation (EU) 2022/858 - DLT Pilot Regime Regulation (DLTR) Regulation (EU) 2023/1113 (WTR II) Regulation (EU) 2024/886 (IPR) Regulation (EU) No 2017/2402 (SecReg) Regulation (EU) No 2019/2033 (IFR) Regulation (EU) No 2022/2554 (DORA Reg) Regulation (EU) No 2023/1114 (MiCAR) Regulation (EU) No 575/2013 (CRR) Regulation (EU) No 648/2012 (EMIR) Regulation (EU) No 909/2014 (CSDR) - only RTS 2017/390 Revised Guidelines on Contract Boundaries Revised Guidelines on valuation of technical provisions Revised Guidelines on valuation of technical provisions, (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII) Revised Guidelines on valuation of technical provisions, (EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII), (EU) No 2009/138 - Solvency II Directive (Insurance and Reinsurance) Risk-Free Interest Rate - Credit and currency adjustments Risk-Free Interest Rate - Deep, Liquid and Transparent maturities Risk-Free Interest Rate - Extrapolation Risk-Free Interest Rate - Extrapolation, Risk-Free Interest Rate - Financial market data Risk-Free Interest Rate - Extrapolation, Risk-Free Interest Rate - General questions, Risk-Free Interest Rate - VA calculations Risk-Free Interest Rate - Financial market data Risk-Free Interest Rate - General questions Risk-Free Interest Rate - Matching adjustment Risk-Free Interest Rate - Matching adjustment, (EU) No 2009/138 - Solvency II Directive (Insurance and Reinsurance) Risk-Free Interest Rate - VA calculations Risk-Free Interest Rate - VA calculations, Risk-Free Interest Rate - VA representative portfolios Risk-Free Interest Rate - VA representative portfolios Securities Financing Transactions Regulation (SFTR) Regulation (EU) 2015/2365- MDP Securitisation Regulation (EU) 2017/2402 SFDR Short Selling Regulation (SSR) Regulation (EU) No 236/2012 Symmetric adjustment of the equity capital charge Transparency Directive (TD) Directive 2004/109/EC Undertakings for Collective Investment in Transferable Securities Directive (UCITS) Directive 2009/65/EC
7,005 Q&As · page 138 of 141
Preferential risk weight of covered bonds containing securitisation positions of sovereign exposures as cover pool assets
Regulation (EU) No 575/2013 (CRR) · Art. 129
EBA Final Q&A
Answered 2013-10-31
Local Regulations versus the CRR
Regulation (EU) No 575/2013 (CRR) · Art. 54
EBA Final Q&A
Answered 2013-10-31
Application of the Discretion outlined in Article 99 (6) of the CRR to non-IFRS institutions
Regulation (EU) No 575/2013 (CRR) · Art. 99
EBA Final Q&A
Answered 2013-10-31
Applicability of Own Funds Reporting Requirements to Investment Firms Out of Scope
Regulation (EU) No 575/2013 (CRR) · Art. 99
EBA Final Q&A
Answered 2013-10-31
Deferral of Tier 2 coupons
Regulation (EU) No 575/2013 (CRR) · Art. 52
EBA Final Q&A
Answered 2013-10-31
Direct / indirect funding of own shares
Regulation (EU) No 575/2013 (CRR) · Art. 28
EBA Final Q&A
Answered 2013-10-31
Synthetic holdings
Regulation (EU) No 575/2013 (CRR) · Art. 28, 36
EBA Final Q&A
Answered 2013-10-31
Grandfathering of own funds instruments
Regulation (EU) No 575/2013 (CRR) · Art. 483
EBA Final Q&A
Answered 2013-10-31
Grandfathering of own funds instruments
Regulation (EU) No 575/2013 (CRR) · Art. 486
EBA Final Q&A
Answered 2013-10-31
Application of article 95 (2) of Regulation (EU) No 575/2013
Regulation (EU) No 575/2013 (CRR) · Art. 95
EBA Final Q&A
Answered 2013-08-27
Applicable risk weights for agricultural properties.
Regulation (EU) No 575/2013 (CRR) · Art. 124, 125, 126
EBA Final Q&A
Answered 2013-08-27
FINREP application date and report submission postponement to Q3 2014
Regulation (EU) No 575/2013 (CRR) · Art. 99
EBA Final Q&A
Answered 2013-08-20
Definitions (old CCP question 14 dated 5/08/2013)
Regulation 648/2012 - OTC derivatives, central counterparties and trade repositories (EMIR) - CCPs · Art. Article 2 of EMIR - old CCP question 14 dated 5/08/2013
ESMA Answer Published
Answered 2013-08-05
Allocation of additional resources (old CCP question 15 dated 5/08/2013)
Regulation 648/2012 - OTC derivatives, central counterparties and trade repositories (EMIR) - CCPs · Art. Article 35 RTS on CCPs - old CCP question 15 dated 5/08/2013
ESMA Answer Published
Answered 2013-08-05
Article 47 of EMIR – Deposit of financial instruments
Regulation 648/2012 - OTC derivatives, central counterparties and trade repositories (EMIR) - CCPs · Art. Article 47 of EMIR - old CCP question 4 dated 5/08/2013
ESMA Answer Published
Answered 2013-08-05
ESMA’s guidelines on ETFs and other UCITS issues - Information to be inserted in the prospectus UCITS
Undertakings for Collective Investment in Transferable Securities Directive (UCITS) Directive 2009/65/EC
ESMA Answer Published
Answered 2013-07-11
ESMA’s guidelines on ETFs and other UCITS issues - Secondary market
Undertakings for Collective Investment in Transferable Securities Directive (UCITS) Directive 2009/65/EC
ESMA Answer Published
Answered 2013-07-11
ESMA’s guidelines on ETFs and other UCITS issues - Secondary market
Undertakings for Collective Investment in Transferable Securities Directive (UCITS) Directive 2009/65/EC
ESMA Answer Published
Answered 2013-07-11
ESMA’s guidelines on ETFs and other UCITS issues - Information to be inserted in the prospectus
Undertakings for Collective Investment in Transferable Securities Directive (UCITS) Directive 2009/65/EC
ESMA Answer Published
Answered 2013-07-11
Capital (old CCP question 7 dated 4/06/2013)
Regulation 648/2012 - OTC derivatives, central counterparties and trade repositories (EMIR) - CCPs · Art. Article 16 of EMIR - old CCP question 7 dated 4/06/2013
ESMA Answer Published
Answered 2013-06-04
Outsourcing (old CCP question 10 dated 4/06/2013)
Regulation 648/2012 - OTC derivatives, central counterparties and trade repositories (EMIR) - CCPs · Art. Article 14 of EMIR - old CCP question 10 dated 4/06/2013
ESMA Answer Published
Answered 2013-06-04
Review of models, Stress-testing and back-testing (old CCP question 5 dated 20/03/2013)
Regulation 648/2012 - OTC derivatives, central counterparties and trade repositories (EMIR) - CCPs · Art. Article 49 of EMIR - old CCP question 5 dated 20/03/2013
ESMA Answer Published
Answered 2013-03-20
Most relevant currencies for the determination of participation in a college
Regulation 648/2012 - OTC derivatives, central counterparties and trade repositories (EMIR) - CCPs · Art. Article 18 of EMIR - old CCP question 1 dated 20/03/2013
ESMA Answer Published
Answered 2013-03-20
Most relevant currencies for the determination of participation in a college (old CCP question 2 dated 20/03/2013)
Regulation 648/2012 - OTC derivatives, central counterparties and trade repositories (EMIR) - CCPs · Art. Article 18 of EMIR - old CCP question 1 dated 20/03/2013
ESMA Answer Published
Answered 2013-03-20
ESMA’s guidelines on ETFs and other UCITS issues - Efficient portfolio management techniques
Undertakings for Collective Investment in Transferable Securities Directive (UCITS) Directive 2009/65/EC
ESMA Answer Published
Answered 2013-03-15
KIID Transitional provisions
Undertakings for Collective Investment in Transferable Securities Directive (UCITS) Directive 2009/65/EC
ESMA Answer Published
Answered 2013-03-15
KIID Transitional provisions
Undertakings for Collective Investment in Transferable Securities Directive (UCITS) Directive 2009/65/EC
ESMA Answer Published
Answered 2013-03-15
ESMA’s guidelines on ETFs and other UCITS issues - UCITS ETF label
Undertakings for Collective Investment in Transferable Securities Directive (UCITS) Directive 2009/65/EC
ESMA Answer Published
Answered 2013-03-15
ESMA’s guidelines on ETFs and other UCITS issues - Efficient portfolio management techniques
Undertakings for Collective Investment in Transferable Securities Directive (UCITS) Directive 2009/65/EC
ESMA Answer Published
Answered 2013-03-15
ESMA’s guidelines on ETFs and other UCITS issues - Efficient portfolio management techniques
Undertakings for Collective Investment in Transferable Securities Directive (UCITS) Directive 2009/65/EC
ESMA Answer Published
Answered 2013-03-15
KIID Transitional provisions
Undertakings for Collective Investment in Transferable Securities Directive (UCITS) Directive 2009/65/EC
ESMA Answer Published
Answered 2013-03-15
KIID Transitional provisions
Undertakings for Collective Investment in Transferable Securities Directive (UCITS) Directive 2009/65/EC
ESMA Answer Published
Answered 2013-03-15
Delta adjusted positions in derivatives
Short Selling Regulation (SSR) Regulation (EU) No 236/2012
ESMA Answer Published
Answered 2013-01-29
Uncovered Credit Default Swap - Differences in durations of the sovereign CDS position and the hedged exposure
Short Selling Regulation (SSR) Regulation (EU) No 236/2012
ESMA Answer Published
Answered 2013-01-29
Uncovered Credit Default Swap - Static hedging through the holding of a sovereign bond
Short Selling Regulation (SSR) Regulation (EU) No 236/2012
ESMA Answer Published
Answered 2013-01-29
Uncovered Credit Default Swap - Use of a sovereign CDS position to hedge different risks
Short Selling Regulation (SSR) Regulation (EU) No 236/2012
ESMA Answer Published
Answered 2013-01-29
Uncovered Credit Default Swap - Use of sovereign CDS index
Short Selling Regulation (SSR) Regulation (EU) No 236/2012
ESMA Answer Published
Answered 2013-01-29
Uncovered Credit Default Swap - Replacement trades on sovereign CDS concluded before 25 March 2012
Short Selling Regulation (SSR) Regulation (EU) No 236/2012
ESMA Answer Published
Answered 2013-01-29
Futures on a basket of sovereign bonds
Short Selling Regulation (SSR) Regulation (EU) No 236/2012
ESMA Answer Published
Answered 2013-01-29
Positions in UCITS
Short Selling Regulation (SSR) Regulation (EU) No 236/2012
ESMA Answer Published
Answered 2013-01-29
Calculation of net short positions held through derivatives on sovereign debt
Short Selling Regulation (SSR) Regulation (EU) No 236/2012
ESMA Answer Published
Answered 2013-01-29
Credit Linked Notes
Short Selling Regulation (SSR) Regulation (EU) No 236/2012
ESMA Answer Published
Answered 2013-01-29
Net short positions - Meaning of position holder and reporting entities
Short Selling Regulation (SSR) Regulation (EU) No 236/2012
ESMA Answer Published
Answered 2013-01-29
GDRs and ADRs
Short Selling Regulation (SSR) Regulation (EU) No 236/2012
ESMA Answer Published
Answered 2013-01-29
ETFs
Short Selling Regulation (SSR) Regulation (EU) No 236/2012
ESMA Answer Published
Answered 2013-01-29
Shares pledged as collateral
Short Selling Regulation (SSR) Regulation (EU) No 236/2012
ESMA Answer Published
Answered 2013-01-29
Meaning of debt instruments issued by a sovereign issuer
Short Selling Regulation (SSR) Regulation (EU) No 236/2012
ESMA Answer Published
Answered 2013-01-29
Issued share capital and saving shares
Short Selling Regulation (SSR) Regulation (EU) No 236/2012
ESMA Answer Published
Answered 2013-01-29
Put on hold confirmation in the context of intra-day short sales
Short Selling Regulation (SSR) Regulation (EU) No 236/2012
ESMA Answer Published
Answered 2013-01-29
Offsetting a net long position in a sovereign issuer with a net short position in another sovereign to which it is highly correlated
Short Selling Regulation (SSR) Regulation (EU) No 236/2012
ESMA Answer Published
Answered 2013-01-29
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