EU Financial Regulatory Q&A Database

Major holdings notification – definition of indirect holding

Transparency Directive (TD) Directive 2004/109/EC · Art. Article 13, 13 (a) and Article 10

CASP Group Structure under MiCA

MiCA

Volume and value of credit transfers and instant credit transfers, and charges for credit transfers, instant credit transfers and payment accounts

Regulation (EU) 2024/886 (IPR) · Art. Article 15(5) of the SEPA Regulation

CCP / clearing-like activities

Regulation 648/2012 - OTC derivatives, central counterparties and trade repositories (EMIR) - CCPs

Major holdings notification - aggregation

Transparency Directive (TD) Directive 2004/109/EC · Art. Article 13a Transparency Directive

Disclosure obligations under Article 9(3)

Regulation (EU) 2019/2088 - Sustainable Finance Disclosure Regulation (SFDR) · Art. Article 9(3) - Joint SFDR Q&A II.1

Investment firms’ SFDR disclosure obligations

Regulation (EU) 2019/2088 - Sustainable Finance Disclosure Regulation (SFDR) · Art. Art 2.1(b)

Derivatives settled in stablecoins

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

Application of the delegation requirements foreseen under Article 1(9)(b) AIFMD II, respectively, Article 2(4)(b) AIFMD II

Alternative Investment Fund Managers Directive (AIFMD) Directive 2011/61/EU

fully and completely secured by mortgages for the purpose of the deduction of non performing exposures

Regulation (EU) No 575/2013 (CRR) · Art. 47c

The calculation of offers of warrants and/or units consisting of warrants and shares in relation to exemptions from the prospectus obligation in the Prospectus Regulation.

Prospectus Regulation 2017/1129 · Art. The (Swedish) Act (2019:414) with supplementary provisions to the EU Prospectus Regulation (the “Swedish Supplementary Act”), Ch. 2, Sec. 1.; Regulation (EU) 2024/2809 (the “Listing Act”)

Status of PAI consideration under Article 7 SFDR as a promotion of an environmental/social characteristic under Article 8 SFDR

Regulation (EU) 2019/2088 - Sustainable Finance Disclosure Regulation (SFDR) · Art. Articles 2(4)(e), 2(13), 7(1) and 9(2)

Article 9 financial products

Regulation (EU) 2019/2088 - Sustainable Finance Disclosure Regulation (SFDR) · Art. Articles 2(4)(e), 2(13), 7(1) and 9(2)

Financial products’ PAI disclosures

Regulation (EU) 2019/2088 - Sustainable Finance Disclosure Regulation (SFDR) · Art. Articles 2(4)(e), 2(13), 7(1) and 9(2)

Passing on of cash penalties throughout the settlement chain

Central Securities Depositories Regulation (CSDR) Regulation (EU) No 909/2014- PTR- CSDR

Payment account definition

Directive 2015/2366/EU (PSD2) · Art. 4

Application of PSD2 provisions to the issuance and redemption of electronic money tokens

Regulation (EU) No 2023/1114 (MiCAR) · Art. 49

Calculation of the standardised total risk exposure amount or S-TREA under Article 92(25)

Regulation (EU) No 575/2013 (CRR) · Art. 92

Post-trade deferral regime for bonds, ETCs, ETNs and SFPs under the draft RTS 2 published by ESMA on 16 December 2024

Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014- Secondary Markets · Art. Draft RTS 2 as published by ESMA on 16 December 2024

New exemptions for fungible securities in Prospectus Regulation.

Prospectus Regulation 2017/1129

Redemption policy

European Long-Term Investment Funds Regulation (ELTIF) Regulation (EU) 2015/760

Indirect investment

European Long-Term Investment Funds Regulation (ELTIF) Regulation (EU) 2015/760

Financial Conglomerates: Mismatch between ITS and DPM 3.5 – ID v22748_u - T1 L 06.00, column c0020.

Directive 2002/87/EC (FiCOD) · Art. 7

PAI disclosure by financial products

Regulation (EU) 2019/2088 - Sustainable Finance Disclosure Regulation (SFDR) · Art. Point (c) of Article 2(7) of Commission Delegated Regulation (EU) 2017/565 and point (c) of Article 2(4) of the Commission Delegated Regulation (EU) 2017/2359

Financial products’ PAI disclosures

Regulation (EU) 2019/2088 - Sustainable Finance Disclosure Regulation (SFDR) · Art. Article 7.1

Calculation of COH according to Article 20 vs. Art. 12 (1) Subparagraph 2

Regulation (EU) No 2019/2033 (IFR) · Art. 12

Premarketing of units or shares of AIFs

Undertakings for Collective Investment in Transferable Securities Directive (UCITS) Directive 2009/65/EC

MiCAR CASP - Best Possible Outcome for the Client

MiCA · Art. Art.78

Definition of "Distribution" Revenue

Regulation (EU) 2019/2088 - Sustainable Finance Disclosure Regulation (SFDR) · Art. ESMS Final Report Guidelines on funds’ names using ESG or sustainability-related terms page 7

PAB Exclusions for 'gaseous fuels'

Benchmarks Regulation (BMR) - Regulation 2016/1011

emission allowances

Regulation (EU) No 575/2013 (CRR) · Art. Annex II

Application of Instant Payment Regulation (IPR) to Securities Providers

Directive 2015/2366/EU (PSD2) · Art. 1

Prudential treatment for exposures in leasing real estate under construction

Regulation (EU) No 575/2013 (CRR) · Art. 4 (75c), 4(78a), 4 (78b), 124, 126a

Questions related to package orders/transactions

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

Definition of ADC exposures

Regulation (EU) No 575/2013 (CRR) · Art. 4

Scope of ancillary services and supervisory convergence

Directive 2014/65/EU - Markets in Financial Instruments Directive (MiFID II) · Art. Annex I, Section B, point 5

Payment service user - both payer and payee

Directive 2015/2366/EU (PSD2) · Art. 4

ELTIFs granting loans

European Long-Term Investment Funds Regulation (ELTIF) Regulation (EU) 2015/760

Future incorporation by reference of financial information, which will be permitted once Article 19 PR is amended by the Listing Act

Prospectus Regulation 2017/1129

Future incorporation by reference of financial information, which will be permitted once Article 19 PR is amended by the Listing Act

Prospectus Regulation 2017/1129

NACE CODES

Regulation (EU) No 575/2013 (CRR) · Art. 430

Transactions executed via electronic mail (email)

Directive 2015/2366/EU (PSD2) · Art. 97

Exclusion of cash withdrawal services from PSD2

Directive 2015/2366/EU (PSD2) · Art. 3

Providing payment service via Internet banking (web-application)

Directive 2015/2366/EU (PSD2) · Art. 4

ELTIF prospectus and the Prospectus Directive 2003/71/EC and Regulation 809/2004

European Long-Term Investment Funds Regulation (ELTIF) Regulation (EU) 2015/760

Resolution colleges

Regulation 2021/23 - recovery and resolution of central counterparties (CCPRRR)

Resolution college membership

Regulation 2021/23 - recovery and resolution of central counterparties (CCPRRR)

Scope of issuers required to obtain and transmit to CSDs a valid LEI

Central Securities Depositories Regulation (CSDR) Regulation (EU) No 909/2014- PTR- CSDR · Art. Article 29(1a) of Regulation (EU) No 909/2014 (CSDR), as amended by Regulation (EU) 2023/2845 (CSDR Refit)

One leg out Multi EMT issuance – legal possibility and related issues

Regulation (EU) No 2023/1114 (MiCAR) · Art. 48

Scope of application of recital 54 of MICAR

Regulation (EU) No 2023/1114 (MiCAR) · Art. article 54 and recital 54