EU Financial Regulatory Q&A Database

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)

Scope of application of recital 54 of MICAR

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

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

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

Liabilities related to the reserve of assets managed by issuers of asset-referenced tokens in case of resolution of the issuer

Regulation (EU) No 2023/1114 (MiCAR) · Art. 36

Provision of external payroll accounting services to an employer

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

Capital requirements and Investment policy - Articles 47 and 46 of CSDR

Regulation (EU) No 909/2014 (CSDR) - only RTS 2017/390 · Art. 47

Legal requirement for ASPSPs to provide for cancellation of future dated pay-ments through its dedicated payment initiation services interface

Directive 2015/2366/EU (PSD2) · Art. 66

Template C90 at consolidated level

Regulation (EU) No 575/2013 (CRR) · Art. 325a

Update of the client codes

European Market Infrastructure Regulation (EMIR) Regulation (EU) No 648/2012- MDP

Reporting of a Counterparty falling within scope of Article 1(4)(a) and (b) of EMIR

European Market Infrastructure Regulation (EMIR) Regulation (EU) No 648/2012- MDP

Portability of Schedules

European Market Infrastructure Regulation (EMIR) Regulation (EU) No 648/2012- MDP

Subsidiaries

European Market Infrastructure Regulation (EMIR) Regulation (EU) No 648/2012- MDP

Optionality of certain payer information required to accompany transfers of funds

Regulation (EU) 2015/847 (WTR) (recast) · Art. 4

Fees charged to CCPs in relation to access to trading venues

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

Risk retention

Regulation (EU) No 2017/2402 (SecReg) · Art. 6

Sanctions regime of International Investment Bank

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

Combining exemptions

Prospectus Regulation 2017/1129

Article 3(1)(x) – Definition of unsolicited credit ratings (ESMA33-5-87 Q&A 9)

Credit Rating Agencies Regulation (CRAR) Regulation (EC) No 1060/2009

Which annexes to the Commission Delegated Regulation (EU) 2019/980, i.e. Annex 3 and Annex 12 or Annex 1 and Annex 11, should be used to prepare the simplified prospectus referred to in Article 14 of the Prospectus Regulation in the case specified in Arti

Prospectus Regulation 2017/1129 · Art. Article 14(1)d of the Prospectus Regulation

CVA treatment of exposures arising from centrally cleared transactions - indirect clearing flows

Regulation (EU) No 575/2013 (CRR) · Art. 305, 382

Q&A on cross orders in non-equity instruments below LIS

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

Fees charged to CCPs in relation to access to trading venues

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

Fees charged to CCPs in relation to access to trading venues

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

Fees charged to CCPs in relation to access to trading venues

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

Relevant Authorities

Regulation (EU) 2022/858 - DLT Pilot Regime Regulation (DLTR)

Information to be included into insider list of the issuer on persons that are subject to independent obligation to manage insider list (e.g. advisors and consultants)

Market Abuse Regulation (MAR) Regulation (EU) No 596/2014 - Market Intergrity · Art. Article 18(1) of MAR

Capital requirements

Regulation (EU) 2022/858 - DLT Pilot Regime Regulation (DLTR)

Subscription rights

Regulation (EU) 2022/858 - DLT Pilot Regime Regulation (DLTR)

MiCA Services

MiCA

Scope of Article 22(1) CRR

Regulation (EU) No 575/2013 (CRR) · Art. 22

Interplay between Articles 49(3) and 72e(5) of the CRR

Regulation (EU) No 575/2013 (CRR) · Art. 49 and 72e

he contribution to the euro short-term rate (€STR) ESMA70-145-114 Q&A_4.2

Benchmarks Regulation (BMR) - Regulation 2016/1011

Application of the Regulation to EU and third country central banks (Q&A 4.1 of ESMA70-145-114_BMR_Q&A)

Benchmarks Regulation (BMR) - Regulation 2016/1011

UCITS risk spreading rules

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

Back-to-Back in regulatory threshold

Regulation (EU) No 575/2013 (CRR) · Art. 325a

Retention obligations

Regulation (EU) No 2017/2402 (SecReg) · Art. 6

Recognition of minority interest of a subsidiary subject to own funds requirements on individual level

Regulation (EU) No 575/2013 (CRR) · Art. 84, 85, 87

SRT test in securitisations

Regulation (EU) No 575/2013 (CRR) · Art. 244 and 245