EU Financial Regulatory Q&A Database

If a financial market participant has to report on the consideration of ESG factors due to legally required information duties, such as under Directive (EU) 2016/2341, does this already qualify as "pr

SFDR

CO2 emissions for Company A are 5000 tonnes. If a financial market participant holds 10% of the company the first 6 months of the reference period for reporting and 0% the remaining 6 months of the pe

SFDR

Do the rules for financial advisers also apply to financial advisers carrying non-advised sales (execution only)?

SFDR

How should FMPs measure the positive contribution for sustainable investments and can they use the KPIs for taxonomy-alignment (Turnover, CapEx, OpEx)?

SFDR

How should "all investments" be understood? Gross asset value including cash, other assets, other liabilities? Or only actual investments, e.g., only private equity / private debt assets?

SFDR

An economic activity qualifies as environmentally sustainable where it contributes substantially to one or more of the six environmental objectives listed under Article 9 TR. During the period 1 Janua

SFDR

An Article 9 SFDR product with 100% non-Taxonomy compliant climate objectives, would still fill the Taxonomy sections with 0% and the social sustainable investment section with 0%? Please refer to the

SFDR

If a financial market participant with more than 500 employees does not market or make available any financial products as defined in Article 2(12) SFDR, does the financial market participant still ha

SFDR

How is the envisaged product classification in case of a multi-option product (MOP) that comprises only one investment option that (partially) invests in line with the Taxonomy Regulation? Would the e

SFDR

Should financial market participants disclose what share of PAI impacts have been estimated and what have been calculated on the basis of reported information?

SFDR

Should the “information about the policies on the integration of sustainability risks in the investment decision-making process” of the financial market participant be restricted to investments affect

SFDR

Lack of data is a major challenge for FMPs. Although this hurdle seems less pressing when it comes to investments in undertakings that fall under the scope of the future CSRD, how could FMPs overcome

SFDR

Do the ESAs have a view on how to incorporate short positions within the PAI indicators – should they be excluded, by being deducted from the PAI indicator calculations where the shorts relate to a br

SFDR

As of 1 January 2022, financial market participants that make available certain Article 8/9 products shall include information about the proportion of Taxonomy-aligned investments as a percentage of a

SFDR

How is it possible to practically apply the requirement to use “equivalent information” as referred to in Article 17(2)(b)?

SFDR

When it comes to entity-level disclosures in Article 4 should those disclosures relate only to financial products in scope of SFDR, or should those disclosures also relate to other types of instrument

SFDR

In Table 1, indicator 16 (Investee countries subject to social violations), industry requests guidelines to ensure comparability, as there is a variety of approaches to this and lack of underlying dat

SFDR

For Art. 9 products that are partly taxonomy-aligned, should the disclosures refer to the technical screening criteria as indicators for the taxonomy-aligned part?

SFDR

Product disclosures as presented in art. 10 SFDR and art.31 to 57 Delegated Regulation: Can EIOPA provides more clarity on the fact, as it wasn’t specified in the Delegated Regulation, that website di

SFDR

How can a financial product disclosing under Article 8 SFDR assess that good governance is effectively considered? Is a reference to the UN Global compact sufficient or should there be an alignment wi

SFDR

Can the PAI indicators listed in the Annex 1, Table 1 Delegated Regulation be used as indicators to measure the attainment of environmental or social characteristics? See paragraphs 5-7 of the clarifi

SFDR

Example on how to calculate the value on an Indicator where an FMP has 2 Financial Products (FP) with 2 investments (Inv) each.

SFDR

Reporting Templates

(EU) No 2015/2450 - templates for the submission of information to the supervisory authorities · Art. Article 35 of SII Directive

Solvency Capital Requirement (SCR)

(EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII) · Art. 189(3)

Other

Guidelines on reporting and public disclosure · Art. Directive 2014/65/EU

Own Funds (OF)

(EU) No 2017/1469 - standardised presentation format for the insurance product information document, Guidelines on classification of own funds · Art. N/A

Settlement fails

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

Persons professionally arranging or executing transactions

Market Abuse Regulation (MAR) Regulation (EU) No 596/2014 - Market Intergrity

Own Funds (OF)

(EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII) · Art. Article 1 (item 46); Article 260 (item 2 and 3)

Is it possible to alter the prescribed wording in the KID template for OTC derivatives? It is recognised in point 6a of Annex III and point 12 of Annex V of the Delegated Regulation that some of the s

PRIIPs

Point 52(h) of Annex VI indicates that transaction costs are included in the ‘other ongoing costs’. What does this mean in terms of where transaction costs should be included in table 2 ‘Composition o

PRIIPs

Annex VII of the Delegated Regulation, Table 2 on composition of costs: Cost elements in the “composition of costs” table are to be presented assuming a 0% annual return which is consistent with the p

PRIIPs

Does Article 2(2a)(d) of the Delegated Regulation require a UCITS or AIF to provide a clear indication of whether it is actively or passively managed?

PRIIPs

In terms of the identification of sub intervals in point 7(a) of Annex IV of the Delegated Regulation are these all contained within in the time period defined in point 6 of Annex IV?

PRIIPs

For the identification of additional shorter sub intervals in point 7(b) of Annex IV of the Delegated Regulation, does this mean only the sub intervals that are truncated by the end of the time period

PRIIPs

What is the intended calculation for the “linear transformation” in point 7(c)(iv) iof Annex IV of the Delegated Regulation?

PRIIPs

For autocallables, for an early call scenario, what time periods should be used when calculating the performance scenarios and cost figures?

PRIIPs

Point 12 of Annex IV of the Delegated Regulation notes that where the objectives of the PRIIP make reference to a benchmark, that benchmark shall be used for the performance scenario calculations. How

PRIIPs

Regarding the methodologies for performance scenario described in Annex IV of the Delegated Regulation ((EU) 2021/2268) it is not clear what approach should be used to build performance scenarios for

PRIIPs

Point 15 of Annex IV of the Delegated Regulation states that for Category 2 PRIIPs for which there is not an appropriate benchmark with sufficient history, performance scenarios shall be calculated in

PRIIPs

For Category 2 PRIIPs, is it possible to use lower percentiles of the estimated distribution of outcomes as foreseen in point 24 of the Delegated Regulation?

PRIIPs

What approach should be taken for Category 2 PRIIPs for which there is not an appropriate benchmark or proxy with sufficient historical data which meets the criteria set out in point 5 of Annex IV of

PRIIPs

Can a fund with multiple share classes use the price history of an existing share class when a new share class is created rather than use the price history of a benchmark?

PRIIPs

Regarding Article 8(3) of the Delegated Regulation: a) What is meant by "performance scenario calculations"? Is it necessary for the full calculations underlying each scenario to be published or just

PRIIPs

Article 14(e) of the Delegated Regulation refers only to the publication of past performance of the underlying Category 2 investment options as required by Article 8(3) and not to the requirement in A

PRIIPs

What is the relationship between point 11 of Annex IV and Article 15 of the Delegated Regulation?

PRIIPs

If a UCITS, AIF or unit-linked insurance-based investment product does not yet have past performance data for one complete calendar year (and is not a UCITS or AIF which may provide simulated data for

PRIIPs

Where a UCITS, AIF or unit-linked insurance-based investment product refers to an index in its investment objectives and policy as a benchmark and will measure the performance against that index, but

PRIIPs

Does the requirements in Articles 6(1) and 9 of the PRIIPs Regulation mean that past performance disclosed regarding a benchmark index should be consistent with past performance disclosure in other in

PRIIPs

If the benchmark is changed, how should the chart of past performance be displayed for the period preceding the change?

PRIIPs