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 43 of 141
CCR2 + FRTB: Delta intra bucket correlation for the risk class “foreign exchange risk”
Regulation (EU) No 575/2013 (CRR) · Art. 325ay
EBA Final Q&A
Answered 2022-07-15
Recognition of deducted items in calculation of own funds requirements for market risk
Regulation (EU) No 575/2013 (CRR) · Art. 78
EBA Final Q&A
Answered 2022-07-15
Deduction of pledged own shares from Common Equity Tier 1 items
Regulation (EU) No 575/2013 (CRR) · Art. 36
EBA Final Q&A
Answered 2022-07-15
Reporting Templates
(EU) No 2015/2450 - templates for the submission of information to the supervisory authorities · Art. 35 of SII Directive
EIOPA
Answered 2022-07-12
Reporting of Emission Allowances
Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014- MDP
ESMA Answer Published
Answered 2022-07-11
Reporting of Emission Allowances
Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014- MDP
ESMA Answer Published
Answered 2022-07-11
Reporting of Emission Allowances
Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014- MDP
ESMA Answer Published
Answered 2022-07-11
Reporting Templates
(EU) No 2015/2450 - templates for the submission of information to the supervisory authorities · Art. 35 of SII Directive
EIOPA
Answered 2022-07-08
Solvency Capital Requirement (SCR)
(EU) No 2009/138 - Solvency II Directive (Insurance and Reinsurance) · Art. 117
EIOPA
Answered 2022-07-06
Reconciliation frequency for funds trading on a daily basis
Undertakings for Collective Investment in Transferable Securities Directive (UCITS) Directive 2009/65/EC
ESMA Answer Published
Answered 2022-07-01
Reconciliations with tri-party collateral managers
Undertakings for Collective Investment in Transferable Securities Directive (UCITS) Directive 2009/65/EC
ESMA Answer Published
Answered 2022-07-01
Responsibility to ensure compliance with the rules governing marketing communications
Undertakings for Collective Investment in Transferable Securities Directive (UCITS) Directive 2009/65/EC
ESMA Answer Published
Answered 2022-07-01
Reporting Templates
(EU) No 2015/2450 - templates for the submission of information to the supervisory authorities, (EU) No 2009/138 - Solvency II Directive (Insurance and Reinsurance) · Art. 35 of SII Directive
EIOPA
Answered 2022-07-01
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. Article 209, 210, 215
EIOPA
Answered 2022-07-01
Solvency Capital Requirement (SCR)
(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 · Art. 84 and 88 of Delegated Regulation (EU) No 2015/35
EIOPA
Answered 2022-07-01
Freedom to provide services (Art. 4 and 5 IDD)
(EU) No 2017/2358 - product oversight and governance requirements for insurance, (EU) No 2016/97 - Insurance Distribution Directive · Art. 4, 5 and 25 IDD; Article 3(4) of the Commission Delegated Regulation 2017/2358
EIOPA
Answered 2022-07-01
Reporting Templates
(EU) No 2015/2450 - templates for the submission of information to the supervisory authorities · Art. 35 of SII Directive
EIOPA
Answered 2022-07-01
Reporting Templates
Guidelines on reporting and public disclosure · Art. 35 of SII Directive
EIOPA
Answered 2022-07-01
Risk concentration
(EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII) · Art. 184(3) and 187(5)
EIOPA
Answered 2022-06-29
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. 171a, 84, 168
EIOPA
Answered 2022-06-29
Risk concentration
(EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII) · Art. 187
EIOPA
Answered 2022-06-29
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. 188
EIOPA
Answered 2022-06-29
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. 184(2)(b)(ii) and 335
EIOPA
Answered 2022-06-29
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. 9, 16, 174
EIOPA
Answered 2022-06-24
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. 168
EIOPA
Answered 2022-06-24
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. 168, 174
EIOPA
Answered 2022-06-24
Readily available data
Benchmarks Regulation (BMR) - Regulation 2016/1011
ESMA Answer Published
Answered 2022-06-23
Scope of the new Article 11(1a) of MAR
Market Abuse Regulation (MAR) Regulation (EU) No 596/2014 - Market Intergrity
ESMA Answer Published
Answered 2022-06-23
Real estate inspection for real estate valuation
Regulation (EU) No 575/2013 (CRR) · Art. 79
EBA Final Q&A
Answered 2022-06-10
Validations
(EU) No 2015/2450 - templates for the submission of information to the supervisory authorities · Art. Article 109a (1) of SII Directive 2009/138/EC; Art. 5(2) of the Delegated Regulation (EU) 2015/35
EIOPA
Answered 2022-06-10
Other
(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) · Art. Articles 41, 44 of SII Directive; Articles 258, 259, 274 of Delegated Regulation 2015/35
EIOPA
Answered 2022-06-10
Reporting Templates
Guidelines on reporting and public disclosure · Art. N/A
EIOPA
Answered 2022-06-10
Risk Free Rate (RFR)
Risk-Free Interest Rate - VA calculations · Art. 9.E.
EIOPA
Answered 2022-06-07
Performance fees
Alternative Investment Fund Managers Directive (AIFMD) Directive 2011/61/EU · Art. Section XV: ESMA’s guidelines on performance fees in UCITS and certain types of AIFs
ESMA Answer Published
Answered 2022-05-20
Performance reference period for the benchmark model
Undertakings for Collective Investment in Transferable Securities Directive (UCITS) Directive 2009/65/EC
ESMA Answer Published
Answered 2022-05-20
Performance reference period for the hurdle rate model
Undertakings for Collective Investment in Transferable Securities Directive (UCITS) Directive 2009/65/EC
ESMA Answer Published
Answered 2022-05-20
Answered 2022-05-20
General provisions
Regulation 2020/1503 - European crowdfunding service providers for business · Art. Article 10(3) ECSPR
ESMA Answer Published
Answered 2022-05-19
General provisions
Regulation 2020/1503 - European crowdfunding service providers for business · Art. Article 10(4) ECSPR
ESMA Answer Published
Answered 2022-05-19
General provisions
Regulation 2020/1503 - European crowdfunding service providers for business · Art. Directive (EU) 2015/2366
ESMA Answer Published
Answered 2022-05-19
General provisions
Regulation 2020/1503 - European crowdfunding service providers for business
ESMA Answer Published
Answered 2022-05-19
General provisions
Regulation 2020/1503 - European crowdfunding service providers for business
ESMA Answer Published
Answered 2022-05-19
Investor protection and marketing communication
Regulation 2020/1503 - European crowdfunding service providers for business
ESMA Answer Published
Answered 2022-05-19
Article 17 of Regulation (EU) 2019/2088 exempts insurance intermediaries which provide
insurance advice with regard to IBIPs and investment firms which provide investment
advice that are enterprises i
SFDR
Joint Committee Final
Answered 2022-05-17
For the purpose of the disclosure of principal adverse impacts under Article 4(5)(a) of
Regulation (EU) 2019/208, when a financial adviser recommends financial products or
instruments that are not col
SFDR
Joint Committee Final
Answered 2022-05-17
Do financial advisers, when providing MiFID II investment advice, have to comply with
disclosure obligations in Article 6(2) of Regulation (EU) 2019/2088 in good time before the
client is bound by any
SFDR
Joint Committee Final
Answered 2022-05-17
If a financial adviser only considers in its advisory process products which are not in scope
of Regulation (EU) 2019/2088 (i.e. shares of listed companies, corporate bonds, etc.),
should the financia
SFDR
Joint Committee Final
Answered 2022-05-17
Is it possible for financial market participants that are below the threshold set by Article
4(3) and (4) of Regulation (EU) 2019/2088 and choose not to consider adverse impacts of
investment decision
SFDR
Joint Committee Final
Answered 2022-05-17
Do Articles 6 and 7 of Regulation (EU) 2019/2088 apply only for new financial products or
also for existing financial products on the date of application, 10 March 2021 (even for
those financial prod
SFDR
Joint Committee Final
Answered 2022-05-17
If a financial product referred to in Article 8, paragraphs 1, 2 and 2a, or Article 9,
paragraphs 1 to 4a, of Regulation (EU) 2019/2088 does not invest in companies with good
governance, is that produ
SFDR
Joint Committee Final
Answered 2022-05-17
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