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 5 of 141
Small ESG rating provider no longer meeting temporary regime size requirements
ESGR - Regulation (EU) 2024/3005
ESMA Answer Published
Answered 2025-12-18
3461
(EU) No 2015/35 - supplementing Dir 2009/138/EC - taking up & pursuit of the business of Insurance and Reinsurance (SII) · Art. 184
EIOPA
Answered 2025-12-17
Definitions (Art. 2 IDD)
(EU) No 2016/97 - Insurance Distribution Directive · Art. 2
EIOPA
Answered 2025-12-17
Other DORA topics
(EU) 2022/2554 - Digital Operational Resilience Act (DORA) · Art. 2(3)(e)
EIOPA
Answered 2025-12-17
Obligation to apply the ICT risk managment (Art. 5-15) and/or the simplified ICT risk management framework for entities that hold two or more licences.
Regulation (EU) 2022/2554 - The Digital Operational Resilience Act (DORA) · Art. Art. 5-15, Art. 16 DORA; Art. 12 (1) IFR + Art. 12 ECSPR
ESMA Answer Published
Answered 2025-12-17
Other DORA topics
(EU) 2022/2554 - Digital Operational Resilience Act (DORA) · Art. Article 2(1)(a)(n)(o)
EIOPA
Answered 2025-12-17
Key Functions
(EU) 2022/2554 - Digital Operational Resilience Act (DORA) · Art. 3
EIOPA
Answered 2025-12-17
Setting limit (daily and/or per transaction) for the execution of payment transaction by PSP
Directive 2015/2366/EU (PSD2) · Art. 68
EBA Final Q&A
Answered 2025-12-12
Notifications without a designated contact
ESGR - Regulation (EU) 2024/3005
ESMA Answer Published
Answered 2025-12-11
Obligation to consider issuer feedback
ESGR - Regulation (EU) 2024/3005
ESMA Answer Published
Answered 2025-12-11
Application of two working day notification period
ESGR - Regulation (EU) 2024/3005
ESMA Answer Published
Answered 2025-12-11
Position reporting
Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Secondary Markets
ESMA Answer Published
Answered 2025-12-11
Position reporting
Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Secondary Markets
ESMA Answer Published
Answered 2025-12-11
Scope of the term “trading platform for crypto-assets” in Article 78(5) of MiCA (executing client orders outside of a trading platform)
MiCA · Art. Article 78(5)
ESMA Answer Published
Answered 2025-12-08
Definition of ‘demand deposits’ for FINREP reporting
Regulation (EU) No 575/2013 (CRR) · Art. 430
EBA Final Q&A
Answered 2025-12-05
Appropriate reporting of unconditionally cancellable commitments (UCCs) subject to transitional arrangements of Article 495d in CR SA (COREP C_07.00)
Regulation (EU) No 575/2013 (CRR) · Art. 495d
EBA Final Q&A
Answered 2025-12-05
C 25.01 - CREDIT VALUATION ADJUSTMENT RISK (CVA) – Col 0090 - Instruction Clarification
Regulation (EU) No 575/2013 (CRR) · Art. 430
EBA Final Q&A
Answered 2025-12-05
In the case of actively managed funds (meaning there is not a benchmark that can reflect the
performance) that have been valued on a weekly basis for more than 10 years (i.e. that currently
have only
PRIIPs
Joint Committee Final
Answered 2025-12-05
According to point 16 (a) of Annex IV, the assessment of the appropriateness of a benchmark or proxy
depends, inter alia, on the risk-return profile where the benchmark or proxy and the PRIIP fall int
PRIIPs
Joint Committee Final
Answered 2025-12-05
In assessing whether the use of a particular benchmark or proxy is appropriate, potential assets in
which the PRIIP invests, consistent with the investment policy, must be taken into account (point 16
PRIIPs
Joint Committee Final
Answered 2025-12-05
Point 11 of Annex II, Methodology for the presentation of risk, defines the return over each period as
the natural logarithm of the ratio of the price at the market close at the end of the current per
PRIIPs
Joint Committee Final
Answered 2025-12-05
The main difference between Category 2 and Category 3 is, in accordance with Annex II Part 1 Point
5, whether the condition of "constant multiple" is fulfilled. In the event where a UCITs product has:
PRIIPs
Joint Committee Final
Answered 2025-12-05
Listing Act implementation for secondary issuances of existing shares
Prospectus Regulation 2017/1129 · Art. Article 1, paragraph 4, points (da) and (db)
ESMA Answer Published
Answered 2025-12-04
Reporting Templates
(EU) 2023/894 - ITS with regard to the templates for the submission of information necessary for supervision · Art. N/A
EIOPA
Answered 2025-12-02
Packaged retail and insurance-based investment products (PRIIPs)
(EU) 2017/653 - PRIIPs Delegated Regulation for key information document · Art. Annex II
EIOPA
Answered 2025-12-02
Key information document (KID), Packaged retail and insurance-based investment products (PRIIPs)
(EU) 2017/653 - PRIIPs Delegated Regulation for key information document · Art. point 16 of Annex IV of the Delegated Regulation
EIOPA
Answered 2025-12-02
Key information document (KID), Packaged retail and insurance-based investment products (PRIIPs)
(EU) 2017/653 - PRIIPs Delegated Regulation for key information document · Art. Point 16 of Annex IV of the Delegated Regulation
EIOPA
Answered 2025-12-02
Reporting Templates
(EU) No 2015/2450 - templates for the submission of information to the supervisory authorities · Art. 35 of SII Directive
EIOPA
Answered 2025-12-02
Packaged retail and insurance-based investment products (PRIIPs)
(EU) 2017/653 - PRIIPs Delegated Regulation for key information document · Art. N/A
EIOPA
Answered 2025-12-02
Packaged retail and insurance-based investment products (PRIIPs)
(EU) 2017/653 - PRIIPs Delegated Regulation for key information document
EIOPA
Answered 2025-12-02
Minimum Capital Requirement (MCR), Reporting Templates
(EU) 2023/894 - ITS with regard to the templates for the submission of information necessary for supervision
EIOPA
Answered 2025-12-01
Reporting Templates
(EU) 2023/894 - ITS with regard to the templates for the submission of information necessary for supervision
EIOPA
Answered 2025-12-01
Application of the SME definition in specific cases
Regulation (EU) No 575/2013 (CRR) · Art. 5
EBA Final Q&A
Answered 2025-11-28
Other DORA topics
(EU) 2022/2554 - Digital Operational Resilience Act (DORA) · Art. 3
EIOPA
Answered 2025-11-21
ICT third-party risk management (DORA)
(EU) 2022/2554 - Digital Operational Resilience Act (DORA) · Art. N/A
EIOPA
Answered 2025-11-21
Other DORA topics
(EU) 2022/2554 - Digital Operational Resilience Act (DORA) · Art. 3
EIOPA
Answered 2025-11-21
Reporting Templates
(EU) 2023/894 - ITS with regard to the templates for the submission of information necessary for supervision
EIOPA
Answered 2025-11-21
Other DORA topics
(EU) 2022/2554 - Digital Operational Resilience Act (DORA) · Art. 3
EIOPA
Answered 2025-11-21
Advice (Art. 34 PEPP)
(EU) 2022/2554 - Digital Operational Resilience Act (DORA) · Art. n/a
EIOPA
Answered 2025-11-21
DORA 243 - 3352
(EU) 2022/2554 - Digital Operational Resilience Act (DORA) · Art. N/A
EIOPA
Answered 2025-11-21
Digital operational resilience testing (DORA), ICT risk management (DORA)
(EU) 2022/2554 - Digital Operational Resilience Act (DORA) · Art. 25 & Art. 16 TS - ICT systems acquisition, development, and maintenance
EIOPA
Answered 2025-11-21
DORA 235 - 3338
(EU) 2022/2554 - Digital Operational Resilience Act (DORA)
EIOPA
Answered 2025-11-21
ICT third-party risk management (DORA)
(EU) 2022/2554 - Digital Operational Resilience Act (DORA) · Art. 28(6) 30(3)(e)(i)
EIOPA
Answered 2025-11-21
Other DORA topics
(EU) 2022/2554 - Digital Operational Resilience Act (DORA) · Art. 2
EIOPA
Answered 2025-11-21
Digital operational resilience testing (DORA)
(EU) 2022/2554 - Digital Operational Resilience Act (DORA) · Art. 27 and 28
EIOPA
Answered 2025-11-21
ICT risk management (DORA)
(EU) 2022/2554 - Digital Operational Resilience Act (DORA) · Art. N/A
EIOPA
Answered 2025-11-21
1182
(EU) No 2015/2450 - templates for the submission of information to the supervisory authorities · Art. 35, 163
EIOPA
Answered 2025-11-21
Register of Information (DORA)
(EU) 2022/2554 - Digital Operational Resilience Act (DORA) · Art. N/A
EIOPA
Answered 2025-11-20
ICT third-party risk management (DORA)
(EU) 2022/2554 - Digital Operational Resilience Act (DORA) · Art. 30
EIOPA
Answered 2025-11-20
Other DORA topics
(EU) 2022/2554 - Digital Operational Resilience Act (DORA) · Art. Article 13
EIOPA
Answered 2025-11-20
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