EU Financial Regulatory Q&A Database

Technical roles of non-EU group entities in transaction signing and signing policies

MiCA · Art. Article 3(1), points (15) and (17); Articles 59, 70, 72 and 75 (9); ESMA Opinion on broker models

Transient exposure of EU client crypto-assets in a non-EU hot wallet during deposits, withdrawals and settlement

MiCA · Art. MiCA Article 3(1), points (15) and (17); Articls 59; Article 70(1); Article 75(9); Commission Delegated Regulation (EU) 2025/303; ESMA Opinion on broker models paragraph 8 and footnote 10; ESMA Q&A 2608

DLT and book-entry form definition

Central Securities Depositories Regulation (CSDR) Regulation (EU) No 909/2014- PTR- CSDR · Art. Article 3

CSDs settlement assets

Central Securities Depositories Regulation (CSDR) Regulation (EU) No 909/2014- PTR- CSDR · Art. Article 40

Integration of DLT settlement solution in CSD security settlement system

Central Securities Depositories Regulation (CSDR) Regulation (EU) No 909/2014- PTR- CSDR · Art. Article 19(1) (c) and Article 16 (4)

Extraterritorirality of investor protection rules under MiFID II

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

AAR representativeness and intragroup transactions

Regulation 648/2012 - OTC derivatives, central counterparties and trade repositories (EMIR) - CCPs · Art. Article 7a(3), point (d)

Definition of “Substitutability” of CCPs and the connected reporting of “Alternative Providers” for the purpose of the template Z 09.04 (RESOL II).

Directive 2014/59/EU (BRRD) · Art. 11

Impact of the new clearing obligation thresholds on the AAR scope

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

Application and interpretation of the 50% / 80% weighting of positive changes under IRRBB SOT

Directive 2013/36/EU (CRD) · Art. Commission Delegated Regulation (EU) 2024/856 (RTS on Supervisory Outlier Tests)

Geographical allocation of exposures arising from synthetic securitisations for the purposes of the Countercyclical Capital Buffer (CCB)

Directive 2013/36/EU (CRD) · Art. 140

Treatment of assets and positions of affiliates of a clearing member as proprietary assets and positions of that clearing member by CCPs

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

Where to classify Tier2 Subordinated issuances when they loss their MREL computability due to an earlier call (already announced on markets)

Directive 2014/59/EU (BRRD) · Art. Z02.00 and Z12.00

EMIR Article 7d

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

Personal scope of persons professionally arranging or executing transactions under MiCA

MiCA

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

Investment firms’ SFDR disclosure obligations

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

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

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”)

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)

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)

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)

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

Financial products’ PAI disclosures

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

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

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