European Financial Services Law: Article-by-Article Commentary

Prof. Dr. Matthias Lehmann D.E.A., LL.M.; Prof. Dr. Christoph Kumpan LL.M.

doi:10.5771/9783748949091

Zusammenfassung

Auch in der 2. Auflage des
Referenzkommentars für die zentralen
EU-Rechtsvorschriften für Finanzdienstleistungen werden komplexe Themen verständlich und übersichtlich dargestellt. Renommierte Expert:innen erklären Artikel für Artikel die wichtigen europäischen Verordnungen und Richtlinien für Finanzdienstleistungen. Neu hinzugekommen ist eine Vollkommentierung der für die Praxis bedeutsamen MiCAR. Für jeden Fachbereich werden die
wichtigsten Richtlinien und Vorschriften besprochen, etwa:

MiFID II und MiFIR

MAD und MAR

Prospekt-Verordnung

MiCAR

PRIIP-VO

Transparenz-RL

VO über Leerverkäufe

Rating Agentur-Verordnung

OGAW-Richtlinie und AIFMD

SEPA-Verordnung

Publikation durchsuchen

Bibliographische Angaben

Auflage: 2/2026
Copyrightjahr: 2026
ISBN-Print: 978-3-7560-2257-1
ISBN-Online: 978-3-7489-4909-1
Verlag: Nomos, Baden-Baden
Sprache: Englisch
Seiten: 2475
Produkttyp: Sammelband

Inhaltsverzeichnis

KapitelSeiten

1. Preface to the Second Edition Kein Zugriff
2. Summary of contents Kein Zugriff
3. Contents Kein Zugriff
4. List of authors Kein Zugriff
5. Abbreviations Kein Zugriff
1. Introduction to MiFID II and MiFIR Kein Zugriff
2. 1. 1. Article 1 Scope Kein Zugriff
    2. Article 2 Exemptions Kein Zugriff
    3. Article 3 Optional exemptions Kein Zugriff
    4. Article 4 Definitions Kein Zugriff
  2. 1. 1. Introduction to Chapter I Kein Zugriff
      2. Article 5 Requirement for authorisation Kein Zugriff
      3. Article 6 Scope of authorisation Kein Zugriff
      4. Article 7 Procedures for granting and refusing requests for authorisation Kein Zugriff
      5. Article 8 Withdrawal of authorisations Kein Zugriff
      6. Article 9 Management body Kein Zugriff
      7. Article 10 Shareholders and members with qualifying holdings Kein Zugriff
      8. Article 11 Notification of acquisitions and disposals of qualifying holdings Kein Zugriff
      9. Article 12 Assessment procedures Kein Zugriff
      10. Article 13 Assessment Kein Zugriff
      11. Article 14 Membership of an authorised investor compensation scheme Kein Zugriff
      12. Article 15 Initial capital endowment Kein Zugriff
      13. Article 16 Organisational requirements Kein Zugriff
      14. Article 16a Exemptions from product governance requirements Kein Zugriff
      15. Article 17 Algorithmic trading Kein Zugriff
      16. Article 18 Trading process and finalisation of transactions in an MTF and an OTF Kein Zugriff
      17. Article 19 Specific requirements for MTFs Kein Zugriff
      18. Article 20 Specific requirements for OTFs Kein Zugriff
    2. 1. Article 21 Regular review of conditions for initial authorisation Kein Zugriff
        Article 22 General obligation in respect of on-going supervision Kein Zugriff
        Article 23 Conflicts of interest Kein Zugriff
        Article 24 General principles and information to clients Kein Zugriff
        Article 25 Assessment of suitability and appropriateness and reporting to clients Kein Zugriff
        Article 26P rovision of services through the medium of another investment firm Kein Zugriff
        Article 27 Obligation to execute orders on terms most favourable to the client Kein Zugriff
        Article 28 Client order handling rules Kein Zugriff
        Article 29 Obligations of investment firms when appointing tied agents Kein Zugriff
        Article 29a Services provided to professional clients Kein Zugriff
        Article 30 Transactions executed with eligible counterparties Kein Zugriff
      2. Article 31 Monitoring of compliance with the rules of the MTF or the OTF and with other legal obligations Kein Zugriff
        Article 32 Suspension and removal of financial instruments from trading on an MTF or an OTF Kein Zugriff
      3. Article 33 SME growth markets Kein Zugriff
    3. 1. Introduction to Chapter III Kein Zugriff
      2. Article 34 Freedom to provide investment services and activities Kein Zugriff
      3. Article 35 Establishment of a branch Kein Zugriff
      4. Article 36 Access to regulated markets Kein Zugriff
      5. Article 37 Access to CCP, clearing and settlement facilities and right to designate settlement system Kein Zugriff
      6. Article 38 Provisions regarding CCPs, clearing and settlement arrangements in respect of MTFs Kein Zugriff
    4. 1. Introduction to Chapter IV Kein Zugriff
        Article 39 Establishment of a branch Kein Zugriff
        Article 40 Obligation to provide information Kein Zugriff
        Article 41 Granting of the authorisation Kein Zugriff
        Article 42 Provision of services at the exclusive initiative of the client Kein Zugriff
      2. Article 43 Withdrawal of authorisations Kein Zugriff
  3. 1. Article 44 Authorisation and applicable law Kein Zugriff
    2. Article 45 Requirements for the management body of a market operator Kein Zugriff
    3. Article 46 Requirements relating to persons exercising significant influence over the management of the regulated market Kein Zugriff
    4. Article 47 Organisational requirements Kein Zugriff
    5. Article 48 Systems resilience, circuit breakers and electronic trading Kein Zugriff
    6. Article 49 Tick sizes Kein Zugriff
    7. Article 50 removed [Synchronisation of business clocks] Kein Zugriff
    8. Article 51 Admission of financial instruments to trading Kein Zugriff
    9. Article 51a Specific conditions for the admission of shares to trading Kein Zugriff
    10. Article 52 Suspension and removal of financial instruments from trading on a regulated market Kein Zugriff
    11. Article 53 Access to a regulated market Kein Zugriff
    12. Article 54 Monitoring of compliance with the rules of the regulated market and with other legal obligations Kein Zugriff
    13. Article 55 Provisions regarding CCP and clearing and settlement arrangements Kein Zugriff
    14. Article 56 List of regulated markets Kein Zugriff
  4. 1. Article 57 Position limits in commodity derivatives and position management controls in commodity derivatives and derivatives of emission allowances Kein Zugriff
    2. Article 58 Position reporting by categories of position holders Kein Zugriff
  5. 1. Articles 59 to 66 omitted Kein Zugriff
  6. 1. 1. Article 67 Designation of competent authorities Kein Zugriff
      2. Article 68 Cooperation between authorities in the same Member State Kein Zugriff
      3. Article 69 Supervisory powers Kein Zugriff
      4. Article 70 Sanctions for infringements Kein Zugriff
      5. Article 71 Publication of decisions Kein Zugriff
      6. Article 72 Exercise of supervisory powers and powers to impose sanctions Kein Zugriff
      7. Article 73 Reporting of infringements Kein Zugriff
      8. Article 74 Right of appeal Kein Zugriff
      9. Article 75 Extra-judicial mechanism for consumers complaints Kein Zugriff
      10. Article 76 Professional secrecy Kein Zugriff
      11. Article 77 Relations with auditors Kein Zugriff
      12. Article 78 Data protection Kein Zugriff
    2. 1. Article 79 Obligation to cooperate Kein Zugriff
      2. Article 80 Cooperation between competent authorities in supervisory activities, for on-site verifications or investigations Kein Zugriff
      3. Article 81 Exchange of information Kein Zugriff
      4. Article 82 Binding mediation Kein Zugriff
      5. Article 83 Refusal to cooperate Kein Zugriff
      6. Article 84 Consultation prior to authorisation Kein Zugriff
      7. Article 85 Powers for host Member States Kein Zugriff
      8. Article 86 Precautionary measures to be taken by host Member States Kein Zugriff
      9. Article 87 Cooperation and exchange of information with ESMA Kein Zugriff
    3. 1. Article 88 Exchange of information with third countries Kein Zugriff
3. 1. Foreword: The new transparency regime under MiFIR Kein Zugriff
  2. 1. Article 1 Subject matter and scope Kein Zugriff
    2. Article 2 Definitions Kein Zugriff
  3. 1. 1. Article 3 Pre-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments Kein Zugriff
      2. Article 4 Waivers for equity instruments Kein Zugriff
      3. Article 5 Volume Cap Kein Zugriff
      4. Article 6 Post-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments Kein Zugriff
      5. Article 7 Authorisation of deferred publication Kein Zugriff
    2. 1. Article 8 Pre-trade transparency requirements for trading venues in respect of bonds, structured finance products and emission allowances Kein Zugriff
      2. Article 8a Pre-trade transparency requirements for trading venues in respect of derivatives Kein Zugriff
      3. Article 8b Pre-trade transparency requirements for trading venues in respect of package orders Kein Zugriff
      4. Article 9 Waivers for bonds, structured finance products, emission allowances, derivatives and package orders Kein Zugriff
      5. Article 10 Post-trade transparency requirements for trading venues in respect of bonds, structured finance products, emission allowances and derivatives Kein Zugriff
      6. Article 11 Deferred publication in respect of bonds, structured finance products or emission allowances Kein Zugriff
      7. Article 11a Deferred publication in respect of derivatives Kein Zugriff
    3. 1. Article 12 Obligation to make pre-trade and post-trade data available separately Kein Zugriff
      2. Article 13 Obligation to make pre-trade and post-trade data available on a reasonable commercial basis Kein Zugriff
  4. 1. Article 14 Obligation for systematic internalisers to make public firm quotes in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments Kein Zugriff
    2. Article 15 Execution of client orders Kein Zugriff
    3. Article 16 Obligations of competent authorities Kein Zugriff
    4. Article 17 Access to quotes Kein Zugriff
    5. Article 17a Tick sizes Kein Zugriff
    6. Article 20 Post-trade disclosure by investment firms, including systematic internalisers, in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments Kein Zugriff
    7. Article 21 Post-trade disclosure by investment firms in respect of bonds, structured finance products, emission allowances and derivatives Kein Zugriff
    8. Article 21a Designated publishing entities Kein Zugriff
    9. Article 22 Providing information for the purposes of transparency and other calculations Kein Zugriff
    10. Article 22a Transmission of data to the CTP Kein Zugriff
    11. Article 22b Data quality Kein Zugriff
    12. Article 22c Synchronisation of business clocks Kein Zugriff
    13. Article 23 Trading obligation for investment firms Kein Zugriff
    14. Article 23a Accessibility of information on the European single access point Kein Zugriff
  5. 1. Article 24 Obligation to uphold integrity of markets Kein Zugriff
    2. Article 25 Obligation to maintain records Kein Zugriff
    3. Article 26 Obligation to report transactions Kein Zugriff
    4. Article 27 Obligation to supply financial instrument reference data Kein Zugriff
  6. 1. Article 28 Obligation to trade on regulated markets, MTFs or OTFs Kein Zugriff
    2. Article 29 Clearing obligation for derivatives traded on regulated markets and timing of acceptance for clearing Kein Zugriff
    3. Article 30 Indirect clearing arrangements Kein Zugriff
    4. Article 31 Post-trade risk reduction services Kein Zugriff
    5. Article 32 Trading obligation procedure Kein Zugriff
    6. Article 32a Stand-alone suspension of the trading obligation Kein Zugriff
    7. Article 33 Mechanism to avoid duplicative or conflicting rules Kein Zugriff
    8. Article 34 Register of derivatives subject to the trading obligation Kein Zugriff
  7. 1. Article 35 Non-discriminatory access to a CCP Kein Zugriff
    2. Article 36 Non-discriminatory access to a trading venue Kein Zugriff
    3. Article 37 Non-discriminatory access to and obligation to licence benchmarks Kein Zugriff
    4. Article 38 Access for third-country CCPs and trading venues Kein Zugriff
  8. 1. 1. Introduction to Arts 39-43 Kein Zugriff
      2. Article 39 Market monitoring Kein Zugriff
      3. Article 39a Prohibition of receiving payment for order flow Kein Zugriff
      4. Article 40 ESMA temporary intervention powers Kein Zugriff
      5. Article 41 EBA temporary intervention powers Kein Zugriff
      6. Article 42 Product intervention by competent authorities Kein Zugriff
      7. Article 43 Coordination by ESMA and EBA Kein Zugriff
    2. 1. Article 44 Coordination of national position management measures and position limits by ESMA Kein Zugriff
      2. Article 45 Position management powers of ESMA Kein Zugriff
  9. 1. Introduction to Title VIII Kein Zugriff
    2. Article 46 General provisions Kein Zugriff
    3. Article 47 Equivalence decision Kein Zugriff
    4. Article 48 Register Kein Zugriff
    5. Article 49 Withdrawal of registration Kein Zugriff
1. 1. Article 1 Subject matter and scope Kein Zugriff
  2. Article 2 Definitions Kein Zugriff
  3. Article 3 Insider dealing, recommending or inducing another person to engage in insider dealing Kein Zugriff
  4. Article 4 Unlawful disclosure of inside information Kein Zugriff
  5. Article 5 Market manipulation Kein Zugriff
  6. Article 6 Inciting, aiding and abetting, and attempt Kein Zugriff
  7. Article 7 Criminal penalties for natural persons Kein Zugriff
  8. Article 8 Liability of legal persons Kein Zugriff
  9. Article 9 Sanctions for legal persons Kein Zugriff
  10. Article 10 Jurisdiction Kein Zugriff
2. 1. Introduction Kein Zugriff
  2. 1. Article 1 Subject matter Kein Zugriff
    2. Article 2 Scope Kein Zugriff
    3. Article 3 Definitions Kein Zugriff
    4. Article 4 Notifications and list of financial instruments Kein Zugriff
    5. Article 5 Exemption for buy-back programmes and stabilisation Kein Zugriff
    6. Article 6 Exemption for monetary and public debt management activities and climate policy activities Kein Zugriff
  3. 1. Article 7 Inside information Kein Zugriff
    2. Article 8 Insider dealing Kein Zugriff
    3. Article 9 Legitimate behaviour Kein Zugriff
    4. Article 10 Unlawful disclosure of inside information Kein Zugriff
    5. Article 11 Market soundings Kein Zugriff
    6. Article 12 Market manipulation Kein Zugriff
    7. Article 13 Accepted market practices Kein Zugriff
    8. Article 14 Prohibition of insider dealing and of unlawful disclosure of inside information Kein Zugriff
    9. Article 15 Prohibition of market manipulation Kein Zugriff
    10. Article 16 Prevention and detection of market abuse Kein Zugriff
  4. 1. Article 17 Public disclosure of inside information Kein Zugriff
    2. Article 18 Insider lists Kein Zugriff
    3. Article 19 Managers’ transactions Kein Zugriff
    4. Article 20 Investment recommendations and statistics Kein Zugriff
    5. Article 21 Disclosure or dissemination of information in the media Kein Zugriff
    6. Article 21a Accessibility of information on the European single access point Kein Zugriff
  5. 1. Article 22 Competent authorities Kein Zugriff
    2. Article 23 Powers of competent authorities Kein Zugriff
    3. Article 24 Cooperation with ESMA Kein Zugriff
    4. Article 25 Obligation to cooperate Kein Zugriff
    5. Article 26 Cooperation with third countries Kein Zugriff
    6. Article 27 Professional secrecy Kein Zugriff
    7. Article 28 Data protection Kein Zugriff
    8. Article 29 Disclosure of personal data to third countries Kein Zugriff
  6. 1. Article 30 Administrative sanctions and other administrative measures Kein Zugriff
    2. Article 31 Exercise of supervisory powers and imposition of sanctions Kein Zugriff
    3. Article 32 Reporting of infringements Kein Zugriff
    4. Article 33 Exchange of information with ESMA Kein Zugriff
    5. Article 34 Publication of decisions Kein Zugriff
3. 1. Introduction and overview Kein Zugriff
  2. 1. Overview of Articles 1–4 Kein Zugriff
    2. Article 1 Scope Kein Zugriff
    3. Article 2 Definitions Kein Zugriff
    4. Article 3 Short and long positions Kein Zugriff
    5. Article 4 Uncovered position in a sovereign credit default swap Kein Zugriff
  3. 1. Overview of Articles 5–11a Kein Zugriff
    2. Article 5 Notification to competent authorities of significant net short positions in shares Kein Zugriff
    3. Article 6 Public disclosure of significant net short positions in shares Kein Zugriff
    4. Article 7 Notification to competent authorities of significant net short positions in sovereign debt Kein Zugriff
    5. Article 8 Notification to competent authorities of uncovered positions in sovereign credit default swaps Kein Zugriff
    6. Article 9 Method of notification and disclosure Kein Zugriff
    7. Article 10 Application of notification and disclosure requirements Kein Zugriff
    8. Article 11 Information to be provided to ESMA Kein Zugriff
    9. Article 11a Accessibility of information on the European single access point Kein Zugriff
  4. 1. Overview of Articles 12–15 Kein Zugriff
    2. Article 12 Restrictions on uncovered short sales in shares Kein Zugriff
    3. Article 13 Restrictions on uncovered short sales in sovereign debt Kein Zugriff
    4. Article 14 Restrictions on uncovered sovereign credit default swaps Kein Zugriff
    5. Article 15 Buy-in procedures Kein Zugriff
  5. 1. Article 16 Exemption where the principal trading venue is in a third country Kein Zugriff
    2. Article 17 Exemption for market making activities and primary market operations Kein Zugriff
  6. 1. Overview of Articles 18–31 Kein Zugriff
    2. 1. Articles 18 to 26 Kein Zugriff
    3. 1. Articles 27 to 31 Kein Zugriff
  7. 1. Articles 32 to 41 Kein Zugriff
  8. 1. Articles 42 to 48 Kein Zugriff
1. 1. Introduction Kein Zugriff
  2. 1. Article 1 Subject matter, scope and exemptions Kein Zugriff
    2. Article 2 Definitions Kein Zugriff
    3. Article 3 Obligation to publish a prospectus and exemption Kein Zugriff
    4. Article 4 Voluntary prospectus Kein Zugriff
    5. Article 5 Subsequent resale of securities Kein Zugriff
  3. 1. Article 6 The prospectus Kein Zugriff
    2. Article 7 The prospectus summary Kein Zugriff
    3. Article 8 The base prospectus Kein Zugriff
    4. Article 9 The universal registration document Kein Zugriff
    5. Article 10 Prospectuses consisting of separate documents Kein Zugriff
    6. Article 11 Responsibility attaching to the prospectus Kein Zugriff
    7. Article 12 Validity of a prospectus, registration document and universal registration document Kein Zugriff
  4. 1. Article 13 Minimum information and format Kein Zugriff
    2. Article 14 Simplified disclosure regime for secondary issuances Kein Zugriff
    3. Article 14a EU Recovery prospectus Kein Zugriff
    4. Article 15 EU Growth prospectus Kein Zugriff
    5. Article 16 Risk factors Kein Zugriff
    6. Article 17 Final offer price and amount of securities Kein Zugriff
    7. Article 18 Omission of information Kein Zugriff
    8. Article 19 Incorporation by reference Kein Zugriff
  5. 1. Article 20 Scrutiny and approval of the prospectus Kein Zugriff
    2. Article 21 Publication of the prospectus Kein Zugriff
    3. Article 21a Accessibility of information on the European single access point Kein Zugriff
    4. Article 22 Advertisements Kein Zugriff
    5. Article 23 Supplements to the prospectus Kein Zugriff
  6. 1. Article 24 Union scope of approvals of prospectuses Kein Zugriff
    2. Article 25 Notification of prospectuses and supplements and communication of final terms Kein Zugriff
    3. Article 26 Notification of registration documents or universal registration documents Kein Zugriff
    4. Article 27 Use of language Kein Zugriff
  7. 1. Article 28 Offer of securities to the public or admission to trading on a regulated market made under a prospectus drawn up in accordance with this Regulation Kein Zugriff
    2. Article 29 Equivalence Kein Zugriff
    3. Article 30 Cooperation with third countries Kein Zugriff
  8. 1. Article 31 Competent authorities Kein Zugriff
    2. Article 32 Powers of competent authorities Kein Zugriff
    3. Article 33 Cooperation between competent authorities Kein Zugriff
    4. Article 34 Cooperation with ESMA Kein Zugriff
    5. Article 35 Professional secrecy Kein Zugriff
    6. Article 36 Data protection Kein Zugriff
    7. Article 37 Precautionary measures Kein Zugriff
  9. 1. Article 38 Administrative sanctions and other administrative measures Kein Zugriff
    2. Article 39 Exercise of supervisory powers and powers to impose sanctions Kein Zugriff
    3. Article 40 Right of appeal Kein Zugriff
    4. Article 41 Reporting of infringements Kein Zugriff
    5. Article 42 Publication of decisions Kein Zugriff
    6. Article 43 Reporting sanctions to ESMA Kein Zugriff
  10. 1. Article 44 Exercise of the delegation Kein Zugriff
    2. Article 45 Committee procedure Kein Zugriff
  11. 1. Article 46 Repeal Kein Zugriff
    2. Article 47 ESMA report on prospectuses Kein Zugriff
    3. Article 48 Review Kein Zugriff
    4. Article 48a Transitional provisions Kein Zugriff
    5. Article 49 Entry into force and application Kein Zugriff
2. 1. 1. Article 1 Kein Zugriff
    2. Article 2 Kein Zugriff
    3. Article 3 Kein Zugriff
    4. Article 4 Kein Zugriff
  2. 1. 1. Article 5 Kein Zugriff
    2. 1. Article 6 Kein Zugriff
      2. Article 7 Kein Zugriff
      3. Article 8 Kein Zugriff
      4. Article 9 Kein Zugriff
      5. Article 10 Kein Zugriff
      6. Article 11 Kein Zugriff
      7. Article 12 Kein Zugriff
    3. 1. Article 13 Kein Zugriff
      2. Article 14 Kein Zugriff
  3. 1. Article 15 Kein Zugriff
    2. Article 16 Kein Zugriff
    3. Article 17 Kein Zugriff
    4. Article 18 Kein Zugriff
  4. 1. Article 19 Kein Zugriff
    2. Article 20 Kein Zugriff
    3. Article 21 Kein Zugriff
  5. 1. Article 22 Kein Zugriff
    2. Article 23 Kein Zugriff
    3. Article 24 Kein Zugriff
    4. Article 25 Kein Zugriff
    5. Article 26 Kein Zugriff
    6. Article 27 Kein Zugriff
    7. Article 28 Kein Zugriff
    8. Article 29 Kein Zugriff
    9. Article 29a Kein Zugriff
  6. 1. Article 30 Kein Zugriff
    2. Article 31 Kein Zugriff
    3. Article 32 Kein Zugriff
    4. Article 33 Kein Zugriff
    5. Article 34 Kein Zugriff
3. 1. 1. Article 1 Subject matter and scope Kein Zugriff
    2. Article 2 Definitions Kein Zugriff
    3. Article 3 Integration of securities markets Kein Zugriff
  2. 1. Article 4 Annual financial reports Kein Zugriff
    2. Article 5 Half-yearly financial reports Kein Zugriff
    3. Article 6 Report on payments to governments Kein Zugriff
    4. Article 7 Responsibility and liability Kein Zugriff
    5. Article 8 Exemptions Kein Zugriff
  3. 1. 1. Article 9 Notification of the acquisition or disposal of major holdings Kein Zugriff
      2. Article 10 Acquisition or disposal of major proportions of voting rights Kein Zugriff
      3. Article 11 Annual financial reports Kein Zugriff
      4. Article 12 Procedures on the notification and disclosure of major holdings Kein Zugriff
      5. Article 13 Kein Zugriff
      6. Article 13a Aggregation Kein Zugriff
      7. Article 14 Kein Zugriff
      8. Article 15 Kein Zugriff
      9. Article 16 Additional information Kein Zugriff
    2. 1. Article 17 Information requirements for issuers whose shares are admitted to trading on a regulated market Kein Zugriff
      2. Article 18 Information requirements for issuers whose debt securities are admitted to trading on a regulated market Kein Zugriff
  4. 1. Article 19 Home Member State control Kein Zugriff
    2. Article 20 Languages Kein Zugriff
    3. Article 21 Access to regulated information Kein Zugriff
    4. Article 22 Access to regulated information at Union level Kein Zugriff
    5. Article 23 Third countries Kein Zugriff
    6. Article 23a Accessibility of information on the European single access point Kein Zugriff
  5. 1. Article 24 Competent authorities and their powers Kein Zugriff
    2. Article 25 Professional secrecy and cooperation between Member States Kein Zugriff
    3. Article 26 Precautionary measures Kein Zugriff
  6. 1. Article 27 Committee procedure Kein Zugriff
    2. Article 27a Revocation of the delegation Kein Zugriff
    3. Article 27b Objections to delegated acts Kein Zugriff
  7. 1. Article 28 Administrative measures and sanctions Kein Zugriff
    2. Article 28a Breaches Kein Zugriff
    3. Article 28b Sanctioning powers Kein Zugriff
    4. Article 28c Exercise of sanctioning powers Kein Zugriff
    5. Article 28d ESMA guidelines Kein Zugriff
  8. 1. Article 29 Publication of decisions Kein Zugriff
  9. 1. Article 30 Transitional provisions Kein Zugriff
    2. Article 31 Transposition Kein Zugriff
    3. Article 32 Amendments Kein Zugriff
    4. Article 33 Review Kein Zugriff
    5. Article 34 Entry into force Kein Zugriff
    6. Article 35 Addressees Kein Zugriff
4. 1. 1. Article 1 Subject matter Kein Zugriff
    2. Article 2 Scope Kein Zugriff
    3. Article 3 Definitions Kein Zugriff
    4. Article 4 Use of credit ratings Kein Zugriff
    5. Article 5 Equivalence and certification based on equivalence Kein Zugriff
    6. Article 5a Over-reliance on credit ratings by financial institutions Kein Zugriff
    7. Article 5b Reliance on credit ratings by the European Supervisory Authorities and the European Systemic Risk Board Kein Zugriff
    8. Article 5c Over-reliance on credit ratings in Union law Kein Zugriff
  2. 1. Article 6 Independence and avoidance of conflicts of interest Kein Zugriff
    2. Article 6a Conflicts of interest concerning investments in credit rating agencies Kein Zugriff
    3. Article 6b Maximum duration of the contractual relationship with a credit rating agency Kein Zugriff
    4. Article 7 Rating analysts, employees and other persons involved in the issuing of credit ratings Kein Zugriff
    5. Article 8 Methodologies, models and key rating assumptions Kein Zugriff
    6. Article 8a Sovereign ratings Kein Zugriff
    7. Article 8b Information on structured finance instruments Kein Zugriff
    8. Article 8c Double credit rating of securitisation instruments Kein Zugriff
    9. Article 8d Use of multiple credit rating agencies Kein Zugriff
    10. Article 9 Outsourcing Kein Zugriff
    11. Article 10 Disclosure and presentation of credit ratings Kein Zugriff
    12. Article 11 General and periodic disclosures Kein Zugriff
    13. Article 11a European rating platform Kein Zugriff
    14. Article 12 Transparency report Kein Zugriff
    15. Article 13 Public disclosure fees Kein Zugriff
    16. Article 13a Accessibility of information on ESAP Kein Zugriff
  3. 1. 1. Articles 14 to 20 Kein Zugriff
    2. 1. Articles 21 to 25a Kein Zugriff
    3. 1. Articles 26 to 32 Kein Zugriff
    4. 1. Articles 34 to 35 Kein Zugriff
  4. 1. Article 35a Civil Liability Kein Zugriff
  5. 1. 1. Articles 36 to 39 Kein Zugriff
    2. 1. Articles 40 to 41 Kein Zugriff
1. 1. 1. Article 1 Scope and UCITS definition Kein Zugriff
    2. Article 2 Definitions Kein Zugriff
    3. Article 3 Exclusions from the scope Kein Zugriff
    4. Article 4 Home member state assumption Kein Zugriff
  2. 1. Article 5 Authorisation requirement for the fund Kein Zugriff
  3. 1. 1. Article 6 Authorisation requirement for management company Kein Zugriff
      2. Article 7 Conditions for authorisation Kein Zugriff
      3. Article 8 Related parties Kein Zugriff
    2. 1. Article 9 Third country relations Kein Zugriff
    3. 1. Article 10 Conditions for taking up business Kein Zugriff
      2. Article 11 Qualifying holdings Kein Zugriff
      3. Article 12 Prudential and organizational rules Kein Zugriff
      4. Article 13 Delegation Kein Zugriff
      5. Article 14 Conduct of business rules Kein Zugriff
      6. Article 14a Remuneration policy Kein Zugriff
      7. Article 14b Details and proportionality of remuneration policy Kein Zugriff
      8. Article 15 Cross-border set up, investor complaints mechanism Kein Zugriff
    4. 1. Article 16 Freedom to provide services on a cross-border basis Kein Zugriff
      2. Article 17 Cross-border services by virtue of a branch Kein Zugriff
      3. Article 18 Notification for cross-border services Kein Zugriff
      4. Article 18a Kein Zugriff
      5. Article 19 Notification for cross-border services by virtue of a branch Kein Zugriff
      6. Article 20 Home member state supervision Kein Zugriff
      7. Article 20a Kein Zugriff
      8. Article 20b Kein Zugriff
      9. Article 21 Host member state supervision in case of a branch Kein Zugriff
  4. 1. Article 22 Mandatory depositary; appointment and duties of depositary Kein Zugriff
    2. Article 22a Delegation by depositary Kein Zugriff
    3. Article 23 Registered office, qualification and organisation of depositary Kein Zugriff
    4. Article 24 Liability of depositary towards UCITS and unit-holders Kein Zugriff
    5. Article 25 Inability to function as management company and depositary; conflicts of interests Kein Zugriff
    6. Article 26 Replacement of depositary Kein Zugriff
    7. Article 26a Information exchange with and among national competent authorities of depositary, UCITS and management company Kein Zugriff
    8. Article 26b Implementing acts Kein Zugriff
  5. 1. 1. Article 27 Authorisation, legal form, registered office Kein Zugriff
      2. Article 28 Limited scope of activities Kein Zugriff
      3. Article 29 Minimum capital, organisation, key people, authorisation and withdrawal of authorisation Kein Zugriff
    2. 1. Article 30 Internally managed investment companies, restrictions on third-party portfolio management Kein Zugriff
      2. Article 31 Prudential and conduct of business rules, organisational requirements for internally managed investment companies Kein Zugriff
    3. Section 3 Obligations regarding the depositary Kein Zugriff
  6. 1. 1. Article 37 Extension to investment compartments/sub funds Kein Zugriff
      2. Article 38 Enabling of cross-border mergers Kein Zugriff
      3. Article 39 Authorisation by merging UCITS’ national competent authority; information exchange with receiving UCITS’ national competent authority Kein Zugriff
      4. Article 40 Common draft terms of merger Kein Zugriff
    2. 1. Article 41 Verification by depositary of merging and receicing UCITS Kein Zugriff
      2. Article 42 Validation of valuation, merger-related payments, exchange ratio Kein Zugriff
      3. Article 43 Disclosures to unit-holders after merger authorisation Kein Zugriff
      4. Article 44 Consent by unit-holder voting Kein Zugriff
      5. Article 45 Extraordinary redemption right Kein Zugriff
    3. 1. Article 46 Ban to impose merger costs on UCITS Kein Zugriff
      2. Article 47 Date of merger effect Kein Zugriff
      3. Article 48 Consequences of merger Kein Zugriff
  7. 1. Article 49 Compartments deemed UCITS Kein Zugriff
    2. Article 50 Eligible assets Kein Zugriff
    3. Article 50a Investment in securitisation positions Kein Zugriff
    4. Article 51 Risk management, exposure limits, reliance on credit rating agencies Kein Zugriff
    5. Article 52 Diversification Kein Zugriff
    6. Article 53 Investment limits for diversified target investments Kein Zugriff
    7. Article 54 Investment limits for state-backed target investments Kein Zugriff
    8. Article 55 Investment limits for UCI target investments Kein Zugriff
    9. Article 56 Prohibition of controlling stakes Kein Zugriff
    10. Article 57 Exemptions from Art 52, 56 in certain cases Kein Zugriff
  8. 1. 1. Article 58 Definitions, investment limits, exemptions Kein Zugriff
      2. Article 59 Exemption procedure regarding feeder’s investments into master Kein Zugriff
    2. 1. Article 60 Relationship between feeder and master Kein Zugriff
    3. 1. Article 61 Communication between feeder’s and master’s depositary Kein Zugriff
      2. Article 62 Communication between feeder’s and master’s auditors Kein Zugriff
    4. 1. Article 63 Additional disclosures to investors and feeder’s competent authority Kein Zugriff
    5. 1. Article 64 Conversion disclosures and procedures Kein Zugriff
    6. 1. Article 65 Feeder’s monitoring obligation; attribution of fees and benefits to feeder Kein Zugriff
      2. Article 66 Additional tasks vis-à-vis master’s competent authority Kein Zugriff
      3. Article 67 Duties of competent authority in case of non-compliance by master Kein Zugriff
  9. 1. 1. Article 68 Mandatory disclosure instruments Kein Zugriff
      2. Article 69 Minimum content of mandatory disclosures Kein Zugriff
      3. Article 70 Disclosures on categories and volatility of assets, risk management Kein Zugriff
      4. Article 71 Disclosure of fund rules, instruments of incorporation Kein Zugriff
      5. Article 72 Obligation to keep prospectus up to date Kein Zugriff
      6. Article 73 Audited accounting information, reproduction of auditors’ statement in annual report Kein Zugriff
      7. Article 74 Submission of prospectus, annual and bi-annual reports to competent authority of UCITS and management company Kein Zugriff
      8. Article 75 Format and availability of prospectus, annual and bi-annual reports to investors Kein Zugriff
    2. 1. Article 76 Publication of unit prices Kein Zugriff
      2. Article 77 Marketing communications Kein Zugriff
    3. 1. Article 78 Mandatory key investor information document for each UCITS; format and content of key investor information document Kein Zugriff
      2. Article 79 Consistency of key investor and regulated information; liability for key investor information disclosures Kein Zugriff
      3. Article 80 Use of key investor information documents when directly and indirectly marketing UCITS Kein Zugriff
      4. Article 81 Availability of key investor information Kein Zugriff
      5. Article 82 Submission of key investor information to UCITS competent authority; duty to keep key investor information up to date Kein Zugriff
      6. Article 82a Use of key information documents under the PRIIPS Regulation by UCITS management companies Kein Zugriff
    4. 1. Article 82b Kein Zugriff
  10. 1. Article 83 Borrowing limits Kein Zugriff
    2. Article 84 Unit-holders’ redemption rights Kein Zugriff
    3. Article 85 Valuation rules Kein Zugriff
    4. Article 86 Distribution and reinvestments of income Kein Zugriff
    5. Article 87 Issue of unit equivalent to net asset value Kein Zugriff
    6. Article 88 Prohibition to guarantee loans Kein Zugriff
    7. Article 89 Prohibition of naked short sales Kein Zugriff
    8. Article 90 Fees Kein Zugriff
  11. 1. Article 91 Enabling of marketing in host member states Kein Zugriff
    2. Article 92 Access point in host member state Kein Zugriff
    3. Article 93 Notification procedure Kein Zugriff
    4. Article 93a De-Notification procedure Kein Zugriff
    5. Article 94 Same disclosures as in UCITS home state Kein Zugriff
    6. Article 95 Implementing legislation Kein Zugriff
    7. Article 96 Consistency on legal form Kein Zugriff
  12. 1. Article 97 Appointment and qualifications of competent authorities Kein Zugriff
    2. Article 98 Powers of competent authorities; inquiry rights Kein Zugriff
    3. Article 99 Sanctioning powers of competent authorities; minimum sanctions Kein Zugriff
    4. Article 99a Minimum sanctioning Kein Zugriff
    5. Article 99b Name and shame Kein Zugriff
    6. Article 99c Factors to be taken into account when sanctioning Kein Zugriff
    7. Article 99d Protection of whistleblowers Kein Zugriff
    8. Article 99e Reporting of penalties to ESMA Kein Zugriff
    9. Article 100 Consumer complaints and alternative dispute resolution Kein Zugriff
    10. Article 101 Cooperation and information exchange of competent authorities and ESMA; on-site visits; ESMA’s dispute resolution powers Kein Zugriff
    11. Article 102 Professional secrecy and confidentiality; supervisory cooperation and information exchange Kein Zugriff
    12. Article 103 Information exchange in certain cases Kein Zugriff
    13. Article 104 Information exchange with monetary authorities, clearing houses; legislators Kein Zugriff
    14. Article 104a Data protection Kein Zugriff
    15. Article 105 Implementing legislation Kein Zugriff
    16. Article 106 Reporting of auditors to competent authorities Kein Zugriff
    17. Article 107 Reasoning of negative decisions; standing to sue of consumer protection agencies Kein Zugriff
    18. Article 108 Delineation of supervisory powers Kein Zugriff
    19. Article 109 Cross-border provision of services; collaboration Kein Zugriff
    20. Article 110 Cross-border services through a branch; on-site inspections Kein Zugriff
    21. Article 110a Kein Zugriff
  13. 1. Article 111 Technical amendments by European Commission Kein Zugriff
    2. Article 112 Involvement of European Securities Committee Kein Zugriff
    3. Article 112a Implementing legislation by European Commission Kein Zugriff
2. 1. Introduction Kein Zugriff
  2. 1. Article 1 Subject matter Kein Zugriff
    2. Article 2 Scope Kein Zugriff
    3. Article 3 Exemptions Kein Zugriff
    4. Article 4 Definitions Kein Zugriff
    5. Article 5 Determination of the AIFM Kein Zugriff
  3. 1. Article 6 Conditions for taking up activities as AIFM Kein Zugriff
    2. Article 7 Application for authorisation Kein Zugriff
    3. Article 8 Conditions for granting authorisation Kein Zugriff
    4. Article 9 Initial capital and own funds Kein Zugriff
    5. Article 10 Changes in the scope of the authorisation Kein Zugriff
    6. Article 11 Withdrawal of the authorisation Kein Zugriff
  4. 1. 1. Article 12 General principles Kein Zugriff
      2. Article 13 Remuneration Kein Zugriff
      3. Article 14 Conflicts of interest Kein Zugriff
      4. Article 15 Risk management Kein Zugriff
      5. Article 16 Liquidity management Kein Zugriff
      6. Article 17 Investment in securitisation positions Kein Zugriff
    2. 1. Article 18 General principles Kein Zugriff
      2. Article 19 Valuation Kein Zugriff
    3. 1. Article 20 Delegation Kein Zugriff
    4. 1. Article 21 Depositary Kein Zugriff
  5. 1. Article 22 Annual report Kein Zugriff
    2. Article 23 Disclosure to investors Kein Zugriff
    3. Article 24 Reporting obligations to competent authorities Kein Zugriff
  6. 1. 1. Article 25 Use of information by competent authorities, supervisory cooperation and limits to leverage Kein Zugriff
    2. 1. Article 26 Scope Kein Zugriff
      2. Article 27 Notification of the acquisition of major holdings and control of non-listed companies Kein Zugriff
      3. Article 28 Disclosure in case of acquisition of control Kein Zugriff
      4. Article 29 Specific provisions regarding the annual report of AIFs exercising control of non-listed companies Kein Zugriff
      5. Article 30 Asset stripping Kein Zugriff
  7. 1. Article 31 Marketing of units or shares of EU AIFs in the home Member State of the AIFM Kein Zugriff
    2. Article 32 Marketing of units or shares of EU AIFs in Member States other than in the home Member State of the AIFM Kein Zugriff
    3. Article 33 Conditions for managing EU AIFs established in other Member States and for providing services in other Member States Kein Zugriff
  8. 1. Article 34 Conditions for EU AIFMs which manage non-EU AIFs which are not marketed in Member States Kein Zugriff
    2. Article 35 Conditions for the marketing in the Union with a passport of a non-EU AIF managed by an EU AIFM Kein Zugriff
    3. Article 36 Conditions for the marketing in Member States without a passport of non-EU AIFs managed by an EU AIFM Kein Zugriff
    4. Article 37 Authorisation of non-EU AIFMs intending to manage EU AIFs and/or market AIFs managed by them in the Union in accordance with Article 39 or 40 Kein Zugriff
    5. Article 38 Peer review of authorisation and supervision of non-EU AIFMs Kein Zugriff
    6. Article 39 Conditions for the marketing in the Union with a passport of EU AIFs managed by a non-EU AIFM Kein Zugriff
    7. Article 40 Conditions for the marketing in the Union with a passport of non-EU AIFs managed by a non-EU AIFM Kein Zugriff
    8. Article 41 Conditions for managing AIFs established in Member States other than the Member State of reference by non-EU AIFMs Kein Zugriff
    9. Article 42 Conditions for the marketing in Member States without a passport of AIFs managed by a non-EU AIFM Kein Zugriff
  9. 1. Article 43 Marketing of AIFs by AIFMs to retail investors Kein Zugriff
1. 1. Introduction Kein Zugriff
  2. 1. Article 1 Subject matter and scope Kein Zugriff
    2. Article 2 Definitions Kein Zugriff
    3. Article 2a Equivalence decisions for the purposes of the definition of OTC derivatives Kein Zugriff
    4. Article 3 Intragroup transactions Kein Zugriff
  3. 1. Article 4 Clearing obligation Kein Zugriff
    2. Article 4a Financial counterparties that are subject to the clearing obligation Kein Zugriff
    3. Article 4b Post-trade risk reduction services Kein Zugriff
    4. Article 5 Clearing obligation procedure Kein Zugriff
    5. Article 6 Public register Kein Zugriff
    6. Article 6a Suspension of clearing obligation Kein Zugriff
    7. Article 6b Suspension of clearing obligation in the case of resolution Kein Zugriff
    8. Article 7 Access to a CCP Kein Zugriff
    9. Article 7a Active account Kein Zugriff
    10. Article 7b Monitoring of the active account obligation Kein Zugriff
    11. Article 7c Information on the provision of clearing services Kein Zugriff
    12. Article 7d Information on clearing activity in CCPs recognised under Article 25 Kein Zugriff
    13. Article 7e Information on Union CCPs Kein Zugriff
    14. Article 8 Access to a trading venue Kein Zugriff
    15. Article 9 Reporting obligation Kein Zugriff
    16. Article 10 Non-financial counterparties Kein Zugriff
    17. Article 11 Risk-mitigation techniques for OTC derivative contracts not cleared by a CCP Kein Zugriff
    18. Article 12 Penalties Kein Zugriff
    19. Article 13 Mechanism to avoid duplicative or conflicting rules with regard to OTC derivative contracts not cleared by a CCP Kein Zugriff
    20. Article 13a Amendments to legacy contracts for the purpose of the implementation of benchmark reforms Kein Zugriff
  4. 1. 1. Article 14 Authorisation of a CCP Kein Zugriff
      2. Article 15 Extension of activities and services Kein Zugriff
      3. Article 15a Exemption from authorisation of an extension of clearing services or activities Kein Zugriff
      4. Article 16 Capital requirements Kein Zugriff
      5. Article 17 Procedure for granting and refusing authorisation Kein Zugriff
      6. Article 17a Accelerated procedure for authorisation of an extension ofauthorisation Kein Zugriff
      7. Article 17b Procedure for adopting decisions, reports or other measures Kein Zugriff
      8. Article 17c Central database Kein Zugriff
      9. Article 18 College Kein Zugriff
      10. Article 19 Opinion of the college Kein Zugriff
      11. Article 20 Withdrawal of authorisation Kein Zugriff
      12. Article 21 Review and evaluation Kein Zugriff
    2. 1. Article 22 Competent authority Kein Zugriff
    3. 1. Article 23 Cooperation between authorities Kein Zugriff
      2. Article 23a Supervisory cooperation between competent authorities and ESMA with regards to authorised CCPs Kein Zugriff
      3. Article 23b Joint Monitoring Mechanism Kein Zugriff
      4. Article 24 Emergency situations Kein Zugriff
    4. 1. Article 24a CCP Supervisory Committee Kein Zugriff
      2. Article 24b Consultation of central banks of issue Kein Zugriff
      3. Article 24c Decision making within the CCP Supervisory Committee Kein Zugriff
      4. Article 24d Decision making within the Board of Supervisors Kein Zugriff
      5. Article 24e Accountability Kein Zugriff
    5. 1. Article 25 Recognition of a third-country CCP Kein Zugriff
      2. Article 25a Comparable compliance Kein Zugriff
      3. Article 25b Ongoing compliance with the conditions for recognition Kein Zugriff
      4. Article 25c Third-country CCP college Kein Zugriff
      5. Article 25d Fees Kein Zugriff
      6. Article 25e Exercise of the powers referred to in Articles 25f to 25h Kein Zugriff
      7. Article 25f Request for information Kein Zugriff
      8. Article 25g General investigations Kein Zugriff
      9. Article 25h On-site inspections Kein Zugriff
      10. Article 25i Procedural rules for taking supervisory measures and imposing fin Kein Zugriff
      11. Article 25j Fines Kein Zugriff
      12. Article 25k Periodic penalty payments Kein Zugriff
      13. Article 25l Hearing of the persons concerned Kein Zugriff
      14. Article 25m Disclosure, nature, enforcement and allocation of fines and periodic penalty payments Kein Zugriff
      15. Article 25n Review by the Court of Justice Kein Zugriff
      16. Article 25o Amendments to Annex IV Kein Zugriff
      17. Article 25p Withdrawal of recognition Kein Zugriff
      18. Article 25q Supervisory measures by ESMA Kein Zugriff
  5. 1. 1. Article 26 General provisions Kein Zugriff
      2. Article 27 Senior management and the board Kein Zugriff
      3. Article 28 Risk committee Kein Zugriff
      4. Article 29 Record keeping Kein Zugriff
      5. Article 30 Shareholders and members with qualifying holdings Kein Zugriff
      6. Article 31 Information to competent authorities Kein Zugriff
      7. Article 32 Assessment Kein Zugriff
      8. Article 33 Conflicts of interest Kein Zugriff
      9. Article 34 Business continuity Kein Zugriff
      10. Article 35 Outsourcing Kein Zugriff
    2. 1. Article 36 General provisions Kein Zugriff
      2. Article 37 Participation requirements Kein Zugriff
      3. Article 38 Transparency Kein Zugriff
      4. Article 39 Segregation and portability Kein Zugriff
    3. 1. Article 40 Exposure management Kein Zugriff
      2. Article 41 Margin requirements Kein Zugriff
      3. Article 42 Default fund Kein Zugriff
      4. Article 43 Other financial resources Kein Zugriff
      5. Article 44 Liquidity risk controls Kein Zugriff
      6. Article 45 Default waterfall Kein Zugriff
      7. Article 45a Temporary restrictions in the case of a significant non-default event Kein Zugriff
      8. Article 46 Collateral requirements Kein Zugriff
      9. Article 47 Investment policy Kein Zugriff
      10. Article 48 Default procedures Kein Zugriff
      11. Article 49 Review of models, stress testing and back testing Kein Zugriff
      12. Article 49a Accelerated procedure for non-significant changes to a CCP’s models and parameters Kein Zugriff
      13. Article 50 Settlement Kein Zugriff
    4. Chapter 4 Calculations and reporting for the purposes of Regulation (EU) No 575/2013 Kein Zugriff
  6. 1. Article 51 Interoperability arrangements Kein Zugriff
    2. Article 52 Risk management Kein Zugriff
    3. Article 53 Provision of margins among CCPs Kein Zugriff
    4. Article 54 Approval of interoperability arrangements Kein Zugriff
  7. 1. 1. Article 55 Registration of a trade repository Kein Zugriff
      2. Article 56 Application for registration Kein Zugriff
      3. Article 57 Notification of and consultation with competent authorities prior to registration Kein Zugriff
      4. Article 58 Examination of the application Kein Zugriff
      5. Article 59 Notification of ESMA decisions relating to registration Kein Zugriff
      6. Article 60 Exercise of the powers referred to in Articles 61 to 63 Kein Zugriff
      7. Article 61 Request for information Kein Zugriff
      8. Article 62 General investigations Kein Zugriff
      9. Article 63 On-site inspections Kein Zugriff
      10. Article 64 Procedural rules for taking supervisory measures and imposing fines Kein Zugriff
      11. Article 65 Fines Kein Zugriff
      12. Article 66 Periodic penalty payments Kein Zugriff
      13. Article 67 Hearing of the persons concerned Kein Zugriff
      14. Article 68 Disclosure, nature, enforcement and allocation of fines and periodic penalty payments Kein Zugriff
      15. Article 69 Review by the Court of Justice Kein Zugriff
      16. Article 70 Amendments to Annex II Kein Zugriff
      17. Article 71 Withdrawal of registration Kein Zugriff
      18. Article 72 Supervisory fees Kein Zugriff
      19. Article 73 Supervisory measures by ESMA Kein Zugriff
      20. Article 74 Delegation of tasks by ESMA to competent authorities Kein Zugriff
    2. 1. Article 75 Equivalence and international agreements Kein Zugriff
      2. Article 76 Cooperation arrangements Kein Zugriff
      3. Article 76a Mutual direct access to data Kein Zugriff
      4. Article 77 Recognition of trade repositories Kein Zugriff
  8. 1. Article 78 General requirements Kein Zugriff
    2. Article 79 Operational reliability Kein Zugriff
    3. Article 80 Safeguarding and recording Kein Zugriff
    4. Article 81 Transparency and data availability Kein Zugriff
    5. Article 82 Exercise of the delegation Kein Zugriff
2. 1. 1. Article 1 Kein Zugriff
    2. Article 2 Kein Zugriff
  2. 1. Article 3 Kein Zugriff
    2. Article 4 Kein Zugriff
    3. Article 5 Kein Zugriff
  3. 1. Article 6 Kein Zugriff
    2. Article 7 Kein Zugriff
    3. Article 8 Kein Zugriff
  4. 1. Article 9 Kein Zugriff
  5. 1. Article 10a Kein Zugriff
    2. Article 11 Kein Zugriff
    3. Article 12 Kein Zugriff
    4. Article 12a Kein Zugriff
    5. Article 13 Kein Zugriff
    6. Article 14 Kein Zugriff
3. 1. Introduction Kein Zugriff
  2. Article 1 Subject matter and scope Kein Zugriff
  3. Article 2 Definitions Kein Zugriff
  4. Article 3 Formal requirements Kein Zugriff
  5. Article 4 Enforcement of financial collateral arrangements Kein Zugriff
  6. Article 5 Right of use of financial collateral under security financial collateral arrangements Kein Zugriff
  7. Article 6 Recognition of title transfer financial collateral arrangements Kein Zugriff
  8. Article 7 Recognition of close-out netting provisions Kein Zugriff
  9. Article 8 Certain insolvency provisions disapplied Kein Zugriff
  10. Article 9 Conflict of laws Kein Zugriff
  11. Article 9a Directive 2008/48/EC, Directive 2014/59/EU and Regulation (EU) 2021/23 Kein Zugriff
  12. Article 10 Report by the Commission Kein Zugriff
  13. Article 11 Implementation Kein Zugriff
  14. Article 12 Entry into force Kein Zugriff
  15. Article 13 Addressees Kein Zugriff
1. 1. Article 1 Subject matter and scope Kein Zugriff
  2. Article 2 Definitions Kein Zugriff
  3. Article 3 Reachability Kein Zugriff
  4. Article 4 Interoperability Kein Zugriff
  5. Article 5 Requirements for credit transfer and direct debit transactions Kein Zugriff
  6. Article 5a Instant credit transfer transactions Kein Zugriff
  7. Article 5b Charges in respect of credit transfers and verification of the payee Kein Zugriff
  8. Article 5c Verification of the payee in the case of credit transfers Kein Zugriff
  9. Article 5d Screening of PSUs by PSPs that offer instant credit transfers to verify whether a PSU is a person or entity subject to targeted financial restrictive measures Kein Zugriff
  10. Article 6 End-dates Kein Zugriff
  11. Article 7 Validity of mandates and right to a refund Kein Zugriff
  12. Article 8 Interchange fees for direct debit transactions Kein Zugriff
  13. Article 9 Payment accessibility Kein Zugriff
  14. Article 10 Competent authorities Kein Zugriff
  15. Article 11 Penalties Kein Zugriff
  16. Article 12 Out-of-court complaint and redress procedures Kein Zugriff
  17. Article 13 Delegation of power Kein Zugriff
  18. Article 14 Exercise of the delegation Kein Zugriff
  19. Article 15 Review Kein Zugriff
  20. Article 16 Transitional provisions Kein Zugriff
  21. Article 17 Amendments to Regulation (EC) No 924/2009 Kein Zugriff
  22. Article 18 Entry into force Kein Zugriff
1. 1. 1. Article 1 Subject matter Kein Zugriff
    2. Article 2 Scope Kein Zugriff
    3. Article 3 Definitions Kein Zugriff
  2. 1. Article 4 Offers to the public of crypto-assets other than asset-referenced tokens or e-money tokens Kein Zugriff
    2. Article 5 Admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens Kein Zugriff
    3. Article 6 Content and form of the crypto-asset white paper Kein Zugriff
    4. Article 7 Marketing communications Kein Zugriff
    5. Article 8 Notification of the crypto-asset white paper and of the marketing communications Kein Zugriff
    6. Article 9 Publication of the crypto-asset white paper and of the marketing communications Kein Zugriff
    7. Article 10 Result of the offer to the public and safeguarding arrangements Kein Zugriff
    8. Article 11 Rights of offerors and persons seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens Kein Zugriff
    9. Article 12 Modification of published crypto-asset white papers and of published marketing communications Kein Zugriff
    10. Article 13 Right of withdrawal Kein Zugriff
    11. Article 14 Obligations of offerors and persons seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens Kein Zugriff
    12. Article 15 Liability for the information given in a crypto-asset white paper Kein Zugriff
  3. 1. 1. Introduction to Chapter 1 Kein Zugriff
      2. Article 16 Authorisation Kein Zugriff
      3. Article 17 Requirements for credit institutions Kein Zugriff
      4. Article 18 Application for authorisation Kein Zugriff
      5. Article 19 Content and form of the crypto-asset white paper for asset-referenced tokens Kein Zugriff
      6. Article 20 Assessment of the application for authorisation Kein Zugriff
      7. Article 21 Grant or refusal of the authorisation Kein Zugriff
      8. Article 22 Reporting on asset-referenced tokens Kein Zugriff
      9. Article 23 Restrictions on the issuance of asset-referenced tokens used widely as a means of exchange Kein Zugriff
      10. Article 24 Withdrawal of the authorisation Kein Zugriff
      11. Article 25 Modification of published crypto-asset white papers for asset-referenced tokens Kein Zugriff
      12. Article 26 Liability of issuers of asset-referenced tokens for the information given in a crypto-asset white paper Kein Zugriff
    2. 1. Article 27 Obligation to act honestly, fairly and professionally in the best interest of the holders of asset-referenced tokens Kein Zugriff
      2. Article 28 Publication of the crypto-asset white paper Kein Zugriff
      3. Article 29 Marketing communications Kein Zugriff
      4. Article 30 Ongoing information to holders of asset-referenced tokens Kein Zugriff
      5. Article 31 Complaints-handling procedures Kein Zugriff
      6. Article 32 Identification, prevention, management and disclosure of conflicts of interest Kein Zugriff
      7. Article 33 Notification of changes to management body Kein Zugriff
      8. Article 34 Governance arrangements Kein Zugriff
      9. Article 35 Own funds requirements Kein Zugriff
    3. 1. Introduction to Chapter 3 Kein Zugriff
      2. Article 36 Obligation to have a reserve of assets, and composition and management of such reserve of assets Kein Zugriff
      3. Article 37 Custody of reserve assets Kein Zugriff
      4. Article 38 Investment of the reserve of assets Kein Zugriff
      5. Article 39 Right of redemption Kein Zugriff
      6. Article 40 Prohibition of granting interest Kein Zugriff
    4. 1. Article 41 Assessment of proposed acquisitions of issuers of asset-referenced tokens Kein Zugriff
      2. Article 42 Content of the assessment of proposed acquisitions of issuers of asset-referenced tokens Kein Zugriff
    5. 1. Article 43C lassification of asset-referenced tokens as significant asset-referenced tokens Kein Zugriff
      2. Article 44 Voluntary classification of asset-referenced tokens as significant asset-referenced tokens Kein Zugriff
      3. Article 45 Specific additional obligations for issuers of significant asset-referenced tokens Kein Zugriff
    6. 1. Foreword to Articles 46 and 47 Kein Zugriff
      2. Article 46 Recovery plan Kein Zugriff
      3. Article 47 Redemption plan Kein Zugriff
  4. 1. 1. Article 48 Requirements for the offer to the public or admission to trading of e-money tokens Kein Zugriff
      2. Article 49 Issuance and redeemability of e-money tokens Kein Zugriff
      3. Article 50 Prohibition of granting interest Kein Zugriff
      4. Article 51 Content and form of the crypto-asset white paper for e-money tokens Kein Zugriff
      5. Article 52 Liability of Issuers of E-money Tokens for the Information Given in a Crypto-asset White Paper Kein Zugriff
      6. Article 53 Marketing communications Kein Zugriff
      7. Article 54 Investment of funds received in exchange for e-money tokens Kein Zugriff
      8. Article 55 Recovery and redemption plans Kein Zugriff
    2. 1. Article 56 Classification of e-money tokens as significant e-money tokens Kein Zugriff
      2. Article 57 Voluntary classification of e-money tokens as significant e-money tokens Kein Zugriff
      3. Article 58 Specific additional obligations for issuers of e-money tokens Kein Zugriff
  5. 1. 1. Article 59 Authorisation Kein Zugriff
      2. Article 60 Provision of crypto-asset services by certain financial entities Kein Zugriff
      3. Article 61 Provision of crypto-asset services at the exclusive initiative of the client Kein Zugriff
      4. Article 62 Application for authorisation as a crypto-asset service provider Kein Zugriff
      5. Article 63 Assessment of the application for authorisation and grant or refusal of authorisation Kein Zugriff
      6. Article 64 Withdrawal of authorisation of a crypto-asset service provider Kein Zugriff
      7. Article 65 Cross-border provision of crypto-asset services Kein Zugriff
      8. Article 66 Obligation to act honestly, fairly and professionally in the best interests of clients Kein Zugriff
      9. Article 67 Prudential requirements Kein Zugriff
      10. Article 68 Governance arrangements Kein Zugriff
      11. Article 69 Information to competent authorities Kein Zugriff
      12. Article 70 Safekeeping of clients’ crypto-assets and funds Kein Zugriff
      13. Article 71 Complaints-handling procedures Kein Zugriff
      14. Article 72 Identification, prevention, management and disclosure of conflicts of interest Kein Zugriff
      15. Article 73 Outsourcing Kein Zugriff
      16. Article 74 Orderly wind-down of crypto-asset service providers Kein Zugriff
    2. 1. Article 75 Providing Custody and Administration on Behalf of Clients Kein Zugriff
      2. Article 76 Operation of a trading platform for crypto-assets Kein Zugriff
      3. Article 77 Exchange of crypto-assets for funds or other crypto-assets Kein Zugriff
      4. Article 78 Execution of orders for crypto-assets on behalf of clients Kein Zugriff
      5. Article 79 Placing of crypto-assets Kein Zugriff
      6. Article 80 Reception and transmission of orders for crypto-assets on behalf of clients Kein Zugriff
      7. Article 81 Providing advice on crypto-assets and providing portfolio management of crypto-assets Kein Zugriff
      8. Article 82 Providing transfer services for crypto-assets on behalf of clients Kein Zugriff
    3. 1. Article 83 Assessment of proposed acquisitions of crypto-asset service providers Kein Zugriff
      2. Article 84 Content of the assessment of proposed acquisitions of crypto-asset service providers Kein Zugriff
    4. 1. Article 85 Identification of significant crypto-asset service providers Kein Zugriff
  6. 1. Article 86 Scope of the rules on market abuse Kein Zugriff
    2. Article 87 Inside information Kein Zugriff
    3. Article 88 Public disclosure of inside information Kein Zugriff
    4. Article 89 Prohibition of insider dealing Kein Zugriff
    5. Article 90 Prohibition of unlawful disclosure of inside information Kein Zugriff
    6. Article 91 Prohibition of market manipulation Kein Zugriff
    7. Article 92 Prevention and detection of market abuse Kein Zugriff
Index Kein Zugriff Seiten 2449 - 2475

European Financial Services Law

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