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

Summary

The 2nd edition of the
reference commentary on the main
EU regulations for financial services presents complex topics in a clear and understandable manner.
Renowned experts explain key European regulations and directives for financial services article by article. The newest edition now also contains a full commentary on
MiCAR, which is significant for those in practice.
Main topics:

Securities services

Market behavior

Market transparency and information

Investments

Payment services

Search publication

Bibliographic data

Edition: 2/2026
Copyright Year: 2026
ISBN-Print: 978-3-7560-2257-1
ISBN-Online: 978-3-7489-4909-1
Publisher: Nomos, Baden-Baden
Language: English
Pages: 2475
Product Type: Edited Book

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