European Financial Services Law

Prof. Dr. Matthias Lehmann; Prof. Dr. Christoph Kumpan

doi:10.5771/9783845279893

Summary

This volume analyses and explains EU legislation governing financial services. It is for legal practitioners in international law firms, the financial industry, regulators, and academics needing an in-depth understanding of financial services regulations. It is intended to serve as a handy reference book, providing both easy-to-understand overviews of complex topics and insightful analyses of difficult legal issues. Experts renowned in their fields explain, article-by-article, the important EU directives and regulations governing financial services. Examples illustrate how important provisions apply in practice. Level and measures are put into context. The book is structured as follows: securities and markets Servicemarket behaviour market transparency and information funds securities clearing and settlement payment services. For each subject area, the most relevant directives and regulations have been selected. Legal texts covered in this book include, among others, the following: MiFID II and MiFIRMAR and MADProspectus DirectivePRIIP Regulation Transparency DirectiveShort Selling Regulation Rating Agency RegulationUCITS and AIFMDVenture Capital Funds RegulationFinality DirectiveFinancial Collateral DirectiveEMIRSEPA Regulation.

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Bibliographic data

Copyright year: 2019
ISBN-Print: 978-3-8487-3690-4
ISBN-Online: 978-3-8452-7989-3
Publisher: Nomos, Baden-Baden
Series: Kooperationswerke Beck - Hart – Nomos
Language: English
Pages: 1803
Product type: Comment

Titelei/InhaltsverzeichnisPages I - XLII Download chapter (PDF)
1. 1. I. Overview No access
  2. II. Economic rationale No access
  3. III. Key principles No access
  4. IV. Genesis No access
2. 1. 1. 1. 1. Purpose No access
        2. Background No access
        3. Context No access
        1. Investment firms No access
        2. Market operators No access
        3. Data reporting service providers No access
        4. Algorithmic traders and holders of positions in commodity derivatives No access
        III. Material scope No access
        IV. Territorial scope No access
      2. 1. Purpose No access
        2. Level 2 and 3 measures No access
        1. Insurances No access
        2. Intra-group service providers No access
        3. Other regulated professions No access
        4. Persons dealing on own account No access
        5. Operators in emissions allowances No access
        6. Administrators of employee participation schemes No access
        7. Public debt management No access
        8. Investment funds No access
        9. Persons dealing on own account and providing services in commodities or emission allowances No access
        10. Persons giving free advice No access
        11. Peculiar national exemptions No access
        12. Transmission systems operator No access
        13. Central securities depositories No access
      3. 1. Purpose No access
        2. Background No access
        3. Context No access
        1. Investment service providers not holding clients’ funds or securities No access
        2. Investment service providers for local electricity and natural gas undertakings No access
        3. Investment service providers for emission allowances No access
        III. Conditionality No access
      4. 1. Purpose No access
        2. Level 2 measures No access
        1. Investment firm No access
        2. Algorithmic trading No access
        3. High-frequency algorithmic trading No access
        1. The categorisation of robo-advice No access
        2. The categorisation of Initial Coin Offerings (ICOs) No access
    2. 1. Introduction to Chapter I No access Pages 34 - 35
        1. Recitals No access
        1. Authorisation requirement (Art 5(1) MiFID) No access
        2. Authorisation of market operators (Art 5(2) MiFID) No access
        3. Register of investment firms (Art 5(3) MiFID) No access
        4. Head office (Art 5(4) MiFID) No access
        1. Recitals No access
        2. Other regulatory texts No access
        1. Scope of authorisation (Art 6 (1) MiFID) No access
        2. Extension of scope (Art 6 (2) MiFID) No access
        3. European passport (Art 6 (3) MiFID) No access
        1. Recitals No access
        2. Implementing acts No access
        3. Other regulatory texts No access
        1. Compliance with MiFID (Art 7(1) MiFID) No access
        2. Application (Art 7(2) MiFID) No access
        3. Assessment period (Art 7(3) MiFID) No access
        4. Implementing legislation (Art 7(4), (5) MiFID) No access
        I. General features; recitals No access
        1. Passivity (Art 8(a) MiFID) No access
        2. Irregular application (Art 8(b) MiFID) No access
        3. Material changes (Art 8(c) MiFID) No access
        4. Material breaches (Art 8(d) MiFID) No access
        5. National law (Art 8(e) MiFID) No access
        6. Notification to ESMA No access
        1. Recitals No access
        2. Implementing acts No access
        3. Other regulatory texts No access
        1. Compliance with Art 88, 91 CRD IV (Art 9(1) MiFID) No access
        2. Additional non-executive directorship (Art 9(2) MiFID) No access
        3. Management body’s duties and responsibilities (Art 9(3) MiFID) No access
        4. Fitness & properness (Art 9(4) MiFID) No access
        5. Notification re management and changes (Art 9(5) MiFID) No access
        6. Four-eyes-principle (Art 9(6) MiFID) No access
        1. Recitals No access
        2. Implementing acts No access
        3. Other regulatory texts No access
        1. Suitability of shareholders with qualifying holdings (Art 10(1) MiFID) No access
        2. Close links to other persons (Art 10(1), second para MiFID) No access
        3. Relations to Third Countries (Art 10(2) MiFID) No access
        4. Appropriate measures to end harmful influence (Art 10(3) MiFID) No access
        I. General features; recitals No access
        a) Proposed acquisition (Art 11(1) MiFID) No access
        b) Notification threshold (Art 11(1), subpara 3 and 4 MiFID) No access
        a) Scope (Art 11(2) MiFID) No access
        b) Cooperation of NCAs (Art 11(2), second para MiFID) No access
        c) Reliance on NCAs’ input No access
        3. Disclosures by investment firm (Art 11(3) MiFID) No access
        4. Sanctions (Art 11(4) MiFID) No access
        1. Recitals No access
        2. Implementing acts No access
        1. Assessment period (Art 12(1)-(3) MiFID) No access
        2. Assessment decision (Art 12(4)-(5) MiFID) No access
        3. Maximum closing period (Art 12(7) MiFID) No access
        4. Implementing legislation (Art 12(8), (9) MiFID) No access
        1. Recitals No access
        2. Implementing acts No access
        1. Criteria for suitability assessment (Art 13(1) MiFID) No access
        2. Reasons to oppose acquisition (Art 13(2) MiFID) No access
        3. Information necessary to carry out the assessment (Art 13(3) MiFID) No access
        4. Discrimination ban (Art 13(4) MiFID) No access
        I. General features; recitals No access
        II. Commentary No access
        I. General features; recitals No access
        1. Recitals No access
        2. Implementing acts No access
        3. Other regulatory texts No access
        a) Single Rulebook No access
        b) Overview No access
        c) Proportionality No access
        a) Adequate policies and procedures (Art 16(2) MiFID) No access
        b) Conflicts of interest (Art 16(3) MiFID) No access
        c) Continuity and regularity of service (Art 16(4) MiFID) No access
        a) Objective No access
        b) Scope No access
        c) Minimum content No access
        d) Policy, review No access
        e) Level 2 legislation No access
        4. Outsourcing (Art 16(5) MiFID) No access
        5. Risk management, internal controls, IT systems (Art 16(5), second para MiFID) No access
        a) Record keeping (Art 16(6), (11) MiFID) No access
        b) Recording phone conversations and electronic communications (Art 16(7) MiFID) No access
        c) Level 2 legislation No access
        d) Minimum list of records to be kept by the investment firm No access
        a) Safeguarding clients’ rights and asset segregation (Art 16(8) MiFID) No access
        b) Prohibition to use clients’ assets (Art 16(9) MiFID) No access
        c) Prohibition of title transfer financial collateral arrangements with retail clients (Art 16(10) MiFID) No access
        d) Safeguarding client assets in exceptional cases (Art 16 (11) MiFID) No access
        8. Implementing legislation No access
        9. Sanctioning No access
        1. Recitals No access
        2. Implementing acts No access
        3. Other regulatory texts No access
        1. Fundamentals on algorithmic trading No access
        2. Effective systems and controls (Art 17(1) MiFID) No access
        a) Notification of algorithmic trading (Art 17(2) MiFID) No access
        b) Reporting on algorithmic trading (Art 17(2), second, third para MiFID) No access
        c) Record keeping (Art 17(2), fourth para MiFID) No access
        d) Record keeping in case of high-frequency trading (Art 17(2), fifth para MiFID) No access
        4. Algotraders pursuing market making strategies (Art 17(3), (4) MiFID) No access
        5. Provision of direct electronic access to trading venue (Art 17(5) MiFID) No access
        6. General clearing member (Art 17(6) MiFID) No access
        7. Implementing legislation (Art 17(7) MiFID) No access
        1. Purpose No access
        2. Legislative history No access
        3. Recitals; level 2 and 3 measures No access
        1. Multilateral system No access
        2. Multilateral trading facility No access
        3. Organised trading facility No access
        4. Rules for MTFs and OTFs No access
        1. Purpose No access
        2. Legislative history No access
        II. Commentary No access
        1. Purpose No access
        2. Background No access
        II. Commentary No access
      2. 1. Purpose No access
        II. Commentary No access
        Article 22 General obligation in respect of on-going supervision No access Pages 151 - 151
        1. Purpose No access
        2. Level 2 and 3 measures No access
        II. General (Art 23(1)) No access
        III. Disclosure (Arts 23(2) and (3)) No access
        Foreword to Articles 24 to 30 Foreword to Arts 24 to 30 No access Pages 155 - 157
        1. Purpose No access
        2. Level 2 and 3 measures No access
        II. Best interest duty (Art 24(1)) No access
        1. MiFID II Delegated Directive No access
        2. ESMA’s guidelines on product governance No access
        1. Information and marketing communications No access
        a) General requirements No access
        b) MiFID II Delegated Regulation No access
        c) Information about costs and charges No access
        d) Disclosure requirements for certain investment services No access
        3. Investment advice No access
        V. Derogation from the scheme created by Art 24 (Art 24(6) No access
        VI. Independent investment advice (Art 24(7)) No access
        1. Portfolio management services No access
        2. All other investment services No access
        3. Research conducted by third parties No access
        VIII. Staff remuneration (Art 24(10)) No access
        IX. Cross-selling practices (Art 24(11)) No access
        X. Gold-plating (Art 24(12)) No access
        1. Purpose No access
        2. Level 2 and 3 measures No access
        II. Necessary knowledge and competence (Art 25(1)) No access
        1. Know your client No access
        2. The suitability assessment No access
        IV. Appropriateness (Art 25(3)) No access
        V. Execution-only (Art 25(4)) No access
        VI. Client agreements (Art 25(5)) No access
        1. General reporting obligation No access
        2. Suitability statement No access
        I. General features No access
        II. Commentary No access
        1. Purpose No access
        2. Level 2 and 3 measures No access
        II. The best possible results for clients (Art 27(1)) No access
        III. Inducements for routing client orders (Art 27(2)) No access
        IV. Publishing periodic reports (Art 27(3)) and the top 5 execution venues (Art 27(6)) No access
        V. Order execution policies (Arts 27(4), (5), and (7)) No access
        1. Purpose No access
        2. Level 2 and 3 measures No access
        II. General principles (Art 28(1)) No access
        III. Aggregation and allocation of client orders No access
        IV. Client limit orders (Art 28(2)) No access
        I. General features No access
        II. Commentary No access
        1. Purpose No access
        2. Level 2 and 3 measures No access
        II. Commentary No access
        1. Purpose No access
        2. Context No access
        3. Legislative history No access
        4. Recitals; level 2 measures No access
        II. Commentary No access
        1. Purpose No access
        2. Context No access
        3. Recitals; level 2 measures No access
        II. Commentary No access
        1. Purpose No access
        2. Background No access
        3. Recitals; level 2 measures No access
        II. Commentary No access
      3. Introduction to Chapter III Intro Chapter III No access Pages 221 - 222
        1. Purpose No access
        2. Recitals No access
        3. Implementing acts No access
        4. Other regulatory texts No access
        1. European passport (Art 34(1) MiFID) No access
        2. Application for notification (Art 34(2), first para MiFID) No access
        3. Tied agent passport notification (Art 34(2), second para, and Art 34(5) MiFID) No access
        4. One month notification period (Art 34(3) MiFID) No access
        5. Amendments to notification materials (Art 34(4) MiFID) No access
        6. Cross-border access to remote users (Art 34(6), (7) MiFID) No access
        7. Implementing legislation (Art 34 (8), (9) MiFID) No access
        1. Purpose No access
        2. Recitals No access
        3. Implementing acts No access
        4. Other regulatory texts No access
        1. Right to establish a branch and use tied agents (Art 35 (1) MiFID) No access
        2. Application for Notification (Art 35(2) MiFID) No access
        3. Tied agents (Art 35(2), second para, and (7) MiFID) No access
        4. Three month notification period (Art 35(3),(5),(7) MiFID) No access
        5. Information on compensation scheme (Art 35(4) MiFID) No access
        6. Branch commencing business (Art 35(6), (7) MiFID) No access
        7. Delineations of supervisory powers (Art 35(8), (9) MiFID) No access
        8. Amendments to notification materials (Art 35(10) MiFID) No access
        9. Implementing legislation (Art 35(11), (12) MiFID) No access
        1. Purpose No access
        2. Legislative history No access
        3. Recitals No access
        II. Commentary No access
        1. Purpose No access
        2. Legislative history No access
        3. Recitals No access
        II. Commentary No access
        1. Purpose No access
        2. Legislative history No access
        3. Recitals No access
        II. Commentary No access
      4. Introduction to Chapter IV No access Pages 236 - 237
        1. Purpose No access
        2. Recitals No access
        3. Implementing acts No access
        4. Other regulatory texts No access
        1. Member State discretion to require branch (Art 39(1) MiFID) No access
        2. Prior authorization of branch (Art 39(2) MiFID) No access
        3. Application to branch Member State (Art 39(3) MiFID) No access
        1. Purpose No access
        2. Recitals No access
        3. Implementing acts No access
        4. Other regulatory texts No access
        Application for branch set-up (Art 40 MiFID) No access
        1. Purpose No access
        2. Recitals No access
        3. Implementing acts No access
        4. Other regulatory texts No access
        1. Conditions of authorization, six months review period (Art 41(1) MiFID) No access
        2. Operating conditions for branch (Art 41(2) MiFID) No access
        3. Maximum and minimum harmonization, anti-discrimantion ban (Art 41(2) MiFID) No access
        1. Purpose No access
        2. Recitals No access
        3. Implementing acts No access
        4. Other regulatory texts No access
        1. Passive freedom to provide services No access
        2. Obligation to offer new categories through branch No access
        1. Purpose No access
        2. Recitals No access
        3. Implementing acts No access
        4. Other regulatory texts No access
        II. Overview No access
    3. 1. 1. Purpose No access
        2. Background No access
        3. Context No access
        4. Legislative history No access
        5. Recitals No access
        1. Authorisation as a regulated market (Art 44(1) MiFID II) No access
        2. Supervision by the competent authority (Art 44(2) MiFID II) No access
        3. Compliance obligation (Art 44(3) MiFID II) No access
        4. Applicable law (Art 44(4) MiFID II) No access
        5. Withdrawal (Arts 44(5) and (6) MiFID II) No access
      2. 1. Purpose No access
        2. Context No access
        3. Legislative history No access
        4. Recitals; level 3 measures No access
        1. General requirements for the management body of a market operator (Arts 45(1), (2), (3) MiFID II) No access
        2. Nomination committee (Art 45(4) MiFID II) No access
        3. Implementation, monitoring and assessment of governance arrangements (Art 45(6) MiFID II) No access
        4. Refusing authorisation (Art 45(7) MiFID II) No access
        5. Notification (Art 45(8) MiFID II) No access
      3. 1. Purpose No access
        2. Legislative history No access
        II. Commentary No access
      4. 1. Purpose No access
        2. Legislative history No access
        3. Recitals; level 2 measures No access
        II. Commentary No access
      5. 1. Purpose No access
        2. Recitals; level 2 and 3 measures No access
        1. General governance and compliance No access
        2. Compliance function No access
        3. Staff No access
        4. Outsourcing No access
        5. Assessments (Art 48(1) MiFID II) No access
        6. Testing No access
        7. Capacity of a trading venue No access
        8. Monitoring No access
        9. Self-assessments and periodic review (Arts 2 and 14 of the Commission Delegated Regulation (EU) 2017/584) No access
        10. Business continuity arrangements No access
        11. Security and limits to access No access
        1. Written agreements (Art 48(2)(a) MiFID II) No access
        2. Schemes (Art 48(2)(b) MiFID II) No access
        IV. Arrangements for rejecting orders (Art 48(4) MiFID II) No access
        1. Mechanisms to manage volatility No access
        2. Material market in terms of liquidity No access
        1. Conformance testing (Art 48(6) MiFID II) No access
        2. Algorithm testing and avoiding disorderly trading conditions (Art 48(6) MiFID II) No access
        3. Calculating the ratio of unexecuted orders to transactions No access
        VII. Disorderly trading conditions (Arts 48(4), (5), (6) MiFID II) No access
        VIII. Pre- and post-trade controls (Arts 48(4), (6) MiFID II) No access
        1. Permitting electronic access No access
        2. Permitting sponsored access No access
        X. Co-location (Art 48(8) MiFID II) No access
        XI. Fee structures (Art 48(9) MiFID II) No access
        XII. Identifying algorithmic trading (Art 48(10) MiFID II) No access
        XIII. Access to order book data (Art 48(11) MiFID II) No access
      6. 1. Purpose No access
        2. Recitals; level 2 and 3 measures No access
        1. The tick size regime (Arts 49(1) and (2) MiFID II) No access
        2. Tick size for shares and depositary receipts No access
        3. Tick size for exchange-traded funds No access
      7. 1. Purpose No access
        2. Recitals; level 2 and 3 measures No access
        II. Commentary No access
      8. 1. Purpose No access
        2. Legislative history No access
        3. Recitals; level 2 measures No access
        1. Rules for admission of financial instruments (Art 51(1) MiFID II) No access
        2. Rules applicable to units or shares of collective investments (Art 51(2) MiFID II) No access
        3. Rules applicable to emission allowances (Art 6 of the Commission Delegated Regulation (EU) 2017/568) No access
        4. Rules applicable to derivatives (Art 51(2) MiFID II) No access
        5. Additional obligations (Arts 51(3) and (5) MiFID II) No access
      9. 1. Purpose No access
        2. Legislative history No access
        3. Context No access
        4. Recitals; level 2 measures No access
        II. Commentary No access
      10. 1. Purpose No access
        2. Legislative history No access
        3. Recitals; level 3 measures No access
        1. Access to a regulated market (Arts 53(1) and (2) MiFID II) No access
        2. Admissible members and participants (Art 53(3) MiFID II) No access
        3. Obligations pursuant to Arts 24, 25, 27 and 28 (Art 53(4) MiFID II) No access
        4. Direct or remote participation (Art 53(5) MiFID II) No access
        5. Regulated markets from other Member States (Art 53(6) MiFID II) No access
        6. List of members and participants managed by a market operator (Art 53(7) MiFID II) No access
      11. 1. Purpose No access
        2. Legislative history No access
        3. Recitals; level 2 measures No access
        II. Commentary No access
      12. 1. Purpose No access
        2. Legislative history No access
        3. Recitals No access
        II. Commentary No access
      13. 1. Purpose No access
        2. Legislative history No access
        II. Commentary No access
    4. 1. 1. Purpose No access
        2. History No access
        3. Economic background No access
        4. Comparison to the US No access
        5. Context No access
        6. Recitals, level 2 and 3 measures No access
        1. Material scope No access
        2. Personal scope No access
        3. Explaining “Position limit” No access
        4. Triggers No access
        5. Competent authority and procedure for setting position limits No access
        6. Position management controls No access
        7. Non-discrimination and transparency No access
      2. 1. Purpose No access
        2. History No access
        3. Context No access
        4. Recitals, level 2 and 3 measures No access
        1. Scope No access
        2. Reporting obligations of trading venues No access
        3. Reporting obligations of traders No access
    5. 1. Article 59 Requirement for authorisation No access Pages 339 - 340
        Article 60 Scope of authorisation No access Pages 340 - 340
        Article 61 Procedures for granting and refusing requests for authorisation No access Pages 340 - 341
        Article 62 Withdrawal of authorisations No access Pages 341 - 341
        1. Purpose No access
        2. Context No access
        3. History No access
        4. Comparison to the US No access
        5. Recitals, level 2 and 3 measures No access
        1. Notion of “data reporting services” and scope No access
        2. Authorisation requirement No access
        3. Public register No access
      2. Article 64 Organisational requirements No access
      3. Article 65 Organisational requirements No access
      4. 1. Purpose, history and context No access
        2. Recitals; level 2 and 3 measures No access
        1. Content, scope and format of the data No access
        2. Real time publication to customers No access
        3. Pricing No access
        4. Free but delayed information of the public No access
        5. Fast, non-discriminatory and easy access No access
        6. Conflicts of interest and systems for security and accurateness No access
    6. 1. Article 67 Designation of competent authorities No access Pages 357 - 358
        Article 68 Cooperation between authorities in the same Member State No access Pages 358 - 358
        1. Purpose No access
        2. Legislative history No access
        1. Article 69(2) subpara 1 (a),(b),(d), and (j) (the power to require/demand information) No access
        2. Article 69(2) subpara 1 (d) (ceasing of data records) No access
        3. Article 69(2) subpara 1 (m) (suspension of trading in a financial instrument) No access
        4. Article 69(2) subpara 1 (f) (temporary prohibition of professional activity) No access
        5. Article 69(2) subpara 2 No access
        1. Purpose No access
        2. Legislative history No access
        1. Article 70(1) No access
        2. The minimum scope: Article 70(3) to (5) No access
        3. The minimum toolkit: Article 70(6) No access
        1. Purpose No access
        2. Legislative history No access
        3. Level 2 and 3 measures No access
        II. Commentary No access
        I. General features, purpose No access
        II. Commentary No access
        1. Purpose No access
        2. Background No access
        3. Context No access
        4. Level 2 and 3 measures No access
        II. Commentary No access
        1. Purpose No access
        2. Context No access
        II. Commentary No access
        1. Purpose No access
        2. Context No access
        II. Commentary No access
        Article 76 Professional secrecy No access Pages 377 - 378
        Article 77 Relations with auditors No access Pages 378 - 378
        Article 78 Data protection No access Pages 378 - 379
      2. Article 79 Obligation to cooperate No access Pages 379 - 381
        Article 80 Cooperation between competent authorities in supervisory activities, for on-site verifications or investigations No access Pages 381 - 381
        Article 81 Exchange of information No access Pages 381 - 383
        Article 82 Binding mediation No access Pages 383 - 383
        Article 83 Refusal to cooperate No access Pages 383 - 383
        Article 84 Consultation prior to authorisation No access Pages 383 - 384
        Article 85 Powers for host Member States No access Pages 384 - 384
        Article 86 Precautionary measures to be taken by host Member States No access Pages 384 - 386
        1. Purpose No access
        2. Context No access
        3. Level 2 and 3 measures No access
        II. Commentary No access
      3. Article 88 Exchange of information with third countries No access
3. 1. 1. 1. I. Transparency under MiFID I No access
      2. II. Dark pool trading No access
      3. III. The MiFIR transparency regime No access
    2. 1. 1. Purpose No access
        2. Legislative history No access
        3. Recitals; level 2 and 3 measures No access
        1. Subject matter and scope (Arts 1(1) to 1(5) MiFIR) No access
        2. Exemptions (Arts 1(5 a) to 1(7) MiFIR) No access
      2. 1. Purpose No access
        2. Legislative history No access
        3. Recitals; level 2 and 3 measures No access
        II. Commentary No access
    3. 1. 1. Purpose No access
        2. Legislative history No access
        3. Recitals; level 2 and 3 measures No access
        1. Pre-trade transparency for equity(-like) instruments, Art 3(1) MiFIR No access
        2. Concept of “TOTV” No access
        3. Calibration of trading systems (Art 3(2) MiFIR) No access
        4. Access to data publication arrangements (Art 3(3) MiFIR) No access
        1. Purpose No access
        2. Legislative history No access
        3. Recitals; level 2 and 3 measures No access
        1. Reference price waiver (Art 4(1)(a), (2) MiFIR) No access
        2. Negotiated trade waiver (Art 4(1)(b), (3) MiFIR) No access
        3. Large-in-scale waiver (Art 4(1)(c) MiFIR) No access
        4. Order management facility waiver (Art 4(1)(d) MiFIR) No access
        5. Regulatory requirements related to granting and withdrawing waiver (Arts 4(4) und (5) MiFIR) No access
        6. Transitional rules (Art 4(7) MiFIR) No access
        1. Purpose No access
        2. Legislative history No access
        3. Recitals; level 2 and 3 measures No access
        1. Volume cap mechanism (Art 5(1) MiFIR) No access
        2. Exceeding the 4% and 8% limits (Arts 5(2) and (3) MiFIR) No access
        3. Publication referring to aggregate EU trading (Arts 5(4), (5) and (6) MiFIR) No access
        4. Obligation to establish systems/procedures (Art 5(7) MiFIR) No access
        5. Impact on dark pool trading No access
        1. Purpose No access
        2. Legislative history No access
        3. Recitals; Level 2 and level 3 measures No access
        II. Commentary No access
        1. Purpose No access
        2. Legislative history No access
        3. Recitals; level 2 and 3 measures No access
        II. Commentary No access
      2. 1. Purpose No access
        2. Legislative history No access
        3. Recitals; level 2 and 3 measures No access
        1. Pre-trade transparency obligations with respect to non-equity instruments (Art 8(1) MiFIR) No access
        2. Information requirements, trading system calibration (Art 8(2) MiFIR and Art 2 of the Commission Delegated Regulation (EU) 2017/583) No access
        3. Waived pre-trade transparency (Art 8(4) MiFIR) No access
        1. Purpose No access
        2. Legislative history No access
        3. Recitals; level 2 and 3 measures No access
        1. Large-in-scale waiver (Art 9(1)(a) MiFIR) No access
        2. Order management facility waiver (Art 9(1)(a) MiFIR) No access
        3. Request-for-quote systems/voice trading systems waiver (Art 9(1)(b) MiFIR) No access
        4. Derivatives which are not subject to a trading obligation/financial instruments without a liquid market (Art 9(1)(c) MiFIR) No access
        5. Exchange for physical waiver (Art 9(1)(d) MiFIR) No access
        6. Package order waiver (Art 9(1)(e) MiFIR) No access
        7. Notification of ESMA/authorisation of a waiver (Art 9(2) MiFIR) No access
        8. Withdrawal (Art 9(3) MiFIR) No access
        9. Temporary suspension (Art 9(4) MiFIR) No access
        1. Purpose No access
        2. Recitals; level 2 and level 3 measures No access
        II. Commentary No access
        1. Purpose No access
        2. Recitals; level 2 and 3 measures No access
        1. Authorisation of deferred publication (Art 11(1) MiFIR) No access
        2. Temporary suspension (Art 11(2) MiFIR) No access
        3. Modification of deferred publication (Art 11(3) MiFIR) No access
      3. 1. Purpose No access
        2. Recitals; level 2 measures No access
        II. Commentary No access
        1. Purpose No access
        2. Level 2 and 3 measures No access
        II. Commentary No access
    4. 1. 1. Purpose No access
        2. Legislative history No access
        3. Recitals; level 2 and 3 measures No access
        1. Disclosure requirements for firm quotes (Art 14(1) MiFIR) No access
        2. Standard market size (Art 14(2) MiFIR) No access
        3. Defining quote size and minimum quote size (Art 14(3) MiFIR) No access
        4. Calculation of market size (Art 14(4) and (5) MiFIR) No access
        5. Annual class determination (Art 14(6) MiFIR) No access
      2. 1. Purpose No access
        2. Legislative history No access
        3. Recitals; level 2 and 3 measures No access
        1. General obligations for systematic internalisers (Art 15(1) MiFIR) No access
        2. Disclosure (Art 15(1) MiFIR) No access
        3. Non-discriminatory access, reasonable commercial basis No access
        4. Execution of quotes (Arts 15(2), (3) MiFIR) No access
      3. 1. Purpose No access
        2. Legislative history No access
        3. Recitals No access
      4. 1. Purpose No access
        2. Legislative History No access
        3. Recitals; level 2 measures No access
        1. Access-control-rule (Art 17(1) MiFIR) No access
        2. Limiting the number of transactions (Art 17(2) MiFIR) No access
      5. 1. Purpose No access
        2. Legislative history No access
        3. Recitals; level 2 and 3 measures No access
        1. Pre-trade obligation to make public quotes (Art 18(1) MiFIR) No access
        2. Disclosure on request in the case of illiquid markets (Art 18(2) MiFIR) No access
        3. Updating and withdrawal (Art 18(3) MiFIR) No access
        4. List of systematic internalisers (Art 18(4) MiFIR) No access
        5. Publication to other clients (Art 18(5) MiFIR) No access
        6. Obligation to transact (Arts 18(6), (7) MiFIR) No access
        7. Manner of publication, (Art 18(8) MiFIR) No access
        8. Price improvement (Art 18(9) MiFIR) No access
      6. 1. Purpose No access
        2. Legislative history No access
      7. 1. Purpose No access
        2. Background: Data service providers No access
        3. Legislative history No access
        4. Level 2 and 3 measures No access
        1. Post-trade disclosure (Art 20(1) MiFIR) No access
        2. Third-country trading venues (Arts 20 and 21 MiFIR) No access
        3. Relevant information and deferral regime (Art 20(2) MiFIR) No access
        4. Outsourcing of post-trade OTC reporting No access
      8. 1. Purpose No access
        2. Level 2 and 3 measures No access
        1. Post-trade disclosure (Art 21(1) MiFIR) No access
        2. Publication by APA (Art 21(2) MiFIR) No access
        3. Deferrals and other measures (Art 21(4) MiFIR) No access
      9. 1. Purpose No access
        2. Recitals; level 2 measures No access
        1. Personal scope No access
        2. Obligation to provide information (Art 22(1) MiFIR) No access
        3. Relevant competent authority No access
        4. Information storage (Art 22(2) MiFIR) No access
        5. Transmission to ESMA (Art 22(3) MiFIR) No access
      10. 1. Purpose No access
        2. Recitals; level 2 and 3 measures No access
        1. Trading obligation for investment firms (Art 23(1) MiFIR) No access
        2. Exemptions from trading obligations (Arts 23(1)(a) and (b) MiFIR) No access
        3. Internal matching system of investment firms (Art 23(2) MiFIR) No access
        4. Impact of the share trading obligation No access
    5. 1. 1. Purpose No access
        2. Context No access
        3. Relation to other provisions No access
        1. Scope No access
        2. Competent authority and procedure No access
        3. Obligations to monitor No access
        4. Consequences of violation No access
      2. Article 25 Obligation to maintain records No access Pages 494 - 495
      3. Article 26 Obligation to report transactions No access Pages 495 - 498
      4. Article 27 Obligation to supply financial instrument reference data No access Pages 498 - 499
      5. 1. Purpose No access
        2. History No access
        3. Context No access
        4. Recitals, level 2 and 3 measures No access
        1. Scope No access
        2. Information to be stored and transmitted No access
        3. Information provider No access
        4. Recipient of the reports No access
        5. Form and time No access
    6. 1. 1. Purpose No access
        2. Background No access
        3. Comparison No access
        4. Overview No access
        5. Context No access
        6. Economic rationale No access
        7. Recitals, level 2 and 3 measures No access
        1. Scope No access
        2. Conditions and procedure No access
        3. Effects of trading obligation No access
        4. Practical applications No access
        5. Equivalence of third-country trading venues No access
      2. 1. Purpose No access
        2. Level 2 and 3 measures No access
        II. Commentary on Art 29(1) MiFIR No access
        III. Commentary on Art 29(2) MiFIR No access
      3. 1. Purpose No access
        2. Background No access
        3. Context No access
        4. Level 2 and 3 measures No access
        1. Right to render indirect clearing services No access
        2. General conditions of indirect clearing services No access
        3. Account segregation No access
        4. Protection of indirect clients in case of default of the direct client No access
        5. Stability risks No access
      4. 1. Purpose No access
        2. Background No access
        3. Recital, level 2 and 3 measures No access
        1. Scope No access
        2. Exclusions No access
        3. Procedure No access
      5. 1. Purpose No access
        2. Context No access
        3. Comparative law No access
        4. Recitals, level 2 and 3 measures No access
        1. Connection between trading and clearing obligation No access
        2. Further requirements No access
        3. Derivatives with trading obligations No access
      6. 1. Purpose No access
        2. Context No access
        II. Commentary No access
      7. Overview No access
    7. 1. Article 35 Non-discriminatory access to a CCP No access Pages 526 - 529
      2. Article 36 Non-discriminatory access to a trading venue No access Pages 529 - 531
      3. Article 37 Non-discriminatory access to and obligation to licence benchmarks No access Pages 531 - 532
      4. 1. Purpose No access
        2. Overview No access
        3. Background No access
        4. Context No access
        5. Recitals, level 2 and 3 measures No access
        1. Scope No access
        2. Content of access No access
        3. Non-discriminatory, transparent and rapid access No access
        4. Terms of access No access
        5. Timing No access
        III. Transitional provisions No access
      5. Overview No access
    8. 1. I. Purpose No access
        II. Background and legislative history No access
        III. Economic rationale of product intervention No access
        IV. Recitals, level 2 measures No access
        I. Purpose No access
        II. Scope No access
        Article 40 ESMA temporary intervention powers No access Pages 542 - 544
        Article 41 EBA temporary intervention powers No access Pages 544 - 545
        1. Purpose No access
        2. Background and level 2 measures No access
        3. Context No access
        II. Scope No access
        1. Existence of a threat or concern No access
        2. Not addressed by EU Regulation No access
        3. Inactivity of national competent authorities No access
        1. Powers of ESMA and EBA No access
        2. Modalities No access
        3. Procedure No access
        4. Practical application No access
        1. Purpose No access
        2. Relation to other provisions No access
        1. Timing of actions by national competent authorities No access
        2. Scope of actions by national competent authorities No access
        3. Conditions No access
        4. Measures No access
        5. Procedure No access
        Overview No access
      2. Article 44 Coordination of national position management measures and position limits by ESMA No access Pages 555 - 555
        I. Context and purpose No access
        II. Level 2 and 3 measures No access
        III. Coordinating role of ESMA No access
        IV. Direct intervention by ESMA No access
    9. 1. Introduction to Title VIII Intro Title VIII No access Pages 558 - 560
      2. 1. Recitals No access
        2. Implementing acts No access
        3. Other regulatory texts No access
        1. European passport for third country investment firms No access
        2. ESMA registration (Art 46(2) MiFIR) No access
        3. No stricter nationals laws No access
        4. ESMA procedure (Art 46 (4) MiFIR) No access
        5. Right of Member State to allow market access to own territory No access
        6. Informing clients (Art 46 (5) MiFIR) No access
        7. Dispute resolution in a Member State (Art 46 (6) MiFIR) No access
      3. 1. Recitals No access
        2. Other regulatory texts No access
        1. Equivalence decision (Art 47 (1) MiFR) No access
        2. Cooperation agreements (Art 47 (2)) No access
        3. European passport of EU/EEA branch, supervision of branch (Art 47(3) MiFIR) No access
        4. Withdrawal of equivalence (Art 47(4) MiFIR) No access
      4. 1. Recitals No access
        2. Other regulatory texts No access
        II. Commentary No access
      5. 1. Recitals No access
        2. Other regulatory texts No access
        II. Commentary No access
4. 1. 1. Introduction No access Pages 574 - 576
    2. 1. Article 1 No access
      2. I. General features No access
        1. Scope of the CARD (Art 2(1)) No access
        a) Open-end type UCITS No access
        b) Securities issued by EU/EEA Member States No access
    3. 1. Article 5 No access Pages 580 - 580
        Article 6 No access
        Article 7 No access Pages 581 - 581
      2. I. General features No access
        1. More stringent conditions for admission to official listing No access
        2. Additional conditions for admission to official listing No access
        3. Derogations No access
        4. Information about the financial position and general course of business No access
      3. Article 9 No access Pages 583 - 583
        Article 10 No access
      4. I. General features No access
        1. Competent authorities for decision on admission No access
        2. Rejection of admission resulting from detriment to investors’ interests No access
        Article 12 No access Pages 585 - 585
        I. General features No access
        1. Communication and collaboration of NCAs No access
        2. Notification duty No access
        Article 14 No access Pages 586 - 587
        Article 15 No access Pages 587 - 587
        I. General features No access
        1. Duty to provide information No access
        2. Publication No access
        I. General features No access
        1. Naming and shaming No access
        2. Suspension and discontinuance of official listing No access
        3. Other actions and penalties No access
        I. General features No access
        1. Suspension of listing No access
        2. Discontinuance of listing No access
        I. General Features No access
        1. Right to apply to a court in case of refusal of admission or discontinuance No access
        2. Notification of decision No access
        3. Judicial recourse in case of failure to give a decision No access
        Articles 20-41 Art. 20-41 No access Pages 592 - 593
    4. 1. Introduction to Title III No access Pages 593 - 593
      2. I. General features No access
        1. Governing law No access
        2. Conformity as regards formation and operation No access
        I. General features No access
        1. General rule: minimum market capitalisation of at least 1 million EUR No access
        2. Special cases of a lower value No access
        3. Special cases of a higher value No access
        4. Non-Euro Member States No access
        I. General features No access
        1. General rule: publication or filing of annual accounts for the preceding three years No access
        Section 2 Conditions relating to the shares for which admission is sought No access
        Article 45 No access Pages 598 - 598
        I. General features No access
        1. Free negotiability No access
        2. Not fully paid up shares No access
        3. Approval clauses (‘Vinkulierung’) No access
        Article 47 No access Pages 599 - 600
        I. General features No access
        1. Minimum distribution No access
        2. Exceptions / special cases No access
        I. General features No access
        1. Principle of whole class of shares to be listed No access
        2. Exceptions No access
        I. General features No access
        1. Individual share certificates issued by Member State companies No access
        2. Individual share certificates issued by third country companies No access
        Section 1 Conditions relating to undertakings for the debt securities of which admission to official listing is sought No access
        I. General features No access
        1. Governing law No access
        Section 2 Conditions relating to the debt securities for which admission to official listing is sought No access
        Article 53 No access Pages 605 - 605
        I. General features No access
        1. Free negotiability No access
        2. Not fully paid up debt securities No access
        Article 55 No access Pages 606 - 607
        I. General Features No access
        1. Principle: All debt securities ranking pari passu No access
        2. No exceptions No access
        I. General features No access
        1. Individual debt securities certificates issued by Member State companies No access
        Section 3 Other conditions No access
        I. General features No access
        1. General rule: minimum loan size of at least 200,000 EUR No access
        2. No minimum loan size for tap issues No access
        3. Special cases of a lower value No access
        4. Non-Euro Member States No access
        I. General features No access
        1. Scope of applicability No access
        2. General rule: admission only after or simultaneously with underlying securities No access
        Chapter IV Particular conditions relating to the admission to official listing of debt securities issued by a State, its regional or local authorities or a public international body No access
        Article 60 No access Pages 612 - 612
        Article 61 No access Pages 612 - 613
        Article 62 No access Pages 613 - 613
        I. General features No access
        1. Member State sovereign debt securities certificates No access
        2. Other sovereign debt securities certificates No access
    5. 1. I. General features No access
        1. Scope of application No access
        2. Duty to apply for admission No access
        3. Exception No access
        4. Sanctions for non-compliance No access
        Articles 65-104 Art. 65-104 No access Pages 615 - 616
    6. 1. I. General features No access
        1. Appointment of NCAs No access
        2. Powers of the NCAs No access
        3. Liability of an NCA No access
      2. I. General features No access
        II. Commentary No access
      3. I. General features No access
        1. Subjective scope of the obligation of professional secrecy No access
        2. Objective scope of the obligation of professional secrecy No access
        3. Permissibility of information exchange between NCAs No access
    7. 1. Article 108 No access
      2. I. General features No access
        II. Commentary No access
    8. 1. Article 110 No access Pages 621 - 621
      2. Article 111 No access Pages 621 - 622
      3. Article 112 No access Pages 622 - 622
      4. Article 113 No access Pages 622 - 623
1. 1. 1. Article 1 Subject matter and scope No access Pages 623 - 624
    2. 1. I. General features No access
      2. 1. Subject matter and scope No access
        2. Definitions, Art 2 No access
    3. Article 3 Insider dealing, recommending or inducing another person to engage in insider dealing No access Pages 627 - 628
    4. Article 4 Unlawful disclosure of inside information No access Pages 628 - 628
    5. Article 5 Market manipulation No access Pages 628 - 629
    6. 1. 1. Purpose and context, legislative history No access
        2. Level 2 and 3 measures No access
      2. 1. Insider dealing, Art 3 No access
        2. Unlawful disclosure of inside information, Art 4 No access
        3. Market manipulation, Art 5 No access
        4. Inciting, aiding and abetting, Art 6(1) No access
        5. Attempt, Art 6(2) No access
    7. Article 7 Criminal penalties for natural persons No access Pages 637 - 637
    8. Article 8 Liability of legal persons No access Pages 637 - 637
    9. 1. 1. Purpose and context, legislative history No access
        2. Level 2 and 3 measures No access
      2. 1. Criminal penalties for natural persons, Art 7 No access
        2. Liability of legal persons, Arts 8 and 9 No access
    10. 1. 1. Purpose No access
        2. Background No access
      2. II. Commentary No access
2. 1. 1. Introduction No access Pages 644 - 650
    2. 1. Commentary No access
      2. I. General features No access
        1. Material scope, Arts 2(1) through (3) No access
        2. Territorial scope, Art 2(4) No access
      3. Article 3 Definitions No access Pages 654 - 657
      4. 1. Purpose and context No access
        2. Level 2 and 3 measures No access
        II. Commentary No access
      5. 1. Purpose and context No access
        2. Legislative history No access
        3. Level 2 and 3 measures No access
        1. Buy-back programmes, Arts 5(1) through (3) No access
        a) General requirements No access
        b) Ancillary stabilisation No access
      6. 1. Purpose and context No access
        2. Level 2 and 3 measures No access
        II. Commentary No access
    3. 1. 1. Purpose and context No access
        2. Legislative history No access
        3. Level 2 and 3 measures No access
        aa) Circumstances or events No access
        bb) Specific No access
        b) Non-public No access
        c) Relating to issuers of financial instruments No access
        d) Price sensitive No access
        2. Commodity derivatives, Art 7(1)(b) No access
        3. Emission allowances, Art 7(1)(c) No access
        4. Client orders, Art 7(1)(d) No access
      2. 1. Purpose and context No access
        2. Legislative history No access
        3. Level 2 and 3 measures No access
        a) Acquisition or disposal of financial instruments, Art 8(1) No access
        b) Cancellation or amendment of an order No access
        c) Auctions of emission allowances No access
        d) Recommending or inducing to engage in insider dealing, Art 8(2) No access
        e) Use of recommendations or inducements, Art 8(3) No access
        aa) Member of administrative, management or supervisory bodies No access
        bb) Capital holding No access
        cc) Access to inside information in a professional capacity No access
        dd) Criminal activities No access
        b) Possession of inside information in other cases No access
        c) Legal persons No access
      3. 1. Purpose and context No access
        2. Legislative history No access
        3. Level 2 and 3 measures No access
        1. Multi-service firms, Art 9(1) No access
        2. Market makers and other professional intermediaries, Art 9(2) No access
        3. Pre-existing obligations, Art 9(3) No access
        4. Takeovers and mergers, Art 9(4) No access
        5. Decision to trade, Art 9(5) No access
      4. 1. Purpose and context No access
        2. Legislative history No access
        3. Level 2 and 3 measures No access
        1. Unlawful disclosure of inside information, Art 10(1) No access
        2. Normal exercise of an employment, a profession or duties No access
        3. Onward disclosure of recommendations or inducements, Art 10(2) No access
      5. 1. Purpose and context No access
        2. Level 2 and 3 measures No access
        1. Definition of market soundings, Art 11(1) No access
        2. Persons intending to make a takeover bid, Art 11(2) No access
        3. Obligation to consider whether inside information is disclosed, Art 11(3) No access
        4. Disclosure of inside information, Art 11(4) No access
        5. Pre-disclosure obligations, Art 11(5) No access
        6. Information ceasing to be inside information, Art 11(6) No access
        7. Obligations of persons receiving market soundings, Art 11(7) No access
        8. Obligation to keep records, Art 11(8) No access
      6. 1. Purpose and context No access
        2. Legislative history No access
        3. Level 2 and 3 measures No access
        a) Transactions giving false or misleading signals or securing prices at an artificial level, Art 12(1)(a) No access
        b) Transactions or behaviour employing a fictitious or deceptive device, Art 12(1)(b) No access
        c) Dissemination of information giving false or misleading signals or securing prices at an artificial level, Art 12(1)(c) No access
        d) Manipulation of benchmarks, Art 12(1)(d) No access
        2. Behaviour considered as market manipulation, Art 12(2) No access
        3. Indicators of market manipulation, Art 12(3) No access
        4. Legal persons, Art 12(4) No access
      7. 1. Purpose and context No access
        2. Legislative history No access
        3. Level 2 and 3 measures No access
        1. Defence to market manipulation, Art 13(1) No access
        2. Criteria to be considered when establishing accepted market practices, Art 13(2) No access
        3. Procedure, Arts 13(3) through(6) No access
        4. Review and monitoring, Art 13(8) through (11) No access
      8. 1. Purpose and context No access
        2. Legislative history No access
        3. Level 2 and 3 measures No access
        1. Engaging or attempting to engage in insider dealing, Art 14(a) No access
        2. Recommendation or inducement, Art 14(b) No access
        3. Unlawful disclosure, Art 14(c) No access
      9. 1. Purpose and context, legislative history No access
        2. Level 2 and 3 measures No access
        1. Market manipulation No access
        2. Attempted market manipulation No access
      10. 1. Purpose and context, legislative history No access
        2. Level 2 and 3 measures No access
        a) Arrangements, systems and procedures for the prevention and detection of market abuse No access
        b) Suspicious transaction and order reporting No access
        2. Duties of persons professionally arranging or executing transactions, Art 16(2) No access
        3. Competent authority, Art 16(3), (4) No access
    4. 1. 1. Purpose No access
        2. Background No access
        3. Context No access
        4. Legislative history No access
        5. Impact of the reform No access
        6. Delegated legislation No access
        1. Addressee No access
        2. Inside information of direct concern No access
        a) Timing No access
        b) Disclosure process and substance No access
        c) Language No access
        d) Verification No access
        e) Publication on website No access
        f) Submission to official storage No access
        1. Addressee No access
        2. Inside information No access
        3. Timely disclosure No access
        a) Requirements to delay disclosure of inside information No access
        b) Steps in a process No access
        c) Informing the notification authority No access
        a) Beneficiaries No access
        b) Inside information No access
        c) Delay requirements No access
        d) Consent by the authority No access
        3. Confidentiality no longer ensured No access
        a) Issuers No access
        b) EAMPs No access
        V. Selective disclosure No access
      2. 1. Purpose No access
        2. Background No access
        3. Secondary legislation No access
        II. Addressee No access
        III. Delegation No access
        a) Insider list No access
        b) Contents No access
        c) Form No access
        2. Ensuring compliance No access
        3. Updating the insider list No access
        4. Retention of the list No access
        5. Transmission to competent authority No access
        V. Exceptions No access
      3. 1. Purpose No access
        2. Background No access
        3. Secondary Legislation No access
        4. Structure No access
        1. Managers No access
        2. Associated persons No access
        3. Relevant issuers and organisations No access
        1. Issuers No access
        2. Own account No access
        3. Threshold values No access
        4. De minimis exceptions No access
        5. EAMPs No access
        1. Time frame No access
        2. Recipient No access
        3. Modalities No access
        4. Substance of notification No access
        5. Publication No access
        V. Instruction and documentation obligations No access
        1. Addressee No access
        2. Relevant time period No access
        3. Prohibited transactions No access
        4. Exceptions No access
        5. Relationship to general obligations No access
        6. Report obligation No access
      4. 1. Purpose No access
        2. Background No access
        3. Delegated legislation No access
        1. Investment recommendation or information No access
        2. Extent or degree of recommendation No access
        3. Form No access
        4. Target group No access
        a) Basic obligations No access
        b) Additional obligations for sophisticated persons No access
        a) Basic obligations No access
        b) Additional obligations for sophisticated persons No access
        1. Basic arrangements No access
        2. Additional arrangements for summaries or extracts No access
        3. Additional arrangements for substantial alterations No access
        4. Public institution disseminating statistics or forecasts No access
        5. Special role of journalists No access
      5. 1. Purpose No access
        2. Background No access
        3. Context No access
        II. Scope No access
        III. Requirements No access
    5. 1. 1. Purpose No access
        2. Legislative history No access
        II. Commentary No access
      2. 1. Purpose No access
        2. Context No access
        3. Legislative history No access
        1. The power to request/demand information (especially Article 23(2) subpara 1 (b) and (c)) No access
        2. The power to require data records (Article 23(2) subpara 1 (g) and (h)) No access
        3. Suspension of trading of a financial instrument (Article 23(2) subpara 1 (j)) No access
        4. Temporary prohibition of the exercise of professional activity (Article 23(2) subpara 1 (l)) No access
        5. Prior authorisation (Article 23(2) subpara 2) No access
        6. Effectiveness (Article 23(3) No access
        7. Liability (Article 23(4) No access
      3. Article 24 Cooperation with ESMA No access Pages 843 - 844
      4. Article 25 Obligation to cooperate No access Pages 844 - 846
      5. 1. Purpose No access
        2. Context No access
        3. Legislative history No access
        4. Level 2 and 3 measures No access
        II. Commentary No access
      6. 1. Purpose No access
        2. Legislative history No access
        II. Commentary No access
      7. Article 28 Data protection No access Pages 850 - 851
      8. I. General features No access
        II. Commentary No access
    6. 1. 1. Purpose No access
        2. Context No access
        3. Legislative history No access
        1. Article 30(2) subpara 1 (a) (ceasing unlawful behavior) No access
        2. Article 30(2) subpara 1 (b) (disgorgement of profits or avoided losses) No access
        3. Article 30(2) subpara 1 (c) (public warning) No access
        4. Article 30(2) subpara 1 (d) (withdrawal or suspension of authorisation) No access
        5. Article 30(2) subpara 1 (e) to (g) (ban of managerial or other responsibilities within an investment firm) No access
        6. Article 30(2) subpara 1 (h) to (j) (pecuniary sanctions) No access
      2. 1. Purpose No access
        2. Context No access
        II. Commentary No access
      3. 1. Purpose No access
        2. Context No access
        3. Legislative history No access
        4. Level 2 and 3 measures No access
        1. Reporting of infringements No access
        2. „Whistleblowing“ No access
      4. 1. Purpose No access
        2. Level 2 and 3 measures No access
      5. 1. Purpose No access
        2. Legislative history No access
        No access
        II. Commentary No access
3. 1. 1. 1. 1. Overview of the EU short selling regime No access
      2. 2. Legal basis No access
      3. 3. Legislative history No access
      4. 4. Regulatory aims of the SSR and economic background No access
      5. 5. Review and evaluation of the SSR No access
    2. 1. Overview of Articles 1-4 No access Pages 881 - 881
      2. 1. Purpose No access
        2. Context No access
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        3. Level 2 and 3 measures No access
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      5. 1. Purpose and context No access
        2. Level 2 and 3 measures No access
        II. Commentary No access
    3. 1. Overview of Articles 5-11 No access Pages 894 - 895
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    4. 1. Overview of Articles 12-15 No access Pages 908 - 910
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      5. Article 15 Buy-in procedures (deleted) No access Pages 920 - 921
    5. 1. 1. Purpose No access
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      2. 1. Purpose No access
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    6. 1. Overview of Articles 18-31 No access Pages 929 - 930
      2. a) Trigger events and proportionality requirement No access
        b) Notification and disclosure of net short positions (Art 18) No access
        c) Notification of significant change in lending fees (Art 19) No access
        d) Restrictions on short selling and similar transactions (Art 20) No access
        e) Restrictions on sovereign CDS transactions (Art 21) No access
        f) Measures by other competent authorities (Art 22) No access
        g) Period of restrictions (Art 24) No access
        2. Power to restrict short selling temporarily in the case of a significant fall in price (Art 23) No access
        3. Notice of restrictions (Art 25) No access
        4. Notification to ESMA and other competent authorities (Art 26) No access
      3. 1. Coordination by ESMA (Art 27) No access
        2. ESMA intervention powers in exceptional circumstances (Art 28) No access
        3. ESMA’s Powers in emergency situations relating to sovereign debt (Art 29) No access
        4. Further specification of adverse events or developments (Art 30) No access
        5. Inquiries by ESMA (Art 31) No access
    7. 1. 1. Competent authorities (Art 32) No access
        2. Powers of competent authorities (Art 33) No access
        3. Professional secrecy (Art 34) No access
        4. Obligation to cooperate (Arts 35 to 37 and 39) No access
        5. Cooperation with third countries (Arts 38 to 40) No access
        6. Penalties (Art 41) No access
    8. 1. 1. Chapter VII: Delegated acts (Arts 42 to 43) No access
        2. Chapter VIII: Implementing acts (Art 44) No access
        3. Chapter IX: Transitional and final provisions (Arts 45 to 48) No access
1. 1. 1. 1. 1. Purpose No access
      2. 2. Structure No access
      3. 3. Legislative background No access
      4. Regulation (EU) 2017/1129 of 14 June 2017Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the ... No access
    2. 1. 1. Purpose No access
        2. Background No access
        3. Context No access
        4. Legislative history No access
        1. Material scope No access
        a) Special classes of securities that are connected with peculiar national regulation No access
        b) The nature of the issuer or the guarantor No access
        c) The size of the securities offer No access
        III. 2017 Prospectus Regulation No access
      2. 1. Purpose No access
        2. Context No access
        3. Legislative history No access
        a) Offers of securities to the public No access
        b) Distinction between equity and non-equity securities No access
        c) Qualified investors No access
        d) Home Member State and issuers’ choice No access
        e) Host Member State No access
        f) Key information No access
        g) Level 2 No access
      3. 1. Purpose No access
        2. Context No access
        1. Obligation to draw a prospectus No access
        a) Qualified investors No access
        b) Small offers No access
        c) Wholesale market for securities No access
        3. Retail cascade No access
      4. 1. Purpose No access
        2. Background No access
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        4. Legislative history No access
        II. Commentary No access
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        4. Legislative history No access
        5. Level 2 and 3 measures No access
        1. Single or tripartite document No access
        2. The base prospectus No access
        3. The summary No access
        1. Summary No access
        2. Assessment of the materiality of the risk factors No access
        3. Simplified disclosure regime for secondary issuances No access
        4. EU Growth prospectus regime No access
      2. 1. Purpose No access
        2. Context No access
        3. Level 2 and 3 measures No access
        II. Commentary No access
      3. 1. Purpose No access
        2. Legislative history No access
        II. Commentary No access
      4. I. General features No access
        a) Unavailable information No access
        b) Disclosure which is not in the public interest, or is seriously detrimental to the issuer, or is unimportant No access
        c) Inappropriate disclosure No access
        d) Ommission of information in the case of securities “unconditionally and irrevocably guaranteed by one of a Member State’s regional or local authorities” No access
      5. 1. Purpose No access
        II. Commentary No access
      6. Article 10 InformationRemoved by the 2010 Prospectus Amending Directive. No access Pages 995 - 995
      7. I. General features No access
        II. Commentary No access
      8. 1. Purpose No access
        2. Context No access
        1. Shelf registration procedure No access
        2. Fast-track approval procedure under the 2017 Prospectus Regulation No access
    4. 1. 1. Purpose No access
        2. Legislative history No access
        1. The single passport regime and the competent home Member State authority No access
        2. Base prospectus’ approval No access
        3. Formal versus substantive review No access
        4. Time limits No access
      2. I. General features No access
        II. Commentary No access
      3. 1. Purpose No access
        2. Legislative history No access
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      4. 1. Purpose No access
        2. Context No access
        1. The scope of the supplement No access
        2. Final terms’ supplement No access
        3. Investors’ withdrawal rights No access
    5. 1. I. General features No access
        II. Commentary No access
      2. I. General features No access
        II. Commentary No access
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    7. 1. 1. Purpose No access
        2. Background No access
        II. Commentary No access
      2. 1. Purpose No access
        2. Context No access
        II. Commentary No access
      3. I. General features No access
        II. Commentary No access
    8. 1. Article 24 Committee procedure No access Pages 1027 - 1027
      2. Article 24 a Exercise of the delegation No access Pages 1027 - 1028
      3. Article 24 b Revocation of the delegation No access Pages 1028 - 1028
      4. I. General features No access
        II. Commentary No access
      5. I. General features No access
        II. Commentary No access
      6. Article 26 Right of appeal No access Pages 1030 - 1031
    9. 1. Article 27 Amendments No access Pages 1031 - 1031
      2. Article 28 Repeal No access Pages 1031 - 1031
      3. Article 29 Transposition No access Pages 1031 - 1031
      4. Article 30 Transitional provision No access Pages 1031 - 1032
      5. Article 31 Review No access Pages 1032 - 1032
      6. Article 31 a Staff and resources of ESMA No access Pages 1032 - 1032
      7. Article 32 Entry into force No access Pages 1032 - 1032
      8. Article 33 Addressees No access Pages 1032 - 1033
2. 1. 1. 1. 1. Purpose No access
        2. Legislative history No access
        3. Level 2 and 3 measures No access
        a) Existing products No access
        b) Territorial scope No access
      2. I. General features No access
        II. Commentary No access
      3. I. General features No access
        II. Commentary No access
      4. I. General features/purpose No access
        a) ‘investment’ No access
        b) ‘amount repayable’ No access
        c) ‘not directly purchased’ No access
        2. Article 4(2) No access
        3. Article 4(3) No access
        4. Article 4(4) No access
        5. Article 4(5) No access
        6. Article 4(6) No access
        7. Article 4(7) No access
        8. Article 4(8) No access
    2. 1. I. General features/purpose No access
        a) ‘made available’ No access
        b) ‘to retail investors’ No access
        2. Article 5(2) No access
      2. I. General features/purpose No access
        1. Article 6(1) No access
        2. Article 6(2) No access
        3. Article 6(3) No access
        4. Article 6(4) to 6(6) No access
        1. Purpose No access
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        1. Article 7(1) No access
        2. Article 7(2) No access
        1. Purpose No access
        2. Level 2 and 3 measures No access
        1. Article 8(1) No access
        2. Article 8(2) No access
        a) ‘information about the PRIIP manufacturer’ No access
        b) ‘comprehension alert’ No access
        c) ‘information about the PRIIP’ No access
        d) ‘risk-reward profile, summary risk indicator and performance scenarios’ No access
        e) ‘information about compensation schemes’ No access
        f) ‘costs’ No access
        g) ‘liquidity’ No access
        h) ‘complaints’ No access
        I. General features No access
        a) Any statement that contradicts the information contained in the KID No access
        b) Diminishment of the significance of the KID No access
        2. Article 9, second sentence No access
        1. Purpose No access
        2. Level 2 and 3 measures No access
        1. Review No access
        2. Revision No access
        3. Publication No access
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        a) Misleading No access
        b) Inaccurate No access
        c) Inconsistency No access
        d) Further aspects No access
        2. Article 11(2) and (3) No access
        3. Article 11(4) No access
        4. Article 11 (5) No access
        I. General features No access
        II. Commentary No access
      3. 1. Purpose No access
        2. Level 2 and 3 measures No access
        a) Advice No access
        b) Sale No access
        c) Provision in good time No access
        2. Article 13(2) No access
        3. Article 13(3) No access
        4. Article 13(4) No access
        I. General features/purpose No access
        1. Article 14(1) No access
        2. Article 14(2) No access
        3. Article 14(3) No access
        a) Appropriateness of the durable medium No access
        b) Option to choose No access
        a) Appropriateness of the durable medium No access
        b) Option to choose No access
        c) Notification of a webside No access
        d) Constant accessibility on the website, capable of being downloaded and stored in a durable medium No access
    3. 1. Article 15 No access Pages 1086 - 1086
      2. Article 16 No access Pages 1086 - 1087
      3. Article 17 No access Pages 1087 - 1089
      4. Article 18 No access Pages 1089 - 1089
    4. 1. Article 19 No access Pages 1089 - 1089
      2. Article 20 No access
      3. I. General features No access
        II. Commentary No access
    5. 1. Article 22 No access Pages 1090 - 1091
      2. Article 23 No access Pages 1091 - 1091
      3. Article 24 No access Pages 1091 - 1092
      4. Article 25 No access Pages 1092 - 1092
      5. Article 26 No access Pages 1092 - 1092
      6. Article 27 No access Pages 1092 - 1093
      7. Article 28 No access Pages 1093 - 1093
      8. Commentary No access
    6. 1. Article 30 No access Pages 1095 - 1096
      2. Article 31 No access Pages 1096 - 1096
      3. Article 32 No access Pages 1096 - 1096
      4. Article 33 No access Pages 1096 - 1097
      5. Commentary No access
3. 1. 1. 1. 1. Purpose No access
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        4. Legislative history No access
        II. Commentary No access
        III. Opt-out possibilities No access
      2. I. Purpose No access
        II. Definitions No access
        III. Delegated lawmaking powers No access
      3. 1. Purpose No access
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        3. Structure No access
        1. Issuers’ obligations No access
        2. Shareholder obligations No access
        3. Notification requirement No access
        III. Obligations by host Member State No access
    2. 1. 1. Purpose No access
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        3. Context No access
        1. Addressee No access
        a) Financial statements No access
        b) Management report No access
        c) Responsibility statements No access
        d) Additional elements No access
        3. Publication No access
        4. Enforcement No access
        III. Delegated lawmaking powers No access
        IV. Single Electronic Reporting Format No access
      2. 1. Purpose No access
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        2. Reporting period No access
        a) Condensed Financial Statements No access
        b) Interim management report No access
        c) Responsibility statements No access
        d) Additional elements No access
        4. Audit No access
        5. Publication No access
        6. Enforcement No access
        III. Delegated lawmaking powers No access
        1. Abolishment 2013 No access
        2. Exceptions No access
        V. Voluntary reporting No access
      3. 1. Purpose No access
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        3. Context No access
        4. Former versions of Article 6 No access
        1. Addressee No access
        2. Reporting period No access
        3. Components No access
        4. Publication No access
        5. Enforcement No access
      4. 1. Purpose No access
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        1. Information covered No access
        2. Responsibility No access
        3. Liability No access
        III. Private international law No access
      5. 1. Purpose No access
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        3. Context No access
        1. Sovereign and public debt issuers No access
        2. Debt issuers No access
        a) Debt issued by small credit institutions No access
        b) Guaranteed debt securities No access
    3. 1. 1. Purpose No access
        2. Background No access
        3. Context No access
        1. Triggering situation No access
        2. Addressees No access
        a) Thresholds specified in the TD No access
        b) Additional thresholds set by Member States No access
        c) Additional thresholds set by issuers No access
        d) Calculation No access
        4. Notification content and procedure No access
        1. Clearing and settlement No access
        2. Custodians No access
        3. Market makers No access
        4. Voting rights held in a trading book No access
        5. Stabilisation No access
        6. Other exceptions No access
        IV. Enforcement No access
        V. Delegated lawmaking powers No access
        1. Purpose No access
        2. Background No access
        a) Requirements No access
        b) Implementation No access
        c) Impact of regulation and reform No access
        2. Temporary voting right transfer, lit. b No access
        3. Voting rights as part of collateral, lit. c No access
        4. Life interest, lit. d No access
        5. Voting rights held by controlled undertaking, lit. e No access
        6. Deposited shares, lit. f No access
        7. Voting rights held ‘on behalf’, lit. g No access
        8. Voting rights exercised by proxy, lit. h No access
        9. Additional situations No access
        III. Consequences of attribution No access
        1. Purpose No access
        2. Background No access
        II. Commentary No access
        III. Exceptions No access
        1. Purpose No access
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        4. Structure No access
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        3. Exemptions for groups No access
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        III. Publication No access
        IV. Delegated lawmaking powers No access
        V. Annex: Intention disclosure No access
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        1. Addressee No access
        2. Holding type No access
        a) Financial instruments type (a) No access
        b) Financial instruments type (b) No access
        1. Thresholds No access
        2. Aggregation No access
        3. Delta adjustment No access
        4. Reference to basket or index No access
        IV. Notification No access
        V. Exemptions No access
        VI. Delegated lawmaking powers No access
        VII. Annex: Empty voting No access
        1. Purpose No access
        2. Background No access
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        II. Aggregation No access
        III. Notification No access
        1. Purpose No access
        2. Background and context No access
        II. Disclosure requirements No access
        III. Disclosure procedure No access
        IV. Disclosure and enforcement No access
        V. Delegated lawmaking powers No access
        1. Purpose No access
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        II. Commentary No access
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        II. Disclosure requirements No access
        III. Disclosure and enforcement No access
      2. 1. Purpose No access
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        4. Former modification plans No access
        1. Equal treatment of shareholders No access
        a) Meeting-related information No access
        b) Proxy facilitation No access
        c) Information circulation No access
        3. Electronic communication No access
        III. Exemption No access
        1. Purpose No access
        2. Background No access
        3. Context No access
        1. Equal treatment of debtholders No access
        a) Meeting-related information No access
        b) Proxy facilitation No access
        3. Flexibility for issuers of large denomination debt No access
        4. Electronic communication No access
        III. Exemption No access
    4. 1. 1. Purpose No access
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        1. Disclosed information No access
        2. Notifications on major holdings No access
        III. Delegated lawmaking powers No access
      2. 1. Purpose No access
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        3. Context No access
        a) Only in the home Member State No access
        b) In home and host Member States No access
        c) Only in host Member State(s) No access
        d) Exception for wholesale offers No access
        2. Notifications of major holdings No access
        3. Translation in court proceedings No access
      3. 1. Purpose No access
        2. Level 2 and 3 measures No access
        a) Geographical dissemination No access
        b) Form No access
        c) Integrity and verification No access
        d) Use of service providers No access
        2. Availability to OAMs No access
        III. Only one host Member State No access
        IV. Delegated lawmaking powers, Article 21(4) No access
      4. 1. Purpose No access
        2. Background No access
        3. Context No access
        II. The EEAP No access
      5. I. General features No access
        II. Delegated lawmaking powers No access
      6. 1. Purpose No access
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        3. Level 2 and 3 measures No access
        1. Discretionary exemption No access
        2. Automatic exemptions No access
        III. Delegated lawmaking powers No access
    5. 1. 1. Purpose No access
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        3. Context No access
        1. Designation and role No access
        2. Delegation of powers No access
        3. Individual powers No access
        III. Caveats No access
      2. 1. Purpose No access
        II. Professional secrecy No access
        III. International cooperation No access
      3. 1. Purpose No access
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        3. Context No access
        II. The precautionary principle No access
    6. 1. 1. Purpose No access
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        II. Committee support No access
        1. Implementing measures No access
        2. Delegated acts No access
        IV. Review clause No access
      2. I. Purpose No access
        II. Revocation of delegation No access
      3. I. Purpose No access
        II. Objection right No access
        III. Objections after three months No access
    7. 1. 1. Purpose No access
        2. Background No access
        3. Context No access
        II. Basic principles No access
        III. Personal scope No access
      2. I. Purpose No access
        II. Breaches included No access
      3. I. Purpose No access
        II. Sanctioning powers for serious breaches No access
        III. Suspension of voting rights No access
      4. I. Purpose No access
        II. Sanctioning criteria No access
        III. Data protection No access
    8. 1. 1. Purpose No access
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        1. Type of decision No access
        2. Breach No access
        3. Substance of publication No access
        4. Time of publication No access
    9. 1. Transitional exemptions No access
      2. Implementation of the Directive No access
      3. Article 32 Amendments No access Pages 1228 - 1228
      4. 1. Purpose No access
        2. Context No access
        II. Report on the operation of the TD No access
        III. The Article 30(4) exemption No access
      5. TD entering into Force No access
      6. Addressee of the TD No access
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        2. Background No access
        3. Recitals No access
      2. 1. Purpose No access
        2. Overview No access
        3. Recitals; level 3 measures No access
        II. Commentary No access
      3. 1. Purpose No access
        2. Recitals; level 3 measures No access
        1. Rating/rating category/unsolicited credit rating No access
        2. Rating agency No access
        3. Home Member State No access
        4. Rated entity No access
        5. Rating outlook No access
        6. Regulated market No access
      4. 1. Overview/purpose No access
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        3. Recitals; level 3 measures No access
        II. Commentary No access
      5. 1. Overview/purpose No access
        2. Recitals, level 2, and level 3 measures No access
        II. Commentary No access
      6. Article 5 a Over-reliance on credit ratings by financial institutions No access Pages 1248 - 1249
      7. Article 5 b Reliance on credit ratings by the European Supervisory Authorities and the European Systemic Risk Board No access Pages 1249 - 1249
      8. 1. Purpose No access
        2. Context No access
        3. Recitals No access
        1. Article 5 a No access
        2. Article 5 b No access
        3. Article 5 c No access
    2. 1. 1. Overview/purpose No access
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        3. Recitals, level 3 measures No access
        II. Commentary No access
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        2. Recitals; level 3 measures No access
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      5. 1. Overview/purpose No access
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      6. 1. Overview No access
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        3. Recitals, level 3 measures No access
        II. Commentary No access
      7. 1. Overview/purpose No access
        2. Level 2 measures No access
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      8. 1. Background/context No access
        2. Recitals No access
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      9. 1. Overview/purpose No access
        2. Recitals, level 3 measures No access
        II. Commentary No access
      10. 1. Overview/purpose No access
        2. Recitals, level 3 measures No access
        II. Commentary No access
      11. 1. Overview/purpose No access
        2. Recitals, level 3 measures No access
        II. Commentary No access
      12. 1. Purpose No access
        2. Recitals, level 2 measures No access
        II. Commentary No access
      13. 1. Overview/purpose No access
        2. Recitals, Level 2 measures No access
        II. Commentary No access
      14. 1. Purpose No access
        2. Recitals No access
        II. Commentary No access
      15. Article 13 Public disclosure fees No access Pages 1283 - 1284
    3. 1. 1. Purpose No access
        2. Recitals, level 2, level 3 measures No access
        II. Commentary No access
      2. 1. Purpose No access
        2. Recitals, level 2, level 3 measures No access
        II. Commentary No access
      3. 1. Purpose No access
        2. Recitals, level 2 measures No access
        II. Commentary No access
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        2. Recitals; level 3 measures No access
        II. Commentary No access
    4. 1. 1. Overview/purpose No access
        2. Background/context No access
        3. Recitals No access
        1. General No access
        2. Infringement No access
        3. Financial damage No access
        4. Causality No access
        5. Restriction for issuers No access
        6. Burden of proof No access
        7. Intent and gross negligence No access
        III. Limitations of liability No access
        IV. Private international law No access
    5. 1. 1. Purpose No access
        2. Recitals, level 2, level 3 measures No access
        II. Commentary No access
      2. Articles 40 to 41 No access
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        3. Legislative history No access
        4. Level 2 and 3 measures No access
        II. Commentary No access
      2. 1. Purpose No access
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    2. 1. I. Purpose No access
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    3. 1. I. Purpose No access
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      2. I. Purpose No access
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      4. Article 16 Freedom to provide services on a cross-border basis No access Pages 1343 - 1344
        Article 17 Cross-border services by virtue of a branch No access Pages 1344 - 1346
        Article 18 Notification for cross-border services No access Pages 1346 - 1347
        Article 19 Notification for cross-border services by virtue of a branch No access Pages 1347 - 1348
        Article 20 Home member state supervision No access Pages 1348 - 1350
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    5. 1. Article 27 Authorisation, legal form, registered office No access Pages 1365 - 1366
        Article 28 Limited scope of activities No access Pages 1366 - 1366
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        2. Legislative history No access
        II. Commentary No access
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      3. Section 3 Obligations regarding the depositary No access Pages 1371 - 1371
    6. 1. Article 37 Extension to investment compartments/sub funds No access Pages 1371 - 1371
        Article 38 Enabling of cross-border mergers No access Pages 1371 - 1372
        Article 39 Authorisation by merging UCITS’ national competent authority; information exchange with receiving UCITS’ national competent authority No access Pages 1372 - 1373
        Article 40 Common draft terms of merger No access Pages 1373 - 1374
      2. Article 41 Verification by depositary of merging and receicing UCITS No access Pages 1374 - 1374
        Article 42 Validation of valuation, merger-related payments, exchange ratio No access Pages 1374 - 1375
        Article 43 Disclosures to unit-holders after merger authorisation No access Pages 1375 - 1376
        Article 44 Consent by unit-holder voting No access Pages 1376 - 1376
        Article 45 Extraordinary redemption right No access Pages 1376 - 1377
      3. Article 46 Ban to impose merger costs on UCITS No access Pages 1377 - 1377
        Article 47 Date of merger effect No access Pages 1377 - 1377
        1. Purpose No access
        2. Level 2 and 3 measures No access
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    7. 1. I. Purpose No access
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    12. 1. I. Purpose No access
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      3. Article 99 Sanctioning powers of competent authorities; minimum sanctions No access Pages 1440 - 1442
      4. Article 99 a Minimum sanctioning No access Pages 1442 - 1444
      5. Article 99 b Name and shame No access Pages 1444 - 1445
      6. Article 99 c Factors to be taken into account when sanctioning No access Pages 1445 - 1445
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      11. Article 102 Professional secrecy and confidentiality; supervisory cooperation and information exchange No access Pages 1452 - 1453
      12. Article 103 Information exchange in certain cases No access Pages 1453 - 1454
      13. I. Purpose No access
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      14. I. Purpose No access
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      20. I. Purpose No access
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    13. 1. Article 111 Technical amendments by European Commission No access Pages 1464 - 1464
      2. Article 112 Involvement of European Securities Committee No access Pages 1464 - 1465
      3. Article 112 a Implementing legislation by European Commission No access Pages 1465 - 1466
2. 1. 1. Introduction No access Pages 1466 - 1467
    2. 1. I. General features No access
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    9. 1. I. General features No access
        II. Commentary No access
1. 1. 1. 1. 1. Overview of the Regulation No access
      2. 2. Genesis No access
      3. 3. Structure No access
      4. 4. Distributed Ledger Technology and post-trading processes: possible scenarios No access
      5. 5. Critical thinking No access
      6. 6. EMIR review No access
    2. 1. Article 1 Subject matter and scope No access Pages 1574 - 1576
      2. Article 2 Definitions No access Pages 1576 - 1578
      3. Article 2 a Equivalence decisions for the purposes of the definition of OTC derivatives No access Pages 1578 - 1579
      4. 1. Purpose No access
        2. Level 2 measures No access
        1. Material scope No access
        a) Object No access
        b) Subjects No access
        c) Exemptions No access
        d) Equivalence decisions for the purpose of the OTC derivatives (Art. 2 a) No access
    3. 1. 1. Purpose No access
        2. Level 2 measures No access
        a) Defining “clearing” No access
        b) Scope of the clearing obligation No access
        c) Third countries No access
        d) Date of application No access
        e) Clearing access models No access
        f) Small financial counterparties under suggested reforms No access
      2. 1. Purpose No access
        2. Level 2 measures No access
        a) The bottom-up approach (Article 5(1) and (2) EMIR) No access
        b) The top-down approach (Art 5(3) EMIR) No access
        2. Criteria for determining the class of derivatives and the entry into force of the clearing obligation (Art 5(4) and (5) EMIR) No access
        3. Termination of the clearing obligation (Article 5(6) EMIR) No access
        4. Reform proposal: suspension of clearing obligation (new Articles 6 a and 6 b) No access
      3. 1. Overview No access
        2. Reform proposal No access
      4. Article 7 Access to a CCP No access Pages 1594 - 1594
      5. I. General features No access
        a) Access of Trading Venues to CCPs (Article 7) No access
        b) Access of CCPs to trade feeds of trading venues (Article 8 EMIR) No access
      6. 1. Purpose No access
        2. Level 2 measures No access
        a) Material scope No access
        b) Report’s format and content No access
        c) Duplication of data: combination of derivatives, cleared trades and collateralisation No access
        d) Reform proposal No access
      7. 1. Purpose No access
        2. Level 2 measures No access
        1. Clearing obligation for non-financial counterparties No access
        2. Clearing threshold No access
        3. Proposal for reform No access
      8. 1. Purpose No access
        2. Level 2 measures No access
        a) Timely confirmation of the contract’s terms No access
        b) Portfolio reconciliation No access
        c) Portfolio compression No access
        d) Dispute settlement No access
        a) Mark-to-market No access
        b) Exchange of collateral No access
        3. Third countries No access
        4. Reform proposal No access
      9. Article 12 Penalties No access Pages 1611 - 1611
      10. Overview No access
    4. 1. Article 14 Authorisation of a CCP No access Pages 1612 - 1613
        Article 15 Extension of activities and services No access Pages 1613 - 1613
        Article 16 Capital requirements No access Pages 1613 - 1613
        Article 17 Procedure for granting and refusing authorisation No access Pages 1613 - 1615
        Article 18 College No access Pages 1615 - 1616
        Article 19 Opinion of the college No access Pages 1616 - 1616
        Article 20 Withdrawal of authorisation No access Pages 1616 - 1617
        I. General features No access
        a) Competence and procedure No access
        b) Activities covered by the authorisation No access
        c) Capital requirements No access
        d) College of supervisors No access
        e) Withdrawal of authorisation No access
        2. Review and evaluation No access
        3. Reform proposals No access
      2. I. General features No access
        II. Commentary No access
      3. Article 23 Cooperation between authorities No access
        1. Overview: CCPs supervision through coordination among authorities No access
        2. Reform proposal No access
      4. 1. Purpose No access
        2. Level 2 measures No access
        1. Equivalence mechanism and recognition regime No access
        a) Classification between non-systematically important third-country CCPs (Tier 1 CCPs) and systematically important third-country CCPs (Tier 2 CCPs) No access
        b) ESMA and the relevant central bank(s) supervision of third-country CCPs post-recognition. No access
    5. 1. I. General features No access Pages 1628 - 1628
      2. Article 26 General provisions No access
        Article 27 Senior management and the board No access
        Article 28 Risk committee No access
        Article 29 Record keeping No access
        Article 30 Shareholders and members with qualifying holdings No access
        Article 31 Information to competent authorities No access
        Article 32 Assessment No access
        Article 33 Conflicts of interest No access
        Article 34 Business continuity No access
        Article 35 Outsourcing No access
        I. General features No access
        a) General provisions No access
        b) CCP’s corporate governance No access
        c) Business continuity No access
      3. Article 36 General provisions No access
        Article 37 Participation requirements No access
        Article 38 Transparency No access
        Article 39 Segregation and portability No access
        I. General features No access
        a) Membership criteria No access
        b) Client clearing No access
        c) Indirect clearing No access
        d) Limitations of access arrangements No access
        2. Transparency requirements No access
        a) Proposal reform No access
      4. Article 40 Exposure management No access
        Article 41 Margin requirements No access
        Article 42 Default fund No access
        Article 43 Other financial resources No access
        Article 44 Liquidity risk controls No access
        Article 45 Default waterfall No access
        Article 46 Collateral requirements No access
        Article 47 Investment policy No access
        Article 48 Default procedures No access
        Article 49 Review of models, stress testing and back testing No access
        Article 50 Settlement No access
        I. General features No access
        1. Risk assessment, liquidity risks control and the review of models, stress testing and back testing No access
        2. Margin requirements No access
        3. Default fund and other financial resources No access
        4. Default waterfall No access
        5. Collateral requirements No access
        6. Default procedures No access
      5. Chapter 4 Calculations and reporting for the purposes of Regulation (EU) No 575/2013 No access Pages 1653 - 1653
    6. 1. Article 51 Interoperability arrangements No access Pages 1653 - 1653
      2. Article 52 Risk management No access Pages 1653 - 1654
      3. Article 53 Provision of margins among CCPs No access Pages 1654 - 1655
      4. 1. Purpose No access
        2. Material scope No access
        3. Access rights to trading venues under MiFIR No access
        4. Benefits and threats from a systemic risk perspective. No access
        1. Risk management rules No access
        2. Margins among CCPs No access
        3. Approval of interoperability arrangements No access
    7. 1. Article 55 Registration of a trade repository No access Pages 1658 - 1659
        Article 56 Application for registration No access Pages 1659 - 1659
        Article 57 Notification of and consultation with competent authorities prior to registration No access Pages 1659 - 1659
        Article 58 Examination of the application No access Pages 1659 - 1660
        1. Purpose No access
        2. Level 2 measures No access
        1. ESMA’s competence and effect of registration No access
        2. Registration procedure No access
        Article 60 Exercise of the powers referred to in Articles 61 to 63 No access Pages 1661 - 1661
        Article 61 Request for information No access Pages 1661 - 1662
        Article 62 General investigations No access Pages 1662 - 1663
        Article 63 On-site inspections No access Pages 1663 - 1664
        Article 64 Procedural rules for taking supervisory measures and imposing fines No access Pages 1664 - 1666
        Article 65 Fines No access Pages 1666 - 1667
        Article 66 Periodic penalty payments No access Pages 1667 - 1667
        Article 67 Hearing of the persons concerned No access Pages 1667 - 1667
        Article 68 Disclosure, nature, enforcement and allocation of fines and periodic penalty payments No access Pages 1667 - 1668
        Article 69 Review by the Court of Justice No access Pages 1668 - 1668
        Article 70 Amendments to Annex II No access Pages 1668 - 1668
        Article 71 Withdrawal of registration No access Pages 1668 - 1669
        Article 72 Supervisory fees No access Pages 1669 - 1669
        Article 73 Supervisory measures by ESMA No access Pages 1669 - 1670
        1. Purpose No access
        2. Level 2 measures No access
        1. Supervisory powers: request for information and on-site inspections (Articles 60-63) No access
        2. Supervisory measures in case of infringements No access
        3. Supervisory fees No access
      2. Article 75 Equivalence and international agreements No access Pages 1672 - 1673
        Article 76 Cooperation arrangements No access Pages 1673 - 1673
        I. Purpose No access
        II. Commentary No access
        III. Proposal for reform No access
    8. 1. Article 78 General requirements No access Pages 1675 - 1675
      2. Article 79 Operational reliability No access Pages 1675 - 1676
      3. Article 80 Safeguarding and recording No access Pages 1676 - 1676
      4. Article 81 Transparency and data availability No access Pages 1676 - 1678
      5. 1. Purpose No access
        2. Level 2 measures No access
        1. Trade repositories’ operational requirements No access
        2. Non-discrimination No access
        3. Data to be made available by trade repositories No access
      6. Articles 83 to 91 No access Pages 1679 - 1680
2. 1. 1. 1. 1. Purpose No access
        2. Background No access
        II. Commentary No access
      2. I. Purpose No access
        1. Systems No access
        2. Participants No access
        3. Other definitions No access
    2. 1. 1. Purpose No access
        2. Context No access
        1. Orders prior to insolvency proceedings No access
        2. Orders after the opening of insolvency proceedings No access
        3. Other issues No access
      2. Article 4 No access Pages 1695 - 1695
      3. I. Purpose No access
        1. The need for irrevocability No access
        2. The time of irrevocability No access
    3. 1. 1. Purpose No access
        2. Legislative history No access
        II. Commentary No access
      2. 1. Purpose No access
        2. Background No access
        II. Commentary No access
      3. 1. Purpose No access
        2. Background No access
        3. Context No access
        II. Commentary No access
    4. 1. 1. Purpose No access
        2. Background No access
        3. Context No access
        1. Art 9(1) – Insulation of collateral No access
        2. Art 9(2) – Law applicable to collateral security No access
    5. 1. Article 10 No access Pages 1706 - 1706
      2. 1. Purpose No access
        2. Context and legislative history No access
        II. Commentary No access
      3. Article 11 No access Pages 1708 - 1708
      4. Article 12 No access Pages 1708 - 1709
      5. Article 13 No access Pages 1709 - 1709
      6. Article 14 No access Pages 1709 - 1710
3. 1. 1. Introduction No access Pages 1710 - 1711
    2. 1. I. Purpose No access
      2. 1. Parties (personal scope) No access
        2. Financial collateral (material scope) No access
        3. Relevant financial obligations No access
        4. Forms of financial collateral No access
        5. Further requirements for privileged financial collateral No access
    3. Article 2 Definitions No access Pages 1720 - 1722
    4. 1. 1. Purpose No access
        2. Legislative history No access
      2. II. Commentary No access
    5. 1. I. Purpose and context No access
      2. 1. Scope No access
        2. Enforcement of financial collateral No access
        3. General provisions No access
    6. 1. I. Purpose No access
      2. 1. Scope No access
        2. Consequences No access
        3. Limitations No access
    7. 1. I. Purpose No access
      2. II. Commentary No access
    8. 1. 1. Purpose No access
        2. Context No access
      2. 1. Scope No access
        2. Obligation to recognise No access
    9. 1. 1. Purpose No access
        2. Context No access
      2. 1. Retroactive effects No access
        2. Good faith protection No access
        3. Top-up collateral and substitution collateral No access
        4. General rules No access
    10. 1. 1. Overview No access
        2. Background, context and scope No access
      2. 1. Applicable law No access
        2. Material scope No access
    11. Article 9 a Directives 2008/48/EC and 2014/59/EU No access Pages 1743 - 1743
    12. Article 10 Report by the Commission No access Pages 1743 - 1744
    13. Article 11 Implementation No access Pages 1744 - 1744
    14. Article 12 Entry into force No access Pages 1744 - 1744
    15. Article 13 Addressees No access Pages 1744 - 1745
1. 1. 1. 1. 1. Genesis No access
        2. EU competence No access
        3. Context No access
        4. Objectives No access
      2. 1. Material scope No access
        2. Personal scope No access
        3. Geographical scope No access
    2. 1. I. Introduction No access
      2. II. Commentary No access
    3. 1. I. Introduction No access
      2. 1. Principle of equal reachability No access
        2. Payment Service Providers Covered by Art 3 No access
    4. 1. I. Introduction No access
      2. 1. General requirements for payment schemes No access
        2. Interoperability by standardisation No access
        3. New entrant retail payment schemes No access
        4. Effectiveness of Article 4 No access
    5. 1. I. Introduction No access
      2. 1. Structure of Art 5(1-3) No access
        2. General rules for both credit transfers and direct debits No access
        3. Additional requirements for credit transfers No access
        4. Additional requirements for direct debits No access
        5. Legal relationship between payer and payee No access
        6. Legal relationship between payer and its payment service provider No access
        7. IBAN-only rule No access
        8. Fees No access
    6. 1. I. Introduction No access
      2. 1. General rule No access
        2. Specifications No access
        3. Derogation No access
    7. 1. I. Introduction No access
      2. 1. Continued validity of pre-existing mandates No access
        2. Scope ratione temporis No access
        3. Rights to a Refund No access
    8. 1. I. Introduction No access
      2. 1. General rule No access
        2. Exception for R-transaction fees No access
        3. Extension to further interchange fees No access
    9. 1. I. Introduction No access
      2. 1. General Rule No access
        2. Location of a payment account No access
        3. Legal relationship between payer and payee No access
    10. 1. I. Introduction No access
      2. 1. List of competent authorities No access
        2. Duties of the competent authorities No access
    11. 1. I. Introduction No access
      2. 1. Law enforcement by penalties No access
        2. Exception for consumers No access
    12. 1. I. Introduction No access
      2. 1. Adequate and effective procedures No access
        2. List of competent bodies No access
    13. 1. I. Systematic and teleological classification No access
      2. 1. Objectives of delegated acts No access
        2. Annex as non-essential element No access
    14. 1. I. Introduction No access
      2. II. Commentary No access
    15. Article 15 Review No access Pages 1778 - 1778
    16. 1. I. Introduction No access
      2. 1. General rules for all Member States No access
        2. Additional options for Member States outside the Eurozone No access
    17. 1. I. Introduction No access
      2. 1. Principle of equal charges No access
        2. IBAN-only rule No access
        3. Further adjustments No access
    18. Article 18 Entry into force No access Pages 1784 - 1785
Index No access Pages 1785 - 1803