European financial services law: article-by-article commentary
Gespeichert in:
| Beteiligte Personen: | , , |
|---|---|
| Format: | Buch |
| Sprache: | Englisch |
| Veröffentlicht: |
Baden-Baden
Nomos
2019
München C.H. Beck Oxford Hart |
| Ausgabe: | First edition |
| Schriftenreihe: | International and European business law
|
| Schlagwörter: | |
| Links: | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029396773&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| Beschreibung: | Literaturangaben |
| Umfang: | XLII, 1803 Seiten |
| ISBN: | 9783406708701 9783848736904 9781509923885 |
Internformat
MARC
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| 245 | 1 | 0 | |a European financial services law |b article-by-article commentary |c edited by Matthias Lehmann, Christoph Kumpan ; list of authors: Martin Brenncke [und viele weitere] |
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Datensatz im Suchindex
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SUMMARY OF CONTENTS
FOREWORD Y
LIST OF AUTHORS XXXV
ABBREVIATIONS XXXIX
1. SECURITY MARKETS AND SERVICES
INTRODUCTION TO MIFID II AND MIFIR 1
MARKETS IN FINANCIAL INSTRUMENTS DIRECTIVE (MIFID II)
DIRECTIVE 2014/65/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL OF 15
MAY 2014
ON MARKETS IN FINANCIAL INSTRUMENTS (OJL 173,12.6.2014, P. 349-496) 6
MARKETS IN FINANCIAL INSTRUMENTS REGULATION (MIFIR)
REGULATION (EU) NO 600/2014 OF THE EUROPEAN PARLIAMENT AND OF THE
COUNCIL OF 15 MAY 2014
ON MARKETS IN FINANCIAL INSTRUMENTS (OJ L 173,12.6.2014, P. 84-148) 389
CONSOLIDATED ADMISSIONS AND REPORTING DIRECTIVE (CARD)
DIRECTIVE 2001/34/EC OF THE EUROPEAN PARLIAMENT AND THE COUNCIL OF 28
MAY 2001
ON THE ADMISSION OF SECURITIES TO OFFICIAL STOCK EXCHANGE LISTING AND ON
INFORMATION
TO BE PUBLISHED ON THOSE SECURITIES (OJ L 184,6.7.2001, P. 1-66) 574
2. MARKET BEHAVIOUR
MARKET ABUSE DIRECTIVE (MAD)
DIRECTIVE 2014/57/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL OF 16
APRIL 2014
ON CRIMINAL SANCTIONS FOR MARKET ABUSE (OJ L 173,12.6.2014, P. 179-189)
623
MARKET ABUSE REGULATION (MAR)
REGULATION (EU) NO 596/2014 OF THE EUROPEAN PARLIAMENT AND OF THE
COUNCIL OF 16 APRIL 2014
ON MARKET ABUSE (OJ L173,12.6.2014, P. 1-61) 644
SHORT SELLING REGULATION (SSR)
REGULATION (EU) NO 236/2012 OF THE EUROPEAN PARLIAMENT AND THE COUNCIL
OF 14 MARCH 2012
ON SHORT SELLING AND CERTAIN ASPECTS OF CREDIT DEFAULT SWAPS (OJ L
86,24.3.2012, P. 1-24) 874
3. MARKET TRANSPARENCY
PROSPECTUS DIRECTIVE (PD)
DIRECTIVE 2003/71/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL OF 4
NOVEMBER 2003
ON THE PROSPECTUS TO BE PUBLISHED WHEN SECURITIES ARE OFFERED TO THE
PUBLIC OR ADMITTED TO
TRADING 941
PACKAGED RETAIL AND INSURANCE-BASED INVESTMENT PRODUCTS REGULATION
(PRIIPR)
REGULATION (EU) NO 1286/2014 OF THE EUROPEAN PARLIAMENT AND OF THE
COUNCIL
OF 26 NOVEMBER 2014 ON KEY INFORMATION DOCUMENTS FOR PACKAGED RETAIL AND
INSURANCE-BASED
INVESTMENT PRODUCTS (PRIIPS) 1033
TRANSPARENCY DIRECTIVE (TD)
DIRECTIVE 2004/109/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL OF
15 DECEMBER 2004
ON THE HARMONISATION OF TRANSPARENCY REQUIREMENTS IN RELATION TO
INFORMATION ABOUT
ISSUERS WHOSE SECURITIES ARE ADMITTED TO TRADING ON A REGULATED MARKET
(OJL390, 31.12.2004, P. 38-57) 1099
CREDIT RATING AGENCY REGULATION (CRAR)
REGULATION (EC) NO 1060/2009 OF THE EUROPEAN PARLIAMENT AND THE COUNCIL
OF 16 SEPTEMBER 2009 ON CREDIT RATING AGENCIES (OJ L 302,17.11.2009, P.
1-31) 1231
VII
SUMMARY OF CONTENTS
4. FUNDS
UNDERTAKINGS FOR COLLECTIVE INVESTMENTS IN TRANSFERABLE SECURITIES
DIRECTIVE (UCITSD)
DIRECTIVE 2009/65/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL OF 13
JULY 2009 ON THE
COORDINATION OF LAWS, REGULATIONS AND ADMINISTRATIVE PROVISIONS RELATING
TO UNDERTAKINGS FOR
COLLECTIVE INVESTMENT IN TRANSFERABLE SECURITIES (UCITS) (OJ L
302,17.11.2009, P. 32-96) 1304
ALTERNATIVE INVESTMENT FUND MANAGERS DIRECTIVE (AIFMD)
DIRECTIVE 2011/61/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL OF 8
JUNE 2011
ON ALTERNATIVE INVESTMENT FUND MANAGERS (OJ L 174,1.7.2011, P. 1-73)
1466
5. SECURITIES CLEARING AND SETTLEMENT
EUROPEAN MARKETS INFRASTRUCTURE REGULATION (EMIR)
REGULATION (EU) NO 648/2012 OF THE EUROPEAN PARLIAMENT AND OF THE
COUNCIL OF 4 JULY 2012
ON OTC DERIVATIVES, CENTRAL COUNTERPARTIES AND TRADE REPOSITORIES
(OJL 201,27.7.2012, P. 1-59) 1563
SETTLEMENT FINALITY DIRECTIVE (SFD)
DIRECTIVE 98/26/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL OF 19
MAY 1998
ON SETTLEMENT FINALITY IN PAYMENT AND SECURITIES SETTLEMENT SYSTEMS
(OJL 166, 11.6.1998, P. 45-50) 1680
FINANCIAL COLLATERAL DIRECTIVE (FCD)
DIRECTIVE 2002/47/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL OF 6
JUNE 2002
ON FINANCIAL COLLATERAL ARRANGEMENTS (OJ L 168, 27.6.2002, P. 43-50)
1710
6. PAYMENTS
SINGLE EUROPEAN PAYMENT AREA REGULATION (SEPAR)
REGULATION (EU) NO 260/2012 OF THE EUROPEAN PARLIAMENT AND OF THE
COUNCIL OF 14 MARCH 2012
ESTABLISHING TECHNICAL AND BUSINESS REQUIREMENTS FOR CREDIT TRANSFERS
AND DIRECT DEBITS IN EURO
(OJL 94, 30.3.2012, P. 22-37) 1745
INDEX 1785
VIII
CONTENTS
FOREWORD V
LIST OF AUTHORS XXXV
ABBREVIATIONS XXXIX
1. SECURITY MARKETS AND SERVICES
INTRODUCTION TO MIFID II AND MIFIR
MARKETS IN FINANCIAL INSTRUMENTS DIRECTIVE (MIFID II)
TITLE I
SCOPE AND DEFINITIONS
ARTICLE 1 SCOPE 6
ARTICLE 2 EXEMPTIONS 10
ARTICLE 3 OPTIONAL EXEMPTIONS 18
ARTICLE 4 DEFINITIONS 22
TITLE II
AUTHORISATION AND OPERATING CONDITIONS FOR INVESTMENT FIRMS
CHAPTER I
CONDITIONS AND PROCEDURES FOR AUTHORISATION
INTRODUCTION TO CHAPTER I 35
ARTICLE 5 REQUIREMENT FOR AUTHORISATION 35
ARTICLE 6 SCOPE OF AUTHORISATION 37
ARTICLE 7 PROCEDURES FOR GRANTING AND REFUSING REQUESTS FOR
AUTHORISATION 38
ARTICLE8 WITHDRAWAL OF AUTHORISATIONS 41
ARTKLE9 MANAGEMENT BODY 43
ARTICLE 10 SHAREHOLDERS AND MEMBERS WITH QUALIFYING HOLDINGS 50
ARTICLE 11 NOTIFICATION OF ACQUISITIONS AND DISPOSALS OF QUALIFYING
HOLDINGS 53
ARTICLE 12 ASSESSMENT PROCEDURES 58
ARTICLE 13 ASSESSMENT 61
ARTICLE 14 MEMBERSHIP OF AN AUTHORISED INVESTOR COMPENSATION SCHEME 63
ARTICLE 15 INITIAL CAPITAL ENDOWMENT 64
ARTICLE 16 ORGANISATIONAL REQUIREMENTS 65
ARTICLE 17 ALGORITHMIC TRADING 120
ARTICLE 18 TRADING PROCESS AND FINALISATION OF TRANSACTIONS IN AN MTF
AND AN OTF 134
ARTICLE 19 SPECIFIC REQUIREMENTS FOR MTFS 142
ARTICLE20 SPECIFIC REQUIREMENTS FOR OTFS 145
CHAPTER II
OPERATING CONDITIONS FOR INVESTMENT FIRMS
SECTION 1
GENERAL PROVISIONS
ARTICLE 21 REGULAR REVIEW OF CONDITIONS FOR INITIAL AUTHORISATION 149
ARTICLE 22 GENERAL OBLIGATION IN RESPECT OF ON-GOING SUPERVISION 151
ARTICLE 23 CONFLICTS OF INTEREST 151
FOREWORD TO ARTICLES 24 TO 30 155
ARTICLE24 GENERAL PRINCIPLES AND INFORMATION TO CLIENTS 157
ARTICLE 25 ASSESSMENT OF SUITABILITY AND APPROPRIATENESS AND REPORTING
TO CLIENTS 180
ARTICLE 26 PROVISION OF SERVICES THROUGH THE MEDIUM OF ANOTHER
INVESTMENT FIRM 193
IX
CONTENTS
ARTICLE 27 OBLIGATION TO EXECUTE ORDERS ON TERMS MOST FAVOURABLE TO THE
CLIENT 195
ARTICLE 28 CLIENT ORDER HANDLING RULES 202
ARTICLE 29 OBLIGATIONS OF INVESTMENT FIRMS WHEN APPOINTING TIED AGENTS
205
ARTICLE 30 TRANSACTIONS EXECUTED WITH ELIGIBLE COUNTERPARTIES 207
SECTION 2
MARKET TRANSPARENCY AND INTEGRITY
ARTICLE 31 MONITORING OF COMPLIANCE WITH THE RULES OF THE MTF OR THE OTF
AND WITH OTHER
LEGAL OBLIGATIONS
ARTICLE 32 SUSPENSION AND REMOVAL OF FINANCIAL INSTRUMENTS FROM TRADING
ON AN MTF OR AN
OTF
210
212
SECTION 3
SME GROWTH MARKETS
ARTICLE 33 SME GROWTH MARKETS .
217
CHAPTER III
RIGHTS OF INVESTMENT FIRMS
INTRODUCTION TO CHAPTER III 221
ARTICLE 34 FREEDOM TO PROVIDE INVESTMENT SERVICES AND ACTIVITIES 222
ARTICLE 35 ESTABLISHMENT OF A BRANCH 227
ARTICLE 36 ACCESS TO REGULATED MARKETS 233
ARTICLE 37 ACCESS TO CCP, CLEARING AND SETTLEMENT FACILITIES AND RIGHT
TO DESIGNATE
SETTLEMENT SYSTEM 234
ARTICLE 38 PROVISIONS REGARDING CCPS, CLEARING AND SETTLEMENT
ARRANGEMENTS IN RESPECT OF
MTFS 235
CHAPTER IV
PROVISION OF INVESTMENT SERVICES AND ACTIVITIES BY THIRD COUNTRY FIRMS
SECTION 1
PROVISION OF SERVICES OR PERFORMANCE OF ACTIVITIES THROUGH THE
ESTABLISHMENT OF A BRANCH
INTRODUCTION TO CHAPTER IV 237
ARTICLE 39 ESTABLISHMENT OF A BRANCH 237
ARTICLE 40 OBLIGATION TO PROVIDE INFORMATION 239
ARTICLE 41 GRANTING OF THE AUTHORISATION 240
ARTICLE42 PROVISION OF SERVICES AT THE EXCLUSIVE INITIATIVE OF THE
CLIENT 242
SECTION 2
WITHDRAWAL OF AUTHORISATIONS
ARTICLE 43 WITHDRAWAL OF AUTHORISATIONS ,
246
TITLE III
REGULATED MARKETS
ARTICLE 44 AUTHORISATION AND APPLICABLE LAW 247
ARTICLE 45 REQUIREMENTS FOR THE MANAGEMENT BODY OF A MARKET OPERATOR 252
ARTICLE 46 REQUIREMENTS RELATING TO PERSONS EXERCISING SIGNIFICANT
INFLUENCE OVER THE
MANAGEMENT OF THE REGULATED MARKET 262
ARTICLE 47 ORGANISATIONAL REQUIREMENTS 264
ARTICLE 48 SYSTEMS RESILIENCE, CIRCUIT BREAKERS AND ELECTRONIC TRADING
268
ARTICLE 49 TICK SIZES 292
ARTICLE50 SYNCHRONISATION OF BUSINESS CLOCKS 296
ARTICLE 51 ADMISSION OF FINANCIAL INSTRUMENTS TO TRADING 299
ARTICLE 52 SUSPENSION AND REMOVAL OF FINANCIAL INSTRUMENTS FROM TRADING
ON A REGULATED
MARKET 303
ARTICLE 53 ACCESS TO A REGULATED MARKET 308
X
CONTENTS
ARTICLE 54 MONITORING OF COMPLIANCE WITH THE RULES OF THE REGULATED
MARKET AND WITH OTHER
LEGAL OBLIGATIONS 312
ARTICLE 55 PROVISIONS REGARDING CCP AND CLEARING AND SETTLEMENT
ARRANGEMENTS 315
ARRICLE56 LIST OF REGULATED MARKETS 316
ARTICLE 57
ARTICLE 58
TITLE IV
POSITION LIMITS AND POSITION MANAGEMENT CONTROLS IN
COMMODITY DERIVATIVES AND REPORTING
POSITION LIMITS AND POSITION MANAGEMENT CONTROLS IN COMMODITY
DERIVATIVES
POSITION REPORTING BY CATEGORIES OF POSITION HOLDERS
317
334
ARTICLE 59
ARTICLE 60
ARTICLE 61
ARTICLE 62
ARTICLE 63
TITLE V
DATA REPORTING SERVICES
SECTION 1
AUTHORISATION PROCEDURES FOR DATA REPORTING SERVICES PROVIDERS
REQUIREMENT FOR AUTHORISATION 339
SCOPE OF AUTHORISATION 340
PROCEDURES FOR GRANTING AND REFUSING REQUESTS FOR AUTHORISATION 340
WITHDRAWAL OF AUTHORISATIONS 341
REQUIREMENTS FOR THE MANAGEMENT BODY OF A DATA REPORTING SERVICES
PROVIDER . 341
SECTION 2
CONDITIONS FOR APAS
ARTICLE 64 ORGANISATIONAL REQUIREMENTS .
347
SECTION 3
CONDITIONS FOR CTPS
ARTICLE 65 ORGANISATIONAL REQUIREMENTS .
349
SECTION 4
CONDITIONS FOR ARMS
ARTICLE 66 ORGANISATIONAL REQUIREMENTS.
351
ARTICLE 67
ARTICLE 68
ARTICLE 69
ARTICLE 70
ARTICLE 71
ARTICLE 72
ARTICLE 73
ARTICLE 74
ARTICLE 75
ARTICLE 76
ARTICLE 77
ARTICLE 78
TITLE VI
COMPETENT AUTHORITIES
CHAPTER I
DESIGNATION, POWERS AND REDRESS PROCEDURES
DESIGNATION OF COMPETENT AUTHORITIES 357
COOPERATION BETWEEN AUTHORITIES IN THE SAME MEMBER STATE 358
SUPERVISORY POWERS 358
SANCTIONS FOR INFRINGEMENTS 362
PUBLICATION OF DECISIONS 368
EXERCISE OF SUPERVISORY POWERS AND POWERS TO IMPOSE SANCTIONS 371
REPORTING OF INFRINGEMENTS 373
RIGHT OF APPEAL 375
EXTRA-JUDICIAL MECHANISM FOR CONSUMERS COMPLAINTS 3 76
PROFESSIONAL SECRECY 377
RELATIONS WITH AUDITORS 378
DATA PROTECTION 378
XI
CONTENTS
CHAPTER II
COOPERATION BETWEEN THE COMPETENT AUTHORITIES OF THE MEMBER STATES AND
WITH ESMA
ARTICLE 79 OBLIGATION TO COOPERATE 379
ARTICLE 80 COOPERATION BETWEEN COMPETENT AUTHORITIES IN SUPERVISORY
ACTIVITIES, FOR ON-SITE
VERIFICATIONS OR INVESTIGATIONS 381
ARTICLE 81 EXCHANGE OF INFORMATION 381
ARTICLE 82 BINDING MEDIATION 383
ARTICLE 83 REFUSAL TO COOPERATE 383
ARTICLE 84 CONSULTATION PRIOR TO AUTHORISATION 383
ARTICLE85 POWERS FOR HOST MEMBER STATES 384
ARTICLE 86 PRECAUTIONARY MEASURES TO BE TAKEN BY HOST MEMBER STATES 384
ARTICLE 87 COOPERATION AND EXCHANGE OF INFORMATION WITH ESMA 386
CHAPTER III
COOPERATION WITH THIRD COUNTRIES
ARTICLE 88 EXCHANGE OF INFORMATION WITH THIRD COUNTRIES ,
387
MARKETS IN FINANCIAL INSTRUMENTS REGULATION (MIFIR)
FOREWORD: THE NEW TRANSPARENCY REGIME UNDER MIFIR
389
TITLE I
SUBJECT MATTER, SCOPE AND DEFINITIONS
ARTICLE 1 SUBJECT MATTER AND SCOPE .
ARTICLE 2 DEFINITIONS
392
396
TITLE II
TRANSPARENCY FOR TRADING VENUES
CHAPTER I
TRANSPARENCY FOR EQUITY INSTRUMENTS
ARTICLE 3 PRE-TRADE TRANSPARENCY REQUIREMENTS FOR TRADING VENUES IN
RESPECT OF SHARES,
DEPOSITARY RECEIPTS, ETFS, CERTIFICATES AND OTHER SIMILAR FINANCIAL
INSTRUMENTS . 403
ARTICLE 4 WAIVERS FOR EQUITY INSTRUMENTS 408
ARTICLE5 VOLUME CAP MECHANISM 417
ARTICLE 6 POST-TRADE TRANSPARENCY REQUIREMENTS FOR TRADING VENUES IN
RESPECT OF SHARES,
DEPOSITARY RECEIPTS, ETFS, CERTIFICATES AND OTHER SIMILAR FINANCIAL
INSTRUMENTS . 423
ARTICLE 7 AUTHORISATION OF DEFERRED PUBLICATION 425
CHAPTER II
TRANSPARENCY FOR NON-EQUITY INSTRUMENTS
ARTICLE 8 PRE-TRADE TRANSPARENCY REQUIREMENTS FOR TRADING VENUES IN
RESPECT OF BONDS,
STRUCTURED FINANCE PRODUCTS, EMISSION ALLOWANCES AND DERIVATIVES 428
ARTICLE 9 WAIVERS FOR NON-EQUITY INSTRUMENTS 432
ARTICLE 10 POST-TRADE TRANSPARENCY REQUIREMENTS FOR TRADING VENUES IN
RESPECT OF BONDS,
STRUCTURED FINANCE PRODUCTS, EMISSION ALLOWANCES AND DERIVATIVES 441
ARTICLE 11 AUTHORISATION OF DEFERRED PUBLICATION 442
CHAPTER III
OBLIGATION TO OFFER TRADE DATA ON A SEPARATE AND REASONABLE COMMERCIAL
BASIS
ARTICLE 12 OBLIGATION TO MAKE PRE-TRADE AND POST-TRADE DATA AVAILABLE
SEPARATELY 450
ARTICLE 13 OBLIGATION TO MAKE PRE-TRADE AND POST-TRADE DATA AVAILABLE ON
A REASONABLE
COMMERCIAL BASIS 451
XII
CONTENTS
TITLE III
TRANSPARENCY FOR SYSTEMATIC INTERNALISERS AND
INVESTMENT FIRMS TRADING OTC
ARTICLE 14 OBLIGATION FOR SYSTEMATIC INTERNALISERS TO MAKE PUBLIC FIRM
QUOTES IN RESPECT OF
SHARES, DEPOSITARY RECEIPTS, ETFS, CERTIFICATES AND OTHER SIMILAR
FINANCIAL
INSTRUMENTS 454
ARTICLE 15 EXECUTION OF CLIENT ORDERS 458
ARTICLE 16 OBLIGATIONS OF COMPETENT AUTHORITIES 463
ARTICLE 17 ACCESS TO QUOTES 463
ARTICLE 18 OBLIGATION FOR SYSTEMATIC INTERNALISERS TO MAKE PUBLIC FIRM
QUOTES IN RESPECT OF
BONDS, STRUCTURED FINANCE PRODUCTS, EMISSION ALLOWANCES AND DERIVATIVES
465
ARTICLE 19 MONITORING BY ESMA 471
ARTICLE 20 POST-TRADE DISCLOSURE BY INVESTMENT FIRMS, INCLUDING
SYSTEMATIC INTERNALISERS, IN
RESPECT OF SHARES, DEPOSITARY RECEIPTS, ETFS, CERTIFICATES AND OTHER
SIMILAR
FINANCIAL INSTRUMENTS 472
ARTICLE 21 POST-TRADE DISCLOSURE BY INVESTMENT FIRMS, INCLUDING
SYSTEMATIC INTERNALISERS, IN
RESPECT OF BONDS, STRUCTURED FINANCE PRODUCTS, EMISSION ALLOWANCES AND
DERIVATIVES 478
ARTICLE 22 PROVIDING INFORMATION FOR THE PURPOSES OF TRANSPARENCY AND
OTHER CALCULATIONS . 482
ARTICLE 23 TRADING OBLIGATION FOR INVESTMENT FIRMS 487
TITLE IV
TRANSACTION REPORTING
ARTICLE24 OBLIGATION TO UPHOLD INTEGRITY OF MARKETS 493
ARTICLE25 OBLIGATION TO MAINTAIN RECORDS 494
ARTICLE 26 OBLIGATION TO REPORT TRANSACTIONS 495
ARTICLE 27 OBLIGATION TO SUPPLY FINANCIAL INSTRUMENT REFERENCE DATA 498
TITLE V
DERIVATIVES
ARTICLE 28 OBLIGATION TO TRADE ON REGULATED MARKETS, MTFS OR OTFS 504
ARTICLE 29 CLEARING OBLIGATION FOR DERIVATIVES TRADED ON REGULATED
MARKETS AND TIMING OF
ACCEPTANCE FOR CLEARING 511
ARTIDE30 INDIRECT CLEARING ARRANGEMENTS 513
ARTICLE 31 PORTFOLIO COMPRESSION 517
ARTICLE 32 TRADING OBLIGATION PROCEDURE 519
ARTICLE 33 MECHANISM TO AVOID DUPLICATIVE OR CONFLICTING RULES 524
ARTICLE 34 REGISTER OF DERIVATIVES SUBJECT TO THE TRADING OBLIGATION 526
TITLE VI
NON-DISCRIMINATORY CLEARING ACCESS FOR FINANCIAL INSTRUMENTS
ARTICLE35 NON-DISCRIMINATORY ACCESS TO A CCP 527
ARTICLE 36 NON-DISCRIMINATORY ACCESS TO A TRADING VENUE 529
ARTICLE 37 NON-DISCRIMINATORY ACCESS TO AND OBLIGATION TO LICENCE
BENCHMARKS 531
ARTICLE 38 ACCESS FOR THIRD-COUNTRY CCPS AND TRADING VENUES 537
TITLE VII
SUPERVISORY MEASURES ON PRODUCT INTERVENTION AND POSITIONS
CHAPTER 1
PRODUCT MONITORING AND INTERVENTION
INTRODUCTION TO ARTICLES 39-43 ^
ARTICLE 39 MARKET MONITORING ^T
ARTICLE40 ESMA TEMPORARY INTERVENTION POWERS 54Z
ARTICLE41 EBA TEMPORARY INTERVENTION POWERS 544
ARTICLE 42 PRODUCT INTERVENTION BY COMPETENT AUTHORITIES 549
ARTICLE43 COORDINATION BY ESMA AND EBA 4
XIII
CONTENTS
CHAPTER 2
POSITIONS
ARTICLE 44 COORDINATION OF NATIONAL POSITION MANAGEMENT MEASURES AND
POSITION LIMITS BY
ESMA 555
ARTICLE 45 POSITION MANAGEMENT POWERS OF ESMA 555
TITLE VIII
PROVISION OF SERVICES AND PERFORMANCE OF ACTIVITIES BY
THIRD-COUNTRY FIRMS FOLLOWING AN EQUIVALENCE DECISION
WITH OR WITHOUT A BRANCH
INTRODUCTION TO TITLE VIII 559
ARTIDE46 GENERAL PROVISIONS 560
ARTICLE 47 EQUIVALENCE DECISION 566
ARTICLE 48 REGISTER 571
ARTICLE 49 WITHDRAWAL OF REGISTRATION 572
CONSOLIDATED ADMISSIONS AND REPORTING DIRECTIVE (CARD)
INTRODUCTION 574
TITLE I
DEFINITIONS AND SCOPE OF APPLICATION
CHAPTER I
DEFINITIONS
ARTICLE 1 576
CHAPTER II
SCOPE OF APPLICATION
ARTICLE 2 577
TITLE II
GENERAL PROVISIONS CONCERNING THE OFFICIAL LISTING OF SECURITIES
CHAPTER I
GENERAL CONDITIONS FOR ADMISSION
ARTICLE 5 580
ARTICLE 6 580
ARTICLE 7 581
CHAPTER II
MORE STRINGENT OR ADDITIONAL CONDITIONS AND OBLIGATIONS
ARTICLE 8 581
CHAPTER III
DEROGATIONS
ARTICLE 9 583
ARTICLE 10 583
XIV
CONTENTS
CHAPTER IV
POWERS OF THE NATIONAL COMPETENT AUTHORITIES
SECTION 1
DECISION OF ADMISSION
ARTICLE 11 534
ARTICLE 12 535
ARTICLE 13 5G5
ARTICLE 14 586
ARTICLE 15 587
SECTION 2
INFORMATION REQUESTED BY THE COMPETENT AUTHORITIES
ARTICLE 16 587
SECTION 3
ACTION AGAINST AN ISSUER FAILING TO COMPLY WITH THE OBLIGATIONS
RESULTING FROM ADMISSION
ARTICLE 17 588
SECTION 4
SUSPENSION AND DISCONTINUANCE
ARTICLE 18 590
SECTION 5
RIGHT TO APPLY TO THE COURTS IN CASE OF REFUSAL OF ADMISSION OR
DISCONTINUANCE
ARTICLE 19 591
ARTICLES 20-41 WERE TRANSFERRED INTO THE PROSPECTUS DIRECTIVE 592
TITLE III
PARTICULAR CONDITIONS RELATING TO OFFICIAL LISTINGS OF SECURITIES
INTRODUCTION TO TITLE III 593
CHAPTER II
SPECIFIC CONDITIONS FOR THE ADMISSION OF SHARES
SECTION 1
CONDITIONS RELATING TO COMPANIES FOR THE SHARES OF WHICH ADMISSION TO
OFFICIAL LISTING IS SOUGHT
ARTICLE 42 593
ARTICLE 43 594
ARTICLE 44 597
SECTION 2
CONDITIONS RELATING TO THE SHARES FOR WHICH ADMISSION IS SOUGHT
ARTICLE 45 598
ARTICLE 46 598
ARTICLE 47 599
ARTICLE 48 600
ARTICLE 49 601
ARTICLE 50 602
ARTICLE 51 604
XV
CONTENTS
CHAPTER III
PARTICULAR CONDITIONS RELATING TO THE ADMISSION TO OFFICIAL LISTING OF
DEBT SECURITIES ISSUED
BY AN UNDERTAKING
SECTION 1
CONDITIONS RELATING TO UNDERTAKINGS FOR THE DEBT SECURITIES OF WHICH
ADMISSION
TO OFFICIAL LISTING IS SOUGHT
ARTICLE 52 604
SECTION 2
CONDITIONS RELATING TO THE DEBT SECURITIES FOR WHICH ADMISSION TO
OFFICIAL LISTING IS SOUGHT
ARTICLE 53 605
ARTICLE 54 605
ARTICLE 55 606
ARTICLE 56 607
ARTICLE 57 608
SECTION 3
OTHER CONDITIONS
ARTICLE 58 609
ARTICLE 59 610
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
ARTICLE 60 612
ARTICLE 61 612
ARTICLE 62 613
ARTICLE 63 613
TITLE IV
OBLIGATIONS RELATING TO SECURITIES ADMITTED TO OFFICIAL LISTING
CHAPTER I
OBLIGATIONS OF COMPANIES WHOSE SHARES ARE ADMITTED TO OFFICIAL LISTING
SECTION 1
LISTING OF NEWLY ISSUED SHARES OF THE SAME CLASS
ARTICLE 64 614
ARTICLES 65-104 WERE TRANSFERRED INTO THE TRANSPARENCY DIRECTIVE 615
TITLE VI
COMPETENT AUTHORITIES AND COOPERATION BETWEEN MEMBER STATES
ARTICLE 105 616
ARTICLE 106 617
ARTICLE 107 618
TITLE VII
CONTACT COMMITTEE
CHAPTER I
COMPOSITION, WORKING AND TASKS OF THE COMMITTEE
ARTICLE 108 620
XVI
CONTENTS
CHAPTER II
ADAPTATION OF THE AMOUNT OF EQUITY MARKET CAPITALISATION
ARTICLE 109 620
TITLE VIII
FINAL PROVISIONS
ARTICLE 110 621
ARTICLE 111 621
ARTICLE 112 622
ARTICLE 113 622
2. MARKET BEHAVIOUR
MARKET ABUSE DIRECTIVE (MAD)
ARTICLE 1 SUBJECT MATTER AND SCOPE 623
ARTICLE 2 DEFINITIONS 624
ARTICLE 3 INSIDER DEALING, RECOMMENDING OR INDUCING ANOTHER PERSON TO
ENGAGE IN INSIDER
DEALING 627
ARTICLE 4 UNLAWFUL DISCLOSURE OF INSIDE INFORMATION 628
ARTICLE 5 MARKET MANIPULATION 628
ARTICLE6 INCITING, AIDING AND ABETTING, AND ATTEMPT 629
ARTICLE 7 CRIMINAL PENALTIES FOR NATURAL PERSONS 637
ARTICLE 8 LIABILITY OF LEGAL PERSONS 637
ARTICLE 9 SANCTIONS FOR LEGAL PERSONS 637
ARTICLE 10 JURISDICTION 640
MARKET ABUSE REGULATION (MAR)
INTRODUCTION 644
CHAPTER 1
GENERAL PROVISIONS
ARTICLE 1 SUBJECT MATTER 650
ARTICLE 2 SCOPE 650
ARTICLE 3 DEFINITIONS 654
ARTICLE 4 NOTIFICATIONS AND LIST OF FINANCIAL INSTRUMENTS 657
ARTICLE 5 EXEMPTION FOR BUY-BACK PROGRAMMES AND STABILISATION 661
ARTICLE 6 EXEMPTION FOR MONETARY AND PUBLIC DEBT MANAGEMENT ACTIVITIES
AND CLIMATE
POLICY ACTIVITIES 670
CHAPTER 2
INSIDE INFORMATION, INSIDER DEALING, UNLAWFUL DISCLOSURE OF INSIDE
INFORMATION AND
MARKET MANIPULATION
ARTICLE 7 INSIDE INFORMATION 673
ARTICLE 8 INSIDER DEALING 692
ARTICLE 9 LEGITIMATE BEHAVIOUR 705
ARTICLE 10 UNLAWFUL DISCLOSURE OF INSIDE INFORMATION 711
ARTICLE 11 MARKET SOUNDINGS 718
ARTICLE 12 MARKET MANIPULATION 730
ARTICLE 13 ACCEPTED MARKET PRACTICES 756
ARTICLE 14 PROHIBITION OF INSIDER DEALING AND OF UNLAWFUL DISCLOSURE OF
INSIDE INFORMATION . 767
ARTICLE 15 PROHIBITION OF MARKET MANIPULATION 770
ARTICLE 16 PREVENTION AND DETECTION OF MARKET ABUSE 772
XVII
CONTENTS
CHAPTER 3
DISCLOSURE REQUIREMENTS
ARTICLE 17 PUBLIC DISCLOSURE OF INSIDE INFORMATION 778
ARTICLE 18 INSIDER LISTS 799
ARTICLE 19 MANAGERS' TRANSACTIONS 808
ARTICLE 20 INVESTMENT RECOMMENDATIONS AND STATISTICS 824
ARTICLE21 DISCLOSURE OR DISSEMINATION OF INFORMATION IN THE MEDIA 833
CHAPTER 4
ESMA AND COMPETENT AUTHORITIES
ARTICLE 22 COMPETENT AUTHORITIES 836
ARTICLE 23 POWERS OF COMPETENT AUTHORITIES 838
ARTICLE24 COOPERATION WITH ESMA 843
ARTICLE 25 OBLIGATION TO COOPERATE 844
ARTICLE 26 COOPERATION WITH THIRD COUNTRIES 846
ARTICLE 27 PROFESSIONAL SECRECY 849
ARTICLE 28 DATA PROTECTION 850
ARTICLE29 DISCLOSURE OF PERSONAL DATA TO THIRD COUNTRIES 851
CHAPTER 5
ADMINISTRATIVE MEASURES AND SANCTIONS
ARTICLE 30 ADMINISTRATIVE SANCTIONS AND OTHER ADMINISTRATIVE MEASURES
852
ARTICLE 31 EXERCISE OF SUPERVISORY POWERS AND IMPOSITION OF SANCTIONS
863
ARTICLE32 REPORTING OF INFRINGEMENTS 865
ARTICLE 33 EXCHANGE OF INFORMATION WITH ESMA 868
ARTICLE 34 PUBLICATION OF DECISIONS 869
SHORT SELLING REGULATION (SSR)
INTRODUCTION AND OVERVIEW 875
CHAPTER I
GENERAL PROVISIONS
OVERVIEW OF ARTICLES 1-4 881
ARTICLE 1 SCOPE 881
ARTICLE 2 DEFINITIONS 883
ARTICLE 3 SHORT AND LONG POSITIONS 888
ARTICLE 4 UNCOVERED POSITION IN A SOVEREIGN CREDIT DEFAULT SWAP 892
CHAPTER II
TRANSPARENCY OF NET SHORT POSITIONS
OVERVIEW OF ARTICLES 5-11 894
ARTICLE 5 NOTIFICATION TO COMPETENT AUTHORITIES OF SIGNIFICANT NET SHORT
POSITIONS IN SHARES 895
ARTICLE 6 PUBLIC DISCLOSURE OF SIGNIFICANT NET SHORT POSITIONS IN SHARES
897
ARTICLE 7 NOTIFICATION TO COMPETENT AUTHORITIES OF SIGNIFICANT NET SHORT
POSITIONS IN
SOVEREIGN DEBT 899
ARTICLE 8 NOTIFICATION TO COMPETENT AUTHORITIES OF UNCOVERED POSITIONS
IN SOVEREIGN CREDIT
DEFAULT SWAPS 902
ARTICLE 9 METHOD OF NOTIFICATION AND DISCLOSURE 903
ARTICLE 10 APPLICATION OF NOTIFICATION AND DISCLOSURE REQUIREMENTS 906
ARTICLE 11 INFORMATION TO BE PROVIDED TO ESMA 906
CHAPTER III
UNCOVERED SHORT SALES
OVERVIEW OF ARTICLES 12-15 908
XVIII
CONTENTS
ARTICLE 12 RESTRICTIONS ON UNCOVERED SHORT SALES IN SHARES 910
ARTICLE 13 RESTRICTIONS ON UNCOVERED SHORT SALES IN SOVEREIGN DEBT 914
ARTICLE 14 RESTRICTIONS ON UNCOVERED SOVEREIGN CREDIT DEFAULT SWAPS 918
ARTICLE 15 BUY-IN PROCEDURES (DELETED) 920
CHAPTER IV
EXEMPTIONS
ARTICLE 16 EXEMPTION WHERE THE PRINCIPAL TRADING VENUE IS IN A THIRD
COUNTRY 921
ARTICLE 17 EXEMPTION FOR MARKET MAKING ACTIVITIES AND PRIMARY MARKET
OPERATIONS 924
CHAPTER V
POWERS OF INTERVENTION OF COMPETENT AUTHORITIES AND OF ESMA
OVERVIEW OF ARTICLES 18-31 929
SECTION 1
POWERS OF COMPETENT AUTHORITIES
ARTICLES 18 TO 26 930
SECTION 2
POWERS OF ESMA
ARTICLES 27 TO 31 934
CHAPTER VI
ROLE OF COMPETENT AUTHORITIES
ARTICLES 32 TO 41 937
CHAPTER VII-IX
DELEGATED ACTS, IMPLEMENTING ACTS, AND TRANSITIONAL AND FINAL PROVISIONS
ARTICLES 42 TO 48 939
3. MARKET TRANSPARENCY
PROSPECTUS DIRECTIVE (PD)
INTRODUCTION 944
CHAPTER I
GENERAL PROVISIONS
ARTICLE 1 PURPOSE AND SCOPE 951
ARTICLE 2 DEFINITIONS 958
ARTICLE 3 OBLIGATION TO PUBLISH A PROSPECTUS 965
ARTICLE 4 EXEMPTIONS FROM THE OBLIGATION TO PUBLISH A PROSPECTUS 969
CHAPTER II
DRAWING UP OF THE PROSPECTUS
ARTICLE5 THE PROSPECTUS 974
ARTICLE6 RESPONSIBILITY ATTACHING TO THE PROSPECTUS 984
ARTICLE 7 MINIMUM INFORMATION 987
ARTICLE 8 OMISSION OF INFORMATION 990
ARTICLE 9 VALIDITY OF A PROSPECTUS, BASE PROSPECTUS AND REGISTRATION
DOCUMENT 994
ARTICLE 10 INFORMATION 995
XIX
CONTENTS
ARTICLE 11 INCORPORATION BY REFERENCE 995
ARTICLE 12 PROSPECTUSES CONSISTING OF SEPARATE DOCUMENTS 997
CHAPTER III
ARRANGEMENTS FOR APPROVAL AND PUBLICATION OF THE PROSPECTUS
ARTICLE 13 APPROVAL OF THE PROSPECTUS 999
ARTICLE 14 PUBLICATION OF THE PROSPECTUS 1004
ARTICLE 15 ADVERTISEMENTS 1007
ARTICLE 16 SUPPLEMENTS TO THE PROSPECTUS 1009
CHAPTER IV
CROSS-BORDER OFFERS AND ADMISSION TO TRADING
ARTICLE 17 COMMUNITY SCOPE OF APPROVALS OF PROSPECTUSES 1013
ARTICLE 18 NOTIFICATION 1014
CHAPTER V
USE OF LANGUAGES AND ISSUERS INCORPORATED IN THIRD COUNTRIES
ARTICLE 19 USES OF LANGUAGES 1016
ARTICLE 20 ISSUERS INCORPORATED IN THIRD COUNTRIES 1018
CHAPTER VI
COMPETENT AUTHORITIES
ARTICLE 21 POWERS 1020
ARTICLE 22 PROFESSIONAL SECRECY AND COOPERATION BETWEEN AUTHORITIES 1023
ARTICLE 23 PRECAUTIONARY MEASURES 1025
CHAPTER VII
IMPLEMENTING MEASURES
ARTICLE 24 COMMITTEE PROCEDURE 1027
ARTICLE 24 A EXERCISE OF THE DELEGATION 1027
ARTICLE 24 B REVOCATION OF THE DELEGATION 1028
ARTICLE 24 C OBJECTIONS TO DELEGATED ACTS 1028
ARTICLE 25 SANCTIONS 1029
ARTICLE 26 RIGHT OF APPEAL 1030
CHAPTER VIII
TRANSITIONAL AND FINAL PROVISIONS
ARTICLE 27 AMENDMENTS 1031
ARTICLE 28 REPEAL 1031
ARTICLE 29 TRANSPOSITION 1031
ARTICLE 30 TRANSITIONAL PROVISION 1031
ARTICLE 31 REVIEW 1032
ARTICLE31A STAFF AND RESOURCES OF ESMA 1032
ARTICLE 32 ENTRY INTO FORCE 1032
ARTICLE 33 ADDRESSEES 1032
PACKAGED RETAIL AND INSURANCE-BASED INVESTMENT PRODUCTS REGULATION
(PRIIPR)
CHAPTER I
SUBJECT MATTER, SCOPE AND DEFINITIONS
ARTICLE 1 1033
ARTICLE 2 1036
ARTICLE 3 1038
XX
CONTENTS
ARTICLE 4
1039
CHAPTER II
KEY INFORMATION DOCUMENT
SECTION I
DRAWING UP THE KEY INFORMATION DOCUMENT
ARTICLE 5 1046
SECTION II
FORM AND CONTENT OF THE KEY INFORMATION DOCUMENT
ARTICLE 6 1048
ARTICLE 7 1051
ARTICLE 8 1054
ARTICLE 9 1063
ARTICLE 10 1065
ARTICLE 11 1067
ARTICLE 12 1072
SECTION III
PROVISION OF THE KEY INFORMATION DOCUMENT
ARTICLE 13 1073
ARTICLE 14 1081
CHAPTER III
MARKET MONITORING AND PRODUCT INTERVENTION POWERS
ARTICLE 15 1086
ARTICLE 16 1086
ARTICLE 17 1087
ARTICLE 18 1089
CHAPTER IV
COMPLAINTS, REDRESS; COOPERATION AND SUPERVISION
ARTICLE 19 1089
ARTICLE 20 1089
ARTICLE 21 1090
CHAPTER V
ADMINISTRATIVE PENALTIES AND OTHER MEASURES
ARTICLE 22 1090
ARTICLE 23 1091
ARTICLE 24 1091
ARTICLE25 1092
ARTICLE 26 1092
ARTICLE 27 1092
ARTICLE28 1093
ARTICLE 29 1093
CHAPTER VI
FINAL PROVISIONS
ARTICLE 30 1095
ARTICLE 31 1096
ARTICLE 32 1096
ARTICLE 33 1096
ARTIDE34 1097
XXI
CONTENTS
TRANSPARENCY DIRECTIVE (TD)
CHAPTER I
GENERAL PROVISIONS
ARTICLE 1 SUBJECT MATTER AND SCOPE 1100
ARTICLE 2 DEFINITIONS 1104
ARTICLE 3 INTEGRATION OF SECURITIES MARKETS 1114
CHAPTER II
PERIODIC INFORMATION
ARTICLE 4 ANNUAL FINANCIAL REPORTS 1118
ARTICLE 5 HALF-YEARLY FINANCIAL REPORTS 1124
ARTICLE6 REPORT ON PAYMENTS TO GOVERNMENTS 1131
ARTICLE 7 RESPONSIBILITY AND LIABILITY 1135
ARTICLE 8 EXEMPTIONS 1137
CHAPTER III
ONGOING INFORMATION
SECTION I
INFORMATION ABOUT MAJOR HOLDINGS
ARTICLE 9 NOTIFICATION OF THE ACQUISITION OR DISPOSAL OF MAJOR HOLDINGS
1140
ARTICLE 10 ACQUISITION OR DISPOSAL OF MAJOR PROPORTIONS OF VOTING RIGHTS
1148
ARTICLE 11 ANNUAL FINANCIAL REPORTS 1155
ARTICLE 12 PROCEDURES ON THE NOTIFICATION AND DISCLOSURE OF MAJOR
HOLDINGS 1156
ARTICLE 13 1163
ARTICLE 13 A AGGREGATION 1172
ARTICLE 14 1174
ARTICLE 15 1176
ARTICLE 16 ADDITIONAL INFORMATION 1177
SECTION II
INFORMATION FOR HOLDERS OF SECURITIES ADMITTED TO TRADING ON A REGULATED
MARKET
ARTICLE 17 INFORMATION REQUIREMENTS FOR ISSUERS WHOSE SHARES ARE
ADMITTED TO TRADING ON A
REGULATED MARKET 1179
ARTICLE 18 INFORMATION REQUIREMENTS FOR ISSUERS WHOSE DEBT SECURITIES
ARE ADMITTED TO
TRADING ON A REGULATED MARKET 1183
CHAPTER IV
GENERAL OBLIGATIONS
ARTICLE 19 HOME MEMBER STATE CONTROL 1187
ARTICLE 20 LANGUAGES 1189
ARTICLE 21 ACCESS TO REGULATED INFORMATION 1193
ARTICLE 21A EUROPEAN ELECTRONIC ACCESS POINT 1197
ARTICLE 22 ACCESS TO REGULATED INFORMATION AT UNION LEVEL 1199
ARTICLE 23 THIRD COUNTRIES 1200
CHAPTER V
COMPETENT AUTHORITIES
ARTICLE 24 COMPETENT AUTHORITIES AND THEIR POWERS 1204
ARTICLE 25 PROFESSIONAL SECRECY AND COOPERATION BETWEEN MEMBER STATES
1208
ARTICLE 26 PRECAUTIONARY MEASURES 1210
XXII
CONTENTS
CHAPTER VI
DELEGATED ACTS AND IMPLEMENTING MEASURES
ARTICLE 27 COMMITTEE PROCEDURE 1211
ARTICLE 27 A REVOCATION OF THE DELEGATION 1214
ARTICLE 27 B OBJECTIONS TO DELEGATED ACTS 1215
CHAPTER VIA
SANCTIONS AND MEASURES
ARTICLE 28 ADMINISTRATIVE MEASURES AND SANCTIONS 1216
ARTICLE 28 A BREACHES 1219
ARTICLE 28 B SANCTIONING POWERS 1219
ARTICLE 28 C EXERCISE OF SANCTIONING POWERS 1222
CHAPTER VIB
PUBLICATION OF DECISIONS
ARTICLE 29 PUBLICATION OF DECISIONS.
1223
CHAPTER VII
TRANSITIONAL AND FINAL PROVISIONS
ARTICLE 30 TRANSITIONAL PROVISIONS 1226
ARTICLE 31 TRANSPOSITION 1227
ARTICLE 32 AMENDMENTS 1228
ARTICLE 33 REVIEW 1228
ARTICLE 34 ENTRY INTO FORCE 1229
ARTICLE 35 ADDRESSEES 1230
CREDIT RATING AGENCY REGULATION (CRAR)
TITLE I
SUBJECT MATTER, SCOPE AND DEFINITIONS
ARTICLE 1 SUBJECT MATTER 1232
ARTICLE 2 SCOPE 1234
ARTICLE 3 DEFINITIONS 1236
ARTICLE 4 USE OF CREDIT RATINGS 1242
ARTICLE 5 EQUIVALENCE AND CERTIFICATION BASED ON EQUIVALENCE 1246
ARTICLE 5 A OVER-RELIANCE ON CREDIT RATINGS BY FINANCIAL INSTITUTIONS
1248
ARTICLE 5 B RELIANCE ON CREDIT RATINGS BY THE EUROPEAN SUPERVISORY
AUTHORITIES AND THE
EUROPEAN SYSTEMIC RISK BOARD 1249
ARTICLE5C OVER-RELIANCE ON CREDIT RATINGS IN UNION LAW 1249
ARTICLE 6
ARTICLE 6 A
ARTICLE 6 B
ARTICLE 7
ARTICLE 8
ARTICLE 8 A
ARTICLE 8 B
ARTICLE 8 C
ARTICLE 8 D
ARTICLE 9
ARTICLE 10
ARTICLE 11
TITLE II
ISSUING OF CREDIT RATINGS
INDEPENDENCE AND AVOIDANCE OF CONFLICTS OF INTEREST 1252
CONFLICTS OF INTEREST CONCERNING INVESTMENTS IN CREDIT RATING AGENCIES
1257
MAXIMUM DURATION OF THE CONTRACTUAL RELATIONSHIP WITH A CREDIT RATING
AGENCY. 1258
RATING ANALYSTS, EMPLOYEES AND OTHER PERSONS INVOLVED IN THE ISSUING OF
CREDIT
RATINGS 1261
METHODOLOGIES, MODELS AND KEY RATING ASSUMPTIONS 1263
SOVEREIGN RATINGS 1269
INFORMATION ON STRUCTURED FINANCE INSTRUMENTS 1271
DOUBLE CREDIT RATING OF STRUCTURED FINANCE INSTRUMENTS 1273
USE OF MULTIPLE CREDIT RATING AGENCIES 1274
OUTSOURCING 1276
DISCLOSURE AND PRESENTATION OF CREDIT RATINGS 1277
GENERAL AND PERIODIC DISCLOSURES 1280
XXIII
CONTENTS
ARTICLE LLA EUROPEAN RATING PLATFORM 1281
ARTICLE 12 TRANSPARENCY REPORT 1283
ARTICLE 13 PUBLIC DISCLOSURE FEES 1283
TITLE III
SURVEILLANCE OF CREDIT RATING ACTIVITIES
CHAPTER I
REGISTRATION PROCEDURE
ARTICLES 14 TO 20 1284
CHAPTER II
SUPERVISION BY ESMA
ARTICLES 21 TO 25 A 1288
CHAPTER III
COOPERATION BETWEEN ESMA, COMPETENT AUTHORITIES AND SECTORAL COMPETENT
AUTHORITIES
ARTICLES 26 TO 32 1291
CHAPTER IV
COOPERATION WITH THIRD COUNTRIES
ARTICLES 34 TO 35 1293
TITLE IIIA
CIVIL LIABILITY OF CREDIT RATING AGENCIES
ARTICLE 35 A CIVIL LIABILITY 1294
TITLE IV
PENALTIES, COMMITTEE PROCEDURE, REPORTING AND TRANSITIONAL
AND FINAL PROVISIONS
CHAPTER I
PENALTIES, COMMITTEE PROCEDURE AND REPORTING
ARTICLES 36 TO 39 1301
CHAPTER II
TRANSNATIONAL AND FINAL PROVISIONS
ARTICLES 40 TO 41 1303
4. FUNDS
UNDERTAKINGS FOR COLLECTIVE INVESTMENTS IN
TRANSFERABLE SECURITIES DIRECTIVE (UCITSD)
CHAPTER I
SUBJECT MATTER, SCOPE AND DEFINITIONS
ARTICLE 1 SCOPE AND UCITS DEFINITION 1305
ARTICLE 2 DEFINITIONS 1317
ARTICLE3 EXCLUSIONS FROM THE SCOPE 1323
ARTICLE 4 HOME MEMBER STATE ASSUMPTION 1324
XXIV
CONTENTS
CHAPTER II
AUTHORISATION OF UCITS
ARTICLE 5 AUTHORISATION REQUIREMENT FOR THE FUND
1325
ARTICLE 6
ARTICLE 7
ARTICLE 8
CHAPTER III
OBLIGATIONS REGARDING MANAGEMENT COMPANIES
SECTION 1
CONDITIONS FOR TAKING UP BUSINESS
AUTHORISATION REQUIREMENT FOR MANAGEMENT COMPANY 1327
CONDITIONS FOR AUTHORISATION 1328
RELATED PARTIES 1331
SECTION 2
RELATIONS WITH THIRD COUNTRIES
ARTICLE 9 THIRD COUNTRY RELATIONS
1332
SECTION 3
OPERATING CONDITIONS
ARTICLE 10 CONDITIONS FOR TAKING UP BUSINESS 1333
ARTICLE 11 QUALIFYING HOLDINGS 1333
ARTICLE 12 PRUDENTIAL REGULATION 1334
ARTICLE 13 DELEGATION 1336
ARTICLE 14 CONDUCT OF BUSINESS RULES 1337
ARTICLE 14 A REMUNERATION POLICY 1338
ARTICLE 14 B DETAILS AND PROPORTIONALITY OF REMUNERATION POLICY 1339
ARTICLE 15 CROSS-BORDER SET UP, INVESTOR COMPLAINTS MECHANISM 1343
ARTICLE 16
ARTICLE 17
ARTICLE 18
ARTICLE 19
ARTICLE 20
ARTICLE 21
ARTICLE 22
ARTICLE 22 A
ARTICLE 23
ARTICLE 24
ARTICLE 25
ARTICLE 26
ARTICLE 26 A
ARTICLE 26 B
SECTION 4
FREEDOM OF ESTABLISHMENT AND FREEDOM TO PROVIDE SERVICES
FREEDOM TO PROVIDE SERVICES ON A CROSS-BORDER BASIS 1343
CROSS-BORDER SERVICES BY VIRTUE OF A BRANCH 1344
NOTIFICATION FOR CROSS-BORDER SERVICES 1346
NOTIFICATION FOR CROSS-BORDER SERVICES BY VIRTUE OF A BRANCH 1347
HOME MEMBER STATE SUPERVISION 1348
HOST MEMBER STATE SUPERVISION IN CASE OF A BRANCH 1350
CHAPTER IV
OBLIGATIONS REGARDING THE DEPOSITARY
MANDATORY DEPOSITARY; APPOINTMENT AND DUTIES OF DEPOSITARY 1353
DELEGATION BY DEPOSITARY 1357
REGISTERED OFFICE, QUALIFICATION AND ORGANISATION OF DEPOSITARY 1359
LIABILITY OF DEPOSITARY TOWARDS UCITS AND UNIT-HOLDERS 1360
INABILITY TO FUNCTION AS MANAGEMENT COMPANY AND DEPOSITARY; CONFLICTS OF
INTERESTS 1362
REPLACEMENT OF DEPOSITARY 1363
INFORMATION EXCHANGE WITH AND AMONG NATIONAL COMPETENT AUTHORITIES OF
DEPOSITARY, UCITS AND MANAGEMENT COMPANY 1364
IMPLEMENTING ACTS 1364
CHAPTER V
OBLIGATIONS REGARDING INVESTMENT COMPANIES
SECTION 1
CONDITIONS FOR TAKING UP BUSINESS
ARTICLE 27 AUTHORISATION, LEGAL FORM, REGISTERED OFFICE
1365
XXV
CONTENTS
ARTICLE 28 LIMITED SCOPE OF ACTIVITIES 1366
ARTICLE 29 MINIMUM CAPITAL, ORGANISATION, KEY PEOPLE, AUTHORISATION AND
WITHDRAWAL OF
AUTHORISATION 1366
SECTION 2
OPERATING CONDITIONS
ARTICLE 30 INTERNALLY MANAGED INVESTMENT COMPANIES, RESTRICTIONS ON
THIRD-PARTY PORTFOLIO
MANAGEMENT
ARTICLE 31 PRUDENTIAL AND CONDUCT OF BUSINESS RULES, ORGANISATIONAL
REQUIREMENTS FOR
INTERNALLY MANAGED INVESTMENT COMPANIES
1369
1370
SECTION 3
OBLIGATIONS REGARDING THE DEPOSITARY
ARTICLES 32-36 REMOVED BY UCITS V
CHAPTER VI
MERGERS OF UCITS
SECTION 1
PRINCIPLE, AUTHORISATION AND APPROVAL
ARTICLE 37 EXTENSION TO INVESTMENT COMPARTMENTS/SUB FUNDS 1371
ARTICLE 38 ENABLING OF CROSS-BORDER MERGERS 1371
ARTICLE 39 AUTHORISATION BY MERGING UCITS' NATIONAL COMPETENT AUTHORITY;
INFORMATION
EXCHANGE WITH RECEIVING UCITS' NATIONAL COMPETENT AUTHORITY 1372
ARTICLE 40 COMMON DRAFT TERMS OF MERGER 1373
SECTION 2
THIRD-PARTY CONTROL, INFORMATION OF UNIT-HOLDERS AND OTHER RIGHTS OF
UNIT-HOLDERS
ARTICLE 41 VERIFICATION BY DEPOSITARY OF MERGING AND RECEICING UCITS
1374
ARTICLE 42 VALIDATION OF VALUATION, MERGER-RELATED PAYMENTS, EXCHANGE
RATIO 1374
ARTICLE 43 DISCLOSURES TO UNIT-HOLDERS AFTER MERGER AUTHORISATION 1375
ARTICLE 44 CONSENT BY UNIT-HOLDER VOTING 1376
ARTICLE 45 EXTRAORDINARY REDEMPTION RIGHT 1376
SECTION 3
COSTS AND ENTRY INTO EFFECT
ARTICLE 46 BAN TO IMPOSE MERGER COSTS ON UCITS 1377
ARTICLE 47 DATE OF MERGER EFFECT 1377
ARTICLE48 CONSEQUENCES OF MERGER 1377
CHAPTER VII
OBLIGATIONS CONCERNING THE INVESTMENT POLICIES OF UCITS
ARTICLE49 COMPARTMENTS DEEMED UCITS 1380
ARTICLE 50 ELIGIBLE ASSETS 1381
ARTICLE 50 A INVESTMENT IN SECURITISATION POSITIONS 1385
ARTICLE 51 RISK MANAGEMENT, EXPOSURE LIMITS, RELIANCE ON CREDIT RATING
AGENCIES 1386
ARTICLE 52 DIVERSIFICATION 1389
ARTICLE 53 INVESTMENT LIMITS FOR DIVERSIFIED TARGET INVESTMENTS 1391
ARTICLE 54 INVESTMENT LIMITS FOR STATE-BACKED TARGET INVESTMENTS 1392
ARTICLE 55 INVESTMENT LIMITS FOR UCI TARGET INVESTMENTS 1393
ARTICLE 56 PROHIBITION OF CONTROLLING STAKES 1394
ARTICLE 57 EXEMPTIONS FROM ART 52,56 IN CERTAIN CASES 1396
XXVI
CONTENTS
CHAPTER VIII
MASTER-FEEDER STRUCTURES
SECTION 1
SCOPE AND APPROVAL
ARTICLE 58 DEFINITIONS, INVESTMENT LIMITS, EXEMPTIONS 1397
ARTICLE 59 EXEMPTION PROCEDURE REGARDING FEEDERS INVESTMENTS INTO MASTER
1398
SECTION 2
COMMON PROVISIONS FOR FEEDER AND MASTER UCITS
ARTICLE 60 RELATIONSHIP BETWEEN FEEDER AND MASTER 1399
SECTION 3
DEPOSITARIES AND AUDITORS
ARTICLE61 COMMUNICATION BETWEEN FEEDER'S AND MASTER'S DEPOSITARY 1401
ARTICLE 62 COMMUNICATION BETWEEN FEEDERS AND MASTERS AUDITORS 1403
SECTION 4
COMPULSORY INFORMATION AND MARKETING COMMUNICATIONS BY THE FEEDER UCITS
ARTICLE 63 ADDITIONAL DISCLOSURES TO INVESTORS AND FEEDER'S COMPETENT
AUTHORITY 1404
SECTION 5
CONVERSION OF EXISTING UCITS INTO FEEDER UCITS AND CHANGE OF MASTER
UCITS
ARTICLE 64 CONVERSION DISCLOSURES AND PROCEDURES 1405
SECTION 6
OBLIGATIONS AND COMPETENT AUTHORITIES
ARTICLE 65 FEEDER'S MONITORING OBLIGATION; ATTRIBUTION OF FEES AND
BENEFITS TO FEEDER 1407
ARTICLE 66 ADDITIONAL TASKS VIS-A-VIS MASTER'S COMPETENT AUTHORITY 1407
ARTICLE 67 DUTIES OF COMPETENT AUTHORITY IN CASE OF NON-COMPLIANCE BY
MASTER 1408
CHAPTER IX
OBLIGATIONS CONCERNING INFORMATION TO BE PROVIDED TO INVESTORS
SECTION 1
PUBLICATION OF A PROSPECTUS AND PERIODICAL REPORTS
ARTICLE 68 MANDATORY DISCLOSURE INSTRUMENTS 1409
ARTICLE69 MINIMUM CONTENT OF MANDATORY DISCLOSURES 1410
ARTICLE 70 DISCLOSURES ON CATEGORIES AND VOLATILITY OF ASSETS, RISK
MANAGEMENT 1412
ARTIDE71 DISDOSUREOF FUND RULES, INSTRUMENTS OF INCORPORATION 1413
ARTIDE72 OBLIGATION TO KEEP PROSPECTUS UP TO DATE 1414
ARTICLE 73 AUDITED ACCOUNTING INFORMATION, REPRODUCTION OF AUDITORS'
STATEMENT IN ANNUAL
REPORT 1414
ARTICLE 74 SUBMISSION OF PROSPECTUS, ANNUAL AND BI-ANNUAL REPORTS TO
COMPETENT AUTHORITY
OF UCITS AND MANAGEMENT COMPANY 1415
ARTICLE 75 FORMAT AND AVAILABILITY OF PROSPECTUS, ANNUAL AND BI-ANNUAL
REPORTS TO INVESTORS 1415
SECTION 2
PUBLICATION OF OTHER INFORMATION
ARTICLE 76 PUBLICATION OF UNIT PRICES 1416
ARTICLE 77 MARKETING COMMUNICATIONS 1417
XXVII
CONTENTS
SECTION 3
KEY INVESTOR INFORMATION
ARTICLE 78 MANDATORY KEY INVESTOR INFORMATION DOCUMENT FOR EACH UCITS;
FORMAT AND
CONTENT OF KEY INVESTOR INFORMATION DOCUMENT 1418
ARTICLE 79 CONSISTENCY OF KEY INVESTOR AND REGULATED INFORMATION;
LIABILITY FOR KEY INVESTOR
INFORMATION DISCLOSURES 1421
ARTICLE 80 USE OF KEY INVESTOR INFORMATION DOCUMENTS WHEN DIRECTLY AND
INDIRECTLY
MARKETING UCITS 1422
ARTICLE 81 AVAILABILITY OF KEY INVESTOR INFORMATION 1423
ARTICLE 82 SUBMISSION OF KEY INVESTOR INFORMATION TO UCITS COMPETENT
AUTHORITY; DUTY TO
KEEP KEY INVESTOR INFORMATION UP TO DATE 1425
CHAPTER X
GENERAL OBLIGATIONS OF UCITS
ARTICLE 83 BORROWING LIMITS 1426
ARTICLE 84 UNIT-HOLDERS' REDEMPTION RIGHTS 1427
ARTICLE 85 VALUATION RULES 1428
ARTICLE 86 DISTRIBUTION AND REINVESTMENTS OF INCOME 1429
ARTICLE 87 ISSUE OF UNIT EQUIVALENT TO NET ASSET VALUE 1429
ARTICLE 88 PROHIBITION TO GUARANTEE LOANS 1429
ARTICLE 89 PROHIBITION OF NAKED SHORT SALES 1430
ARTICLE 90 FEES 1431
CHAPTER XI
SPECIAL PROVISIONS APPLICABLE TO UCITS, WHICH MARKET THEIR UNITS IN
MEMBER STATES OTHER
THAN THOSE IN WHICH THEY ARE ESTABLISHED
ARTICLE91 ENABLING OF MARKETING IN HOST MEMBER STATES 1431
ARTICLE 92 ACCESS POINT IN HOST MEMBER STATE 1432
ARTICLE 93 NOTIFICATION PROCEDURE 1433
ARTICLE 94 SAME DISCLOSURES AS IN UCITS HOME STATE 1436
ARTICLE 95 IMPLEMENTING LEGISLATION 1437
ARTICLE 96 CONSISTENCY ON LEGAL FORM 1438
CHAPTER XII
PROVISIONS CONCERNING THE AUTHORITIES RESPONSIBLE FOR AUTHORISATION AND
SUPERVISION
ARTICLE 97 APPOINTMENT AND QUALIFICATIONS OF COMPETENT AUTHORITIES 1438
ARTICLE 98 POWERS OF COMPETENT AUTHORITIES; INQUIRY RIGHTS 1439
ARTICLE 99 SANCTIONING POWERS OF COMPETENT AUTHORITIES; MINIMUM
SANCTIONS 1440
ARTICLE 99 A MINIMUM SANCTIONING 1442
ARTICLE 99 B NAME AND SHAME 1444
ARTICLE 99 C FACTORS TO BE TAKEN INTO ACCOUNT WHEN SANCTIONING 1445
ARTICLE 99 D PROTECTION OF WHISTLEBLOWERS 1445
ARTICLE 99 E REPORTING OF PENALTIES TO ESMA 1447
ARTICLE 100 CONSUMER COMPLAINTS AND ALTERNATIVE DISPUTE RESOLUTION 1448
ARTICLE 101 COOPERATION AND INFORMATION EXCHANGE OF COMPETENT
AUTHORITIES AND ESMA;
ON-SITE VISITS; ESMA'S DISPUTE RESOLUTION POWERS 1449
ARTICLE 102 PROFESSIONAL SECRECY AND CONFIDENTIALITY; SUPERVISORY
COOPERATION AND
INFORMATION EXCHANGE 1452
ARTICLE 103 INFORMATION EXCHANGE IN CERTAIN CASES 1453
ARTICLE 104 INFORMATION EXCHANGE WITH MONETARY AUTHORITIES, CLEARING
HOUSES; LEGISLATORS * 1454
ARTICLE 104 A DATA PROTECTION 1457
ARTICLE 105 IMPLEMENTING LEGISLATION 1457
ARTICLE 106 REPORTING OF AUDITORS TO COMPETENT AUTHORITIES 1458
ARTICLE 107 REASONING OF NEGATIVE DECISIONS; STANDING TO SUE OF CONSUMER
PROTECTION
AGENCIES 1459
ARTICLE 108 DELINEATION OF SUPERVISORY POWERS 1460
ARTICLE 109 CROSS-BORDER PROVISION OF SERVICES; COLLABORATION 1462
ARTICLE 110 CROSS-BORDER SERVICES THROUGH A BRANCH; ON-SITE INSPECTIONS
1463
XXVIII
CONTENTS
CHAPTER XIII
DELEGATED ACTS AND POWERS OF EXECUTION
ARTICLE 111 TECHNICAL AMENDMENTS BY EUROPEAN COMMISSION 1464
ARTICLE 112 INVOLVEMENT OF EUROPEAN SECURITIES COMMITTEE 1464
ARTICLE 112 A IMPLEMENTING LEGISLATION BY EUROPEAN COMMISSION 1465
ALTERNATIVE INVESTMENT FUND MANAGERS DIRECTIVE (AIFMD)
INTRODUCTION
1466
CHAPTER I
GENERAL PROVISIONS
ARTICLE 1 SUBJECT MATTER 1467
ARTICLE 2 SCOPE 1467
ARTICLE 3 EXEMPTIONS 1469
ARTICLE 4 DEFINITIONS 1471
ARTICLE 5 DETERMINATION OF THE AIFM 1477
CHAPTER II
AUTHORISATION OF AIFMS
ARTICLE6 CONDITIONS FOR TAKING UP ACTIVITIES AS AIFM 1478
ARTICLE 7 APPLICATION FOR AUTHORISATION 1480
ARTICLE 8 CONDITIONS FOR GRANTING AUTHORISATION 1482
ARTICLE 9 INITIAL CAPITAL AND OWN FUNDS 1485
ARTICLE 10 CHANGES IN THE SCOPE OF THE AUTHORISATION 1486
ARTICLE 11 WITHDRAWAL OF THE AUTHORISATION 1487
CHAPTER HI
OPERATING CONDITIONS FOR AIFMS
SECTION 1
GENERAL REQUIREMENTS
ARTICLE 12 GENERAL PRINCIPLES 1488
ARTICLE 13 REMUNERATION 1489
ARTICLE 14 CONFLICTS OF INTEREST 1492
ARTICLEL5 RISK MANAGEMENT 1493
ARTICLE 16 LIQUIDITY MANAGEMENT 1496
ARTICLE 17 INVESTMENTINSECURITISATIONPOSITIONS 1496
ARTICLE 18
ARTICLE 19
SECTION 2
ORGANISATIONAL REQUIREMENTS
GENERAL PRINCIPLES.
VALUATION
1498
1499
SECTION 3
DELEGATION OF AIFM FUNCTIONS
ARTICLE 20 DELEGATION.
1502
SECTION 4
DEPOSITARY
ARTICLE 21 DEPOSITARY
1504
XXIX
CONTENTS
CHAPTER IV
TRANSPARENCY REQUIREMENTS
ARTICLE 22 ANNUAL REPORT 1512
ARTICLE 23 DISCLOSURE TO INVESTORS 1514
ARTICLE24 REPORTING OBLIGATIONS TO COMPETENT AUTHORITIES 1517
CHAPTER V
AIFMS MANAGING SPECIFIC TYPES OF AIF
SECTION 1
AIFMS MANAGING LEVERAGED AIFS
ARTICLE 25 USE OF INFORMATION BY COMPETENT AUTHORITIES, SUPERVISORY
COOPERATION AND LIMITS
TO LEVERAGE 1519
SECTION 2
OBLIGATIONS FOR AIFMS MANAGING AIFS WHICH ACQUIRE CONTROL OF NON-LISTED
COMPANIES
AND ISSUERS
ARTICLE 26 SCOPE 1521
ARTICLE 27 NOTIFICATION OF THE ACQUISITION OF MAJOR HOLDINGS AND CONTROL
OF NON-LISTED
COMPANIES 1522
ARTICLE28 DISCLOSURE IN CASE OF ACQUISITION OF CONTROL 1524
ARTICLE 29 SPECIFIC PROVISIONS REGARDING THE ANNUAL REPORT OF AIFS
EXERCISING CONTROL OF
NON-LISTED COMPANIES 1526
ARTICLE 30 ASSET STRIPPING 1527
CHAPTER VI
RIGHTS OF EU AIFMS TO MARKET AND MANAGE EU AIFS IN THE UNION
ARTICLE 31 MARKETING OF UNITS OR SHARES OF EU AIFS IN THE HOME MEMBER
STATE OF THE AIFM 1529
ARTICLE 32 MARKETING OF UNITS OR SHARES OF EU AIFS IN MEMBER STATES
OTHER THAN IN THE
HOME MEMBER STATE OF THE AIFM 1530
ARTICLE 33 CONDITIONS FOR MANAGING EU AIFS ESTABLISHED IN OTHER MEMBER
STATES AND FOR
PROVIDING SERVICES IN OTHER MEMBER STATES 1533
CHAPTER VII
SPECIFIC RULES IN RELATION TO THIRD COUNTRIES
ARTICLE 34 CONDITIONS FOR EU AIFMS WHICH MANAGE NON-EU AIFS WHICH ARE
NOT MARKETED
IN MEMBER STATES 1535
ARTICLE 35 CONDITIONS FOR THE MARKETING IN THE UNION WITH A PASSPORT OF
A NON-EU AIF
MANAGED BY AN EU AIFM 1536
ARTICLE 36 CONDITIONS FOR THE MARKETING IN MEMBER STATES WITHOUT A
PASSPORT OF NON-EU
AIFS MANAGED BY AN EU AIFM 1539
ARTICLE 37 AUTHORISATION OF NON-EU AIFMS INTENDING TO MANAGE EU AIFS
AND/OR MARKET
AIFS MANAGED BY THEM IN THE UNION IN ACCORDANCE WITH ARTICLE 39 OR 40
1541
ARTICLE 38 PEER REVIEW OF AUTHORISATION AND SUPERVISION OF NON-EU AIFMS
1550
ARTICLE 39 CONDITIONS FOR THE MARKETING IN THE UNION WITH A PASSPORT OF
EU AIFS MANAGED
BY A NON-EU AIFM 1552
ARTICLE 40 CONDITIONS FOR THE MARKETING IN THE UNION WITH A PASSPORT OF
NON-EU AIFS
MANAGED BY A NON-EU AIFM 1554
ARTICLE 41 CONDITIONS FOR MANAGING AIFS ESTABLISHED IN MEMBER STATES
OTHER THAN THE
MEMBER STATE OF REFERENCE BY NON-EU AIFMS 1558
ARTICLE 42 CONDITIONS FOR THE MARKETING IN MEMBER STATES WITHOUT A
PASSPORT OF AIFS
MANAGED BY A NON-EU AIFM 1560
CHAPTER VIII
MARKETING TO RETAIL INVESTORS
ARTICLE43 MARKETING OF AIFS BY AIFMS TO RETAIL INVESTORS 1561
XXX
CONTENTS
5. SECURITIES CLEARING AND SETTLEMENT
EUROPEAN MARKETS INFRASTRUCTURE REGULATION (EMIR)
INTRODUCTION 1567
TITLE I
SUBJECT MATTER, SCOPE AND DEFINITIONS
ARTICLE 1 SUBJECT MATTER AND SCOPE 1574
ARTICLE 2 DEFINITIONS 1576
ARTICLE 2 A EQUIVALENCE DECISIONS FOR THE PURPOSES OF THE DEFINITION OF
OTC DERIVATIVES 1578
ARTICLE 3 INTRAGROUP TRANSACTIONS 1579
TITLE II
CLEARING, REPORTING AND RISK MITIGATION OF OTC DERIVATES
ARTICLE 4 CLEARING OBLIGATION 1584
ARTICLE 5 CLEARING OBLIGATION PROCEDURE 1588
ARTICLE 6 PUBLIC REGISTER 1593
ARTICLE 7 ACCESS TO A CCP 1594
ARTICLE 8 ACCESS TO A TRADING VENUE 1594
ARTICLE 9 REPORTING OBLIGATION 1596
ARTICLE 10 NON-FINANCIAL COUNTERPARTIES 1600
ARTICLE 11 RISK-MITIGATION TECHNIQUES FOR OTC DERIVATIVE CONTRACTS NOT
CLEARED BY A CCP . 1603
ARTICLE 12 PENALTIES 1611
ARTICLE 13 MECHANISM TO AVOID DUPLICATIVE OR CONFLICTING RULES 1611
TITLE III
AUTHORISATION AND SUPERVISION OF CCPS
CHAPTER 1
CONDITIONS AND PROCEDURES FOR THE AUTHORISATION OF A CCP
ARTICLE 14 AUTHORISATION OF A CCP 1612
ARTICLE 15 EXTENSION OF ACTIVITIES AND SERVICES 1613
ARTICLE 16 CAPITAL REQUIREMENTS 1613
ARTIDEL7 PROCEDURE FOR GRANTING AND REFUSING AUTHORISATION 1613
ARTICLED COLLEGE 1615
ARTICLE 19 OPINION OF THE COLLEGE 1616
ARTICLE 20 WITHDRAWAL OF AUTHORISATION 1616
ARTICLE21 REVIEW AND EVALUATION 1617
CHAPTER 2
SUPERVISION AND OVERSIGHT OF CCPS
ARTICLE 22 COMPETENT AUTHORITY 1621
CHAPTER 3
COOPERATION
ARTICLE 23 COOPERATION BETWEEN AUTHORITIES 1623
ARTICLE 24 EMERGENCY SITUATIONS 1623
CHAPTER 4
RELATIONS WITH THIRD COUNTRIES
ARTICLE 25 RECOGNITION OF A THIRD-COUNTRY CCP 1623
XXXI
CONTENTS
TITLE IV
REQUIREMENTS FOR CCPS
CHAPTER 1
ORGANISATIONAL REQUIREMENTS
ARTICLE 26 GENERAL PROVISIONS 1628
ARTICLE 27 SENIOR MANAGEMENT AND THE BOARD 1629
ARTICLE 28 RISK COMMITTEE 1629
ARTICLE 29 RECORD KEEPING 1630
ARTICLE 30 SHAREHOLDERS AND MEMBERS WITH QUALIFYING HOLDINGS 1631
ARTICLE31 INFORMATION TO COMPETENT AUTHORITIES 1631
ARTICLE 32 ASSESSMENT 1633
ARTICLE 33 CONFLICTS OF INTEREST 1633
ARTICLE 34 BUSINESS CONTINUITY 1634
ARTICLE 35 OUTSOURCING 1635
CHAPTER 2
CONDUCT OF BUSINESS RULES
ARTICLE 36 GENERAL PROVISIONS 1637
ARTICLE 37 PARTICIPATION REQUIREMENTS 1637
ARTICLE 38 TRANSPARENCY 1638
ARTICLE 39 SEGREGATION AND PORTABILITY 1638
CHAPTER 3
PRUDENTIAL REQUIREMENTS
ARTICLE 40 EXPOSURE MANAGEMENT 1643
ARTICLE 41 MARGIN REQUIREMENTS 1643
ARTICLE 42 DEFAULT FUND 1644
ARTICLE 43 OTHER FINANCIAL RESOURCES 1645
ARTICLE 44 LIQUIDITY RISK CONTROLS 1645
ARTICLE 45 DEFAULT WATERFALL 1645
ARTICLE 46 COLLATERAL REQUIREMENTS 1646
ARTICLE 47 INVESTMENT POLICY 1647
ARTICLE 48 DEFAULT PROCEDURES 1647
ARTICLE 49 REVIEW OF MODELS, STRESS TESTING AND BACK TESTING 1649
ARTICLE 50 SETTLEMENT 1649
ARTICLE 51
ARTICLE 52
ARTICLE 53
ARTICLE 54
CHAPTER 4
CALCULATIONS AND REPORTING FOR THE PURPOSES OF REGULATION (EU) NO
575/2013
TITLE V
INTEROPERABILITY ARRANGEMENTS
INTEROPERABILITY ARRANGEMENTS 1653
RISK MANAGEMENT 1653
PROVISION OF MARGINS AMONG CCPS 1654
APPROVAL OF INTEROPERABILITY ARRANGEMENTS 1655
TITLE VI
REGISTRATION AND SUPERVISION OF TRADE REPOSITORIES
CHAPTER 1
CONDITIONS AND PROCEDURES FOR REGISTRATION OF A TRADE REPOSITORY
ARTICLE 55 REGISTRATION OF A TRADE REPOSITORY 1658
ARTICLE 56 APPLICATION FOR REGISTRATION 1659
ARTICLE 57 NOTIFICATION OF AND CONSULTATION WITH COMPETENT AUTHORITIES
PRIOR TO REGISTRATION 1659
ARTICLE 58 EXAMINATION OF THE APPLICATION 1659
ARTICLE 59 NOTIFICATION OF ESMA DECISIONS RELATING TO REGISTRATION 1660
ARTICLE 60 EXERCISE OF THE POWERS REFERRED TO IN ARTICLES 61 TO 63 1661
XXXII
CONTENTS
ARTICLE 61 REQUEST FOR INFORMATION 1661
ARTICLE 62 GENERAL INVESTIGATIONS 1662
ARTICLE 63 ON-SITE INSPECTIONS 1663
ARTICLE 64 PROCEDURAL RULES FOR TAKING SUPERVISORY MEASURES AND IMPOSING
FINES 1664
ARTICLE 65 FINES 1666
ARTICLE 66 PERIODIC PENALTY PAYMENTS 1667
ARTICLE 67 HEARING OF THE PERSONS CONCERNED 1667
ARTICLE 68 DISCLOSURE, NATURE, ENFORCEMENT AND ALLOCATION OF FINES AND
PERIODIC PENALTY
PAYMENTS 1667
ARTICLE 69 REVIEW BY THE COURT OF JUSTICE 1668
ARTICLE 70 AMENDMENTS TO ANNEX II 1668
ARTICLE 71 WITHDRAWAL OF REGISTRATION 1668
ARTICLE 72 SUPERVISORY FEES 1669
ARTICLE 73 SUPERVISORY MEASURES BY ESMA 1669
ARTICLE 74 DELEGATION OF TASKS BY ESMA TO COMPETENT AUTHORITIES 1670
CHAPTER 2
RELATIONS WITH THIRD COUNTRIES
ARTICLE 75 EQUIVALENCE AND INTERNATIONAL AGREEMENTS 1672
ARTICLE 76 COOPERATION ARRANGEMENTS 1673
ARTICLE 77 RECOGNITION OF TRADE REPOSITORIES 1673
TITLE VII
REQUIREMENTS FOR TRADE REPOSITORIES
ARTICLE 78 GENERAL REQUIREMENTS 1675
ARTICLE 79 OPERATIONAL RELIABILITY 1675
ARTICLE 80 SAFEGUARDING AND RECORDING 1676
ARTICLE 81 TRANSPARENCY AND DATA AVAILABILITY 1676
ARTICLE 82 EXERCISE OF THE DELEGATION 1678
ARTICLES 83 TO 91 1679
SETTLEMENT FINALITY DIRECTIVE (SFD)
SECTION I
SCOPE AND DEFINITIONS
ARTICLE 1
ARTICLE 2
1683
1684
SECTION II
NETTING AND TRANSFER ORDERS
ARTICLE 3 1691
ARTICLE4 1695
ARTICLE 5 1695
SECTION III
PROVISIONS CONCERNING INSOLVENCY PROCEEDINGS
ARTICLE 6 1697
ARTICLE 7 1699
ARTICLE 8 1700
SECTION IV
INSULATION OF THE RIGHTS OF HOLDERS OF COLLATERAL SECURITY FROM THE
EFFECTS OF THE INSOLVENCY
OF THE PROVIDER
ARTICLE 9
1702
XXXIII
CONTENTS
SECTION V
FINAL PROVISIONS
ARTICLE 10 1706
ARTICLE 10 A 1706
ARTICLE 11 1708
ARTICLE 12 1708
ARTICLE 13 1709
ARTICLE 14 1709
FINANCIAL COLLATERAL DIRECTIVE (FCD)
INTRODUCTION 1710
ARTICLE 1 SUBJECT MATTER AND SCOPE 1711
ARTICLE 2 DEFINITIONS 1720
ARTICLE 3 FORMAL REQUIREMENTS 1722
ARTICLE 4 ENFORCEMENT OF FINANCIAL COLLATERAL ARRANGEMENTS 1724
ARTICLE 5 RIGHT OF USE OF FINANCIAL COLLATERAL UNDER SECURITY FINANCIAL
COLLATERAL
ARRANGEMENTS 1728
ARTICLE 6 RECOGNITION OF TITLE TRANSFER FINANCIAL COLLATERAL
ARRANGEMENTS 1731
ARTICLE 7 RECOGNITION OF CLOSE-OUT NETTING PROVISIONS 1732
ARTICLE 8 CERTAIN INSOLVENCY PROVISIONS DISAPPLIED 1734
ARTICLE 9 CONFLICT OF LAWS 1739
ARTICLE9A DIRECTIVES2008/48/EC AND2014/59/EU 1743
ARTICLE 10 REPORT BY THE COMMISSION 1743
ARTICLE 11 IMPLEMENTATION 1744
ARTICLE 12 ENTRY INTO FORCE 1744
ARTICLE 13 ADDRESSEES 1744
6. PAYMENTS
SINGLE EUROPEAN PAYMENT AREA REGULATION (SEPAR)
ARTICLE 1 SUBJECT MATTER AND SCOPE 1745
ARTICLE 2 DEFINITIONS 1751
ARTICLE 3 REACHABILITY 1755
ARTICLE 4 INTEROPERABILITY 1756
ARTICLE 5 REQUIREMENTS FOR CREDIT TRANSFER AND DIRECT DEBIT TRANSACTIONS
1759
ARTICLE 6 END-DATES 1765
ARTICLE 7 VALIDITY OF MANDATES AND RIGHT TO A REFUND 1766
ARTICLE 8 INTERCHANGE FEES FOR DIRECT DEBIT TRANSACTIONS 1768
ARTICLE 9 PAYMENT ACCESSIBILITY 1770
ARTICLE 10 COMPETENT AUTHORITIES 1771
ARTICLE 11 PENALTIES 1773
ARTICLE 12 OUT-OF-COURT COMPLAINT AND REDRESS PROCEDURES 1774
ARTICLE 13 DELEGATION OF POWER 1776
ARTICLE 14 EXERCISE OF THE DELEGATION 1777
ARTICLE 15 REVIEW 1778
ARTICLE 16 TRANSITIONAL PROVISIONS 1778
ARTICLE 17 AMENDMENTS TO REGULATION (EC) NO 924/2009 1782
ARTICLE 18 ENTRY INTO FORCE 1784
INDEX 1785
XXXIV |
| any_adam_object | 1 |
| author | Lehmann, Matthias 1972- Kumpan, Christoph 1974- Brenncke, Martin 1981- |
| author2 | Lehmann, Matthias 1972- Kumpan, Christoph 1974- |
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| author_facet | Lehmann, Matthias 1972- Kumpan, Christoph 1974- Brenncke, Martin 1981- Lehmann, Matthias 1972- Kumpan, Christoph 1974- |
| author_role | aut aut aut |
| author_sort | Lehmann, Matthias 1972- |
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| building | Verbundindex |
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| dewey-full | 340 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 340 - Law |
| dewey-raw | 340 |
| dewey-search | 340 |
| dewey-sort | 3340 |
| dewey-tens | 340 - Law |
| discipline | Rechtswissenschaft |
| edition | First edition |
| format | Book |
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| genre_facet | Kommentar |
| id | DE-604.BV043988503 |
| illustrated | Not Illustrated |
| indexdate | 2025-01-11T16:58:11Z |
| institution | BVB |
| isbn | 9783406708701 9783848736904 9781509923885 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-029396773 |
| oclc_num | 1101186584 |
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| physical | XLII, 1803 Seiten |
| publishDate | 2019 |
| publishDateSearch | 2019 |
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| publisher | Nomos C.H. Beck Hart |
| record_format | marc |
| series2 | International and European business law |
| spelling | Lehmann, Matthias 1972- (DE-588)133533301 edt aut European financial services law article-by-article commentary edited by Matthias Lehmann, Christoph Kumpan ; list of authors: Martin Brenncke [und viele weitere] First edition Baden-Baden Nomos 2019 München C.H. Beck Oxford Hart XLII, 1803 Seiten txt rdacontent n rdamedia nc rdacarrier International and European business law Literaturangaben Europäische Union (DE-588)5098525-5 gnd rswk-swf Finanzrecht (DE-588)4017208-9 gnd rswk-swf (DE-588)4136710-8 Kommentar gnd-content Europäische Union (DE-588)5098525-5 b Finanzrecht (DE-588)4017208-9 s DE-604 Kumpan, Christoph 1974- (DE-588)13194083X edt aut Brenncke, Martin 1981- Verfasser (DE-588)1044415541 aut Erscheint auch als Online-Ausgabe, PDF 978-3-8452-7989-3 SWB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029396773&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Lehmann, Matthias 1972- Kumpan, Christoph 1974- Brenncke, Martin 1981- European financial services law article-by-article commentary Europäische Union (DE-588)5098525-5 gnd Finanzrecht (DE-588)4017208-9 gnd |
| subject_GND | (DE-588)5098525-5 (DE-588)4017208-9 (DE-588)4136710-8 |
| title | European financial services law article-by-article commentary |
| title_auth | European financial services law article-by-article commentary |
| title_exact_search | European financial services law article-by-article commentary |
| title_full | European financial services law article-by-article commentary edited by Matthias Lehmann, Christoph Kumpan ; list of authors: Martin Brenncke [und viele weitere] |
| title_fullStr | European financial services law article-by-article commentary edited by Matthias Lehmann, Christoph Kumpan ; list of authors: Martin Brenncke [und viele weitere] |
| title_full_unstemmed | European financial services law article-by-article commentary edited by Matthias Lehmann, Christoph Kumpan ; list of authors: Martin Brenncke [und viele weitere] |
| title_short | European financial services law |
| title_sort | european financial services law article by article commentary |
| title_sub | article-by-article commentary |
| topic | Europäische Union (DE-588)5098525-5 gnd Finanzrecht (DE-588)4017208-9 gnd |
| topic_facet | Europäische Union Finanzrecht Kommentar |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029396773&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT lehmannmatthias europeanfinancialserviceslawarticlebyarticlecommentary AT kumpanchristoph europeanfinancialserviceslawarticlebyarticlecommentary AT brennckemartin europeanfinancialserviceslawarticlebyarticlecommentary |