According to Article 18 of the RTS on Settlement Discipline, the costs of the penalty mechanism that are charged to participants by a CSD should not be allocated on the basis of the number or value of penalties applied to participants, as it could result in a concentration of the cost allocation to a limited number of participants and be seen as a shadow penalty. Other related services, such as additional reports that may be requested by participants, can be charged separately to the respective participants.

Are bonds and commercial papers eligible collateral by EU CCPs under Article 46 of EMIR, and if so, under which conditions?

What is the meaning of ‘approval’, as referred to in Article 1(6a), point (b), of Regulation (EU) 2017/1129? Is it an approval which follows a process similar to that envisaged in Commission Delegated Regulation (EU) 2019/980 for prospectuses, or an approval which follows the process applied by relevant national supervisory authorities under Directive 2004/25/EC?

Does the concept of an underlying for the purposes of Article 26(2)(b) of MiFIR extend to convertible bonds, reverse convertible bonds and reverse convertible notes?

Should economically equivalent contracts traded on a third-country venue be considered EEOTC for position limit and position reporting purposes under MiFID II?