ESMA_QA_1801
Topic
Reporting to clients
16/12/2016
Subject Matter
Post-sale reporting
Question
How does a firm fulfil the obligation to report on the overall value of a client’s portfolio depreciating by a 10% threshold on a particular business day if a firm’s automated systems do not provide valuations throughout the day for all the portfolios it manages? In line with this question: could a firm use a single daily valuation point as the basis for the evaluation?
Level 1 Regulation
Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Investor Protection and Intermediaries
ESMA_QA_950
Topic
Disclosures
21/11/2016
Subject Matter
Investment limits
Question
Pursuant to Article 55(1) of the UCITS Directive, a UCITS may acquire the units of UCITS or other collective investment undertakings referred to in Article 50(1)(e), provided that no more that 10% of its assets are invested in units of a single UCITS of other collective investment undertaking. Where the underlying UCITS or other collective investment undertaking is an umbrella fund, should this limit be applied at the level of the umbrella or at the level of the individual sub-funds within the umbrella?
Level 1 Regulation
Undertakings for Collective Investment in Transferable Securities Directive (UCITS) Directive 2009/65/EC
ESMA_QA_949
Topic
Disclosures
21/11/2016
Subject Matter
Investment limits
Question
Pursuant to Article 56(2)(c) of the UCITS Directive, a UCITS may acquire no more than 25% of the units of any single UCITS or other collective investment undertaking. Where the underlying UCITS or other collective investment undertaking is an umbrella fund, should this limit be applied at the level of the umbrella or at the level of the individual sub-funds within the umbrella?
Level 1 Regulation
Undertakings for Collective Investment in Transferable Securities Directive (UCITS) Directive 2009/65/EC
ESMA_QA_1596
Topic
Data reporting services providers
18/11/2016
Subject Matter
Data disaggregation
Question
Article 1(1)(b) of RTS 14 requires disaggregation by country of issue for shares. How should “country of issue” be interpreted? Is this also required for non-EU countries?
Level 1 Regulation
Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014- Secondary Markets
ESMA_QA_1628
Topic
Tick size regime
18/11/2016
Subject Matter
Intervention to allow smaller tick size
Question
Can a trading venue or NCA manually intervene to allow a smaller tick size if it can be shown that the mandated minimum tick size is adversely impacting liquidity?
Level 1 Regulation
Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Secondary Markets