ESMA_QA_2784
Topic
Remuneration
23/02/2026
Subject Matter
MiFID II remuneration rules applicable to tied agents
Question
1. Does a tied agent have to be remunerated with both a variable component of remuneration (based on the actual activities performed by the tied agent, i.e., dependent on performance) and a fixed component of remuneration, as stipulated in Article 27 of Regulation (EU) 2017/565?

2. Would the answer to the first question change if the tied agent is engaged by a person falling under Article 3 of the MiFID II Directive, i.e., assuming that a Member State adopts this optional exemption under Article 3 of the MiFID II Directive and incorporates it into its national legislation?
Level 1 Regulation
Directive 2014/65/EU - Markets in Financial Instruments Directive (MiFID II)
ESMA_QA_2775
Topic
Alternative Performance Measures (APM)
16/02/2026
Subject Matter
Interaction of the APM Guidelines with IFRS 18 Presentation and Disclosure in Financial Statements; APM Guidelines and paragraphs 117 to 125 of IFRS 18
Question
How should an issuer present alternative performance measures in light of the IFRS 18 Presentation and Disclosures in Financial Statements? Which are the main differences between the scope and requirements of the APM Guidelines and IFRS 18?
Level 1 Regulation
Transparency Directive (TD) Directive 2004/109/EC
ESMA_QA_2769
Topic
Market abuse in crypto-asset market
12/02/2026
Subject Matter
Personal scope of persons professionally arranging or executing transactions under MiCA
Question
What entities should be considered as Persons Professionally Arranging or Executing Transactions (PPAETs) for the obligation to prevent, detect and report market abuse or attempted market abuse under Article 92(1) of MiCA?
Level 1 Regulation
MiCA
ESMA_QA_2753
Topic
Public offer
21/01/2026
Subject Matter
Prospectus exemption
Question
Is a prospectus required under Article 1(5)(ba) of the Prospectus Regulation (PR) for reverse acquisitions?

Unlike Article 1(6b) of the PR, which requires a prospectus for reverse acquisitions within the meaning of paragraph B19 of IFRS 3, Business Combinations, Article 1(5)(ba) of the PR does not explicitly address this issue.
Level 1 Regulation
Prospectus Regulation 2017/1129
ESMA_QA_2747
Topic
Control functions (Compliance, Risk and Audit)
05/01/2026
Subject Matter
Due diligence
Question
How should the due diligence requirements set out in Article 5(2) of the ESCPR be applied by CSPs?
Level 1 Regulation
Regulation 2020/1503 - European crowdfunding service providers for business