ESMA_QA_2136
Topic
Information to clients on costs and charges
18/03/2024
Subject Matter
disclosure of cost on return
Question
The cumulative effect of the costs on the return shall show “anticipated spikes and fluctuations of the costs”; does that also apply to the ex-post disclosure of the cumulative effect of the costs on the return?
Level 1 Regulation
Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Investor Protection and Intermediaries
ESMA_QA_2134
Topic
Safeguarding of client assets
15/03/2024
Subject Matter
Authorisation and supervision of CSPs
Question
When applying for the authorisation as a CSP, what are the proofs of own funds that existing
undertakings can provide to the relevant authorising authority for the purpose of point (i) of
Article 12(2) of the ECSPR and Field 10 of the Annex to the Delegated Regulation
2022/2112?
Level 1 Regulation
Regulation 2020/1503 - European crowdfunding service providers for business
ESMA_QA_2133
Topic
Control functions (Compliance, Risk and Audit)
15/03/2024
Subject Matter
Use of Special Purpose Vehicles
Question
Can a CSP hold a participation in a SPV?
Level 1 Regulation
Regulation 2020/1503 - European crowdfunding service providers for business
ESMA_QA_2132
Topic
Safeguarding of client assets
15/03/2024
Subject Matter
Use of Special Purpose Vehicles
Question
When should an entity be considered as an SPV within the meaning of point (q) of Article 2(1)
of the ECSPR ?
Level 1 Regulation
Regulation 2020/1503 - European crowdfunding service providers for business
ESMA_QA_2129
Topic
Product governance
11/03/2024
Subject Matter
Integration of sustainability within the MiFID II product governance requirements
Question
When conducting the negative target market assessment for a product that does not consider sustainability factors, should a firm also consider any clients’ sustainability-related objectives the product is not compatible with?
Level 1 Regulation
Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014 - Investor Protection and Intermediaries