ESMA_QA_2286
Topic
Information to clients on topics other than costs and charges
18/09/2024
Subject Matter
Scope of ancillary services and supervisory convergence
Question
What is the exact scope of the ancillary service, point 5 in annex I, Section B: Investment research and financial analysis or other forms of general recommendations relating to financial instruments?
Level 1 Regulation
Directive 2014/65/EU - Markets in Financial Instruments Directive (MiFID II)
ESMA_QA_2282
Topic
Determination of net short position
17/09/2024
Subject Matter
Calculation of Net Short Positions in case of issuers with non-listed shares
Question
When calculating net short positions in relation to issuers having both listed and non-listed shares, should the issued share capital also include non-listed shares?
Level 1 Regulation
Short Selling Regulation (SSR) Regulation (EU) No 236/2012
ESMA_QA_2261
Topic
ELTIF
22/08/2024
Subject Matter
ELTIFs granting loans
Question
Can an ELTIF acquire equity or debt instruments issued by another collective investment scheme (CIS) or grant loans to another CIS, i.e. can CISs qualify as qualifying portfolio undertaking as referred to in points a), b) and c) of Article 10(1) of the ELTIF Regulation? If yes, would the conditions set under article 11 or under article 10(1)d) apply? And would the look-through approach referred to in Article 10(2) of the ELTIF Regulation apply in this case, in particular for debt instruments referred to in Article 10(1)(b) of that Regulation issued by CIS, if CIS can qualify as “qualifying portfolio undertaking as referred to in Article 11?
Level 1 Regulation
European Long-Term Investment Funds Regulation (ELTIF) Regulation (EU) 2015/760
ESMA_QA_2260
Topic
Public offer
21/08/2024
Subject Matter
Future incorporation by reference of financial information, which will be permitted once Article 19 PR is amended by the Listing Act
Question
Where shall the issuer incorporate by reference new annual or interim financial information in the case of a base prospectus drawn up as separate documents or in the case of a standalone tripartite prospectus? For how long this information may be incorporated by reference?
Level 1 Regulation
Prospectus Regulation 2017/1129
ESMA_QA_2259
Topic
Public offer
21/08/2024
Subject Matter
Future incorporation by reference of financial information, which will be permitted once Article 19 PR is amended by the Listing Act
Question
How does incorporation of new annual or interim financial information by reference in a base prospectus interact with the general requirement to produce a supplement under Article 23 of the Prospectus Regulation?
Level 1 Regulation
Prospectus Regulation 2017/1129