When providing information of costs and charges to clients, on which basis should costs be aggregated? What is the level of aggregation that firms need to apply?

Does the major shareholder obligation in Article 9(1) of Transparency Directive 2004/109/EC apply to holdings in issuers whose shares are not admitted to trading on an EU regulated market if depository receipts (DRs) in respect of that issuer’s shares are admitted to trading on an EU regulated market?

- Answer provided by the European Commission in accordance with Article 16b(5) of the ESMA Regulation -

Article 18(2), first subparagraph, point (e) of Regulation (EU) 2015/760, as amended, sets out that the rules or instruments of incorporation of an ELTIF may provide for the possibility of redemptions during the life of the ELTIF provided that […] the redemption policy of the ELTIF ensures that investors are treated fairly and redemptions are granted on a pro rata basis provided some conditions are met. Recital (48) of Regulation (EU) 2015/760, as amended, details the conditions that may distinguish share classes (fees, legal structure, marketing rules) but also includes “other requirements” but provides no further details on the nature of such “other requirements”.

Should the words “other requirements” be interpreted as allowing for the use of (a) different notice periods, (b) different redemption gates and/or (c) different redemption frequency for different classes of units or shares of ELTIFs?

We would appreciate to clarify the two issues referred below in the context of the calibration of the confidence interval for CCP margin requirements.

Q1. Article 24(1) of Commission Delegated Regulation (EU) No 153/2013 (RTS on CCP requirements) sets out the minimum confidence intervals for the calculation of the initial margins of a CCP to 99,5% for OTC derivatives and 99% for financial instruments other than OTC derivatives. Can a CCP rely on the back testing performance of its margin model as sole proof of compliance with Article 41 of EMIR and Article 24 of the RTS on CCP requirements?

Q2. If a margin model has several components, does each component need to be calibrated to the confidence interval set out under Article 24 of the RTS on CCP requirements?

Is a DLT MI (digital ledger technology market infrastructure) operator allowed to provide MiCA crypto-asset services such as operating a trading platform and custody services for emoney tokens without an additional MiCA licence?