ESMA_QA_2438
Topic
Best Execution
12/02/2025
Subject Matter
Multiple offers
Question
Can a project owner seek funding for its project through both a crowdfunding offer and an offer to the public of transferable securities which is not a crowdfunding offer?
Level 1 Regulation
Regulation 2020/1503 - European crowdfunding service providers for business
ESMA_QA_2437
Topic
Suitability
12/02/2025
Subject Matter
Scope of the ECSPR - Calculation of threshold in point (c) of Article 1(2) of ECSPR
Question
How should the threshold laid down in point (c) of Article 1(2) of ECSPR be calculated?
Level 1 Regulation
Regulation 2020/1503 - European crowdfunding service providers for business
ESMA_QA_2436
Topic
Non-equity transparency
12/02/2025
Subject Matter
Legal qualification of Financial Transmission Rights under MiFID II
Question
Do Financial Transmission Rights referred to in the Forward Capacity Allocation Regulation (Commission Regulation 2016/1719) qualify as financial instruments under Annex I, Section C of MiFID II (Directive 2014/65/EU)?
Level 1 Regulation
Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Secondary Markets
ESMA_QA_2607
Topic
Mining
04/02/2025
Subject Matter
Staking on own account
Question
Does the Markets in Crypto-Assets Regulation (MiCA) permit the staking of clients’ crypto-assets by crypto-asset service providers (CASPs) for their own account?
Level 1 Regulation
MiCA
ESMA_QA_2418
Topic
EU-CCPs
28/01/2025
Subject Matter
AAR threshold calculation
Question
According to the new article 7a(1) EMIR (as issued by (EU) 2024/2987) the obligation to hold an active account according to the second condition is that a Financial counterparty subject to clearing obligation exceeds the clearing threshold in any of the categories of derivative contracts referred to in paragraph 6 of this Article, in an individual category listed in that paragraph or on aggregate across all categories listed in that paragraph.

Is it only cleared paragraph 6 contracts that should be measured against the clearing threshold according to the second condition? If so, should contracts cleared with EU CCP’s, such as Nasdaq Nordiq or Eurex, or third country markets for which there are equivalence decisions granted, such as Chicago Mecantile Exchange (CME) which is relevant for STIR contracts, be excluded?
Level 1 Regulation
Regulation 648/2012 - OTC derivatives, central counterparties and trade repositories (EMIR) - CCPs