ESMA_QA_1719
Topic
Other MAR-related topics
30/05/2017
Subject Matter
Blanket cancellation of orders policy
Question
Is a policy pursuant to which, after becoming in possession of inside information, the person should immediately and without the exercise of discretion cancel all orders relating to that information (“blanket order cancellation policy”) compliant with the insider dealing prohibition under MAR?
Level 1 Regulation
Market Abuse Regulation (MAR) Regulation (EU) No 596/2014 - Market Intergrity
ESMA_QA_1203
Topic
UCITS global exposure
24/05/2017
Subject Matter
Impact of EMIR on UCITS - Exemption for intra-group transactions under EMIR
Question
Where a UCITS is subject to the clearing obligation of Article 4(1) of EMIR, can it make use of the exemption for intragroup transactions (Article 4(2) of EMIR)?
Level 1 Regulation
Undertakings for Collective Investment in Transferable Securities Directive (UCITS) Directive 2009/65/EC
ESMA_QA_1799
Topic
Inducements
04/04/2017
Subject Matter
Inducements
Question
How should the estimated client research charge disclosure be presented for the purposes of Article 13(1)(c)(i)?
Level 1 Regulation
Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Investor Protection and Intermediaries
ESMA_QA_1798
Topic
Inducements (research)
04/04/2017
Subject Matter
Inducements
Question
What approach should firms adopt to ensure that the allocation of their research budget to third party providers and the determination of the payments made from it are in the best interests of the firm’s clients under Article 13(6)?
Level 1 Regulation
Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Investor Protection and Intermediaries
ESMA_QA_1795
Topic
Inducements (research)
04/04/2017
Subject Matter
Inducements
Question
Can the service of a third party arranging meetings with the management of a corporate issuer for an investment firm (‘corporate access’) be considered as research that can be paid for from an RPA under Article 13(1)(b) of the Delegated Directive, and if not, how should firms providing independent investment advice or portfolio management services treat such services?
Level 1 Regulation
Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Investor Protection and Intermediaries