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
ESMA_QA_2127
Topic
DLT financial instruments
08/03/2024
Subject Matter
Scope of Article 3(1)(b) of DLTR
Question
How should the following provision in Art. 3(1)(b) of DLTR (on the admissibility of bonds and other forms of securitised debt) be understood: “[…] excluding those that embed a derivative or incorporate a structure which makes it difficult for the client to understand the risk involved […]”?
Level 1 Regulation
Regulation (EU) 2022/858 - DLT Pilot Regime Regulation (DLTR)