Should relevant authorities mentioned in Article 12(1)(b) of Regulation (EU) 909/2014 be involved in the authorisation process of a DLT SS or DLT TSS that aims to settle the cash leg of transactions using e-money tokens under the DLTR?

How should investment firms indicate the parts of the total costs and charges paid in or represented in an amount of foreign currency in their ex-ante and ex-post costs and charges disclosure?

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?