ESMA_QA_2646
Topic
ICT third-party risk management
18/09/2025
Subject Matter
Audit frequency limitations
Question
As DORA requires financial entities to pre-determine the frequency of audits and inspections on the basis of a risk-based approach, are financial entities not permitted to agree on a maximum audit frequency (e.g. once per year) with their ICT third-party service providers?
Level 1 Regulation
Regulation (EU) 2022/2554 - The Digital Operational Resilience Act (DORA)
ESMA_QA_2630
Topic
EU-CCPs
27/08/2025
Subject Matter
EMIR 3.0 Active Account Requirement and Reporting Obligation
Question
Should counterparties that clear 100% of their relevant derivatives contracts in the EU still be required to comply with the representativeness obligation under Article 7a(3)(d) of EMIR, the reporting obligation under Article 7b(1), and the representativeness reporting requirements outlined in the RTS?
Level 1 Regulation
Regulation 648/2012 - OTC derivatives, central counterparties and trade repositories (EMIR) - CCPs
ESMA_QA_2626
Topic
EU-CCPs
07/08/2025
Subject Matter
Reporting of the representativeness obligation
Question
Does the 85% exemption from reporting for entities under Article 7b also apply to the reporting of the representativeness obligation, or does it only apply to the reporting of activities, risk exposures, and operational conditions?
Level 1 Regulation
Regulation 648/2012 - OTC derivatives, central counterparties and trade repositories (EMIR) - CCPs
ESMA_QA_2624
Topic
Managers' transactions
01/08/2025
Subject Matter
Scope of the exception in Article 19(12a) of MAR to PDMRs’ general prohibition to trade during the closed period
Question
Shall a PDMR be allowed to adhere to a takeover bid, a share capital increase, a subscription of shares arising from stock splits, a merger, a rights issue or a spin-off during a closed period pursuant to Article 19(12a) of MAR?
Level 1 Regulation
Market Abuse Regulation (MAR) Regulation (EU) No 596/2014 - Market Intergrity
ESMA_QA_2609
Topic
Costs and fees
15/07/2025
Subject Matter
Performance fees for feeder funds
Question
Can the manager of a feeder fund within the meaning of Article 58 of the UCITS Directive charge a performance fee?
Level 1 Regulation
Undertakings for Collective Investment in Transferable Securities Directive (UCITS) Directive 2009/65/EC