What is the definition of a lot for the application of Article 57(1) of MiFID II to those commodity derivatives for which a lot, as defined in the contract specification by the trading venue, does not represent a standard quantity of the underlying across all maturities/delivery periods for that commodity derivative?

Pursuant to Article 57(1) of the UCITS Directive, Member States may allow recently authorised UCITS to derogate from Articles 52 to 55 for six months following the date of authorisation of the UCITS. For a UCITS that is authorised by the relevant regulatory authority and subsequently launches at a later point, can it be inferred that the six-month derogation runs from the moment of launch (i.e. initial investent) rather than from the date of authorisation of the UCITS?

Is the issuer permitted to take into consideration market analysts’ expectations (consensus), when considering whether an event or items in a financial report or the first financial guidance for a given financial year may constitute inside information?

Should the issuer generally consider the first financial guidance for a given financial year to be inside information in the context of MAR, bearing in mind that such financial guidance forms part of the financial reports prepared under the Transparency Directive and national legislation, which do not require or even anticipate premature disclosure?

Are transactions executed between a branch and its head office subject to transparency requirements?