Do rules on investor protection set out in Directive 2014/65/ EU on markets in financial instruments (MiFID II) apply to investment firms, based and authorised in the EU, when they provide investment services to clients outside the EU?

Can an entity, which is part of a group subject to consolidated supervision, rely on intragroup transactions to fulfil the requirements of the representativeness obligation set out under Article 7a(3), point d, of EMIR?

Under the new clearing threshold regime which distinguishes between financial and non-financial counterparties, and uncleared and cleared trades, how should the second AAR condition referred to under Article 7a(1) of EMIR be assessed?

May CCPs treat assets and positions of affiliates of clearing members as proprietary assets and positions of the clearing member as indicated in RTSs 153/2013 and 149/2013?

2. Scope of clients covered by Article 7d(1) EMIR
Article 7d(1) also introduces reporting obligations for clients that clear contracts through a CCP recognised under Article 25, but does not further specify the level of the client relationship concerned.
In particular, it is unclear whether the term “clients” in Article 7d(1) should be understood as:
• only direct clients of clearing members; or
• both direct clients and indirect clients (i.e. clients accessing clearing services through intermediaries in a client clearing chain).

2. Which clients are covered by the reporting obligation in Article 7d of EMIR?