ESMA_QA_2569
Topic
Disclosures
16/06/2025
Subject Matter
Status of PAI consideration under Article 7 SFDR as a promotion of an environmental/social characteristic under Article 8 SFDR
Question
Does the disclosure of the consideration of principal adverse impacts of investment decisions on sustainability factors under Article 7(1) SFDR automatically qualify as the promotion of an environmental or social characteristic under Article 8 SFDR?
Level 1 Regulation
Regulation (EU) 2019/2088 - Sustainable Finance Disclosure Regulation (SFDR)
ESMA_QA_2568
Topic
AIFMD scope
16/06/2025
Subject Matter
Financial products’ PAI disclosures
Question
What financial product disclosures are required from a non-EU AIF where it is only marketed outside the EU by either (1) an EU AIFM or (2) non-EU AIFM? Would a non-EU or EU AIFM acting as a delegated portfolio manager for the non-EU AIF make any difference in either scenario?
Level 1 Regulation
Regulation (EU) 2019/2088 - Sustainable Finance Disclosure Regulation (SFDR)
ESMA_QA_2566
Topic
Settlement discipline - Cash penalties: process
10/06/2025
Subject Matter
Passing on of cash penalties throughout the settlement chain
Question
Should cash penalties be passed on throughout the settlement chain?
Level 1 Regulation
Central Securities Depositories Regulation (CSDR) Regulation (EU) No 909/2014- PTR- CSDR
ESMA_QA_2520
Topic
Public offer
07/04/2025
Subject Matter
New exemptions for fungible securities in Prospectus Regulation.
Question
When applying the exemptions in Article 1(4)(da) and (db) as well as Article 1(5)(ba), when is an issuer considered to be subject to a restructuring or to insolvency proceedings?
Level 1 Regulation
Prospectus Regulation 2017/1129
ESMA_QA_2473
Topic
ELTIF
14/03/2025
Subject Matter
Redemption policy
Question
Should the minimum percentage of liquid assets referred to in Annex II of the ELTIF Delegated Regulation solely comprise, as per Article 5(5) point b) of the ELTIF Delegated Regulation, the UCITS eligible assets, or should it also include, as it is the case for the purpose of the denominator of the percentage referred to in Article 18(2) point (d), the expected cash flow, forecasted on a prudent basis over 12 months?
Level 1 Regulation
European Long-Term Investment Funds Regulation (ELTIF) Regulation (EU) 2015/760