ESMA_QA_2429
Topic
Cross-border distribution of funds
04/02/2025
Subject Matter
Premarketing of units or shares of AIFs
Question
Article 32a, paragraph 3, third sub-paragraph of Directive (EU) 2011/61/EU (as modified by CBDF Directive) states the following: "(…) For a period of 36 months from the date referred to in point (c) of the first subparagraph of paragraph 1, the AIFM shall not engage in pre-marketing of units or shares of the EU AIFs referred to in the notification, or in respect of similar investment strategies or investment ideas, in the Member State identified in the notification referred to in paragraph 2.” How should "similar investment strategies or investment ideas" be interpreted?
Level 1 Regulation
Undertakings for Collective Investment in Transferable Securities Directive (UCITS) Directive 2009/65/EC
ESMA_QA_2375
Topic
UCITS eligible assets and investment restrictions
13/12/2024
Subject Matter
Definition of "Distribution" Revenue
Question
Does the distribution of oil fuels and gaseous fuels in the Paris Aligned Benchmarks exclusions under Article 12(1)(e) and Article 12(1)(f) of the Delegated Regulation (EU) 2020/1818 include retail distribution?
Level 1 Regulation
Regulation (EU) 2019/2088 - Sustainable Finance Disclosure Regulation (SFDR)
ESMA_QA_2354
Topic
Climate Benchmarks
29/11/2024
Subject Matter
PAB Exclusions for 'gaseous fuels'
Question
What is the scope of the exclusion applicable to gaseous fuels under Article 12(1)(f) of the Delegated Regulation (EU) 2020/1818? For instance, does the exclusion apply to biogas or hydrogen activities?
Level 1 Regulation
Benchmarks Regulation (BMR) - Regulation 2016/1011
ESMA_QA_2261
Topic
ELTIF
22/08/2024
Subject Matter
ELTIFs granting loans
Question
Can an ELTIF acquire equity or debt instruments issued by another collective investment scheme (CIS) or grant loans to another CIS, i.e. can CISs qualify as qualifying portfolio undertaking as referred to in points a), b) and c) of Article 10(1) of the ELTIF Regulation? If yes, would the conditions set under article 11 or under article 10(1)d) apply? And would the look-through approach referred to in Article 10(2) of the ELTIF Regulation apply in this case, in particular for debt instruments referred to in Article 10(1)(b) of that Regulation issued by CIS, if CIS can qualify as “qualifying portfolio undertaking as referred to in Article 11?
Level 1 Regulation
European Long-Term Investment Funds Regulation (ELTIF) Regulation (EU) 2015/760
ESMA_QA_2258
Topic
Public offer
21/08/2024
Subject Matter
Future incorporation by reference of financial information, which will be permitted once Article 19 PR is amended by the Listing Act
Question
Information that is incorporated pursuant to Article 19(1b) of the Prospectus Regulation will not have been considered by an NCA during the prospectus scrutiny and approval process. How will that interact with the NCA’s approval statement which will be included in the base prospectus at the time of approval?
Level 1 Regulation
Prospectus Regulation 2017/1129