Do Financial Transmission Rights referred to in the Forward Capacity Allocation Regulation (Commission Regulation 2016/1719) qualify as financial instruments under Annex I, Section C of MiFID II (Directive 2014/65/EU)?

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?

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?

How should an offeror undertaking a secondary issuance of existing shares and using the exemptions for fungible securities set out in Article (1), paragraph 4, points (da) and (db) of the Prospectus Regulation (amended by the Listing Act) provide the information required by Annex IX of the Listing Act, in those cases in which the issuer is not involved in the offer or the offeror is not involved in the ongoing management of the issuer?

Please provide guidance on how the issuer’s declaration and risks statements set out in Annex IX shall be managed by the offeror. In particular the requirements include:

Statement of continuous compliance with reporting and disclosure obligations throughout the period of being admitted to trading, including under Directive 2004/109/EC, where applicable, Regulation (EU) No 596/2014 and, where applicable, Commission Delegated Regulation (EU) 2017/565.

Statement that at the time of the offer the issuer is not delaying the disclosure of inside information pursuant to Regulation (EU) No 596/2014.

Risks factors specific to the issuer

Are the exemptions from the obligation to produce a prospectus for offers of fungible securities that are set out in Article (1), paragraph 4, points (da) and (db) of the Prospectus Regulation (as amended by the Listing Act) also applicable to secondary issuances of existing shares, provided that all other requirements are met?

NB: Secondary issuances of existing shares are those initiated by an offeror (and not an issuer), as described in Article 14, 1st paragraph, point c) and Article 15, 1st paragraph, point d) of the Prospectus Regulation (prior to its amendment by the Listing Act). A concrete example are the offers of existing NBG shares realised in 2023 and 2024 under the simplified prospectus regime for secondary issuance. Such offers do not involve any increase in share capital.