Recital 5 of RTS 15 MiFIR sets out that charging fees in a discriminatory way so as to deter access should not be permitted. Where a trading venue has close links to a CCP, should additional considerations be taken into account when considering whether fees are discriminatory, and if so, which considerations?

Article 11 of RTS 15 MiFIR permits a trading venue to charge fees to a CCP accessing the trading venue provided that it is the same schedule of fees and rebates for each CCP with regard to the same or similar financial instruments, unless a different fee schedule can be objectively justified. Where (a) a CCP has close links to a trading venue, (b) such CCP does not pass on the fees charged to it by that trading venue, and (c) the aggregated trading and clearing fees for trades executed and cleared by such trading venue and its linked CCP are therefore lower relative to the fees for the same trades cleared with non-affiliated CCPs, would the schedule of fees and rebates applicable to all CCPs accessing the trading venue be considered to be the same schedule of fees and rebates?

Since most of the (potential) applicants aim to settle the “cash leg” of transactions with or as a DLT-SS / DLT-TSS using e-money tokens the question arises if Article 12(1) b) CSDR regarding the relevant authorities is applicable (“the central banks in the Union issuing the most relevant currencies in which settlement takes place”).

As certain persons have an independent obligations to draw up and manage insider list of the issuer (e.g. advisors, consultants, credit agency) under Article 18(1) of MAR, what information should be reflected in the insider list of the issuer: (i) all required information under insider list template for a contact person of such third party, in addition in the field "function and reason for being insider" indicating that this is only a contact person of third party that has independent obligation to draw-up and manage independent insider list, or (ii) with deviation from template of insider list, name and contact details of such company itself, omitting certain fields, such as name, surname, birth surname.

What are the capital requirements for a DLT TSS operated by: a) an investment firm; b) a credit institution; c) a CSD?