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ESMA_QA_2624
Topic
Managers' transactions
01/08/2025
Subject Matter
Scope of the exception in Article 19(12a) of MAR to PDMRs’ general prohibition to trade during the closed period
Question
Shall a PDMR be allowed to adhere to a takeover bid, a share capital increase, a subscription of shares arising from stock splits, a merger, a rights issue or a spin-off during a closed period pursuant to Article 19(12a) of MAR?
Level 1 Regulation
Market Abuse Regulation (MAR) Regulation (EU) No 596/2014 - Market Intergrity
ESMA_QA_2618
Topic
Suitability
25/07/2025
Subject Matter
Arrangements necessary to understand clients
Question
In order to comply with the duty to obtain the necessary information regarding the client's knowledge and experience, financial situation, and investment objectives, shall the Investment firms questionnaire/approach follow this exact sequence, i.e., shall the investment firm inquire the client, in a first moment, about its Knowledge and Experience on a specific instrument/ service, and then about the client's financial situation and his investment objectives ?
Level 1 Regulation
Directive 2014/65/EU - Markets in Financial Instruments Directive (MiFID II)
ESMA_QA_2609
Topic
Costs and fees
15/07/2025
Subject Matter
Performance fees for feeder funds
Question
Can the manager of a feeder fund within the meaning of Article 58 of the UCITS Directive charge a performance fee?
Level 1 Regulation
Undertakings for Collective Investment in Transferable Securities Directive (UCITS) Directive 2009/65/EC
ESMA_QA_2604
Topic
Product governance
08/07/2025
Subject Matter
Clarification as regards to Perpetual features
Question
We are writing to request clarification regarding the regulatory treatment of perpetual futures. Specifically, we would like to confirm whether, in cases where a Cyprus Investment Firm (CIF) offers listed futures contracts through a Multilateral Trading Facility (MTF) operating in Europe, the perpetual futures offered by the CIF would fall within the scope of Category 10 – Other Derivatives, as defined in the First Appendix, Part III of Law 87(I)/2017, as amended from time to time.

In addition, we would appreciate your confirmation on whether any leverage restrictions apply to perpetual futures, either under CySEC’s national rules or under EU-level requirements, particularly in the context of investor protection measures.
Level 1 Regulation
Directive 2014/65/EU - Markets in Financial Instruments Directive (MiFID II)
ESMA_QA_2601
Topic
Underwriting and placing
04/07/2025
Subject Matter
Use of fiduciary (nominee) structures in equity crowdfunding
Question
Can CSPs use nominee structures as part of their operations in relation to transferable securities or admitted instruments for crowdfunding purposes? (Edited)
Level 1 Regulation
Regulation 2020/1503 - European crowdfunding service providers for business