Search a question

View PDF
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_2560
Topic
Inducements
03/06/2025
Subject Matter
Payment for order flow (PFOF) prohibition: scope for rebates or discounts on transaction fees or any other benefits for investment firms acting on behalf of retail clients or opt-in professional clients
Question
Which type of rebates or discounts on transaction fees or any other benefits for investment firms acting on behalf of retail clients or opt-in professional clients are out of the scope of the prohibition to receive payment for order flow specified in Article 39a MiFIR?
Level 1 Regulation
Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014 - Investor Protection and Intermediaries
ESMA_QA_2559
Topic
Inducements
03/06/2025
Subject Matter
Payment for order flow (PFOF) prohibition and OTC execution of client orders
Question
Does the prohibition of receiving payment for order flow (PFOF) apply to situations where the order is not executed on a trading venue, for instance for products traded over the counter (OTC)?
Level 1 Regulation
Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014 - Investor Protection and Intermediaries