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ESMA_QA_2638
Topic
AIFMD scope
10/09/2025
Subject Matter
Application of the delegation requirements foreseen under Article 1(9)(b) AIFMD II, respectively, Article 2(4)(b) AIFMD II
Question
It follows from Article 1(9)(b) and Article 2(4)(b) AIFMD II that the AIFM or UCITS management company shall ensure that the performance of the functions in Annex I or II of the respective directives, as well as the provision of the services referred to in Articles 6(4) or 6(3), complies with the requirements of AIFMD II. Considering that portfolio management and risk management may be delegated to entities located in the EU or to regulated entities located in third countries, to which extent are delegates or subdelegates of AIFMs or UCITS management companies subject to the AIFMD and UCITS Directive?
Level 1 Regulation
Alternative Investment Fund Managers Directive (AIFMD) Directive 2011/61/EU
ESMA_QA_2630
Topic
EU-CCPs
27/08/2025
Subject Matter
EMIR 3.0 Active Account Requirement and Reporting Obligation
Question
Should counterparties that clear 100% of their relevant derivatives contracts in the EU still be required to comply with the representativeness obligation under Article 7a(3)(d) of EMIR, the reporting obligation under Article 7b(1), and the representativeness reporting requirements outlined in the RTS?
Level 1 Regulation
Regulation 648/2012 - OTC derivatives, central counterparties and trade repositories (EMIR) - CCPs
ESMA_QA_2626
Topic
EU-CCPs
07/08/2025
Subject Matter
Reporting of the representativeness obligation
Question
Does the 85% exemption from reporting for entities under Article 7b also apply to the reporting of the representativeness obligation, or does it only apply to the reporting of activities, risk exposures, and operational conditions?
Level 1 Regulation
Regulation 648/2012 - OTC derivatives, central counterparties and trade repositories (EMIR) - CCPs
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)