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Matthias Lehmann, Christoph Kumpan - European Financial Services Law

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Matthias Lehmann (ed.), Christoph Kumpan (ed.)

European Financial Services Law

Series: Kooperationswerke Beck - Hart – Nomos

Volume 2019

Results in this title

Article 54 Monitoring of compliance with the rules of the regulated market and with other legal obligations S. 312-315

„… the regulated market.20 Article 54 Monitoring of compliance with the rules of the regulated market and …” „… of the compliance by their members or participants with their rules. Regulated markets shall monitor …” „… MiFID II aims to ensure the compliance of members and participants with the rules of a regulated market …”

Article 31 Monitoring of compliance with the rules of the MTF or the OTF and with other legal obligations Christoph Kumpan and Ronny Grütze S. 210-212

„… Section 2 Market transparency and integrity Article 31 Monitoring of compliance with the rules of …” „… procedures, relevant to the MTF or OTF, for the regular monitoring of the compliance by its members or …” „… participants or users with its rules. Investment firms and market operators operating an MTF or an OTF shall …”

Index S. 1785-1803

„… – compliance function MiFID II 48 8 – compliance-outsourcing MiFID II 48 9 – conflicts of interest MiFID II …” „… basis MiFIR 13 6 Access to trading venue EMIR 8 3; MiFIR 35-37 1-22 Access-control-rule MiFIR 17 5 …” „… . Conduct of business rules MiFID II Intro 1 et seq., 24 1 et seq., 25 1 et seq., 26 1 et seq. – gold …”

Article 37 Authorisation of non-EU AIFMs intending to manage EU AIFs and/or market AIFs managed by them in the Union in accordance with Article 39 or 40 S. 1541-1550

„… compliance with a provision of this Directive is incompatible with compliance with the law to which the …” „… to combine such compliance with compliance with a mandatory provision in the law to which the non-EU …” „… and/or the non-EU AIF is subject provides for an equivalent rule having the same regulatory purpose and …”

Article 16 Organisational requirements S. 65-120

„… firm shall establish adequate policies and procedures sufficient to ensure compliance of the firm …” „… appropriate rules governing personal transactions by such persons. 3. An investment firm shall maintain and …” „… the ability of the supervisor to monitor the firm’s compliance with all obligations. An investment …”

Article 36 Conditions for the marketing in Member States without a passport of non-EU AIFs managed by an EU AIFM S. 1539-1541

„… between the competent authorities of the home Member State of the AIFM and the su- Chapter VII Rules in …” „… Non-Cooperative Country and Territory by FATF. 2. Member States may impose stricter rules on the AIFM in respect …” „… and most fundamental requirement is the full compliance of the AIFM with the requirements of AIFMD …”

Article 6 Independence and avoidance of conflicts of interest S. 1252-1257

„… it by control. 2. In order to ensure compliance with paragraph 1, a credit rating agency shall comply …” „… Grütze 8 9 ratings, which ensure the effective compliance with the objectives of this Regulation; and (c …” „… ) the size of the credit rating agency is not determined in such a way as to avoid compliance with the …”

Article 48 Systems resilience, circuit breakers and electronic trading S. 268-292

„… proprietary capital. The purpose of the rule is to avoid conflicts of interest between market operators and …” „… compliance by investment firms with the requirements of such binding written agreements. The regulated market …” „… authority to satisfy itself of compliance by the regulated market with this paragraph. 4. Member States …”

Article 20 Home member state supervision S. 1348-1350

„… arrangements and organisational decisions which are necessary to ensure compliance with the rules which relate …” „… provided shall be sufficient. 2. In so far as it is necessary to ensure compliance with the rules for which …” „… services, to provide the information necessary for the monitoring of their compliance with the rules under …”

Article 10 Competent authorities S. 1771-1773

„… for ensuring compliance with this Regulation public authorities, bodies recognised by national law or …” „… compliance by PSPs with this Regulation effectively and take all necessary measures to ensure such compliance …” „… The compliance with the provisions of this Regulation is monitored and enforced by authorities of the …”

Article 21 Disclosure or dissemination of information in the media S. 833-835

„… assessed taking into account the rules governing the freedom of the press and freedom of expression in …” „… other media and the rules or codes governing the journalist profession, unless: 3. 4. 5. 55 See above …” „… gives special consideration to the media in that, for the purpose of applying rules on disseminating …”

Article 44 Authorisation and applicable law S. 247-252

„… authorities keep under regular review the compliance of regulated markets with this Title. They shall also …” „… . Supervision by the competent authority (Art 44(2) MiFID II) . . . . . . . . . . . . 11 3. Compliance …” „… introduces Title III comprising the rules on regulated markets. The provision contains the general rules …”

Article 19 Notification for cross-border services by virtue of a branch S. 1347-1348

„… compliance with the rules which relate to the constitution and functioning of the UCITS and with the …” „… comply with the rules of the management company’s home Member State which relate to the organisation of …” „… rules and supervision, procedures referred to in Article 12 and the management company’s reporting …”

Article 19 Specific requirements for MTFs S. 142-145

„… trading and the rules and procedures to ensure compliance with Arts 24, 25, 27 and 28 MiFID II. The …” „… regard to executing trades, the rules, procedures and protocols to route the trading interests of a …” „… , are not applicable to transactions concluded under the rules governing an MTF between its members and …”

Article 1 S. 1680-1684

„… and Compliance 154; Devos D, ‘Legal Protection of Payment and Securities Settlement Systems and of …” „… PvP, Netting and Collateral Arrangements’ (1996) 4 Journal of Financial Regulation and Compliance 170 …” „… Europe’s rules on default and collateral protection’ (2009) 3 Law and Financial Markets Review 218 …”

Chapter 1 Organisational requirements S. 1628-1637

„… effective so as to ensure compliance with this Regulation, including compliance of its managers and …” „… , the rules governing the CCP, and its admission criteria for clearing membership, available publicly …” „… 1628 Paola Lucantoni 1 2 specifying the minimum content of the rules and governance arrangements …”

Article 48 Consequences of merger S. 1377-1380

„… average size of UCITS, implemented uniform merger rules which apply not only to UCITS structured as common …” „… for purposes of the merger under Art 37 of UCITSD. Further, the UCITS merger rules apply to any UCITS …” „… any national rules on the merger of companies. In turn, a common contractual fund can be merged with …”

Article 51 Admission of financial instruments to trading S. 299-303

„… this point remains consistent.25 The compliance of the traceability system with Commission Delegated …” „… . Member States shall require that regulated markets have clear and transparent rules regarding the …” „… admission of financial instruments to trading. Those rules shall ensure that any financial instruments …”

Article 67 Duties of competent authority in case of non-compliance by master S. 1408-1409

„… applicable national law, the fund rules or the instruments of incorporation to the feeder UCITS or, where …” „… entirely unrelated rules applicable to the master UCITS’ management company. First, paragraph 1 enhances …” „… Duties of competent authority in case of non-compliance by master 1. If the master UCITS and the feeder …”

Article 22 Competent authorities S. 835-838

„… press, freedom of expression, and the rules or codes governing the journalist profession. As …” „… relevant provisions. There are, however, two bona fide exceptions to the rule. The protections offered …” „… abuse’ (2014) Compliance Officer Bulletin 1; Sandler M, Baker M, Tuson A and Evans S, ‘The EU market …”

Article 47 Equivalence decision S. 566-571

„… appropriate conduct of business rules; (e) it ensures market transparency and integrity by preventing market …” „… substituted compliance.2 Its function is to exempt investment firms performing services cross-border from …” „… Regulation (2016), p. 391 et seq. 2 On the determination of substituted compliance for certain swap …”

Article 24 Obligation to uphold integrity of markets S. 492-494

„… (2016); Busch D, ‘MiFID II and MiFIR: stricter rules for the EU financial markets’, Law and Financial …” „… Authorities (NCAs) to monitor the compliance of investment firms’ activities with MiFID II and MiFIR standards …” „… The record keeping and transaction reporting rules that follow Art 24 MiFIR in Title IV mainly serve …”

Article 17 Algorithmic trading S. 120-134

„… rules applicable to the provision or reception of fees, commissions or any monetary or non-monetary …” „… that is contrary to Regulation (EU) No 596/2014 or to the rules of a trading venue to which it is …” „… , the key compliance and risk controls that it has in place to ensure the conditions laid down in …”

Articles 21 to 25 a S. 1288-1291

„… technical standards for the assessment of compliance of credit rating methodologies, 30 May 2012, Official …” „… Regulation, ESMA is responsible for ensuring compliance with the CRA Regulation. However, ESMA should not …” „… implementation of the rating rules, ESMA conducts a comparison of peers in order to ensure a consistent approach …”

Articles 83 to 91 S. 1679-1680

„… Non-discrimination As stated under Recital 42 EMIR, access rules are necessary considering the …” „… impact on netting’ (1997) 5 Journal of Financial Regulation and Compliance 154; Devos D, ‘Legal …” „… Arrangements’ (1996) 4 Journal of Financial Regulation and Compliance 170; Haentjens M and de Gioia-Carabellese …”

Article 50 Synchronisation of business clocks S. 296-299

„… ) 2017/588 claims that all exchange-traded funds need to have the same tick-size rules based on a single …” „… Schmidt 15 1 2 3 racy for members or participants of a trading venue) and Art 4 (Compliance with the …” „… they are installed in compliance with the manufacturer’s installation guidelines.15 Commission …”

Article 33 Conditions for managing EU AIFs established in other Member States and for providing services in other Member States S. 1533-1535

„… affect the compliance of the AIFM’s management of the AIF with this Directive, or the compliance by the …” „… Member State of the AIFM one month prior to the implementation of the change. Chapter VII Specific rules …” „… European Union, Art 34 exempts EU AIFM from compliance with the AIFMD requirements relating to the de …”

Article 66 Additional tasks vis-à-vis master’s competent authority S. 1407-1408

„… 65(2) of UCITSD provides the important rule on income allocation. Any monetary benefit created by the …” „… of…’). The objective of the rule is to ensure alignment of interests of the feeder UCITS and all …” „… Community law, the applicable national law, the fund rules or the instruments of incorporation to the feeder …”

Article 25 Recognition of a third-country CCP S. 1623-1628

„… supervision and enforcement ensuring full compliance with the prudential requirements applicable in that third …” „… additional requirements: (a) ongoing compliance with the relevant and necessary requirements for EU-CCPs …” „… the burden resulting to dual application of rules. It is designed to reduce the dangers of Brexit for …”

Articles 65-104 Art. 65-104 S. 615-616

„… required to initiate the admission procedure ex officio.3 As a general rule, the application for admission …” „… ) EGAktG). Sanctions for non-compliance With respect to sanctions for non-compliance with post-admission …” „… fit the supervision and enforcement of the CARD rules into their general supervisory structures …”

Article 27 Obligation to execute orders on terms most favourable to the client S. 195-202

„… compliance with this Article. 9. The Commission shall be empowered to adopt delegated acts in accordance with …” „… classes with the exception of highly liquid shares. MiFID II aims at improving its best execution rules by …” „… process.11 The requirement that a firm take ‘sufficient’ steps is a higher bar for compliance than was …”

Article 60 Relationship between feeder and master S. 1399-1401

„… by internal conduct of business rules ensuring compliance with the requirements set out in this …” „… fund rules or instruments of incorporation in order to enable the feeder UCITS to convert into a UCITS …” „… division; or (c) amend its fund rules or its instruments of incorporation in order to convert into a UCITS …”

Article 58 Definitions, investment limits, exemptions S. 1397-1398

„… delay of any measure designed to ensure compliance with investment limits. Chapter VIII Master-feeder …” „… is an investment company. For the purposes of compliance with Article 51(3), the feeder UCITS shall …” „… in the master UCITS’ fund rules or instruments of incorporation in proportion to the feeder UCITS …”

Article 6 Conditions for taking up activities as AIFM S. 1478-1480

„… retain ultimate regulatory responsibility for ensuring compliance with AIFMD. If an AIFM is unable to …” „… ensure compliance with AIFMD, the competent regulatory authorities shall require the AIFM to step down in …” „… monitor compliance with the conditions referred to in this Directive at all times. 8. Investment firms …”

Article 61 Communication between feeder’s and master’s depositary S. 1401-1403

„… breach of any rules that restrict the disclosure of information or relate to data protection where such …” „… rules are provided for in a contract or in a law, regulation or administrative provision. Such …” „… compliance shall not give rise to any liability on the part of such depositary or any person acting on its …”

Article 18 Insider lists S. 799-808

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 2. Ensuring compliance …” „… disclosure of inside information. As such, Article 18 supports corporate compliance ex ante. Both CESR and …” „… result of differences in national implementing rules.5 For these reasons, while some of the substance of …”

Article 25 Obligation to maintain records S. 494-495

„… general rules of Regulation (EU) 1095/2010 apply, see Art 87 MiFID II. Obligations to monitor NCAs must …” „… gateway for monitoring compliance with other duties than those imposed by Art 24 MiFID II. Examples are …” „… access (Art 53(1) MiFID II). Compliance with all of these duties must be controlled by the NCA …”

Article 35 Conditions for the marketing in the Union with a passport of a non-EU AIF managed by an EU AIFM S. 1536-1539

„… are not marketed in the European Union. In addition to compliance with the AIFMD requirements except …” „… VII Rules in relation to third countries Art. 35 AIFMD Christian Schmies 1537 shall inform the AIFM …” „… prohibition of marketing of the AIF. If the changes are acceptable because they do not affect the compliance …”

Article 9 Payment accessibility S. 1770-1771

„… impermissible. II. Commentary General Rule Both paragraphs of Art 9 above address the payment service user that …” „… for ensuring compliance with this Regulation public authorities, bodies recognised by national law or …” „… compliance by PSPs with this Regulation effectively and take all necessary measures to ensure such compliance …”

Article 30 Transactions executed with eligible counterparties S. 207-210

„… compliance with the rules of the MTF or the OTF and with other legal obligations 1. Member States shall …” „… compliance by its members or participants or users with its rules. Investment firms and market operators …” „… Member State can adopt or retain additional rules in relation to tied agents registered within its …”

Article 23 Conflicts of interest S. 151-155

„… to monitor investment firms’ compliance with the requirements of MiFID II. The monitoring methods …” „… the competent authorities monitor the activities of investment firms so as to assess compliance with …” „… assess the compliance of investment firms with those obligations. Article 23 Conflicts of interest 1 …”

Article 11 Notification of acquisitions and disposals of qualifying holdings S. 53-58

„… supervising compliance with the MiFID/MiFIR framework if the group is more oriented towards the group interest …” „… ) than towards compliance with the Union law. Relations to Third Countries (Art 10(2) MiFID) A particular …” „… received at annual general meetings of shareholders and members or as a result of compliance with the regu …”

Article 24 General principles and information to clients S. 157-180

„… content, scope and form of conduct-of-business rules under MiFID II must at least be taken into account …” „… . The conductof-business rules (indirectly) affect the scope and content of the private law duties …” „… . There are no private law principles which prohibit taking into account rules set out by MiFID II. In …”

Article 57 Exemptions from Art 52, 56 in certain cases S. 1396-1397

„… unit-holders. I. Purpose Under certain conditions, the rule allows UCITS to deviate from the limits laid down …” „… delay of any measure designed to ensure compliance with investment limits. Chapter VIII Master-feeder …” „… is an investment company. For the purposes of compliance with Article 51(3), the feeder UCITS shall …”

Article 34 Conditions for EU AIFMs which manage non-EU AIFs which are not marketed in Member States S. 1535-1536

„… Member State of the AIFM one month prior to the implementation of the change. Chapter VII Specific rules …” „… European Union, Art 34 exempts EU AIFM from compliance with the AIFMD requirements relating to the de …” „… - Chapter VII Rules in relation to third countries Art. 34 AIFMD Christian Schmies 1535 5 6 1 2 positary …”

Article 13 Accepted market practices S. 756-767

„… national rules of attribution. The provision operates in the same way as Art 8(5) of MAR, which applies the …” „… practice infringed rules or regulations designed to prevent market abuse, or codes of conduct, irrespective …” „… as changes to trading rules or to market infrastructures, with a view to deciding whether to maintain …”

Article 5 Requirement for authorisation S. 35-37

„… the investment firm’s management body. Art 10-13 MiFID specify the rules on the acquisition and sale …” „… of qualifying holdings in the investment firm. Art 14, 15 MiFID lay down the capital rules …” „… organisation structure for all investment firms, while Art 17 MiFID prescribes additional rules for …”

Article 17 Cross-border services by virtue of a branch S. 1344-1346

„… paragraph 2, prepare for supervising the compliance of the management company with the rules under their …” „… rules drawn up by the management company’s host Member State pursuant to Article 14. 5. The competent …” „… authorities of the management company’s host Member State shall be responsible for supervising compliance with …”

Article 21 Host member state supervision in case of a branch S. 1350-1353

„… to provide services, to provide the information necessary for the monitoring of their compliance with …” „… the rules under the responsibility of the management company’s host Member State that apply to them …” „… management companies authorised in that Member State for the monitoring of their compliance with the same …”

Article 53 Access to a regulated market S. 308-312

„… of compliance with the rules of the regulated market and with other legal obligations 1. Member …” „… and non-discriminatory rules, based on objective criteria, governing access to or membership of the …” „… regulated market. 2. The rules referred to in paragraph 1 shall specify any obligations for the members or …”

Article 26 Cooperation with third countries S. 846-849

„… the Central Administrator, and other public bodies charged with the supervision of compliance under …” „… specific rules on cooperation among competent authorities and between authorities and ESMA, respectively …” „… Article 16 MAD 2003, a provision that already established detailed rules on the exchange of information …”

Titelei/Inhaltsverzeichnis

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Article 30 207 Section 2 Market transparency and integrity Monitoring of compliance with the rules of the …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Article 53 308 Contents X Monitoring of compliance with the rules of the regulated market and with other …” „… lawyers, who must be able to comprehend the rule’s implications for concrete and often unknown problems in …”

Article 46 General provisions S. 560-566

„… is subject to effective supervision and enforcement ensuring a full compliance with the requirements …” „… be subject to effective supervision and enforcement ensuring full compliance with the requirements …” „… ) MiFIR). No stricter nationals laws Art 46 (3) MiFIR provides a standard rule for European passports …”

Article 22 Mandatory depositary; appointment and duties of depositary S. 1353-1357

„… the applicable national law and the fund rules or instruments of incorporation; (b) ensure that the …” „… fund rules or the instruments of incorporation; (c) carry out the instructions of the management …” „… rules or the instruments of incorporation; 6 Cf. UCITSD, Art 21. 7 See ESMA34-43-392, Q&A on the …”

I. General features S. 1628

„… effective so as to ensure compliance with this Regulation, including compliance of its managers and …” „… , the rules governing the CCP, and its admission criteria for clearing membership, available publicly …”

Article 11 a European rating platform S. 1281-1283

„… incentive for investors to pay for the service.3 Rules regarding the content and presentation of the …” „… ) 2015/2.4 The pre-existing rules on the transmission of data and the presentation of information were 1. 2 …” „… compliance with the CRA Regulation annually. The summary shall be presented as a report that includes …”

Article 38 Peer review of authorisation and supervision of non-EU AIFMs S. 1550-1552

„… not, provide reasons for its non-compliance. Chapter VII Rules in relation to third countries Art …” „… to perform jointly with the AIFM the compliance function to the extent the AIFM’s management or …” „… . Art 37(6), in addition to the requirement of compliance with AIFMD as set out in Art 37(2), contains a …”

Article 14 b Details and proportionality of remuneration policy S. 1339-1343

„… companies Art. 14 b UCITSD Dirk Zetzsche and Dominik Nast 1339 1 2 3 tent with the risk profiles, rules or …” „… independent internal review for compliance with policies and procedures for remuneration adopted by the …” „… management and compliance functions is overseen directly by the remuneration committee, where such a …”

Article 41 Conditions for managing AIFs established in Member States other than the Member State of reference by non-EU AIFMs S. 1558-1560

„… prohibition of marketing of the AIF. If the changes are acceptable because they do not affect the compliance …” „… of the AIFM’s management of the AIF with this Directive or the compliance by the AIFM with this …” „… the management company passport granted to EU AIFM under Art 33. Chapter VII Rules in relation to …”

Article 23 Powers of competent authorities S. 838-843

„… from Article 30(1). Yet, the exemption may not suffice for compliance with the rule of law because of …” „… compliance with the provisions in this Regulation”.2 Whenever a competent authority delegates any power in …” „… national and European rules on data 1. 2. 3 See Eberhard, ‘The limits of outsourcing “core functions” of …”

Article 47 Organisational requirements S. 264-268

„… ; (d) to have transparent and non-discretionary rules and procedures that provide for fair and orderly …” „… for market participants, that is attributable to a flaw in the rules or the technical or …” „… trading system needs to be available. Transparent and non-discretionary rules and procedures have to be …”

Article 32 Reporting of infringements S. 865-868

„… basic rules regarding whistleblowing. 1. Chapter 5 Administrative measures and sanctions Art. 32 MAR …” „… Commission had originally advocated for a rule that would obligate Member States to provide for specific …” „… paragraph of Article 32 requires Member States to create rules obligating employers to establish appropriate …”

Article 68 Mandatory disclosure instruments S. 1409-1410

„… , measure, observation of non-compliance with the conditions of this Chapter or information reported …” „… , or observation of non-compliance with the conditions of Chapter VIII or of any information reported …” „… whilst the harmonised rules do not impose requirements regarding sanctions in terms of misleading or …”

Article 34 Publication of decisions S. 869-874

„… . Purpose Article 33 refines the rules on cooperation and notification requirements between the competent …” „… rules. I. General features Purpose Article 34 deals with the publication of judicial and administrative …” „… ) Compliance Officer Bulletin 1, 12. Art. 34 MAR 2. Market Behaviour 870 Jörn Axel Kämmerer 1 Legislative …”

Article 11 S. 1067-1072

„… Compliance Function and Additional Requirements Governing Rules of Conduct, Organisation and Transparency …” „… Requirements for the Compliance Function and Additional Requirements Governing Rules of Conduct, Organisation …” „… relevant rules of private international law. 2. 3. 11 Article 15(1) PRIIP Delegated Regulation. 12 Article …”

Article 20 Specific requirements for OTFs S. 145-149

„… shall establish arrangements ensuring compliance with the definition of matched principal trading in …” „… , provided it is in compliance with specific instructions received from a client and with its obligations in …” „… rules in Art 18 MiFID II which govern MTFs and OTFs alike. An OTF as defined in Art 4(1)(23) MiFID II is …”

Article 64 S. 614-615

„… the admission procedure ex officio.3 As a general rule, the application for admission has to be made …” „… non-compliance With respect to sanctions for non-compliance with post-admission obligations, see above → Art 17 …”

Article 59 Notification of ESMA decisions relating to registration S. 1660-1661

„… rules and compliance arrangements and accuracy of data. As provided under the Commission Delegated …” „… the compliance of the trade repository with Articles 78 to 81 and shall adopt a fully reasoned …”

Introduction to MiFID II and MiFIR Matthias Lehmann S. 1-6

„… Finanzmarktkrise Teil 2: MiFID und MiFIR machen das Frühwarnsystem perfekt!‘, Corporate Compliance Zeitschrift (CCZ …” „… . To illustrate its importance, it is useful to draw a comparison to US law: MiFID combines the rules …” „… market governance. The substantive rules of MiFID II and MiFIR as well depart in many ways from those of …”

Article 52 Suspension and removal of financial instruments from trading on a regulated market S. 303-308

„… that an issuer is in compliance with its obligations under EU law and must make issuers aware of their …” „… complies with the rules of the regulated market unless such suspension or removal would be likely to cause …” „… comply with the rules of the regulated markets. Especially important is that a market operator is able to …”

Article 9 Management body S. 43-50

„… person in accordance with their constitutive rules and national laws. Member States shall nevertheless …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 1. Compliance with Art 88, 91 CRD IV (Art 9(1) MiFID) . . . . . . . . . . . . . . . . . . . 4 2 …” „… Directive 2014/65/EU, EBA/GL/2017/12. II. Commentary Compliance with Art 88, 91 CRD IV (Art 9(1) MiFID …”

Article 4 Use of credit ratings S. 1242-1246

„… investors, issuers and markets, as ratings. Thus, rules set in the CRA Regulation applicable to ratings also …” „… b of Section B of Annex I. (c) the ability of ESMA to assess and monitor the compliance of the …” „… necessary to enable ESMA to supervise on an ongoing basis the compliance with the requirements of this …”

Article 2 S. 1684-1691

„… , with common rules and standardised arrangements for the clearing, whether or not through a central …” „… Compliance 170, 171; Vereecken, 123; Ruzik, 202-204. 7 Recital 3; Ruzik, 201, 205. 8 Recital 9; Vereecken …” „… the rules of the system. Subject to the conditions in the first subparagraph, a Member State may …”

Article 6 Inciting, aiding and abetting, and attempt S. 629-637

„… of MAR is to establish a safe harbour. Actions carried out in compliance with Art 11 and the …” „… the criminal offence of unlawful disclosure. However, non-compliance with the market sounding regime …” „… , with the burden of proof on the defendant. This rule is in conflict with the laws of some Member States …”

Introduction S. 644-650

„… legislators integrated the rules on insider trading and market manipulation because those rules pursue the …” „… markets’.4 Accordingly, the rules share defined terms and principles and a single administrative authority …” „… Exchange Act Rule 10b-510 to restrict the use of inside information. However, due to the non-statutory …”

Article 11 Market soundings S. 718-730

„… rules create a safe harbour for the disclosure of inside information by issuers, secondary offerors …” „… . Non-compliance with Art 11 does not imply that a disclosure was not made in the normal exercise of an employment …” „… buttressed by rules on the technical infrastructure in place to carry out a market sounding. If a disclosing …”

Article 40 Conditions for the marketing in the Union with a passport of non-EU AIFs managed by a non-EU AIFM S. 1554-1558

„… State of reference at least 1 Chapter VII Rules in relation to third countries Art. 40 AIFMD …” „… marketing of the AIF. If the changes are acceptable because they do not affect the compliance of the AIFM’s …” „… management of the AIF with this Directive or the compliance by the AIFM with this Directive otherwise, the …”

Article 39 Conditions for the marketing in the Union with a passport of EU AIFs managed by a non-EU AIFM S. 1552-1554

„… the AIF. If the changes are acceptable because they do not affect compliance of the AIFM’s management …” „… of the AIF with this Directive, or compliance by the AIFM with this Directive otherwise, the …” „… managed and marketed by the AIFM be marketed only to professional investors. Chapter VII Rules in …”

Article 14 Conduct of business rules S. 1337-1338

„… down harmonised conditions home Member States must consider when adopting rules that allow management …” „… rule on delegations. In a common set-up, a UCITS fund management company delegates asset management …” „… the investors’ interests. Article 14 Conduct of business rules 1. Each Member State shall draw up …”

Article 18 Trading process and finalisation of transactions in an MTF and an OTF S. 134-142

„… requirements laid down in Article 16, establish transparent rules and procedures for fair and orderly trading …” „… market operators operating an MTF or an OTF establish transparent rules regarding the criteria for …” „… establish, publish and maintain and implement transparent and non-discriminatory rules, based on objective …”

Article 18 General principles S. 1498-1499

„… internal control mechanisms including, in particular, rules for personal transactions by its employees or …” „… managed by the AIFM are invested in accordance with the AIF rules or instruments of incorporation and the …” „… , accounting procedures, internal governance, the AIFM’s compliance and internal audit function, personal …”

Article 13 Mechanism to avoid duplicative or conflicting rules S. 1611-1612

„… Article 12 Penalties 1. Member States shall lay down the rules on penalties applicable to …” „… infringements of the rules under this Title and shall take all measures necessary to ensure that they are …” „… effectiveness of the penalty rules being applied. Such disclosure and publication shall not contain personal …”

Article 18 Notification for cross-border services S. 1346-1347

„… comply with the rules drawn up by the management company’s home Member State pursuant to Article 14. Art …” „… under the freedom to provide services shall comply with the rules of the management company’s home …” „… arrangements, risk-management procedures, prudential rules and supervision, procedures referred to in Article …”

Article 104 a Data protection S. 1457

„… information exchange in compliance with European data protection law. II. Overview All in all, data …” „… protection rules have done very little to reduce information exchange among competent authorities and …” „… application of the rules concerning the information exchange. II. Level 2 and 3 measures Commission …”

Article 11 Penalties S. 1773-1774

„… authorities have to take “all necessary measures” to ensure compliance with the SEPA Regulation in their …” „… subparagraph. These rules must, mutatis mutandis, be applied to the cooperation between the competent …” „… (replaced by Art 26 of PSD2), which establishes basic rules on the exchange of information for the purpose …”

Article 14 a Remuneration policy S. 1338-1339

„… of UCITSD requires the Member States to draft a set of conduct of business rules. Level 2 and 3 …” „… implementing rules in Arts 4-29 of Commission Directive 2010/43/EU. Art 14 of UCITSD shall ensure an adequate …” „… the risk profiles, rules or instruments of incorporation of the UCITS that they manage nor impair …”

Article 59 Exemption procedure regarding feeder’s investments into master S. 1398-1399

„… by internal conduct of business rules ensuring compliance with the requirements set out in this …” „… State the following documents: (a) the fund rules or instruments of incorporation of the feeder UCITS …” „… internal conduct of business rules referred to in Article 60(1); (d) where applicable, the information to …”

Article 62 Communication between feeder’s and master’s auditors S. 1403-1404

„… of the master UCITS nor that of the feeder UCITS shall be found to be in breach of any rules that …” „… restrict the disclosure of information or relate to data protection where such rules are provided for in a …” „… contract or in a law, regulation or administrative provision. Such compliance shall not give rise to any …”

Article 107 Reasoning of negative decisions; standing to sue of consumer protection agencies S. 1459-1460

„… action is to be taken it is simply a reporting requirement as part of the auditor’s compliance report to …” „… strengthens the consumer protection. II. Commentary As part of the rule of law rationale, any denial of …” „… down in the fund rules or in the instruments of incorporation of the investment company. However, the …”

Article 39 Authorisation by merging UCITS’ national competent authority; information exchange with receiving UCITS’ national competent authority S. 1372-1373

„… compliance of the particulars set out in points (a), (f) and (g) of Article 40(1) with the requirements of …” „… this Directive and the fund rules or instruments of incorporation of their respective UCITS; and (d …” „… exchange ratio; (f) the planned effective date of the merger; (g) the rules applicable, respectively, to …”

Article 82 Submission of key investor information to UCITS competent authority; duty to keep key investor information up to date S. 1425-1426

„… ensure compliance with the formal rules. Pursuant to Art 82(2) of UCITSD, the key investor information …” „… , ESMA34-43-392. II. Commentary Art 82 of UCITSD provides two different rules. Pursuant to Art 82(1) of …” „… authority. This shall ensure enforcement of the UCITS key investor information rules, but also burdens the …”

Article 16 Prevention and detection of market abuse S. 772-778

„… professionally arranging or executing transactions shall be subject to the rules of notification of the Member …” „… and/or nature of [the reporting person’s] business’, ibid, para 150. Benchmark for compliance with Art 16 …” „… facilitate future detection of trading patterns and demonstrating a person’s compliance with the STOR regime …”

Article 1 Purpose and scope S. 951-958

„… promote investor protection by eliminating the previously applicable mutual recognition rules which were …” „… . Between these two thresholds, Member States are free to apply national rules, and thus to require …” „… between investor protection and mitigating administrative burden and compliance and legal costs on small …”

Articles 36 to 39 S. 1301-1303

„… court must be determined by applying the rules of private international law. The European legal user has …” „… supplementing Regulation (EC) No 1060/2009 of the European Parliament and of the Council with regard to rules of …” „… , including rules on the right of defence and temporal provisions, 16 October 2012, Official Journal of the …”

Article 38 Enabling of cross-border mergers S. 1371-1372

„… nancial instruments. These rules must at least ensure that each transaction involving the …” „… receiving UCITS confirming that, in accordance with Article 41, they have verified compliance of the …” „… the fund rules or instruments of incorporation of their respective UCITS; and (d) the information on …”

Article 98 Powers of competent authorities; inquiry rights S. 1439-1440

„… compliance with the provisions falling outside the field governed by this Directive and …” „… Member States to provide for and impose criminal sanctions, Member States shall lay down rules on …” „… that they are implemented. Where Member States decide not to lay down rules for administrative …”

Article 105 Implementing legislation S. 1457-1458

„… information exchange in compliance with European data protection law. II. Overview All in all, data …” „… protection rules have done very little to reduce information exchange among competent authorities and …” „… application of the rules concerning the information exchange. II. Level 2 and 3 measures Commission …”

Article 4 Definitions S. 1471-1477

„… register or supervise such entity pursuant to the rules of professional conduct applicable thereto; (v) if …” „… national law, meaning the relevant rules or incorporation documents or any other provision binding upon the …” „… responsible for ensuring compliance with this Directive. The AIFM shall be either: (a) an external manager …”

Introduction to Chapter I S. 34-35

„… for the investment firm’s management body. Art 10-13 MiFID specify the rules on the acquisition and …” „… sale of qualifying holdings in the investment firm. Art 14, 15 MiFID lay down the capital rules …” „… organisation structure for all investment firms, while Art 17 MiFID prescribes additional rules for …”

Overview of Articles 5-11 S. 894-895

„… a general rule – on a historical basis using data for a period of twelve months of trading days …” „… relevant NCA, demonstrate compliance with the requirements set out in Arts 15, 18 and 19 of Delegated …” „… ‘flagging rule’, according to which short sales of shares would be marked and a summary of the volume of …”

Article 29 Disclosure of personal data to third countries S. 851-852

„… data, Article 28 is mostly declaratory in that it requires compliance with otherwise applicable …” „… referred to in Article 23(2). Member States may decide not to lay down rules for administrative sanctions …” „… parts of their criminal law. By 3 July 2016, Member States shall notify, in detail, the rules referred …”

Article 15 Advertisements S. 1007-1009

„… competent authority of the home Member State shall have the power to exercise control over the compliance of …” „… limited – especially in comparison with the marketing communication rules under MiFID and the UCITS rules1 …” „… prospectus. When a prospectus must be published, as a general rule, all information provided in advertising …”

Foreword to Articles 24 to 30 Foreword to Arts 24 to 30 S. 155-157

„… remedies for non-compliance with MiFID II’s conduct-of-business rules. The text of MiFID II is silent on …” „… disclosure rules. The changes 1 Cf. Commission, MiFID I proposal, 19 November 2002, COM(2002) 625 final, 23 …” „… instruments and funds belonging to clients, product governance obligations and the rules applicable to the …”

Article 81 Availability of key investor information S. 1423-1425

„… enables technical solutions to ensure compliance with the formal rules. Pursuant to Art 82(2) of UCITSD …” „… UCITS Directive, ESMA34-43-392. II. Commentary Art 82 of UCITSD provides two different rules. Pursuant …” „… UCITS’ competent authority. This shall ensure enforcement of the UCITS key investor information rules …”

Article 6 End-dates S. 1765-1766

„… , stakeholders and commentators.1 II. Commentary General rule Despite the confusing variety of dates and …” „… of direct debits. Art 6(3) grants an exception for complying with rules governing charging unilateral …” „… debits collected by that payee in compliance with this Regulation in the absence of national law or …”

Article 60 Exercise of the powers referred to in Articles 61 to 63 S. 1661

„… interest; the information technology resources; and the transparency about access rules and compliance …”

Introduction S. 1563-1574

„… Application of Dodd-Frank’s Derivatives and Clearing Rules, the Impact on Global Markets and the Inevitability …” „… foreseeable effect of contracts within the Union and to prevent the evasion of rules and obligations [2014] OJ …” „… European Parliament and of the Council with regard to rules of procedure for penalties imposed on trade …”

Article 99 d Protection of whistleblowers S. 1445-1447

„… applicable data protection rules. Commented below, see → Art 99 d. Article 99 c Factors to be taken into …” „… the European Parliament and of the Council; (d) clear rules that ensure that confidentiality is …” „… . The harmonised sanctions regime shall ensure the same level of compliance in all Member States. Lesser …”

Article 19 Valuation S. 1499-1502

„… , internal governance, the AIFM’s compliance and internal audit function, personal transactions by employees …” „… , the applicable national law and the AIF rules or instruments of incorporation. 2. The rules applicable …” „… shall be laid down in the law of the country where the AIF is established and/or in the AIF rules or …”

Article 7 Validity of mandates and right to a refund S. 1766-1768

„… of direct debits. Art 6(3) grants an exception for complying with rules governing charging unilateral …” „… debits collected by that payee in compliance with this Regulation in the absence of national law or …” „… rules to the SEPA mandate. Recital 25 indicates that Art 7(2) exists for the purpose of protecting …”

Article 4 Uncovered position in a sovereign credit default swap S. 892-894

„… Commission laid down rules specifying the method for calculating positions when different entities in a group …” „… and 13 of Delegated Regulation (EU) No 918/2012. The rationale of these special rules is that large …” „… referenced in the CDS. Thus, cross-border proxy hedges are, as a general rule, prohibited.7 However, the …”

Article 16 Additional information S. 1177-1179

„… abolished rule required issuers to issue a press release in relation to any Prospectus Directive exempt …” „… administration.6 Further, national liability rules must apply to the issuer or other responsible body. In …” „… compliance with the principle of equal treatment laid down in paragraph 1. (4) The Commission shall adopt, by …”

Article 99 Sanctioning powers of competent authorities; minimum sanctions S. 1440-1442

„… Member States to provide for and impose criminal sanctions, Member States shall lay down rules on …” „… that they are implemented. Where Member States decide not to lay down rules for administrative …” „… ) compliance with the request is likely to affect adversely its own investigation, enforcement activities or …”

Article 4 Definitions S. 22-34

„… action by creditors of the firm or of its proprietors; (b) the firm must be subject to rules designed to …” „… rules – in a way that results in a contract, in respect of the financial instruments admitted to trading …” „… under its rules and/or systems, and which is authorised and functions regularly and in accordance with …”

Article 97 Appointment and qualifications of competent authorities S. 1438-1439

„… Luxembourg SICAV is governed by rules different from that applying to a German ‘offene Investmentgesellschaft …” „… and Dominik Nast 3 1 2 compliance with the provisions falling outside the field governed by this …”

Article 27 Committee procedure S. 1211-1214

„… issuer’s home Member State is responsible for monitoring compliance with all requirements under the TD …” „… The original version of Article 27 under the TD 2004 was confined to implementing rules under the …” „… so-called Lamfalussy process.1 These procedural rules in the Directive were changed in 2008,2 in order to …”

Article 33 Mechanism to avoid duplicative or conflicting rules S. 524-526

„… MiFIR. Article 33 Mechanism to avoid duplicative or conflicting rules (1) The Commission shall be …” „… established in that third country and the counterparties are in compliance with those legal, supervisory and …” „… third country also has similar rules as the EU regarding indirect clearing and portfolio compression …”

Article 17 Public disclosure of inside information S. 778-799

„… the Member State where the branch is located.41 The applicable national rules on notification are the …” „… rules of the Member State of the competent authority. Upon notification, that authority has to transmit …” „… 263-283; Cumming D, Grohb AP and Johan S, ‘Same Rules, Different Enforcement: Market Abuse in Europe …”

Article 106 Reporting of auditors to competent authorities S. 1458-1459

„… action is to be taken it is simply a reporting requirement as part of the auditor’s compliance report to …” „… strengthens the consumer protection. II. Commentary As part of the rule of law rationale, any denial of …”

Introduction S. 574-576

„… acts: the rules on prospectuses (Arts 20 through 41 of the original version of the CARD) were …” „… transferred into the Prospectus Directive;6 and the rules on periodic publicity, disclosure of major holdings …” „… , and certain compliance duties (Arts 65 through 104 of the original version of the CARD) were …”

Article 104 Information exchange with monetary authorities, clearing houses; legislators S. 1454-1457

„… remain outside the scope. While anti-money laundering/counter-terrorism financing rules are part of the …” „… seeks to bring the extensive information exchange in compliance with European data protection law. II …” „… . Overview All in all, data protection rules have done very little to reduce information exchange among …”

Article 3 S. 1691-1695

„… al.22 This example, in combination with the rules in Art 9, shows that the directive particularly …” „… reasons of efficiency, increasingly at night. So the material rules of the Settlement Finality Directive …” „… the rules of the system, during which the opening of such proceedings occur, they shall be legally …”

Article 14 Authorisation of a CCP S. 1612-1613

„… remedial mechanism to avoid the costs related to the duplications and conflicts among rules. The provision …” „… , firms using a third country CCP for clearing are considered to be in compliance with EU law, provided …”

Article 29 Obligations of investment firms when appointing tied agents S. 205-207

„… . The rule requires firms to publicize such client limit orders, and aims to ensure that investment …” „… compliance of tied agents with the requirements of paragraph 3. In particular, tied agents may be registered …” „… additional rules in relation to tied agents registered within its jurisdiction in accordance with Art 29(6 …”

Article 12 Prospectuses consisting of separate documents S. 997-999

„… . Overall, the new rules should be able to both reduce issuers’ compliance costs and enable them to swiftly …” „… The new rules set out by the 2017 Prospectus Regulation aim to shorten the approval time for frequent …”

Article 61 Request for information S. 1661-1662

„… interest; the information technology resources; and the transparency about access rules and compliance …”

Article 15 Initial capital endowment S. 64-65

„… establish adequate policies and procedures sufficient to ensure compliance of the firm including its …” „… managers, employees and tied agents with its obligations under this Directive as well as appropriate rules …”

Article 6 Exemption for monetary and public debt management activities and climate policy activities S. 670-673

„… bodies, their risk management standards and internal rules of conduct, which was prepared by the …” „… Commission in compliance with the second and third subparagraphs of Art 6(5).3 Furthermore, Art 6(6) empowers …” „… and exclusively for the purpose of the above policies, which rules out individuals pursuing private …”

Article 7 Conditions for authorisation S. 1328-1331

„… . If they do, they must meet the MiFID rules applicable to that activity. The provision further …” „… its registered office in a Member State, or in a third country where it is subject to prudential rules …” „… provide them with the information they require to monitor compliance with the conditions referred to in …”

Article 54 Approval of interoperability arrangements S. 1655-1658

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 1. Risk management rules …” „… . Commentary Risk management rules Article 52 EMIR serves the purpose of mitigating the exposure of the …” „… an interoperability arrangement should not ‘impact on the compliance by the CCPs’. 2016 ESRB Final …”

Article 8 Conditions for granting authorisation S. 1482-1485

„… resources. Furthermore, the authorisation application must include the rules or instruments of incorporation …” „… applying for the relevant authorisation, particularly compliance with minimum capital requirements, a fit …” „… , or in a third country where it is subject to prudential rules considered by the competent authorities …”

Article 16 Supplements to the prospectus S. 1009-1013

„… prospectus. When a prospectus must be published, as a general rule, all information provided in advertising …” „… prospectus if the prospectus is not yet published. As a general rule, even if not for advertising purposes …” „… relevant prospectus. Special rules apply to advertising related to offers of securities or admissions to …”

Article 33 SME growth markets S. 217-221

„… . Member States shall ensure that MTFs are subject to effective rules, systems and procedures which ensure …” „… prejudice to compliance by the investment firm or market operator operating the MTF with other obligations …” „… ) the market operator has established rules that determine the minimum content of the documents set out …”

Article 2 Definitions S. 624-627

„… empowers the EU to ‘establish minimum rules with regard to the definition of criminal offences and …” „… to opt back in and, accordingly, is bound by the rules of the directive.5 II. Commentary Subject …” „… compliance with the respective conditions of MAR. Article 1(4)(a) of MAD 2014 extends the perimeter of the …”

Article 13 Remuneration S. 1489-1492

„… preferential treatment has been disclosed in the relevant AIF’s rules or instruments of incorporation. Art 12(2 …” „… encourage risk-taking which is inconsistent with the risk profiles, rules or instruments of incorporation of …” „… officers in the risk management and compliance function; (g) performance-related remuneration must be based …”

Article 69 Supervisory powers S. 358-362

„… is not used unfairly or to prevent competition. The final responsibility for supervising compliance …” „… secrecy rules, it should be concluded that even demands made for data held by investment firms under …” „… , Member States shall lay down rules on and ensure that their competent authorities may impose …”

Article 1 Subject matter and scope S. 392-396

„… / MiFIR regime is to set out new rules for trading in dark pools, or opaque trading venues that allowed …” „… obligations to non-equity instruments, even though the rules still differentiate between equity(-like)28 and …” „… non-equity(-like)29 instruments. In general, the transparency rules for regulated markets and multilateral (and …”

Article 25 Obligation to cooperate S. 844-846

„… the enforcement of the relevant rules where transactions, orders to trade or other actions or …” „… the Central Administrator, and other public bodies charged with the supervision of compliance under …”

Article 8 d Use of multiple credit rating agencies S. 1274-1276

„… than 10% of the total market share, be considered. The rule is intended to provide additional …” „… ability of ESMA to supervise the credit rating agency’s compliance with obligations under this Regulation …”

Article 22 a Delegation by depositary S. 1357-1359

„… custody functions. I. Purpose Art 22 a of UCITSD provides new delegation rules specifying the obligations …” „… books; (b) it shall establish adequate policies and procedures sufficient to ensure compliance of the …”

Article 17 Information requirements for issuers whose shares are admitted to trading on a regulated market S. 1179-1183

„… compliance with the principle of equal treatment laid down in paragraph 1. (4) The Commission shall adopt, by …” „… limited, as the Shareholder Rights Directive prescribes a number of more demanding rules.1 According to …” „… Article 17(2) contains three basic rules. First, it requires the issuer to provide ‘all the facilities and …”

Article 20 Issuers incorporated in third countries S. 1018-1020

„… 2013 Amending Transparency Directive. II. Commentary Article 201 sets out rules regarding prospectuses …” „… prevent competition. In any case, the final responsibility for supervising compliance with this Directive …”

Article 15 Execution of client orders S. 458-463

„… liquidity.23 Both the rule requiring quotes to be in amounts equal to at least 10% of the standard market …” „… size, as well as the rule dealing with the provision of bid and offer quotes, are intended to provide …” „… chooses to execute, it shall execute the order at one of the quoted prices in compliance with Article 28 …”

Article 32 Trading obligation procedure S. 519-524

„… Exclusions The rules of MiFIR are generally geared at market transactions and do not fit post trade …” „… derivative contracts within the Union and the prevention of the evasion of rules and obligations, JO 2017 L …” „… conflicting rules (1) The Commission shall be assisted by ESMA in monitoring and preparing reports, at least …”

Chapter 2 Conduct of business rules S. 1637-1643

„… Chapter 2 Conduct of business rules Article 36 General provisions 1. When providing services to its …” „… shall have accessible, transparent and fair rules for the prompt handling of complaints. Article 37 …” „… . A CCP shall conduct, at least once a year, a comprehensive review of compliance with this Article by …”

Article 23 Third countries S. 1200-1204

„… compliance’. 2 Commission Directive 2007/14/EC of 8 March 2007 laying down detailed rules for the …” „… The basic rule is laid down in Article 23(1). The third-country issuer’s home Member State5 has the …”

Article 3 Intragroup transactions S. 1579-1584

„… ) fixes the exemptions from its scope Articles 1(4,5,6); 2a; 3 EMIR). Due to the high compliance costs …” „… financial instruments – in the system and in accordance with its non-discretionary rules – in a way that …” „… results in a contract, in respect of the financial instruments admitted to trading under its rules and/or …”

Article 70 Sanctions for infringements S. 362-368

„… rules on and ensure that their competent authorities may impose administrative sanctions and measures …” „… specifically referred to in paragraphs 3, 4 and 5. Member States may decide not to lay down rules for …” „… rules established by the very Directive. Where Member States’ legislation is not determined by EU …”

Article 93 Notification procedure S. 1433-1436

„… letter, as referred to in paragraph 1, the latest version of the following: (a) its fund rules or its …” „… documents shall be provided to investors in compliance with the following provisions: (a) without prejudice …”

Article 11 Risk-mitigation techniques for OTC derivative contracts not cleared by a CCP S. 1603-1611

„… arrangements, required for compliance with paragraph 3; (c) the procedures for the counterparties and the …” „… Article 12 Penalties 1. Member States shall lay down the rules on penalties applicable to infringements of …” „… the rules under this Title and shall take all measures necessary to ensure that they are implemented …”

Article 13 Approval of the prospectus S. 999-1004

„… of securities not within the scope of the rule stated above, an issuer may not choose the relevant …” „… only entails a formal review of the compliance with all the requirements set out in the prospectus …” „… 2013), 224. 6 As well as in the 2017 Prospectus Regulation in Art 20. The new rules also specify …”

Article 2 Exemptions S. 10-18

„… III. Material scope The Directive provides for rules regarding the authorisation and operation of …” „… ) MiFID II, the Directive also includes rules on position limits for commodities derivatives.24 IV …” „… exempt. (e) operators with compliance obligations under Directive 2003/87/EC who, when dealing in …”

Article 5 c Over-reliance on credit ratings in Union law S. 1249-1252

„… of these rules is consistent with the goal of the EU legislature to avoid over reliance on ratings …” „… it by control. 2. In order to ensure compliance with paragraph 1, a credit rating agency shall comply …”

Article 10 Disclosure and presentation of credit ratings S. 1277-1280

„… Article 10(2) CRA Regulation requires compliance with the obligations set out in Annex I, Section D with …” „… rules is to have the ratings disclosed during times when the respective instruments are not traded so …”

Article 20 Post-trade disclosure by investment firms, including systematic internalisers, in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments S. 472-478

„… fragmentation, MiFID II and MiFIR implement new rules to encourage data consolidation and improve the ability of …” „… process of a CCP.24 If a transaction between two investment firms is concluded outside the rules of a …” „… deferral regime for transactions between two investment firms executed outside the rules of a trading venue …”

Article 28 Obligation to trade on regulated markets, MTFs or OTFs S. 503-511

„… counterparty. All the same, the eligibility is subject to compliance with the general rules of the trading …” „… supervision and enforcement on an ongoing basis; (b) trading venues have clear and transparent rules regarding …” „… protection; (d) it ensures market transparency and integrity via rules addressing market abuse in the form of …”

Article 57 Position limits and position management controls in commodity derivatives S. 317-334

„… assessing compliance with the limits. Such methodologies shall establish criteria to determine which …” „… re-proposal, which closely tracks the rules that were vacated.28 Context Art 57 is placed in Title V of MiFID …” „… manipulation in those texts apply separately from and in parallel to the rules in Art 57 MiFID II. Though …”

Article 14 Prohibition of insider dealing and of unlawful disclosure of inside information S. 767-770

„… powers under Art 23 to ensure compliance, and may impose administrative sanctions or take other …” „… primary insider.7 The new formulation of the rule in MAR should remove any ambiguities. 1. 2. 1 National …”

Article 3 Integration of securities markets S. 1114-1118

„… standards approach. That is, home Member States may introduce stricter rules when implementing them and go …” „… ), who have struggled with the bureaucratic and financial burden of compliance with disclosure …”

Article 18 Information requirements for issuers whose debt securities are admitted to trading on a regulated market S. 1183-1187

„… issuer in compliance with the principle of equal treatment laid down in paragraph 1. (5) The Commission …” „… requirements Article 18(2) contains three basic rules. First, it requires the issuer to provide ‘all the …”

Article 35 Establishment of a branch S. 227-233

„… ), second para, (7) MiFID). This provision is designed to ensure that the rules on branches cannot be …” „… compliance with certain obligations most of which relate to clients which can be expected to be located in …” „… clients), – Article 27 MiFID (best execution) – Article 28 MiFID (client order handling rules) – Articles …”

Article 5 The prospectus S. 974-984

„… relevant securities and keeping the administrative burden and compliance and legal costs as low as possible …” „… applied. The introduction of a shelf-registration regime, and the related rule allowing a prospectus to …” „… provided by the EU regulation, see the rules regarding the marketing of UCITs, governed by the UCITS …”

Article 5 Clearing obligation procedure S. 1588-1593

„… obligation while also maintaining compliance with the principle of proportionality, the Commission Proposal …” „… provision authorizes ESMA and the Commission to define the details through level 2 rules. On the basis of …”

Introduction S. 941-951

„… /EC laying down detailed rules for the implementation of certain provisions of Directive 2004/109/EC …” „… market-based capital raising activities by providing mandatory disclosure rules that impose a duty to provide …” „… discrepancies in rules across EU Member States. Accordingly, under Rec 18 of the Prospectus Directive, ‘The …”

Introduction and overview S. 874-881

„… Rules: A Greenfield Area’ (2015) 12 European Company Law 79 (cited as “Howell, (2015) 12 European …” „… (cited as ESMA, List of administrative measures and sanctions); ESMA, Guidelines compliance table …” „… S, Rules for EU institutions’ processing of personal data, PE 608.754, April 2018 (cited as …”

Article 11 Authorisation of deferred publication S. 442-450

„… limit that would be deemed in compliance with the obligation to publish as close to real time as …” „… features Purpose Mirroring the rules for deferred publication applicable in respect to equity(-like …” „… Delegated Regulation (EU) 2017/583 are met, the rule stated in the paragraph above applies. Temporary …”

Article 30 Administrative sanctions and other administrative measures S. 852-863

„… States may decide not to lay down rules for administrative sanctions as referred to in the first …” „… July 2016, Member States shall notify, in detail, the rules referred to in the first and second …” „… preference for public enforcement in the field of market abuse law.2 Context In principle, the rules set out …”

Article 25 Assessment of suitability and appropriateness and reporting to clients S. 180-193

„… undermine the shift of the provision to the framework directive. Furthermore, specific rules for conducting …” „… conduct-of-business rules (contained in Arts 24 through 28).112 Article 25 Assessment of suitability and …” „… transparent rules regarding the admission of securities to trading so that such securities are capable of …”

Article 8 Insider dealing S. 692-705

„… compliance with their instructions and professional duties, notwithstanding the possession of non-public …” „… violation of Rule 10b-5 by trading on it). 51 This is probably the position of Moloney, VIII.6.2. Davies and …” „… securities transaction, and thereby violates … Rule 10b-5, when he misappropriates confidential information …”

Article 19 Managers’ transactions S. 808-824

„… rules applicable to notifications, with which persons referred to in paragraph 1 must comply, shall be …” „… to make public according to: (a) the rules of the trading venue where the issuer’s shares are …” „… executed upon fulfilment of the condition. An alternative rule would prove confusing in practice, in …”

Article 12 Market manipulation S. 730-756

„… , provided the broker complies with the regulations of the exchange59 or MiFIR rules on internalisation, as …” „… circuit breakers (rules providing for a suspension of trading for a few minutes when price fluctuations …” „… ’ (2015) 16 Journal of Investment Compliance 5 (with references). 83 France: AMF, decision against Virtu …”

Article 5 Exemption for buy-back programmes and stabilisation S. 661-670

„… monitors and assesses the notifications for completeness and accuracy and for compliance with the …” „… , is not automatically regarded as abusive, but assessed pursuant to the general rules on insider …”

Article 7 Inside information S. 673-692

„… policies, which rules out individuals pursuing private goals. Chapter 2 Inside information, insider dealing …” „… disclosed in accordance with legal or regulatory provisions at the Union or national level, market rules …” „… provisions in Union or national law, market rules, contract, practice or custom, on the relevant commodity …”

doi.org/10.5771/9783845279893

Tobias Graf - Die rechtliche Zulässigkeit von Compliance-Amnestieprogrammen

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Tobias Graf

Die rechtliche Zulässigkeit von Compliance-Amnestieprogrammen

Series: Schriften zum gesamten Unternehmensrecht

Volume 17 2020

Results in this title

Fünfter Teil Problemlagen im Zusammenhang mit einem auf einem Handlungsspielraum beruhenden Sanktionsverzicht S. 261-324

„… Sinne der Business Judgement Rule prüfen1289 bzw. bei sogenannten anlassbezogenen Compliance …” „… Judgement Rule bei der Kontrolldichte von Compliance- Maßnahmen Ausdifferenzierungen zulässt ist bei …” „… , sodass der Anwendbarkeit der Business Judgement Rule auf Compliance- Entscheidungen nichts entgegensteht …”

Literaturverzeichnis S. 373-393

„… ., Reformbedarf bei der Business Judgement Rule?, ZHR 177 (2013), 1 ff. Ders., Compliance - Rechtsgrundlagen und …” „… – Bedeutung von Compliance- Risikoanalyse und Business Judgement Rule, ZIP 2017, 2038 ff. Ballo, Emanuel H. F …” „… Judgement Rule (§ 93 Abs. 1 S. 2 AktG), ZIP 2012, 2281 ff. Frenz, Walter, Compliance im Vergaberecht, CB …”

Siebter Teil Ergebnis in Thesen S. 363-372

„… Aufklärung und der Ahndung des Compliance-Verstoßes. Denn Wesensmerkmal eines Amnestieprogramms ist zur …” „… das „Wie“ der Aufklärung, sondern auch das „Ob“ der Sanktionierung des Compliance-Verstoßes betreffen …” „… damit zur Aufklärung von Compliance- Verstößen darstellen und sind in der Praxis bereits mehrfach zur …”

Vierter Teil Die Bereinigung des Spannungsfeldes von Aufklärung und Sanktionierung S. 161-260

„… der Business Judgement Rule 185 es sich bei der Sanktionierung von Compliance- Verstößen damit …” „… der Literatur also auch Stimmen gegen die Anwendbarkeit der Business Judgement Rule auf Compliance …” „… arbeitsrechtlicher Maßnahmen und zur Durchsetzung von Forderungen geben kann.682 Soweit die Business Judgement Rule …”

Einleitung S. 17-22

„… . Vielmehr gingen den Fällen Siemens, ThyssenKrupp und Volkswagen unternehmens- und konzerninterne Compliance …” „… http://www.manager-magazin.de/unternehmen/artikel/compliance-thyssenkrup p-chef-hiesinger-fuer-amnestie-programm-a-1063526.html; zuletzt abgerufen am 01.12.2017. 5 O.V …” „… kaum verwunderlich, dass die Diskussion um Compliance- Management- Systeme (CMS) in den letzten Jahren …”

Titelei/Inhaltsverzeichnis S. 1-16

„… Die rechtliche Zulässigkeit von Compliance-Amnestieprogrammen Tobias Graf Nomos Schriften zum …” „… Compliance-Amnestieprogrammen Nomos BUT_Graf_7842-3.indd 3 16.09.20 12:58 1. Auflage 2020 © Nomos Verlagsgesellschaft …” „… Complianceb. 130 Compliance im Außenverhältnisaa. 131 Allgemeine Compliance- Pflicht auf Basis …”

Dritter Teil Das Amnestieprogramm und der Pflichtenkatalog des Geschäftsleiters S. 85-160

„… verknüpften Business Judgement Rule zu einem der Schlagwörter im Zusammenhang mit Compliance, Internal …” „… gleichbedeutend mit einer Nichtverfolgung von Compliance-Verstößen und sonstigen Pflichtverletzungen.303 Es wird …” „… Compliance-Reaktionsmaßnahme gelten.469 § 5. 464 Nestler in: Knierim/ Rübenstahl/ Tsambikakis, Internal Investigations, 1 …”

Sechster Teil Schranken einer Haftungsbefreiung S. 325-362

„… Judgement Rule auch auf Compliance- Maßnahmen anwenden lassen. Nachdem die Tatbestandsmerkmale bereits bei …” „… Judgement Rule; Hasselbach/ Ebbinghaus, AG 2014, 873, 883; Latzel in: Giesen/ Junker/ Rieble, Compliance im …” „… Rule in ihrer analogen Anwendung Auch wenn das im Zusammenhang mit einem Amnestieprogramm bislang am …”

doi.org/10.5771/9783748922520

Christian Rosinus - Haftungsvermeidung und -minimierung bei Aufsichtspflichtverletzung und Verbandsgeldbuße durch Compliance in der Praxis

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Christian Rosinus

Haftungsvermeidung und -minimierung bei Aufsichtspflichtverletzung und Verbandsgeldbuße durch Compliance in der Praxis

Series: Schriftenreihe zum deutschen, europäischen und internationalen Wirtschaftsstrafrecht

Volume 27 2015

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E. Rechtspflicht zur Implementierung eines Compliance-Management-Systems? S. 56-72

„… Judgement Rule auf § 130 OWiG im Zusammenhang mit Rathgeber, Criminal Compliance, 161 f. 221 In diese …” „… Form einer Compliance-Organisation und von Compliance-Maßnahmen treffen. Hier gilt die Business …” „… Judgement Rule. V. 222 Sprafke, Korruption, Strafrecht und Compliance, 246 f., nimmt insoweit sogar eine …”

F. Compliance und Haftung wegen Aufsichtspflichtverletzung nach § 130 OWiG S. 73-128

„… Compliance-Organisation einhalten muss.224 Denn nicht nur das Fehlen eines Compliance-Management-Systems, sondern auch …” „… Compliance-Organisation ein Compliance-Beauftragter (bzw. Compliance Officer) bestellt. Dabei kann es sich um eine …” „… Compliance-Abteilung oder von Compliance-Beauftragten handeln. 354 Bei der Auswahl des Compliance-Beauftragten wird die …”

Titelei/Inhaltsverzeichnis S. 1-17

„… Sanktionsteila) 155 Bestehende Compliance-Organisation bei Compliance-Verstoß aa) 155 Nachträgliche …” „… ComplianceD. 35 BegriffsbestimmungenI. 35 Zur Verwendung des Begriffs Unternehmen1. 35 Zur Verwendung des …” „… ComplianceII. 46 Funktionen von Compliance in der Literatur1. 46 Schutzfunktion bzw …”

Literaturverzeichnis S. 205-216

„… ., Compliance-Pflichten im Unternehmensverbund?, WM 2009, 1013. Konu, Metin, Die Garantenstellung des Compliance-Officers …” „… Compliance-Officers – Teil I, jurisPR-StrafR 22/2009. Baumbach, Adolf/Hueck, Alfred (Hrsg.), Gesetz betreffend die …” „… nationalen und internationalen Compliance-Diskussion, Baden-Baden 2012, 113, zitiert als: Beckemper …”

doi.org/10.5771/9783845263311

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Florian Pfeil

Globale Verrechtlichung

Series: Außenpolitik und Internationale Ordnung

Volume 2011

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Rechtsverhalten S. 114-120

„… . Rule of law setzt jedenfalls ein gewisses Maß an compliance voraus. Nur wenn die Adressaten des Rechts …” „… compliance könne eine Rechtsnorm aufheben: „My theory is that excessive violation of a rule, whether embodied …” „… ComplianceGap, Lanham/Boulder/New York 2004, S. 306.116Sichtweise, die das Völkerrecht ausschließlich als …”

Literaturverzeichnis S. 307-351

„… . Luck/Michael W. Doyle (Hrsg.), International Law and Organization. Closing the ComplianceGap …” „… Gainsin Human Rights, Rule of Law, Secretary-General says in Address to Universidade Nova de Lisboa,UN …” „… .), International Rules. Approaches from International Law and International Relations, NewYork/Oxford 1996, S …”

Zivilisierende Funktion S. 30-32

„… eigenen Grundlage – derAnnahme einer »rule of law«.100 „To view international law as a process of …” „… International Law, a.a.O., S. 32.100 Vgl. zur Bedeutung einer internationalen »rule of law« Mohammad-Mahmoud …” „… the UNHCHR Expert Seminar on Democracy and the Rule of Law, Genf 2005 …”

Instrumentale Funktion S. 26-28

„… verbindliche Regelsysteme, eine Vereinheitlichung derglobalen Rechtssphäre, ohne globale rule of law ist eine …” „… Funktion desVölkerrechts auch die Frage nach seiner Einhaltung, nach compliance bzw. derSanktionierung von …” „… non-compliance. Hierbei handelt es sich imVergleich zu innerstaatlichen Rechtsordnungen, so Knut Ipsen, um ein …”

Fazit S. 302-306

„… rechtfertigen, hat zwar in manchen Bereichen und manchen Regionen zueiner verschlechterten compliance geführt …” „… derSupermacht auf dem Weg zu einer globalen rule of law wäre allemal, wie JostDelbrück festhält: „What is needed …” „… Unsicherheit bei der compliance ist dieglobale Verrechtlichung nicht an ihr Ende gelangt. Der Prozess ist weit …”

Konstruktivistische Ansätze S. 56-60

„… auch „konstitutiv“:„Regulative rules are intended to have causal effect – getting people to …” „… approximatethe speed limit, for example. Constitutive rules define the set of practices that makeup a particular …” „… : „Actors are not only programmed by rules and norms, but they reproduce andchange by their practice the …”

Mängel in der Umsetzung des ratifizierten Völkervertragsrechts S. 257-260

„… zwangsläufig ein Indiz für ein mangelndes Eintreten für dasVölkerrecht sein oder der rule of law in den …” „… appear to accept the human rights treaties in1296 Murphy, The United States and the Rule of Law in …” „… Constitutionalism in a Nutshell, a.a.O., S. 547.1298 Murphy, The United States and the Rule of Law in International …”

Rechtsbewusstsein S. 111-114

„… befehden wollen, nie in den Mund kommen.“Immanuel Kant (1795).553Von einer globalen rule of law wird man …” „… Rechtsverhalten (compliance): Rechtsbewusstsein ist eine mögliche Ursache von Rechtsverhalten, kann aber durchaus …” „… privileges to combatants who don’t follow the rules. In addition, theycan be prosecuted merely for having …”

Grundlagen der Debatte über Verrechtlichung S. 11-17

„… international politicsis the application of rules so weak, the interpretation of these rules so hotly …” „… Law, International Relations and Compliance, in: Walter Carlsnaes/Thomas Risse/Beth A. Simmons (Hrsg …” „… , könne sich auf internationaler – wenn nicht globaler – Ebene eineverbindliche »rule of law …”

US-Außenpolitik und die Verrechtlichung der internationalen Beziehungen S. 233-239

„… cause. For generations,Americans have stood tall for the Rule of Law and in support of human …” „… der einzige Staat der Welt, auf den dies zutrifft.Die grundsätzliche Problematik mangelnderCompliance …” „… sprechen können: „The greatest threat to an international rule of law lies not in the occasional breach of …”

Entrechtlichungsprozesse als gegenläufiger Trend S. 296-302

„… besonders brisanten Fällen wird das Völkerrecht oftmalsnicht eingehalten. Dass diemangelnde compliance dabei …” „… Diskurseund Strategien beruhen auf der grundsätzlichen Preisgabe von rule of law, jedenfallsim Verhältnis zu …” „… fürdie globale rule of law dar, weil er den Grundsatz der Gleichheit vor dem Recht inFrage stellt …”

»Neue Kriege«, Terrorismus und Anti-Terror-Strategien S. 186-193

„… 5 Entrechtlichung: Gegenläufige Tendenzen„If you have a set of rules which conflict with reality …” „… kosmopolitischen Rechts. Dochtrotz aller Probleme – gerade im Bereich der compliance – und Widersprüchlichkeiten …” „… Seite beginnen Konzeptemit universellem Anspruch wie die Idee der rule of law oder der Menschenrechtedie …”

Institutionen S. 104-111

„… authoritatively the customarylaw status of a rule embodied in a treaty or other text emanating from the ILC.“547 …” „… , nie in den Mund kommen.“Immanuel Kant (1795).553Von einer globalen rule of law wird man nur sprechen …” „… (compliance): Rechtsbewusstsein ist eine mögliche Ursache von Rechtsverhalten, kann aber durchaus …”

doi.org/10.5771/9783845229324

Erasmus Faber - Anreizbasierte Regulierung von Corporate Compliance

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Erasmus Faber

Anreizbasierte Regulierung von Corporate Compliance

Series: Schriften des Augsburg Center for Global Economic Law and Regulation - Arbeiten zum Internationalen Wirtschaftsrecht und zur Wirtschaftsregulierung

Volume 61 2014

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Zwingende Compliance-Vorschriften in den USA S. 171-187

„… Compliance-Anforderungen zu konkretisieren. Diese Guidelines werden zunächst als proposal, dann als interim rule (beide …” „… Compliance-Strukturen. 4. Code of Ethics Rule Bleibt die Code of Ethics Rule der Sec. 406 SOX und ihr Einfluss auf das …” „… Compliance-Vorschriften in den USA 177 nungen gerichtete Compliance-Pflicht. Entsprechende Vorgaben sind auch für die …”

Rechtsgrundlagen von Compliance in Deutschland S. 45-103

„… darf man bei der Frage nach einer Compliance-Pflicht die Business Judgement Rule des § 93 Abs. 1 S. 2 …” „… aufgrund der Business Judgement Rule keine Verpflichtung herauslesen, zwingend eine Compliance-Abteilung zu …” „… Einzelfall eine Compliance-Pflicht ergeben. Aufgrund der Business Judgement Rule besteht hier allerdings ein …”

Risikopotential von Compliance-Verstößen S. 127-155

„… organisatorisches Compliance-Regime zu verzichten, im Rahmen der Business Judgement Rule des § 93 Abs. 1 S. 2 AktG …” „… Compliance-Programmen untersucht und gegeneinander abgewogen. (§ 5). § 4 Risikopotential von Compliance-Verstößen …” „… sofern es sich nicht um die Rekrutierung von Compliance-Officers handelt. Compliance-Verstöße können auch …”

Titelei/Inhaltsverzeichnis S. 1-22

„… Compliance-Programme unter den USSG 196 3. Rechtsqualität der Compliance-Vorgaben 199 4. Rechtstatsächliche Bewertung …” „… Anreizbasierte Regulierung von Corporate ComplianceErasmus FaberEin rechtsvergleichender Beitrag …” „… . Erasmus FaberAnreizbasierte Regulierung von Corporate ComplianceEin rechtsvergleichender Beitrag zur …”

Literaturverzeichnis S. 297-319

„… Compliance-Leitlinien der französischen Wettbewerbsbehörde, CCZ 2012, 194 – 197. Autorité de la Concurrence …” „… Compliance-Management, 2. Auflage, Berlin 2011 (zitiert: Verfasser, in: Behringer, Compliance kompakt, 2. Aufl. 2011 …” „… Compliance-Programmen in Kartellbußgeldverfahren, WuW 2009, 740 – 749. Bottke, Wilfried, Empfiehlt es sich, die …”

Stichwortverzeichnis S. 319-320

„… . Garantenstellung 145 ff. Implementierung von Compliance-Programmen – Anreiz 116, 122, 155, 188 f., 204 f., 209 …” „… Berücksichtigung von Compliance – im Kartellrecht 107 ff., 286 ff. – im Ordnungswidrigkeitenrecht 104 ff., 238 ff …” „… . Bestimmtheitsgebot 267 f, Bundeskartellamt 108 ff., 119, 121 f., 290 ff. Business Judgement Rule 81 ff., 96, 140 …”

Anreizsetzende Compliance-Vorgaben in den USA S. 187-219

„… personnel) positioniert ist. Die operative Leitung des Compliance-Programms muss Compliance-Officers …” „… Compliance-Vorgaben in den USA 209 men, wie ein effektives Compliance-Programm aufzubauen ist und welche Bereiche …” „… Compliance-Vorgaben in den USA 217 auf ein NPA oder DPA kann daher als Anreiz gelten, Compliance-Programme zu …”

doi.org/10.5771/9783845253404

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