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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 65 Feeder’s monitoring obligation; attribution of fees and benefits to feeder S. 1407

„… Section 6 Obligations and competent authorities Article 65 Feeder’s monitoring obligation …” „… of the feeder UCITS. I. Purpose Arts 65 and 66 of UCITSD impose specific monitoring obligations on …” „… master UCITS. In performing that obligation, the feeder UCITS may rely on information and documents …”

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 …” „… with other legal obligations 1. Member States shall require that regulated markets establish and …” „… maintain effective arrangements and procedures including the necessary resource for the regular monitoring …”

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 …” „… the MTF or the OTF and with other legal obligations 1. Member States shall require that investment …” „… procedures, relevant to the MTF or OTF, for the regular monitoring of the compliance by its members or …”

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

„… Section 6 Obligations and competent authorities Article 65 Feeder’s monitoring obligation …” „… of the feeder UCITS. I. Purpose Arts 65 and 66 of UCITSD impose specific monitoring obligations on …” „… master UCITS. In performing that obligation, the feeder UCITS may rely on information and documents …”

Article 64 Conversion disclosures and procedures S. 1405-1407

„… Feeder’s monitoring obligation; attribution of fees and benefits to feeder 1. The feeder UCITS shall …” „… specific monitoring obligations on the feeder UCITS in relation to the master UCITS et vice versa. II …” „… 1406 Dirk Zetzsche and Dominik Nast 1 2 3 Section 6 Obligations and competent authorities Article 65 …”

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

„… term “undertake” as used in Art 23(1) MiFIR.46 Article 23(1) states that its trading obligations apply …” „… also allow investment firms to unduly circumvent the share trading obligation.48 The broader the term …” „… “undertake” is interpreted, the more likely the arranger model is prohibited by MiFIR. The trading obligation …”

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

„… in equipping and monitoring the digital infrastructure of a credit rating agency.1 Network security …” „… mutatis mutandis to credit rating agencies as regards their duty of confidentiality and their obligation …” „… categories used for any other entities, financial instruments or financial obligations. 4. A credit rating …”

Article 9 Outsourcing S. 1276-1277

„… obligations under this Regulation. I. General features Overview/purpose Article 9 CRA Regulation establishes …” „… Regulation. Level 3: ESMA, ESMA’s supervision of credit rating agencies, trade repositories and monitoring of …” „… in equipping and monitoring the digital infrastructure of a credit rating agency.1 Network security …”

Titelei/Inhaltsverzeichnis

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Article 64 1405 Section 6 Obligations and competent authorities Feeder’s monitoring obligation …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Article 21 149 General obligation in respect of on-going supervision …” „… . . . . . . . . . . .Article 26 193 IX Obligation to execute orders on terms most favourable to the client …”

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

„… without being obliged to comply with the obligations under Article 24, with the exception of paragraphs 4 …” „… eligible counterparties, primarily in relation to information obligations: Investment firms must (a) act …” „… ) and (5), and (d) meet reporting obligations under Art 25(6). These rules are the result of experiences …”

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

„… arrangements, systems and procedures that ensure effective and ongoing monitoring of all orders received and …” „… orders were placed or the transactions executed on or outside a trading venue. The same obligation, of …” „… training obligations. Market operators and systematic internalisers must provide regular, effective and …”

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

„… obligations), Art 13 (Ongoing monitoring), Art 14 (Periodic review of the performance and capacity of the …” „… paragraph 2 shall at least specify: (a) the obligations of the investment firm in relation to the provision …” „… of liquidity and where applicable any other obligation arising from participation in the scheme …”

Article 17 Algorithmic trading S. 120-134

„… safeguarding of financial instruments and funds belonging to clients, product governance obligations and the …” „… obligations of the investment firm in accordance with point (a); and (c) have in place effective systems and …” „… controls to ensure that it fulfils its obligations under the agreement referred to in point (b) at all …”

Article 8 Methodologies, models and key rating assumptions S. 1263-1269

„… approve ratings must rotate every 7 years.15 In addition to the rotation obligation, a waiting period of 2 …” „… of appointment. If an exemption from a rotation obligation is cancelled, the period before a rotation …” „… repositories and monitoring of third country central counterparties – 2017 Annual Report and 2018 Work …”

Article 21 Regular review of conditions for initial authorisation S. 149-151

„… principles and obligations.30 Chapter II Operating conditions for investment firms Section 1 General …” „… authorities to establish the appropriate methods to monitor that investment firms comply with their obligation …” „… monitoring methods referred to in this paragraph. Bibliography: Ben-Shahar O and Schneider C, More than you …”

Article 25 Obligation to maintain records S. 494-495

„… in the fulfilment of their task.2 Art 24 MiFIR also concerns “monitoring”, but in a wider sense …” „… 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 …”

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

„… Chapter IV Obligations regarding the depositary Article 22 Mandatory depositary; appointment and duties of …” „… Directive, Section IV – Q7. Chapter IV Obligations regarding the depositary Art. 22 UCITSD Dirk Zetzsche …” „… Directive 2009/65/EC of the European Parliament and of the Council with regard to obligations of …”

Article 24 Reporting obligations to competent authorities S. 1517-1519

„… . Article 24 Reporting obligations to competent authorities 1. An AIFM shall regularly report to the …” „… of those AIFs. For non-EU AIFMs, the reporting obligations referred to in this paragraph are limited …” „… effective monitoring of systemic risk, the competent authorities of the home Member State may require …”

Article 27 Obligation to supply financial instrument reference data S. 498-499

„… to paragraph 1; (g) the application of transaction reporting obligations to branches of investment …” „… its interaction with the related reporting obligations under Regulation (EU) No 648/2012, and whether …” „… comprehensively enables monitoring of the activities of investment firms in accordance with Article 24 of this …”

Article 20 Home member state supervision S. 1348-1350

„… relation to points (a) to (m). 4. The management company shall comply with the obligations set out in the …” „… fund rules or in the instruments of incorporation, and the obligations set out in the prospectus, which …” „… to the constitution and functioning of the UCITS and with the obligations set out in the fund rules …”

Article 21 Depositary S. 1504-1512

„… skill, care and diligence in the periodic review and ongoing monitoring of any third party to whom it …” „… complies with the general obligations and prohibitions set out in paragraphs 8 and 10. Notwithstanding …” „… negligent or intentional failure to properly fulfil its obligations pursuant to this Directive. 13. The …”

Commentary on Articles 25-27 Art. 25-27 S. 499-503

„… obligations for investment firms and trading venues. Transaction reporting must be distinguished from trade …” „… efficiently monitoring financial markets. In particular, they may use the information stored and supplied to …” „… is essential for regulatory and supervisory purposes. History MiFID I contained an obligation of …”

Article 85 Powers for host Member States S. 384

„… to provide the information necessary for the monitoring of their compliance with the standards set by …” „… the monitoring of their compliance with the same standards. Article 86 Precautionary measures to be …” „… provide services infringes the obligations arising from the provisions adopted pursuant to this Directive …”

Article 22 General obligation in respect of on-going supervision S. 151

„… to monitor investment firms’ compliance with the requirements of MiFID II. The monitoring methods …” „… monitoring methods. Recital 44 of the MiFID II Delegated Regulation2 indicates that outsourcing investment …” „… 21(2). Article 22 General obligation in respect of on-going supervision Member States shall ensure that …”

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

„… regulated market. 2. The rules referred to in paragraph 1 shall specify any obligations for the members or …” „… apply to each other the obligations laid down in Articles 24, 25, 27 and 28. However, the members or …” „… participants of the regulated market shall apply the obligations provided for in Articles 24, 25, 27 and 28 …”

Article 86 Precautionary measures to be taken by host Member States S. 384-386

„… to provide the information necessary for the monitoring of their compliance with the standards set by …” „… the monitoring of their compliance with the same standards. Article 86 Precautionary measures to be …” „… provide services infringes the obligations arising from the provisions adopted pursuant to this Directive …”

Article 84 Consultation prior to authorisation S. 383-384

„… to provide the information necessary for the monitoring of their compliance with the standards set by …” „… the monitoring of their compliance with the same standards. Article 86 Precautionary measures to be …” „… provide services infringes the obligations arising from the provisions adopted pursuant to this Directive …”

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

„… the intragroup transaction concerned. 12. The obligations set out in paragraphs 1 to 11 shall apply to …” „… obligations if they were established in the Union, provided that those contracts have a direct, substantial …” „… and foreseeable effect within the Union or where such obligation is necessary or appropriate to …”

Article 23 Conflicts of interest S. 151-155

„… to monitor investment firms’ compliance with the requirements of MiFID II. The monitoring methods …” „… monitoring methods. Recital 44 of the MiFID II Delegated Regulation2 indicates that outsourcing investment …” „… 21(2). Article 22 General obligation in respect of on-going supervision Member States shall ensure that …”

Article 4 S. 1039-1046

„… the assets backing the obligation under the securities. In the case of standard credit linked notes …” „… rate for the relevant reference obligation determined in accordance with the product conditions of the …” „… and floors. On the contrary, if the obligations under such products depend only on the value or …”

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 …” „… management companies authorised in that Member State for the monitoring of their compliance with the same …” „… 326/49 (consolidated version). Chapter III Obligations regarding management companies Art. 21 UCITSD …”

Article 5 Volume Cap Mechanism S. 417-423

„… reliable basis for monitoring the trading taking place under those waivers and for determining whether the …” „… ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 4. Obligation to establish systems/procedures (Art 5(7) MiFIR) . . . . . . . . . . . . . 14 5 …” „… obligation for derivatives) and Art 8 (reporting requirements for ESMA for the purpose of the volume cap …”

Article 16 Organisational requirements S. 65-120

„… including its managers, employees and tied agents with its obligations under this Directive as well as …” „… the ability of the supervisor to monitor the firm’s compliance with all obligations. An investment …” „… in particular to ascertain that the investment firm has complied with all obligations including those …”

Article 4 Use of credit ratings S. 1242-1246

„… means or distributed by subscription and presented and disclosed in accordance with the obligations of …” „… repositories and monitoring of third country central counterparties – 2017 Annual Report and 2018 Work …” „… used, in accordance with its Art 1. This has also significance for the obligations under Art 111(1)(n …”

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

„… to the trading obligation are published in the register that ESMA needs to maintain under Art 34 …” „… assisted by ESMA in monitoring and preparing reports, at least on an annual basis, to the European …” „… fulfilled the obligation contained in Articles 28 and 29 where at least one of the counterparties is …”

Articles 14 to 20 S. 1284-1288

„… , ESMA’s supervision of credit rating agencies, trade repositories and monitoring of third country central …” „… whether an agency is willing and able to undertake its obligations with respect to endorsing ratings …” „… ESMA, ESMA’s supervision of credit rating agencies, trade repositories and monitoring of third country …”

Article 9 Payment accessibility S. 1770-1771

„… , according to recital 22, monitoring the R-transaction fees charged within the Union, the transparency …” „… framework for the fulfilment of a monetary obligation between the payer and the payee. Even though the SEPA …” „… monetary obligations, a creditor that accepts payment by direct debit may not refuse a payment because of …”

Article 22 a Delegation by depositary S. 1357-1359

„… diligence in the periodic review and ongoing monitoring of any third party to which it has delegated parts …” „… Obligations regarding the depositary Art. 22 a UCITSD Dirk Zetzsche and Dominik Nast 1357 13 14 15 3. The …” „… benefit of, creditors of the third party; and (e) complies with the general obligations and prohibitions …”

Article 25 Inability to function as management company and depositary; conflicts of interests S. 1362-1363

„… This fault-based liability pariticularly applies to violations of the depositaries’ cash monitoring …” „… to obligations of depositaries, OJ 2016 L 78/11. ESMA’s Q&A on the application of the UCITS Directive …” „… Parliament and of the Council with regard to obligations of depositaries, OJ 2016 L 78/11. II. Commentary …”

Article 24 Liability of depositary towards UCITS and unit-holders S. 1360-1362

„… fulfil its obligations pursuant to this Directive. 2. The liability of the depositary referred to in …” „… European Parliament and of the Council with regard to obligations of depositaries, OJ 2016 L 78/11. II …” „… , the depositary is liable for its negligent or intentional failure to properly fulfil its obligations …”

Introduction S. 1563-1574

„… the clearing obligation, the suspension of the clearing obligation, the reporting requirements, the …” „… technical standards on indirect clearing arrangements, the clearing obligation, the public register, access …” „… foreseeable effect of contracts within the Union and to prevent the evasion of rules and obligations [2014] OJ …”

Article 109 Cross-border provision of services; collaboration S. 1462-1463

„… demonstrable grounds for believing that a UCITS … is in breach of the obligations’ under the UCITSD. The host …” „… likely to facilitate their supervision and all information likely to facilitate the monitoring of such …” „… for monitoring compliance with the UCITS are collected and reported. This is important and sometimes …”

Article 26 Precautionary measures S. 1210-1211

„… all information required to allow ESMA fulfil its obligations under the TD. To facilitate …” „… Article 10, has committed irregularities or infringed its obligations, it shall refer its findings to the …” „… obligation of cooperation between NCAs under Article 25. That article also provides for taking a case of …”

Article 17 Investment in securitisation positions S. 1496-1498

„… investments of the AIF complies with its underlying obligations. AIFMs shall regularly conduct stress tests …” „… fact that such funds will normally not face liquidity problems resulting from loan obligations or from …” „… confronted with certain obligations (e.g. tax liabilities, costs for maintenance of fund assets, etc.) so …”

Article 32 Trading obligation procedure S. 519-524

„… risk reduction techniques such as portfolio compression. This is true, in particular, of the obligation …” „… of best execution under MiFID II6 as well as the transparency and the trading obligation under MiFIR …” „… .7 It therefore makes sense that Art 31(1) MiFIR dispenses from those obligations in the context of …”

Article 26 Obligation to report transactions S. 495-498

„… subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010. Article 26 Obligation to …” „… request, any information reported in accordance with this Article. (2) The obligation laid down in …” „… obligation shall apply to transactions in financial instruments referred to in points (a) to (c) irrespective …”

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

„… requirement to publish unexecuted client limit orders. The obligation to make public unexecuted client limit …” „… State has decided to waive this obligation in respect of large transactions (see sentence 4 of Art 28(2 …” „… )). Article 29 Obligations of investment firms when appointing tied agents 1. Member States shall allow an …”

Article 58 Position reporting by categories of position holders S. 334-339

„… participants and the clients thereof, on that trading venue, at least on a daily basis. The obligation laid …” „… Article 8 of Regulation (EU) No 1227/2011. (3) In order to enable monitoring of compliance with Article …” „… or derivatives thereof, operators with compliance obligations under Directive 2003/87/EC. The reports …”

Article 102 Professional secrecy and confidentiality; supervisory cooperation and information exchange S. 1452-1453

„… obligation of professional secrecy. Such obligation implies that no confidential information which those …” „… business activity are met and facilitating the monitoring of the conduct of that business, administrative …”

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

„… to avoid duplicative or conflicting rules 1. The Commission shall be assisted by ESMA in monitoring …” „… transaction subject to this Regulation shall be deemed to have fulfilled the obligations contained in Articles …” „… risk mitigation obligations also apply when one or both parties to a derivative contract is established …”

Article 38 Access for third-country CCPs and trading venues S. 537-538

„… III. Transitional provisions The obligations under Art 35 and 36 MiFIR may be particularly …” „… burdensome for new CCPs. There are several transitional provisions in their regard.38 The obligations under …” „… MEASURES ON PRODUCT INTERVENTION AND POSITIONS Chapter 1 Product monitoring and intervention Bibliography …”

Article 24 Competent authorities and their powers S. 1204-1208

„… carrying out the obligations provided for in this Directive and for ensuring that the provisions adopted …” „… tasks referred to in paragraph 4(h), any delegation of tasks relating to the obligations provided for in …” „… failing to comply with its obligations; Chapter V Competent authorities Art. 24 TD Wolf-Georg Ringe …”

Article 19 Monitoring by ESMA S. 471-472

„… , the systematic internaliser is not subject to the obligation to publish a firm quote pursuant to Art …” „… ) MiFIR) When quoting prices, systematic internalisers must comply with their best execution obligation as …” „… , provided that a price falls within a public range close to market conditions.35 Article 19 Monitoring by …”

Article 3 Exemptions S. 1469-1471

„… and/or fall below the relevant threshold in the same calendar year; (b) the obligation to register and to …” „… provide information in order to allow effective monitoring of systemic risk as set out in paragraph 3; and …” „… (c) the obligation to notify competent authorities as set out in paragraph 3. I. General features …”

Article 18 Obligation for systematic internalisers to make public firm quotes in respect of bonds, structured finance products, emission allowances and derivatives S. 465-471

„… that type of trade and the prevailing conditions in the market.7 Article 18 Obligation for systematic …” „… request if they agree to provide a quote. That obligation may be waived where the conditions specified in …” „… accordance with Article 9(5)(d). Systematic internalisers shall not be subject to the obligation to publish a …”

Article 4 Notifications and list of financial instruments S. 657-661

„… intended to ensure transparency for market participants and facilitate effective market monitoring by the …” „… national competent authorities and ESMA.1 A similar obligation requiring trading venues to provide …” „… administrative burden on trading venues, ESMA decided to align the reporting obligations.3 The regulatory …”

Article 44 Authorisation and applicable law S. 247-252

„… regulated market itself, Member States shall establish how the different obligations imposed on the market …” „… , all the necessary arrangements to meet its obligations under this Title. 2. Member States shall …” „… obligation (Art 44(3) MiFID II) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 4. Applicable …”

Article 14 S. 1081-1086

„… obligations arising from Article 16 (7) of the MiFID II and are therefore sufficiently documented. The …” „… question of whether the respective record keeping obligation26 takes sufficient account of any liability …” „… particularly relevant for some savings plans, under which the retail investor undertakes the obligation to …”

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

„… process. The aim of the monitoring is to minimize the (mechanistic) use of external ratings. To that end …” „… with the obligations under Art 5 a CRA Regulation and why their own 5 Recital 9 CRA III Regulation. 6 …” „… monitoring and on-going review is to delete all references to credit ratings in EU law for regulatory …”

Article 7 Notification to competent authorities of significant net short positions in sovereign debt S. 899-902

„… in their task of monitoring short selling activities, most notably, whether such activities create …” „… notification obligation, a new requirement has been added: The Commission has to take into account the …” „… monitoring short selling activities.1 The notification requirement is extended to uncovered sovereign CDSs …”

Article 108 Delineation of supervisory powers S. 1460-1462

„… territory of that Member State is in breach of the obligations arising from the provisions adopted pursuant …” „… demonstrable grounds for believing that a UCITS … is in breach of the obligations’ under the UCITSD. The host …” „… likely to facilitate their supervision and all information likely to facilitate the monitoring of such …”

Article 23 Disclosure to investors S. 1514-1517

„… specifying the disclosure obligations of AIFMs referred to in paragraphs 4 and 5, including the frequency of …” „… subject to national legislation. Article 24 Reporting obligations to competent authorities 1. An AIFM …” „… reporting obligations referred to in this paragraph are limited to EU AIFs managed by them and non-EU AIFs …”

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

„… credit ratings by competent authorities or other financial market actors. The aim of monitoring and …” „… rating agencies, trade repositories and monitoring of third country central counterparties – 2017 Annual …” „… whether the rating agency and its employees are in compliance with the obligations of the rating agency in …”

Article 1 Subject matter S. 1231-1234

„… /2016/1662; ESMA, ESMA’s supervision of credit rating agencies, trade repositories and monitoring of third …” „… and investor protection. This Regulation also lays down obligations for issuers, originators and …” „… conduct and organisational obligations of the agencies. In particular, Art 6 a contains rules applicable …”

Article 12 Penalties S. 1611

„… to avoid duplicative or conflicting rules 1. The Commission shall be assisted by ESMA in monitoring …” „… transaction subject to this Regulation shall be deemed to have fulfilled the obligations contained in Articles …”

Article 50 Synchronisation of business clocks S. 296-299

„… transactions. Furthermore, it helps monitoring across venues and detecting instances of market abuse. In …” „… for the existence of effective settlement conditions. 3. In addition to the obligations set out in …” „… market comply with their obligations under Union law in respect of initial, ongoing or ad hoc disclosure …”

Index S. 1785-1803

„… . – access models EMIR 4 9 – access to MiFIR 35-37 1-23 – member EMIR 3 10 – obligation EMIR 4 3 …” „… – obligation for non-financial counterparties EMIR 10 3 – obligation procedure EMIR 5 1 – threshold EMIR 10 4 …” „… – clearing obligation EMIR 4 1 et seq.; MiFIR 29 1 – trading obligation MiFIR 28 1 et seq. Direct debit …”

Article 51 Risk management, exposure limits, reliance on credit rating agencies S. 1386-1389

„… for the purpose of monitoring systemic risks at Union level. 2. Member States may authorise UCITS to …” „… ), AIFMD (2nd edn 2015), pp. 323 et seq., Ch. 14. Chapter VII Obligations concerning the investment …” „… concerning eligible assets for investment by UCITS. Chapter VII Obligations concerning the investment …”

Article 101 Cooperation and information exchange of competent authorities and ESMA; on-site visits; ESMA’s dispute resolution powers S. 1449-1452

„… auditors and experts instructed by the competent authorities, be bound by the obligation of professional …” „… secrecy. Such obligation implies that no confidential information which those persons receive in the …” „… business activity are met and facilitating the monitoring of the conduct of that business, administrative …”

Article 50 a Investment in securitisation positions S. 1385-1386

„… Money Market Funds. Chapter VII Obligations concerning the investment policies of UCITS Art. 50 a …” „… with Article 15 of that Regulation for the purpose of monitoring systemic risks at Union level. 2 …”

Article 35 Addressees S. 1230-1231

„… therefore does not create any direct rights or obligations for the market participants. Art. 35 TD 3 …” „… /2016/1662; ESMA, ESMA’s supervision of credit rating agencies, trade repositories and monitoring of third …”

Article 18 Insider lists S. 799-808

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 IV. Obligations under Article 18 …” „… precise format. The same obligation applies to EAMPs, auction platforms, auctioneers and auction monitor …” „… , ESMA is now satisfied that the national authorities comply with their obligations regarding insider …”

Chapter 1 Organisational requirements S. 1628-1637

„… of operations and the fulfilment of the CCP’s obligations. Such a plan shall at least allow for the …” „… obligations under this Regulation and shall ensure at all times that: (a) outsourcing does not result in the …” „… delegation of its responsibility; (b) the relationship and obligations of the CCP towards its clearing …”

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

„… cooperation arrangements including exchange of relevant data with each other in order to enable the monitoring …” „… recordkeeping obligations for investment firms, transaction reporting, market transparency, admission of …” „… product to buyers or option writers who need to secure their obligations to their counterparties to accept …”

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

„… shall have as its sole purpose: (a) to reduce the capital of an issuer; (b) to meet obligations arising …” „… obligations arising from share option programmes, or other allocations of shares, to employees or to members …” „… and volume, disclosure and reporting obligations, and price conditions. ESMA shall submit those draft …”

Article 47 Organisational requirements S. 264-268

„… risks. Satisfying that requirement entails systematic and continuous monitoring of the risks and dangers …” „… paragraph 2 shall at least specify: (a) the obligations of the investment firm in relation to the provision …” „… of liquidity and where applicable any other obligation arising from participation in the scheme …”

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

„… ability of ESMA to supervise the credit rating agency’s compliance with obligations under this Regulation …” „… 3: ESMA, ESMA’s supervision of credit rating agencies, trade repositories and monitoring of third …”

Article 22 Annual report S. 1512-1514

„… set out in Art 21(7). The performance of the cash monitoring function by the depositary requires that …” „… duties set out in Art 21 to third parties, including its oversight obligations. Depositary liability has …”

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

„… reporting obligation set out in Art 25(6) of MiFID II aims to support monitoring of investment activities by …” „… investment firm possess the necessary knowledge and competence to fulfil their obligations under Article 24 …” „… ; (d) the investment firm complies with its obligations under Article 23. 5. The investment firm shall …”

Article 7 Procedures for granting and refusing requests for authorisation S. 38-41

„… initial authorisation, all the necessary arrangements to meet its obligations under this Chapter. 3. An …” „… by enabling it to focus its monitoring activities on active firms. Withdrawal of authorisation in the …”

Article 35 a Civil Liability S. 1294-1301

„… supervision of credit rating agencies, trade repositories and monitoring of third country central …” „… affects only the rating process.14 Practically, the obligations in Annex III, Part I are the most relevant …” „… 11 July 2007 on the law applicable to non-contractual obligations (Rome II), 31.7.2007 (OJ EU L …”

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

„… tion of alerts.36 Record retention and training obligations are similar to those for market …” „… . Reporting by one entity in the chain does not absolve the other persons from their reporting obligations.39 …” „… information by an issuer, subject to a number of exceptions. This obligation serves two functions.1 First, the …”

doi.org/10.5771/9783845279893

Jens Peter Schmidt, Fabian Hübener - New Digital Markets Act

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Jens Peter Schmidt (ed.), Fabian Hübener (ed.)

New Digital Markets Act

2023

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Jens Peter Schmidt Chapter 12 Third-party rights before the European Commission and national authorities S. 107-111

„… obligations and prohibitions set out in Art. 5 and 6 DMA, as well as the compliance, reporting and monitoring …” „… with the DMA obligations.B. Information on practices or behaviour of gatekeepers(Art. 27 DMA)Art. 27(1 …” „… fact that business users and end users are supposed to benefit directly from the obligations imposed …”

Annex: Digital Markets Act S. 177-254

„… obligations.The Commission should have discretion as to whether and when such further specification should be …” „… set of harmonised legal obligations should therefore be established at Union level to ensure …” „… not affect the obligations imposed on gatekeepers under this Regulation and their uniform and …”

Jens Peter Schmidt Chapter 7 Compliance and reporting obligations of gatekeepers S. 59-62

„… CHAPTER 7COMPLIANCE AND REPORTING OBLIGATIONS OF GATEKEEPERSJens Peter SchmidtA. Internal …” „… reporting obligation (Art. 8 and 11 DMA) . . . . . . . . . . . . . . . 10The DMA does not rely solely on …” „… compliance with the obligations that are directly applicable to gatekeepers; in addition to public …”

Index S. 255-260

„… requirements 10 43– grounds for annulment 10 44 et seq.– obligations of gatekeepers 10 45– right to …” „… et seqq.– burden of proof 13 225– claim vehicle 13 224 et seqq.– obligation to furnish facts …” „… seqq.– management body 7 6 et seq.– monitoring 7 9– report 7 11– strategy 7 8Compliance function …”

Jens Peter Schmidt Chapter 1 The DMA at a glance S. 1-2

„… platforms, known as gatekeepers, on which new obligations are imposed. Gatekeepers are companies that …” „… 21 new obligations designed to prevent unfair practices or practices that limit contestability in …” „… applicable ex ante obligations and prohibitions, as well as those that are to be defined in greater detail …”

Jens Peter Schmidt Chapter 9 Merger control (Art. 14 DMA) S. 74-79

„… DMA merger control, but obligation to inform about intended concentrations (Art. 14 DMA …” „… ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4I. Obligation to inform for gatekeepers …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6III. Consequence of the obligation to inform …”

Markus Brösamle, Emilia Etz Chapter 11 Role of national authorities and courts S. 96-106

„… provides for a centralised monitoring and implementation system through the European Commission (→ mn. 3 et …” „… comprehensive exchange of information with national competition authorities (Art. 38(1) DMA) and for obligations …” „… launch an investigation on gatekeepers, to impose obligations on gatekeepers or conduct investigations as …”

Miriam Swamy-von Zastrow, Robert Pahlen Chapter 3 Gatekeepers (Art. 2 DMA) S. 23-28

„… obligations. It is, therefore, essential to clarify which companies are classified as gatekeepers by the DMA …” „… internal market, cf. rec. 23 DMA. In this case, there is a notification obligation on the part of the …” „… fulfil this notification obligation (see Annex I of the Implementing Regulation), including questions …”

Fabian Hübener, Raphael Reims Chapter 10 EU penalties, investigative powers and legal protection S. 80-95

„… Commission as part of the monitoring of obligations and measures pursuant to Art. 26 DMA (Art. 30(3)(i) DMA …” „… more of the obligations laid down in Art. 5, 6 or 7 DMA (Art. 30(1)(a) DMA);– does not comply with one …” „… or more of the measures specified pursuant to Art. 8(2) DMA to ensure compliance with the obligations …”

doi.org/10.5771/9783748937067

Sandra Schmitz - The Struggle in Online Copyright Enforcement

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Sandra Schmitz

The Struggle in Online Copyright Enforcement

Series: Luxemburger Juristische Studien - Luxembourg Legal Studies

Volume 8 2015

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B. National Enforcement Measures Against Users S. 243-517

„… main international obligations arising from the ratification of the 1996 WIPO Treaties (the WIPO …” „… appropriate sanctions and remedies in respect of infringements of the rights and obligations set out in this …” „… States should provide for effective sanctions and remedies for infringements of rights and obligations as …”

B. Enforcement Measures Directed at Intermediaries S. 565-719

„… States are prevented from imposing a monitoring obligation on service providers only with respect to …” „… obligations of a general nature; this does not concern monitoring obligations in a specific case and, in …” „… prohibition of general monitoring obligations as set forth in the E-Commerce Directive, has been central to …”

Titelei/Inhaltsverzeichnis S. 1-20

„… of General Monitoring Duty: C-70/10 Scarlet Extended v SABAM d) 275 Practical Impact of the …” „… Infringement of Copyright Initial Obligations Code (1) 333 Online Infringement of Copyright (Initial …” „… Obligations) (Sharing of Costs) Order (2) 336 Technical Obligations Code(3) 336 Summarydd) 337 Outline and …”

General Conclusions S. 719-747

„… monitoring and blocking that can be legitimately required. In this respect, the focus must not be solely on …” „… complying with obligations and injunctions , new targets for legal action were identified in search engine …” „… legitimate private back-up copies or materials with the same file name, and thereby comply with monitoring …”

A. The Peer-to-Peer File-Sharer as the Addressee of Enforcement Measures S. 195-243

„… obligation.704 As a consequence of the US Napster ruling, subsequent peer-to-peer network operators sought to …” „… that EU law does not “require Member States to lay down,…, an obligation to communicate personal data …” „… not suffice to distinguish a serious crime from other crimes. As there is no legal obligation under EU …”

B. The Technological and Legal Challenges of Online Copyright Enforcement S. 115-195

„… state are recognised and enforceable, such obligations could also include filtering obligations by the …” „… law from Germany, France and the UK relating to potential blocking and filtering obligations, which …” „… no obligation to store data (on a temporary basis) for the purpose of disclosing information related …”

A. The Status Quo – or How Did We Get to Where We AreToday? S. 49-115

„… Internet phenomena. This results in great uncertainty when it comes to monitoring obligations that may …” „… available constitutes an infringement. Monitoring obligations that were more or less feasible with …” „… cooperation and provides for a structure responsible for monitoring the implementation of the provisions of …”

List of References S. 747-789

„… les législations nationales prévoient l'obligation de communiquer des données à caractère personnel …” „… Piatek, Michael/Kohno, Tadayoshi/Krishnamurthy, Arvind, Challenges and directions for monitoring P2P file …” „… Technologie, Monitoring zu ausgewählten wirtschaftlichen Eckdaten der Kultur- und Kreativwirtschaft 2009 …”

doi.org/10.5771/9783845265872

ZEuS Zeitschrift für Europarechtliche Studien

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ZEuS Volume 27 (2024) Issue 2 ISSN Online: 2942-3589

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Kalojan Hoffmeister The Dawn of Regulated AI: Analyzing the European AI Act and its Global Impact S. 182-212

„… monitoring plans for high-risk AI systems, as well as the information sharing obligations of serious …” „… jeopardize the integrity of criminal proceedings), which should be exempted from sharing obligations.Under …” „… 2/2024Requirements for high-risk AI systems (Section 2)2. 202Obligations for Providers, Deployers and …”

doi.org/10.5771/1435-439X-2024-2

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ZEuS Volume 10 (2007) Issue 4 ISSN Online: 2942-3589

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Christian Riffel (Non-)Conformity of SOCIAL STANDARDS in the Generalized System of Preferences of the EC and the USA with WTO Law S. 609-684

„… discriminatedwhen not being awarded like state B acting in conformity with its obligations.The infringements of …” „… 620C. Justification under the Enabling Clause 6211. Enabling Clause sets out legal obligations 6212 …” „… Reg which requires that a BDC must commit itselfto accept and fully comply with the monitoring and …”

doi.org/10.5771/1435-439X-2007-4

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