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Ein anderes Europa

Winfried Böttcher, Johanna Krawczynski

2011

Treffer in den folgenden Teilen:

European Charta of Local Authorities – Resolution 64 (1968) S. 207-208

„… 207812 European Conference of Local Authorities – Resolution 64 on a Declaration of Principles of …” „… local autonomy European Conference of Local Authorities Seventh Session 28 – 31 October 1968 RESOLUTION …” „… and the European Communities or international institutions increase the necessity for such a guarantee …”

European Charta of Local Self-Government (1985) S. 208-215

„… 208813 European Charta of Local Self-Government (1985)European Charta of Local Self-Government …” „… field; Considering that the local authorities are one of the main foundations of any democratic regime …” „… authorities with real responsibilities can provide an administration which is both effective and close to the …”

Standing Conference of Local and Regional Authorities of Europe – Resolution 187 (1988) S. 219-220

„… 219815 Standing Conference of Local and Regional Authorities of Europe – Resolution 187 (1988 …” „… ) Standing Conference of Local and Regional Authorities of Europe Twenty-third session 15-17 March 1988 …” „… RESOLUTION 187 (1988) on the European Charter of Local Self-Government and the European Communities The …”

Europäische Charta der Gemeindefreiheiten (1953) S. 205-207

„… Authorities – Resolution 64 on a Declaration of Principles of local autonomy European Conference of Local …” „… Gemeindeorganisationen anzugehören, welche die Grundsätze dieser Charta anerkennen. 207812 European Conference of Local …” „… Authorities Seventh Session 28 – 31 October 1968 RESOLUTION 64 on a Declaration of Principles on local …”

Weltweite Erklärung zur kommunalen Selbstverwaltung (1985) S. 215-219

„… Conference of Local and Regional Authorities of Europe – Resolution 187 (1988) Standing Conference of …” „… Local and Regional Authorities of Europe Twenty-third session 15-17 March 1988 RESOLUTION 187 (1988) on …” „… the European Charter of Local Self-Government and the European Communities The Standing Conference 1 …”

Vorbemerkung S. 5-8

„… Authorities – Resolution 64 (1968) 207 813 European Charta of Local Self-Government (1985) 208 814 …” „… ? (1992) 191 811 Europäische Charta der Gemeindefreiheiten (1953) 205 812 European Charta of Local …” „… Regional Authorities of Europe – Resolution 187 (1988) 219816 Entschließung des Europäischen Parlaments …”

doi.org/10.5771/9783845229638

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New Digital Markets Act

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

2023

Treffer in den folgenden Teilen:

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

„… parties vis-à-vis the European Commission and national competition authorities to address non-compliance …” „… the attention of competent national authorities or directly to the attention of the European …” „… right to inform the European Commission or national authorities pursuant to Art. 27 DMA, a legitimate …”

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

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1B. Role of national authorities in relation to the European Commission . . . . . . . . 2I …” „… system through the European Commission (public enforcement, cf. also rec. 91 DMA). National authorities …” „… of private enforcement (→ Ch. 13 mn. 1).B. Role of national authorities in relation to theEuropean …”

Titelei/Inhaltsverzeichnis S. I-XLII

„… European Commission and the role of the Member States’ authorities. Covering a number of EU Member States …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A. 96Role of national authorities in relation to the European Commission …” „… authorities (European Commission and the German Federal Cartel Office), competition litigation, antitrust and …”

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

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91. Modified approach of the European Commission regarding referrals: Referral Notice …” „… and will remain a priority of the European Commission’s work. The European Commission’s enforcement of …” „… only a fraction of these were notified to, and analysed by, the antitrust authorities.3 According to …”

Annex: Digital Markets Act S. 177-254

„… Annex: Digital Markets ActREGULATION (EU) 2022/1925 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCILof …” „… ) 2019/1937 and (EU) 2020/1828 (Digital Markets Act)(Text with EEA relevance)THE EUROPEAN PARLIAMENT AND THE …” „… COUNCIL OF THE EUROPEAN UNION,Having regard to the Treaty on the Functioning of the European Union, and in …”

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

„… authorities and national courts. All decisions made by the European Commission on the basis of the DMA are …” „… Digital Services Act (DSA2), is one of the cornerstones of the European Digital Strategy, by which the EU …” „… exclusively up to the European Commission to designate a company as a gatekeeper.At the heart of the DMA are …”

Lucas Gasser, Jochen Hegener Chapter 6 Conduct obligations for gatekeepers (Art. 5–7 DMA) S. 41-58

„… authorities (cf. rec. 62 DMA).In addition, Art. 6(12) DMA stipulates in subpara. 3 that the European …” „… other market participants.1Numerous abuse proceedings initiated by the antitrust authorities against …” „… obligations, the (usually very time-consuming) classification by the authorities as anti-competitive is to be …”

Henner Schläfke, Immo Schuler B. Basis for private enforcement of the DMA S. 116-125

„… relevant European Union or national law requirements lodged with relevant public authorities.29 The same …” „… in European law, and the intended implementation in several key EU Member States.5 The first step …” „… this context is whether further measures by European Union institutions or Member States are required …”

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

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60To enforce the DMA, the European Commission is able to impose a wide variety of penalties and …” „… sanctioning powers of the European Commission include imposing fines under Art. 30 DMA and imposing periodic …” „… European Commission can impose interim measures according to Art. 24 DMA.The responsibility for enforcing …”

Index S. 255-260

„… European Commission 13 2Core platform service 2 12, 3 1 et seqq., 5 et seqq., 6 5– economies of scale …” „… law 13 120European Commission 1 5– cooperation with national courts 11 32 et seqq …” „… – observations 11 33– responsibility 10 3, 11 3 et seqq.European Digital Strategy 1 1 et seqq.Evidence– expert …”

Johanna Krauskopf, Markus Brösamle Chapter 8 Market investigations (Art. 16–19 DMA) S. 63-73

„… ) DMA). Furthermore, the European Commission can ask national competent authorities to assist it in its …” „… , deadlines, and investigative and enforcement powers in relation to market investigations.The European …” „… (Art. 19 DMA). For this purpose, the European Commission has at its disposal the strong general …”

Franck Audran, Elsa Mandel E. Private enforcement in France S. 128-135

„… through the online intermediation service of the gatekeeper.’.74 Regulation (EU) 2019/1150 of the European …” „… itself or by French authorities to protect effective competition on the market (Article L.442–4 French …” „… Commercial Code). These authorities may request the immediate termination of the practices. Additionally, the …”

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

„… enforcement, it relies on specific compliance duties and regular reporting obligations to the European …” „… the compliance function acts as the liaison point between the gatekeeper and the European Commission …” „… , Jens Peter Schmidt 591234which is why the gatekeeper must inform the European Commission of his or her …”

Juliane Mendelsohn, Oliver Budzinski Chapter 2 DMA: background, objectives, and its relationship to competition law S. 3-22

„… , Contestable Markets and the Theory of Industry Structure, New York 1982; Body of European Regulators for …” „… Control’, European Competition Journal 6 (2010), 445; Budzinski, ‘Zur Bedeutung der Ordnungsökonomik für …” „… Policy Reform in Europe and Germany – Institutional Change in the Light of Digitization’, European …”

doi.org/10.5771/9783748937067

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Das soft law der europäischen Organisationen - The Soft Law of European Organisations - La soft law des organisations européennes

Jean-François Flauss (Hrsg.), Julia Iliopoulos-Strangas (Hrsg.)

Reihe: Societas Iuris Publici Europaei (SIPE)

Band 7 2012

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Daniel Sarmiento European Soft Law and National Authorities: Incorporation, Enforcement and Interference S. 254-297

„… autorités nationales European Soft Law and National Authorities: Incorporation, Enforcement and …” „… Governance, Routledge-Cavendish, London, 2001, pp. 145 to 157. European Soft Law and National Authorities 263 …” „… A case study: EU Soft Law and National Authorities From the early days of European integration, soft …”

Guenter Schirmer Goals and Functions of European Soft Law – Statement – S. 198-207

„… Goals and Functions of European Soft Law – Statement – Guenter Schirmer* My short contribution is …” „… , including meetings with competent authorities of the countries concerned, which are dutybound to cooperate …” „… Procedure, Rule 48.4. 7 Ibid. 8 See Rules of Procedure, Rule 48.5. Goals and Functions of European Soft Law …”

Titelei/Inhaltsverzeichnis S. 1-25

„… European Soft Law and National Authorities: Incorporation, Enforcement and Interference Daniel Sarmiento …” „… European Organisations La soft law des organisations européennes Julia Iliopoulos-Strangas …” „… & Jean-François Flauss † (Hrsg.) 7 Das soft law der europäischen Organisationen The Soft Law of European …”

Allan Rosas Soft Law and the European Court of Justice S. 304-325

„… European Courts Effectivité et efficacité via les Cours européennes Der Gerichtshof der Europäischen Union …” „… The Court of Justice of the European Union La Cour de Justice de l’Union européenne Soft Law and the …” „… European Court of Justice Allan Rosas* Introduction Soft law can be characterised as referring to a …”

Enzo Cannizzaro, Emanuele Rebasti Soft law in the EU legal order S. 208-233

„… Die Erfahrungen der Europäischen Union The European Union Experience L’expérience de l’Union …” „… : unity and diversity of soft law Soft law is a topic of increasing importance in the European legal order …” „… . The reason probably lies in the fact that the term soft-law is abused, more than used, in European law …”

Jürgen Schwarze Soft Law im Recht der Europäischen Union S. 234-253

„… ’ and ‘politics’ (…) used by state authorities and international organizations to express commitments 8 …” „… , S. 429, 434. 11 F. SNYDER, „The Effectiveness of European Community Law: Institutions, Processes …” „… Practice in the European Community”, in: S. MARTIN (Hrsg.), The Construction of Europe: Essays in Honour of …”

doi.org/10.5771/9783845235851

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E-Democracy

Giancarlo Vilella

2019

Treffer in den folgenden Teilen:

IX. Digitalising public authorities: the case of the European Parliament S. 60-67

„… Digitalising public authorities: the case of the European Parliament Since 2012, the European …” „… authorities: the case of the European Parliament 61 “innovation” service, which tries to look ahead and …” „… implement a process of dig- IX. Digitalising public authorities: the case of the European Parliament 63 ital …”

V. Innovation and security S. 34-40

„… detected against European and American newspapers and social networks; the second is from June 2015, when …” „… reduced). In September 2017, the European Commission started to think about restructuring how the EU …” „… infrastructures and institutions can succumb to a cyber-attack. The European Parliament, for its part, adopted a …”

IV. Innovation and the law S. 25-33

„… disappear. Legal authorities, in particular the European Court of Justice, assists on a case-by-case basis …” „… users for lucrative means, is one that is best known following the involvement of the European Court of …” „… these two aspects) and which truly highlighted serious concerns about IV. 20 The European Parliament, in …”

Titelei/Inhaltsverzeichnis S. 1-8

„… authorities: the case of the European Parliament IX. 60 Publications and access to documents in the era of …” „… digitisation: the experience of the European Publications Office X. 68 Innovation, society and healthXI. 73 …” „… to either the institution to which I belong or any other European body. …”

XII. Innovation and the economy S. 78-84

„… aspects. For example, the European Commission accused Apple of having enjoyed favorable tax treatment in …” „… claimed by the EC as taxes not paid to Ireland, pending a final ruling by the European Court of Justice …” „… (still not available as I write). In 2017, the European Union began to look into the taxation of large …”

XIII. Introduction to E-Democracy S. 85-91

„… correct path. Of course there are risks: thanks to new technologies, administrative authorities are able …” „… essential tool at all levels: the European Parliament even launched a study on the influence of them on the …” „… very high degree of politicality. Former President of the European Parliament Martin Schulz wrote: “How …”

III. Democracy and technological asymmetry S. 18-24

„… consisted of a panel made up of the vice-presidents of the European Parliament, David Maria Sassoli and …” „… crisis ex- 14 In particular, I want to mention a conference in the European Parliament called “Shaping …” „… and institutions that naturally advance (the European Parliament is a very important case) at a slower …”

VIII. Digitalising administration (based on the Italian case) S. 55-59

„… graduation he received a doctorate there and a PhD in London. 46 For a comparative analysis at European level …” „… authorities should be able to exchange information and documents as that is the basis of how everything works …”

doi.org/10.5771/9783845296388

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European Financial Services Law

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

Reihe: Kooperationswerke Beck - Hart – Nomos

Band 2019

Treffer in den folgenden Teilen:

Article 5 b Reliance on credit ratings by the European Supervisory Authorities and the European Systemic Risk Board S. 1249

„… bReliance on credit ratings by the European Supervisory Authoritiesand the European Systemic Risk Board1 …” „… . The European Supervisory Authority (European Banking Authority) (EBA) es-tablished by Regulation (EU …” „… ) No 1093/2010 of the European Parliament and ofthe Council, the European Supervisory Authority …”

Titelei/Inhaltsverzeichnis S. I-XLII

„… . . . . . . . . . . . . . . . . . . . . . . . . . . .Article 5 a 1248Reliance on credit ratings by the European Supervisory Authorities and theEuropean …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 583ContentsXIVChapter IVPowers of the national competent authoritiesSection 1Decision of …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 587Section 2Information requested by the competent authoritiesArticle 16 …”

Article 22 Competent authorities S. 835-838

„… authoritiesBibliography: Avgouleas E, ‘The Mechanics and Regulation of Market Abuse, A Legal and EconomicAnalysis’ (OUP …” „… authoritiesWithout prejudice to the competences of the judicial authorities, each Member Stateshall designate a …” „… European Commission: establishment of the effects doctrine in extra-territoriality of EUcompetition law …”

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

„… the use of ratings by the European Supervisory Authorities. Ac-cordingly, the European Banking …” „… bReliance on credit ratings by the European Supervisory Authoritiesand the European Systemic Risk Board1 …” „… . The European Supervisory Authority (European Banking Authority) (EBA) es-tablished by Regulation (EU …”

Article 10 Competent authorities S. 1771-1773

„… different Member States(see Art 10(4)).II. CommentaryList of competent authoritiesBased on Art10(2), the …” „… : Finansinspektionen– United Kingdom: Financial Services AuthorityDuties of the competent authoritiesWhile Art 10(3 …” „… authorities”(point e), and to centralise and share all information received from the competent au-thorities of the …”

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

„… third countries.17Chapter VCompetent authoritiesArticle 24Competent authorities and their powers(1) Each …” „… authorities(NCAs) under the TD. The regime is closely modelled on the equivalent regime of theProspectus Regulation …” „… . Delegated lawmaking powersAllowing national competent authorities to grant individual exemptions bears …”

Article 25 Professional secrecy and cooperation between Member States S. 1208-1210

„… from transmitting information to, other competent au-thorities, ESMA and the European Systemic Risk …” „… entities to which competent author-ities may have delegated certain tasks. Information covered by …” „… laws,regulations or administrative provisions of a Member State.(2) Competent authorities of the Member States …”

Articles 26 to 32 S. 1291-1293

„… authoritiesArticles 26 to 32Articles 26 to 32 are not reproduced here.19 See Recital 58 CRA Regulation.20 Art 24(1)(a …” „… authorities.Recitals, level 2 measuresRecitals 46, 48, 49, 50, 51, 53, 56, 58, 59, 60, 61, 62, 64, 65, 66, 67 and 68 …” „… representatives ofthe Commission, the ESRB, the European Insurance and Occupational Pensions Author-ity and a …”

Article 22 Professional secrecy and cooperation between authorities S. 1023-1025

„… authorities to, first, require an issuer to disclose all mate-rial information which may have an effect on an …” „… Professional secrecy and cooperation between authorities1. The obligation of professional secrecy shall apply …” „… au-thorities may have delegated certain tasks. Information covered by professionalsecrecy may not be disclosed …”

Article 29 S. 1093-1095

„… obligation to re-port to competent European Supervisory Authorities (‘ESAs’) about administrative sanc-tions …” „… annualreports.Article 281. Competent authorities shall establish effective mechanisms to enable reportingof actual or …” „… States may provide for competent authorities to establish additionalmechanisms under national law.4 …”

Article 88 Exchange of information with third countries S. 387-389

„… authorities in accordance with Directive 2014/65/EU of the European Parliament and of theCouncil OJ L 148/3 …” „… authorities prior to granting an authorisation in accordance with Directive2014/65/EU of the European …” „… between competent national authoritiesand (b) potential conflicts between competent national authorities …”

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

„… , transaction reporting is addressed to financial authorities.Its purpose is to provide them with the tools for …” „… isefficiently exchanged between the relevant competent authorities.(3) ESMA shall develop draft regulatory …” „… thereto to competent authorities andtransmitting it to ESMA in accordance with paragraph 1, and the form …”

Article 23 Precautionary measures S. 1025-1027

„… au-thorities from exchanging confidential information or transmitting such information toESMA or the European …” „… competent authorities, and con-ferring on ESMA powers to propose RTS governing the type of information to be …” „… ex-changed between authorities at EU and national levels and ITS related to proceduralprocesses and …”

Article 108 Delineation of supervisory powers S. 1460-1462

„… authorities of the UCITS home Member State shall have the power totake action against that UCITS if it …” „… in the instrumentsof incorporation of the investment company.However, the authorities of the UCITS …” „… authorities of the UCITS host MemberStates and, if the management company of a UCITS is established in …”

Article 11 Penalties S. 1773-1774

„… authoritiesWhile Art 10(3) above addresses the Member States, Art 10(4) directly regulates thecompetent authorities …” „… authorities”(point e), and to centralise and share all information received from the competent au-thorities of the …” „… of Slovakia, public authorities, local government authorities, municipalities andhigher territorial …”

Article 13 Accepted market practices S. 756-767

„… Art 12(1)(b), market participants and competent authorities shall con-sider the following:165(a …” „… competent authorities of those other mar-kets have accepted that practice pursuant to this Article.3. Before …” „… inparagraph 2, ESMA shall assist the authorities concerned in reaching an agree-ment in accordance with its …”

Article 11 S. 584-585

„… competent authoritiesSection 1Decision of admissionArticle 111. The competent authorities referred to in …” „… , the competent au-thorities may reject an application for the admission of a security to official …” „… authorities for thedecision on admission and Art 11(2) (previously Art 9(3) LCD) regulates special caseswhen …”

Article 34 Publication of decisions S. 869-874

„… competent authorities,without a need for Member States to transpose it into national law.1.1 Willey, ‘Market …” „… Article, their competent authorities shall provide ESMA annually withanonymised and aggregated data …” „… regarding all criminal investigations undertak-en and criminal penalties imposed by the judicial authorities …”

Article 50 Eligible assets S. 1381-1385

„… exchange or market hasbeen approved by the competent authorities or is provided for in law or thefund rules …” „… been approved by the competent authorities or is provided forin law or the fund rules or the …” „… underlaws which provide that they are subject to supervision considered bythe competent authorities of the …”

Article 21 Review and evaluation S. 1617-1621

„… competent authorities referred toin Article 22 shall review the arrangements, strategies, processes and …” „… re-quirements on CCPs laid down in this Regulation.3. The competent authorities shall establish the frequency …” „… competent authorities shall regularly, and at least annually, inform the col-lege of the results of the …”

Article 32 Reporting of infringements S. 865-868

„… infringements1. Member States shall ensure that competent authorities establish effective mech-anisms to enable …” „… reporting of actual or potential infringements of this Regu-lation to competent authorities.2. The …” „… only provide for adequate mechanisms and procedureswith respect to their competent authorities, but …”

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

„… ) Member States shall ensure that competent authorities, in line with the method-ology for calculation …” „… that competent authorities are to apply in estab-lishing the spot month position limits and other …” „… Lehmann(5) Competent authorities shall notify ESMA of the exact position limits they in-tend to set in …”

Article 4 Definitions S. 1471-1477

„… authorities of the homeMember State of the AIFM shall immediately inform the competent authoritiesof the host …” „… Euro-pean passport. However, small AIFM can opt-in to AIFMD in which case they are sub-ject to the full …” „… regarded asconstituting a ‘close link’ between such persons;(f) ‘competent authorities’ means the national …”

Article 5 a Over-reliance on credit ratings by financial institutions S. 1248-1249

„… legislation.Article 5 bReliance on credit ratings by the European Supervisory Authoritiesand the European Systemic …” „… (EC) No 1060/2009 of the European Parliament and of theCouncil with regard to regulatory technical …” „… the EuropeanUnion L 140, 30 May 2012, p. 32.Level 3:ESMA, Guidelines and Recommendations on the Scope …”

Articles 27 to 31 S. 934-937

„… measure,ESMA has to consult the ESRB as well as, where appropriate, other relevant authorities(see Art 28(4 …” „… competent authoritiesArticles 32 to 41Articles 32 to 41 are not reproduced here.Chapter VI of the SSR …” „… other competent authorities (Art 26)Before an NCA imposes or renews any measure under Arts 18 to 21 or …”

Article 110 Cross-border services through a branch; on-site inspections S. 1463-1464

„… authoritiesinvolved that shall ensure that the European passport, which enables cross-border provi-sion of services …” „… 4. The competent authorities of the UCITS home Member State shall, without de-lay, notify the …” „… competent authorities of the management company’s home Mem-ber State of any problem identified at the level …”

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

„… of competent authoritiesinvolved that shall ensure that the European passport, which enables …” „… overenforce-ment on the side of the host competent authority, which would reduce the effectivenessof the European …” „… operates in one or more management company’s hostMember States, the competent authorities of all the Member …”

Article 4 Waivers for equity instruments S. 408-417

„… they provideservices, but not beyond.18Article 4Waivers for equity instruments1. Competent authorities …” „… authorities of the intended use of eachindividual waiver and provide an explanation regarding its functioning …” „… in this Article.Competent authorities shall notify ESMA and other competent authorities ofsuch …”

Articles 21 to 25 a S. 1288-1291

„… supervisory structure which involved national and European au-thorities, and instead provides ESMA with …” „… andsectoral competent authoritiesArticles 26 to 32Articles 26 to 32 are not reproduced here.19 See Recital 58 …” „… European Parliament and of theCouncil on credit rating agencies by laying down regulatory technical …”

Article 9 Waivers for non-equity instruments S. 432-441

„… paragraph 1, competent authoritiesshall notify ESMA and other competent authorities of the intended use of …” „… non-equity instruments1. Competent authorities shall be able to waive the obligation for market operatorsand …” „… authorities shall be able to waive the obligation referred to in Article8(1) for each individual component of …”

Article 24 S. 1091-1092

„… national law in any of the following ways:(a) directly;(b) in collaboration with other authorities;(c …” „… ) under their responsibility by delegation to such authorities;(d) by application to the competent …” „… judicial authorities.Article 241. This Article applies to infringements of Article 5(1), Articles 6 and 7 …”

Article 93 Notification procedure S. 1433-1436

„… procedures among Member States’ competent authorities.According to Art 93(3) subparagraph 2 sentence 2 of …” „… its homeMember State, it shall first submit a notification letter to the competent authori-ties of its …” „… authorities of the UCITS home Member State shall verifywhether the documentation submitted by the UCITS in …”

Article 26 Replacement of depositary S. 1363-1364

„… an informational interme-diary for the UCITS home competent authorities.II. CommentaryAccording to …” „… from each other under paragraph 1.European law allows that depositary and management company to belong …” „… sufficiently large and therefore a threat to the depositary’scontinued existence. In addition, European law …”

Article 22 Providing information for the purposes of transparency and other calculations S. 482-487

„… whether an investment firm is a systematicinternaliser, competent authorities may require information …” „… data for a sufficient pe-riod of time.3. Competent authorities shall transmit to ESMA such information …” „… authorities) and Art 19 (Transitional provi-sions).Commission Delegated Regulation (EU) 2017/583 (RTS 2):2 …”

Article 8 Conditions for granting authorisation S. 1482-1485

„… supervisory functionsof the competent authorities.Power is delegated to the Commission to adopt the regulatory …” „… compe-tent authorities, Art 7 (5) obliges Member States to provide ESMA on a quarterly basis ofauthorisations …” „… list of the AIFs managed or marketed bythe AIFM in the European Union.Article 8Conditions for granting …”

Article 6 S. 1697-1699

„… , several new authorities were founded and new European laws were1.2.4 Devos, 25-26.Section III Provisions …” „… should be spread throughout the financial sys-tem and relevant markets and authorities.Legislative …” „… Euro-pean Systemic Risk Board, other Member States and the European SupervisoryAuthority (European …”

Article 14 S. 586-587

„… competent authoritiesArticle 161. An issuer whose securities are admitted to official listing shall provide …” „… authorities, any application forthe admission of a security to official listing on a stock exchange situated …” „… competent authorities may refuse to admit to official listing a security alreadyofficially listed in another …”

Article 42 Product intervention by competent authorities S. 549-554

„… , background, scope and functioning to Art 40 and 41 MiFIR, which con-cern bans by European authorities. It is …” „… .2 The European Supervisory Authorities ESMA and EBA may on-ly adopt bans where the NCA fails to act …” „… . 42 MiFIRMatthias Lehmann 551123II. CommentaryTiming of actions by national competent authoritiesNCAs …”

Article 15 S. 587

„… Information requested by the competent authoritiesArticle 161. An issuer whose securities are admitted to …” „… shares, the application shall be considered only if the competent authorities areof the opinion that the …” „… official listing shall provide the com-petent authorities with all the information which the latter …”

Article 27 S. 1092-1093

„… financial statements according to Directive 2013/34/EU ofthe European Parliament and of the Council (),1 the …” „… provided for in this Regulation.4. Where the competent authorities have imposed one or more …” „… competent authorities shall apply the administrative sanctions and measures re-ferred to in Article 24(2 …”

Article 87 Cooperation and exchange of information with ESMA S. 386-387

„… of information betweencompetent authorities in accordance with Directive 2014/65/EU of the European …” „… ESMA1. The competent authorities shall cooperate with ESMA for the purposes of thisDirective, in …” „… accordance with Regulation (EU) No 1095/2010.2. The competent authorities shall, without undue delay, provide …”

Article 2 S. 577-580

„… authorities.I. General featuresArticle 2(1) CARD sets out the scope of the CARD, and Art 2(2) CARD sets out …” „… label’ for both the financial instru-4 Directive 2004/39/EC of the European Parliament and of the …” „… 93/6/EEC and Directive 2000/12/ECof the European Parliament and of the Council and repealing Council …”

Article 23 Powers of competent authorities S. 838-843

„… authorities are bound to comply with national and European rules on data1.2.3 See Eberhard, ‘The limits of …” „… Article 23Powers of competent authorities1. Competent authorities shall exercise their functions and …” „… powers in any of the fol-lowing ways:(a) directly;(b) in collaboration with other authorities or with the …”

Article 10 S. 583-584

„… competent authoritiesSection 1Decision of admissionArticle 111. The competent authorities referred to in …” „… Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 onthe harmonisation …” „… , the competent au-thorities may reject an application for the admission of a security to official …”

Article 16 S. 587-588

Article 32 Suspension and removal of financial instruments from trading on an MTF or an OTF S. 212-217

„… competent authoritiesmust inform ESMA and other competent authorities without undue delay that a deci-sion …” „… competent authorities of the other Member States such a decision.The notified competent authorities of the …” „… decision to ESMA andother competent authorities, including an explanation if the decision was not tosuspend …”

Article 44 Authorisation and applicable law S. 247-252

„… December 2017;European Commission, ‘Communication from the Commission to the European Parliament, the …” „… Council,the European economic and social committee and the committee of the regions, Action Plan on Building …” „… aCapital Markets Union’, 30 September 2015, COM(2015) 468 final; European Parliament, ‘Proposal for …”

Commentary on Articles 40 and 41 Art. 40, 41 S. 545-549

„… European authorities were indeed competent,which requires that the NCA failed to respond adequately to the …” „… impositionof a product ban.Inactivity of national competent authoritiesThe powers of ESMA and EBA are …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113. Inactivity of national competent authorities …”

Article 72 Exercise of supervisory powers and powers to impose sanctions S. 371-373

„… whistleblowingbecoming an increasingly common tool in European capital markets laws.1.2.Title VI Competent authorities …” „… frameworks:(a) directly;(b) in collaboration with other authorities;(c) under their responsibility by delegation …” „… national provisions adopted in theimplementation of this Directive to competent authorities.The mechanisms …”

Article 26 Cooperation with third countries S. 846-849

„… . Competent authorities shall cooperate and exchange information with relevantnational and third-country …” „… regulatory authorities responsible for the relatedspot markets where they have reasonable grounds to suspect …” „… to Regulation(EU) No 1031/2010; and(b) competent authorities, registry administrators, including the …”

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

„… authorities of its home Member State:(a) the Member State in which it intends to manage AIFs directly or to …” „… contact details of the persons responsible for the manage-ment of the branch.4. The competent authorities …” „… authorities of the home Member State of the AIFM shall enclose astatement to the effect that the AIFM …”

Index S. 1785-1803

„… , 6– between national competent authoritiesMAR 31 6; MiFID II 87 5– on market abuse MAD 10 4 …” „… and shaming MiFID II 70 10, 71 1– national competent authoritiesMiFID II 44 11, 45 28– nemo tenetur …” „… – national competent authoritiesMiFIR 42 6 et seq.– non-discrimination MiFIR 35-37 13– non-equity …”

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

„… been fol-lowed by the relevant competent authorities;Chapter VII Rules in relation to third countries …” „… bylimitations in the supervisory and investigatory powers of that third coun-try’s supervisory authorities.Where …” „… quirements for the marketing without a European passport of non-EU AIF by EU AIFMin its …”

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 …” „… cooperationarrangements on the exchange of information are in place between the competent au-thorities in the home Member …” „… State of the EU AIFM and the competent authorities inthe jurisdiction in which the non-EU AIF is …”

Foreword: The new transparency regime under MiFIR S. 389-392

„… public;(b) reporting of transactions to the competent authorities;(c) trading of derivatives on organised …” „… Markets in Financial Instruments Regulation (MiFIR)Regulation (EU) No 600/2014 of the European …” „… ; European Central Bank (Petrescu M, Wedow M), ‘Dark pools in European equity markets: emer-gence …”

Article 12 Assessment procedures S. 58-61

„… allocation of responsibili-ties among the competent authorities;(e) whether there are reasonable grounds to …” „… authorities shall, promptly and in any event within two workingdays following receipt of the notification …” „… tothe proposed acquirer.The competent authorities shall have a maximum of sixty working days as from …”

Article 33 Exchange of information with ESMA S. 868-869

„… benefits forwhistleblowers that inform the national competent authorities of actual or potential …” „… in-fringements of MAR.12 As MAR leads to competing jurisdictions (see → Art 22 mn 6),some competent authorities …” „… financially, while others will not.Article 33Exchange of information with ESMA1. Competent authorities shall …”

Article 1 Purpose and scope S. 951-958

„… a Member State orby one of a Member State's regional or local authorities;e. securities issued by …” „… MemberState's regional or local authorities, by public international bodies of whichone or more Member States …” „… are members, by the European Central Bank orby the central banks of the Member States;c. shares in the …”

Article 11 Annual financial reports S. 1155-1156

„… ESCB carry out their functions as monetary authorities,disclosure obligations might jeopardise the …” „… members ofthe ESCB in carrying out their functions as monetary authorities, including sharesprovided to or …” „… Arti-cles 9 and 10(c). These should not apply to the European System of Central Banks (ES-CB) since this …”

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

„… of notifications tocompetent authorities according to Regulation (EU) No 596/2014 of the European …” „… notifications to be submitted to the national competent authorities,and the manner of the compilation …” „… , and that arestill admitted to trading or traded on that date.2. Competent authorities of the trading …”

Articles 18 to 26 S. 930-934

„… Section 1Powers of competent authoritiesArticles 18 to 26Articles 18 to 26 are not reproduced here …” „… ) . . . . . . . . . . . . . . . . . . . . 8f) Measures by other competent authorities (Art 22) . . . . . . . . . . . . . . . . . . . . . . . 9 …” „… ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 164. Notification to ESMA and other competent authorities (Art 26) . . . . . . . . . 17Powers in case …”

Article 8 Exemptions S. 1137-1140

„… irrevocably guaranteed by their Member State or by one of its regional orlocal authorities.Most Member States …” „… at least one Member State is a member, the European Central Bank (ECB),the European Financial …” „… with the objective of pre-serving the financial stability of European monetary union by providing …”

Article 73 Reporting of infringements S. 373-375

„… whistleblowingbecoming an increasingly common tool in European capital markets laws.1.2.Title VI Competent authorities …” „… provisions adopted in theimplementation of this Directive to competent authorities.The mechanisms referred to …” „… shall ensure that competent authorities establish effective mech-anisms to enable reporting of potential …”

Article 66 Organisational requirements S. 351-357

„… duties.2. The competent authorities referred to in paragraph 1 shall be public authorities,without …” „… supplementingDirective 2014/65/EU of the European Parliament and of the Council as regards or-ganisational requirements …” „… ) 2017/571 of 2 June 2016 supplementing Di-rective 2014/65/EU of the European Parliament and of the Council …”

Article 23 Third countries S. 1200-1204

„… VCompetent authoritiesArticle 24Competent authorities and their powers(1) Each Member State shall designate …” „… Commission on 25 September 2015.4The European Commission then adopted the draft RTS in the form of a …” „… European Parliament and of the Council of 13 June 2012 amendingCouncil Directive 89/666/EEC and Directives …”

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

„… communications by competent authorities)and Art 6 (Timing of the publications and communications by competent …” „… decision to ESMA andother competent authorities, including an explanation if the decision was not tosuspend …” „… authority shall immediately make public and communicate toESMA and the competent authorities of the other …”

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

„… , demand for, or price of financial instruments.Chapter 4ESMA and competent authoritiesBibliography …” „… neues “field of dreams” für Regulierer?’ (2014) Betriebsberater 451; Chan S S, ‘In-noLux Corp v European …” „… ) European Competition Law Review, 463; Clausen NJ and Sørensen KE, ‘Reform-ing the Regulation of Trading …”

Article 25 S. 1092

Article 26 S. 1092

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

„… shall be ex-ercised:(a) directly;(b) in collaboration with other authorities;(c) under the …” „… Commission Directive 2010/42/EU of 1 July 2010 implementing Directive2009/65/EC of the European …” „… authorities responsible forauthorisation and supervisionArticle 97Appointment and qualifications of competent …”

Article 9 Management body S. 43-50

„… investment firms for a period of five years.Article 9Management body1. Competent authorities granting the …” „… accordance with Article 5, competent author-ities may authorise members of the management body to hold one …” „… . Competent authorities shall regularly inform ESMA of such authorisa-tions.EBA and ESMA shall coordinate the …”

Article 67 Designation of competent authorities S. 357-358

„… authorities,without prejudice to the possibility of delegating tasks to other entities where that isexpressly provided …” „… ’ (2010) 11 European Business Orga-nization Law Review 409; Willey S, ‘Market abuse update’ (2012) 93 …” „… ’ (2014) Inter-national Journal of Law & Management 459.Article 67Designation of competent authorities1 …”

Article 1 Subject matter and scope S. 392-396

„… public;(b) reporting of transactions to the competent authorities;(c) trading of derivatives on organised …” „… ) product intervention powers of competent authorities, ESMA and EBA andpowers of ESMA on position …” „… 2014/65/EU and credit institutions authorised under Directive 2013/36/EU ofthe European Parliament and of …”

Article 5 S. 1695-1697

„… this crisis, several new authorities were founded and new European laws were1.2.4 Devos, 25-26.Section …” „… authorities.Legislative historyDirective 98/26/EC was enacted long before the financial crisis of 2007-2009. In thewake of …” „… paragraph 2 shall immediately notify the Euro-pean Systemic Risk Board, other Member States and the European …”

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

„… transmittedonly to a single system appointed by ESMA instead of to competent authorities.The Commission shall …” „… , transaction reporting is addressed to financial authorities.Its purpose is to provide them with the tools for …” „… for-mat of transaction reports received and exchanged between competent authori-ties comprehensively …”

Article 13 Approval of the prospectus S. 999-1004

„… reasonable to assume that issuers will not have URDs filed and ap-proved by multiple competent authorities …” „… trading on a regulatedmarket, as the case may be. The competent authorities shall at the same timeprovide …” „… competent authorities and between the com-petent authorities and ESMA, ESMA may develop draft implementing …”

Article 76 Professional secrecy S. 377-378

„… functions, in the case of the competent authorities,within the scope of this Directive or of Regulation (EU …” „… secrecy1. Member States shall ensure that competent authorities, all persons who work orwho have worked …” „… for the competent authorities or entities to whom tasks are del-egated pursuant to Article 67(2), as …”

Article 81 Exchange of information S. 381-383

„… competent authorities;(e) in court proceedings initiated under Article 74;(f) in the extra-judicial …” „… Cooperation between competent authorities in supervisory activities,for on-site verifications or …” „… verifications or in-vestigations, carried out jointly by two or more competent authorities in accor-dance with …”

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

„… administrativeburden on competent authorities.I. General featuresOne of the purposes of AIFMD was to provide financial …” „… legis-lation.Article 24Reporting obligations to competent authorities1. An AIFM shall regularly report to the competent …” „… authorities of its home MemberState on the principal markets and instruments in which it trades on behalf …”

Article 40 Common draft terms of merger S. 1373-1374

„… their respectivecompetent authorities.Commented below, see → Art 48.Art. 42 UCITSD 4. Funds1374 Dirk …” „… 4. The competent authorities of the merging UCITS home Member State shall au-thorise the proposed …” „… to market its units in accordance with Article93; and(c) the competent authorities of the merging and …”

Article 25 Obligation to cooperate S. 844-846

„… ) share specific tasks related to supervisory activities with the other compe-tent authorities.Competent …” „… .Article 25Obligation to cooperate1. Competent authorities shall cooperate with each other and with ESMA …” „… authorities shall render assistance to competentauthorities of other Member States and ESMA. In particular …”

Introduction S. 941-951

„… methodologies employed by National Competent Authorities(NCAs) in their scrutiny of prospectuses and to (ii …” „… State's regional or local authorities;e. securities issued by associations with legal status or …” „… 3. Market TransparencyProspectus Directive (PD)Directive 2003/71/EC of the European Parliament and …”

Article 26 b Implementing acts S. 1364-1365

„… an informational interme-diary for the UCITS home competent authorities.II. CommentaryAccording to …” „… shall make available to its competent authorities, on request, all in-formation which it has obtained …” „… while performing its duties and that may be neces-sary for its competent authorities or for the …”

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

„… mechanism for the authorisation and supervision ofnon-EU AIFM by national supervisory authorities.II …” „… competent authorities of the various possible Member Stateof reference.Art 37(5) allows a Member State …” „… competent authorities in the Member State of reference, the competent au-thorities of the Member States of …”

Article 18 S. 1089

„… competent authorities under Article 17. In particular EIOPA shall en-sure that action taken by a competent …” „… competent author-ities.2. After receiving notification under Article 17 of any action that is to be …” „… and proportionate. If EIOPA considers that the taking of ameasure by other competent authorities is …”

Article 19 S. 1089

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

„… notify competent au-thorities in order for them to coordinate a market-wide response and determinewhether …” „… competent authorities.1The requirements under Arts 48(1) and (6) MiFID II regarding effective systems …” „… Directive2014/65/EU of the European Parliament and of the Council with regard to regulatory technical …”

Article 20 S. 1089-1090

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

„… competent au-thorities.II. CommentaryThe provision shall ensure that competent authorities have the legal …” „… authorities if they are stored at a singleentity that is subject to the UCITSD. Data traffic records held by a …” „… Sanctioning powers of competent authorities; minimum sanctions1. Without prejudice to the supervisory powers …”

Article 17 S. 1087-1089

„… properly consulted competent authorities inother Member States that may be significantly affected by the …” „… authorities involved and EIOPA inwriting or through another medium agreed between the authorities of the …” „… intended to take effect toall other competent authorities and EIOPA, provided that all the criteria in …”

Article 32 Marketing of units or shares of EU AIFs in Member States other than in the home Member State of the AIFM S. 1530-1533

„… this Directive or theAIFM otherwise no longer complies with this Directive, the competent authori-ties …” „… marketing notification to the competent authorities inhis home state with respect to each EU AIF it intends …” „… Annex III of AIFMD.The competent authorities in the home state of the AIFM have a review period of 20 …”

Article 33 SME growth markets S. 217-221

„… competent authoritiesmust inform ESMA and other competent authorities without undue delay that a deci-sion …” „… authorities of its decision simulta-neously, or immediately following publication.16 In turn, notified …” „… tonew sources of funding for SMEs. In its Action Plan on Building a Capital MarketsUnion,1 the European …”

Article 10 Acquisition or disposal of major proportions of voting rights S. 1148-1155

„… ESCB carry out their functions as monetary authorities,disclosure obligations might jeopardise the …” „… ) 2015/761 of 17 December 2014 supplementing Directive2004/109/EC of the European Parliament and of the …” „… Directive, ESMA/2013/1642 (12 November 2013); European SecuritiesMarkets Expert Group, Preliminary Views on …”

Article 71 Publication of decisions S. 368-371

„… other authorities;(c) under their responsibility by delegation to entities to which tasks have …” „… decisions1. Member States shall provide that competent authorities publish any decision im-posing an …” „… authorities shall either:(a) defer the publication of the decision to impose the sanction or measure un-til …”

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

„… compe-tent authorities.I. PurposeThe definition of Art 58 of UCITSD requires an exemption from the …” „… provide an attestationby the competent authorities of the master UCITS home Member State that themaster …” „… competent authorities, each of its feeder UCITS is entitled tosuspend the repurchase, redemption or …”

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

„… to the general determination of the jurisdiction of national com-petent authorities pursuant to Art …” „… /EC of the European Parliament and the Coun-cil. The issuer shall not combine the disclosure of inside …” „… 2013/36/EU of the Euro-pean Parliament and of the Council (25);(b) in cases other than those referred to …”

Article 61 S. 612-613

„… listing of debt securities which are issued by a Mem-ber State or its regional or local authorities in a …” „… where admission to official listing is applied for, thecompetent authorities of that state shall bring …” „… non-member countries or their re-gional or local authorities or by public international bodies must afford …”

Article 2 Definitions S. 396-403

„… authorities).Commission Delegated Regulation (EU) 2017/565:6 Art 12 (Systematic internalisersfor shares, depositary …” „… Article 4(1)(10) of Directive 2014/65/EU;12 Statute of the European System of Central Banks and the …” „… European Central Bank annexed to theTreaty on European Union.13 Art 14(a) of the Commission Delegated …”

Article 26 Obligation to report transactions S. 495-498

„… appointed by ESMA instead of to competent authorities.The Commission shall forward ESMA’s report to the …” „… perform a facilitation and coordination role in relation tothe access by competent authorities to …” „… the close of the following work-ing day.The competent authorities shall, in accordance with Article 85 …”

Article 112 Involvement of European Securities Committee S. 1464-1465

„… affect the right of the competent authorities of the man-agement company’s host Member State, in …” „… XIIIDelegated acts and powers of executionArticle 111Technical amendments by European CommissionThe Commission …” „… by means of del-egated acts in accordance with Article 112 a.Article 112Involvement of European …”

Article 69 Supervisory powers S. 358-362

„… withthis Directive and with its implementing measures shall lie with the competentauthority or authorities …” „… the competent authorities re-ferred to in paragraphs 1 and 2 on its website.Article 68Cooperation …” „… between authorities in the same Member StateIf a Member State designates more than one competent authority …”

Article 42 Validation of valuation, merger-related payments, exchange ratio S. 1374-1375

„… authorities.Commented below, see → Art 48.Art. 42 UCITSD 4. Funds1374 Dirk Zetzsche and Dominik NastArticle 43 …” „… The competent authorities shall not require that any additional information isincluded in the …” „… auditor, approved in accordance with Directive2006/43/EC of the European Parliament and of the Council of …”

Article 64 Conversion disclosures and procedures S. 1405-1407

„… 6Obligations and competent authoritiesArticle 65Feeder’s monitoring obligation;attribution of fees …” „… information to its unit-holders:(a) a statement that the competent authorities of the feeder UCITS home …” „… its competent authorities. The feeder UCITSshall be responsible for producing the translation. That …”

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

„… itsclearing members are established.Overview: CCPs supervision through coordination among authoritiesGiven the …” „… cooperation between the national competent authorities,ESMA and central banks. This is especially necessary in …” „… Chapter 3CooperationArticle 23Cooperation between authorities1. Competent authorities shall …”

Article 13 Assessment S. 61-63

„… allocation of responsibili-ties among the competent authorities;(e) whether there are reasonable grounds to …” „… 2017supplementing Directives 2004/39/EC and 2014/65/EU of the European Parliament andof the Council …” „… provided for in Article 11(1) and the information re-ferred to in Article 12(2), the competent authorities …”

Article 68 Mandatory disclosure instruments S. 1409-1410

„… information exchange betweenthe competent authorities.II. OverviewArt 67 of UCITSD ensures the sound flow of …” „… competent authorities of the master UCITS home Member State shallimmediately communicate any decision …” „… , depositary or auditor, to the competent authorities of the feederUCITS home Member State. The latter shall …”

Article 17 Access to quotes S. 463-465

„… 4 mn 18 above for more information.Article 16Obligations of competent authoritiesThe competent …” „… authorities shall check the following:(a) that investment firms regularly update bid and offer prices …” „… ).General featuresPurposeArticle 16 MiFIR creates special obligations on competent authorities with regard …”

Article 45 Requirements for the management body of a market operator S. 252-262

„… Withdrawal (Arts 44(5) and (6) MiFID II)Competent authorities may withdraw an authorisation issued …” „… operator owns a qualifying holding shall beconsidered to be one single directorship.Competent authorities …” „… any of its members, this para-graph shall not apply.5. Member States or competent authorities shall …”

Article 5 The prospectus S. 974-984

„… 173/190.14 These terms refer to powers exercisable by resolution authorities to rescue troubled European …” „… the provisions of Directive2001/24/EC of the European Parliament and of the Council of 4 April2001 on …” „… 5 also pro-vides national competent authorities with grounds for ex-post enforcement.BackgroundThe …”

Article 111 Technical amendments by European Commission S. 1464

Article 41 Verification by depositary of merging and receicing UCITS S. 1374

„… authorities.Commented below, see → Art 48.Art. 42 UCITSD 4. Funds1374 Dirk Zetzsche and Dominik Nast …” „… The competent authorities shall not require that any additional information isincluded in the …” „… auditor, approved in accordance with Directive2006/43/EC of the European Parliament and of the Council of …”

Article 8 Omission of information S. 990-994

„… irrevocablyguaranteed by one of a Member State’s regional or local authorities”Example:A bank is preparing an offer of …” „… information is filed with hostMember States’ competent authorities. Nonetheless, the host authorities would …” „… authorities, with a denomination per unit of less than EUR 100,000 and decides toopt-in the Prospectus …”

Article 9 Reporting obligation S. 1596-1600

„… trade repositories (TRs), which act as a contact forthe supervisory authorities.Level 2 measuresArticle …” „… derivatives datasets’ (2016), European SystemicRisk Board, Occasional Paper n. 11, 9, underlie that UTIs serve …” „… dark markets: First insights from the new EU-wide OTC derivatives datasets’(2016), European Systemic …”

Article 15 Execution of client orders S. 458-463

„… → Art 4 mn 18 above for more information.Article 16Obligations of competent authoritiesThe competent …” „… internaliser.2 Competent authorities must relay the informa-tion to ESMA, which must establish a list of all …” „… supplementing Regulation (EU)600/2014 of the European Parliament and of the Council with regard to definitions …”

Article 19 Managers’ transactions S. 808-824

„… persons referred to in para-graph 1, shall be notified by those persons to the competent authorities.The …” „… insurance policy, defined in accordance with Di-rective 2009/138/EC of the European Parliament and of the …” „… market supervision bythe competent authorities.6There is some scepticism in the academic literature as to …”

Article 18 Insider lists S. 799-808

„… authorities.The rules applicable to notifications, with which persons referred to in paragraph 1must comply, shall …” „… list puts national authorities in a position to effectively determine the insiderswho were active for a …” „… European Parliament and of the Council as regards accepted market practices, the definition of …”

Article 4 Enforcement of financial collateral arrangements S. 1724-1728

„… waivers, pro-vided that they are in line with European and national rules on unfair contract terms.Article …” „… reorganisationmeasures include all measures involving intervention by administrative or judicial au-thorities which could …” „… 1(6)). According to this directive, resolution authorities may, e.g., transfer shares orother …”

Article 59 S. 610-612

„… with warrants, if the competent authorities are satisfied that holders haveat their disposal all the …” „… investment services in the securities field [1993]OJ L 141/27.8 Cf. Directive 2014/65/EU of the European …” „… admission to official listing ofdebt securities issued by a State, its regional or local authoritiesor a …”

Article 56 Prohibition of controlling stakes S. 1394-1396

„… or guaranteedby a Member State or its local authorities;(b) transferable securities and money market …” „… instance, under European takeover law,‘control’ triggers the obligation to issue a takeover bid to the …”

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

„… information of other competent authorities or European institutions, the exemptionunder Art 102(5), 103(1)-(3 …” „… monetary authorities, in particular the na-tional and European central banks (Art 104(1) of UCITSD).Seventh …” „… rules have done very little to reduce information exchangeamong competent authorities and European …”

Article 103 Information exchange in certain cases S. 1453-1454

„… (c) conducting administrative appeals against decisions by the competent au-thorities; and(d …” „… placebetween a competent authority and:(a) authorities with public responsibility for the supervision of credit …” „… institu-tions, investment undertakings, insurance undertakings or other financialorganisations, or authorities …”

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

„… authorities, as well as auditors and experts instructed by the com-petent authorities, be bound by the …” „… proceedings.2. Paragraph 1 shall not prevent the competent authorities of the Member Statesfrom exchanging …” „… secrecy laid down in paragraph 1.The competent authorities exchanging information with other competent …”

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

„… competent authorities of the UCITS homeMember State to obtain directly from the management company the …” „… informationreferred to in this paragraph.3. Where the competent authorities of a management company’s host MemberState …” „… breach of one of the rules under their responsibili-ty, those authorities shall require the management …”

Article 81 Transparency and data availability S. 1676-1678

„… authorities designated under Article 4 of Directive 2004/25/ECof the European Parliament and of the Council;(j …” „… authorities designated under Article 3 of Directive2014/59/EU of the European Parliament and the Council);(n …” „… mechanism under Council Regulation(EU) No 1024/2013;(h) the relevant authorities of a third country that has …”

Article 105 Implementing legislation S. 1457-1458

„… rules have done very little to reduce information exchangeamong competent authorities and European …” „… the European Parliament and of the Council shallapply to the processing of personal data carried out …” „… information exchange in compli-ance with European data protection law.II. OverviewAll in all, data protection …”

Article 99 d Protection of whistleblowers S. 1445-1447

„… the effective enforcement of European in-vestment law, competent authorities need to report to ESMA …” „… or measures and the level of administrative pecuniary penalties, thecompetent authorities ensure that …” „… authorities, including secure communication chan-nels for reporting such infringements.2. The mechanisms …”

Article 47 Equivalence decision S. 566-571

„… simi-lar to those that EU Member States’ authorities grant each other (cf. Art 80(2) MiFID).European …” „… by MemberState authorities are uncommon given that European law mandates those authorities toclosely …” „… competent au-thorities of third countries whose legal and supervisory frameworks have beenrecognised as …”

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

„… /EU of the European Parlia-ment and of the Council with regard to regulatory technical standards on …” „… refusal is warranted if the NCA,or – due to the intensified cooperation in the European supervisory system …” „… authorities of the in-vestment firm in which they are seeking to acquire or increase a qualifying holding,3.4 …”

Article 95 Implementing legislation S. 1437-1438

„… since this ensurespan-European usability; translation of the additional disclosures are provided on-ly …” „… in Article 91(3);(b) the facilitation of access for the competent authorities of the UCITS hostMember …” „… attestation to be used by compe-tent authorities of Member States referred to in Article 93(3);(c) the …”

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

„… powers of competent authorities under Article 23, Member States shall, inaccordance with national law …” „… , provide for competent authorities to have the pow-er to take appropriate administrative sanctions and …” „… au-thorities have the power to impose at least the following administrative sanctionsand to take at least the …”

Article 10 a S. 1706-1708

„… cooperation requirements betweennational and European authorities. Furthermore, they make sure that Member …” „… inform it of the authorities chosen in accordance with Article 6(2).ESMA shall publish that information …” „… into force of national provisions imple-menting Directive 2009/44/EC of the European Parliament and of …”

Article 4 Interoperability S. 1756-1759

„… payments law’ [2015] 40 European Law Review 858, 873.Art. 4 SEPAR 6. Payments1756 Sebastian Omlor234(a …” „… use of standards developed by international or European standardis-ation bodies. In addition, they …” „… the Union. Payment sys-tems designated under Directive 98/26/EC of the European Parliament and ofthe …”

Article 99 e Reporting of penalties to ESMA S. 1447-1448

„… the effective enforcement of European in-vestment law, competent authorities need to report to ESMA …” „… authorities have drawn up a sanctioning method to justify the degree to which thesanctioning limits …” „… . Competent authorities shall provide ESMA annually with aggregated informa-tion regarding all penalties and …”

Article 100 Consumer complaints and alternative dispute resolution S. 1448-1449

„… could be active in any EU/EEA jurisdic-tion when using the European passport. An entry in the register …” „… sends a warning noticeto the other competent authorities and protects potential clients and service …” „… authority for grossly negligent conduct, compe-tent authorities might hesitate to impose sanctions because …”

Article 1 Scope and UCITS definition S. 1304-1317

„… financial regulators (‘Competent Authori-ties’, as defined in Art 2(1)(h) of UCITSD) supervise European …” „… question of the character ofthe authorities themselves in European law: Siekmann, ‘Das neue Europäische …” „… (UCITSD)Directive 2009/65/EC of the European Parliament and of the Councilof 13 July 2009 on the coordination of …”

Article 30 S. 1095-1096

„… competent authority the obligation to re-port to competent European Supervisory Authorities (‘ESAs’) about …” „… available to competent authorities. For natural persons thefine should be up to EUR 700,000 and for legal …” „… between national competent authorities and the competent ESAs.Article 29 requires national competent …”

Article 2 Scope S. 1467-1469

„… managers of alternative investment funds domiciled in the Euro-pean Union and the marketing of alternative …” „… investment funds in the European Union.II. CommentaryThe main focus of AIFMD is the regulation of AIFM …” „… domiciled in the EU and thedistribution of their funds within the EU. As is the case for other European …”

Article 5 Volume Cap Mechanism S. 417-423

„… ) MiFIR)Articles 4(4) and (5) MiFIR lay out the requirements for competent authorities whengranting and withdrawing …” „… waivers. While Art 4(4) requires competent authorities to no-tify ESMA and other competent authorities of …” „… competent author-ities regarding waivers should be handled. Article 4(5) states requirements for …”

Article 4 S. 1039-1046

„… point (an) of Article 4(1) of the Directive 2011/61/EU of the European Parlia-ment and of the Council …” „… 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on theprospectus to be …” „… [2003] OJ L345/64 repealed and replaced by Regulation (EU) 2017/1129 of theEuropean Parliament and of …”

Article 5 Authorisation requirement for the fund S. 1325-1327

„… authorities of its homeMember State have approved the application of the management company tomanage that …” „… if the competent authorities of itshome Member State have approved both its instruments of …” „… established in the manage-ment company’s home Member State, the competent authorities of the UCITShome Member …”

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

„… defined in Article 3(1)(b) of Regulation (EC) No1060/2009 of the European Parliament and of the Council of …” „… shall communicate to the competent authorities of its home Member State reg-ularly in regard to the …” „… each man-aged UCITS.Competent authorities shall ensure that all information received under the …”

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

„… markets toimmediately inform their competent authorities of significant infringements oftheir rules or …” „… ) No 596/2014 or system disrup-tions in relation to a financial instrument.The competent authorities of …” „… the regulated markets shall communicate to ESMAand to the competent authorities of the other Member …”

Article 104 a Data protection S. 1457

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

„… competent authorities in the home state is two months.The competent authorities in the home state of the …” „… competent authorities in the host state is required.Material changes to the information submitted in …” „… connection with the passportingnotification must be submitted to the competent authorities in the home Member …”

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

„… information exchange of competent authorities andESMA; on-site visits; ESMA’s dispute resolution powers1. The …” „… competent authorities of the Member States shall cooperate with each otherwhenever necessary for the purpose …” „… mea-sures to facilitate the cooperation provided for in this paragraph.Competent authorities shall use their …”

Article 105 S. 616-617

„… TITLE VICOMPETENT AUTHORITIES AND COOPERATION BETWEENMEMBER STATESArticle 1051. Member States shall …” „… ensure that this Directive is applied and shall appoint one ormore competent authorities for the purposes …” „… among them.2. Member States shall ensure that the competent authorities have the powers nec-essary for …”

Article 10 Shareholders and members with qualifying holdings S. 50-53

„… 2014/65/EU of the European Parliament and of the Council with regard to regu-latory technical standards on …” „… Euro-pean Parliament and of the Council details the procedures for notification of changes tothe membership …” „… applicant and authorised invest-ment firms according to Directive 2014/65/EU of the European Parliament and …”

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

„… ensure compliance with AIFMD, the compe-tent regulatory authorities shall require the AIFM to step down …” „… AIFMs provide the competent authorities oftheir home Member State with the information they require to …” „… . General featuresIn accordance with the licensing requirements foreseen by other European directivesin the …”

Introduction to Articles 39-43 Intro Art. 39-43 S. 538-541

„… Services538 Matthias Lehmann123Post-Crisis Era: Quo Vadis?’, 10 (2014) European Review of Contract Law …” „… andProduct Intervention’, in Veil R (ed), European Capital Markets Law (2nd edn, Hart 2017), § 30; Zimmer …” „… . Power is given to national competent authorities (NCAs) as well as to ESMAand EBA. The purpose of these …”

Article 9 Payment accessibility S. 1770-1771

„… located in a particular Member State.Article 10Competent authorities1. Member States shall designate as …” „… the competent authorities responsible for en-suring compliance with this Regulation public authorities …” „… , bodies recognised bynational law or public authorities expressly empowered for that purpose by na-tional …”

Article 23 Disclosure to investors S. 1514-1517

„… managesand for each of the non-EU AIF it markets in the European Union. The annual reportmust be published …” „… un-der Art 23. The AIFM must proactively make the annual report available to the compe-tent authorities …” „… and for each non-EU AIF they market in theEuropean Union.Art 23 has the list of required information …”

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

„… under aEuropean product passport for such non-EU AIF.II. CommentaryArt 35(3)-(4) outlines the …” „… its supervisory authorities with information about the identityof those entities responsible for …” „… between thecompetent authorities of the home Member State of the AIFM and the su-Chapter VII Rules in …”

Article 16 Transitional provisionsAmended by Art. 1 of the Regulation (EU) No 248/2014 of the European Parliament and of the Council of 26 February 2014 amending Regulation (EU) No 260/2012 as regards the migration to Union-wide credit transfers and direct debits [2014] OJ L84/1. S. 1778-1782

„… by a majority of the European Parliamentand Council. The last sentence in Art 14(3) makes clear that …” „… Commission shall present to the European Parliament, theCouncil, the European Economic and Social Committee …” „… of the European Parliament and of theCouncil of 26 February 2014 amending Regulation (EU) No 260/2012 …”

Article 11 Withdrawal of the authorisation S. 1487-1488

„… competent authorities, the AIFM may imple-ment the notified changes.Unlike other European directives …” „… (1) AIFMD, AIFM must notify the competent authorities in theirhome state of material changes to the …” „… notification must be filed with the competent authorities one month prior to theimplementation of the proposed …”

Introduction S. 644-650

„… was presented in 2001.35 The European authorities adopted the MarketAbuse Directive two years later as …” „… Market Abuse Regulation (MAR)Regulation (EU) No 596/2014 of the European Parliamentand of the …” „… comprises, according to the taxonomy of European law, insider dealing,unlawful disclosure of insider dealing …”

Article 7 Conditions for authorisation S. 1328-1331

„… application laid down by na-tional law, the competent authorities shall not grant authorisation to a …” „… . Funds1328 Dirk Zetzsche and Dominik Nast234municated forthwith to the competent authorities and the …” „… by the competent authorities asequivalent to those laid down in Community law.2. Where close links …”

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

„… levels.20 In 2010, how-ever, three European Supervisory Authorities (ESAs) were established as part of …” „… – Levelling the Playing Field and OvercomingMarket Fragmentation?’, 3 (2012) European Company and Financial …” „… Interest Groups: From MiFID I toMiFID II', 2012 (13) European Business Organisation Review 557-597 …”

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

„… . 65-104 CARDJessica Schmidt 615234567TITLE VICOMPETENT AUTHORITIES AND COOPERATION BETWEENMEMBER …” „… competent authorities for the purposes of the Directive. They shall notifythe Commission thereof, giving …” „… details of any division of powers among them.2. Member States shall ensure that the competent authorities …”

Article 5 Equivalence and certification based on equivalence S. 1246-1248

„… su-pervisory authorities and other public authorities of that third country withthe content of credit ratings …” „… relevant supervisory au-thorities of third countries whose legal and supervisory frameworks have …” „… authorities of the third countries concerned; and(b) the procedures concerning the coordination of supervisory …”

Article 63 Requirements for the management body of a data reporting services provider S. 341-347

„… authorisa-tion with the competent authorities. The provisions also determine the scope of the au-thorisation, the …” „… , namely the duty to provide informationto supervisory authorities that the latter need for calculations …” „… trading venue, but should simply be transmittedto the competent authorities by the trade repository.4 …”

Article 39 Market monitoring S. 541-542

„… concerns raised bythe sceptics shows, however, that supervisory authorities must exercise the powersgranted …” „… May 2016 supplementingRegulation (EU) No 600/2014 of the European Parliament and of the Council …” „… are marketed, distributed orsold in the Union.(3) Competent authorities shall monitor the market for …”

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

„… , stan-dards and formats set out in Regulation (EU) 2016/378. It informs the competent au-thorities of any …” „… responsi-bility of the national competent authorities pursuant to the Market Abuse Regulationand the implementing …” „… legislation, ESMA has allowed national authorities to delegatethese tasks to ESMA (as well as the collection …”

Article 13 S. 585-586

„… the interests ofprotecting the investors, give the competent authorities power to make the admis-sion …” „… of a security to official listing subject to any special condition which the compe-tent authorities …” „… competent authorities shall communicatewith each other and make such arrangements as may be necessary to …”

Article 3 Exemptions S. 1469-1471

„… under AIFMD, the European legislator did not intend toregulate industrial holding companies.AIFMD deals …” „… authorities of their homeMember State;(b) identify themselves and the AIFs that they manage to the …” „… competent authori-ties of their home Member State at the time of registration;(c) provide information on the …”

Article 94 Same disclosures as in UCITS home state S. 1436-1437

„… the competent authorities ofthat Member State;(c) information or documents other than key investor …” „… competent authorities of that Member Stateor into a language customary in the sphere of international …” „… are available in English since this ensurespan-European usability; translation of the additional …”

Article 45 Position management powers of ESMA S. 555-558

„… OverviewThe provision clarifies that the actions of national competent authorities underArt 42 …” „… facilitation and coordination role in relation to measurestaken by competent authorities pursuant to Article …” „… takenby competent authorities with regard to when those powers are exercised, thenature and scope of the …”

Article 21 a European electronic access point S. 1197-1199

„… the host Member State’s competent authority. In other Member States, the market au-thorities …” „… connectthe different national OAMs and will eventually be part of the European electronic ac-cess point.25 …” „… public.Article 21 aEuropean electronic access point(1) A web portal serving as a European electronic access point …”

Article 25 Obligation to maintain records S. 494-495

„… addressed to supervisory authorities, not to market participants. Thisexplains why no sanctions for its …” „… , and theinformation required under Directive 2005/60/EC of the European Parliamentand of the Council …” „… Regulation (EU) 1095/10 of the European Parliament and the Council of 24 November2010 establishing a European …”

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

„… . Member States shall require competent authorities to establish the appropriatemethods to monitor that …” „… the competent au-thorities of any material changes to the conditions for initial authorisation.ESMA …” „… financial intermediaries’ (2008) European Company and Financial LawReview 72; Moloney N, EU securities and …”

Article 74 Delegation of tasks by ESMA to competent authorities S. 1670-1672

„… trade repository concerned, and shall communicate it to the com-petent authorities of the Member States …” „… .Article 74Delegation of tasks by ESMA to competent authorities1. Where necessary for the proper …” „… ) No 1003/2013 of 12 July 2013 supplementing Regulation(EU) No 648/2012 of the European Parliament and …”

Article 4 Home member state assumption S. 1324-1325

„… , which is that aUCITS is a European fund product. If a UCITS is sold only to investors outside the EU,the …” „… UCITSD does not apply. The provision avoids a conflict between European and thelaws of third countries …” „… States.2. A common fund shall be authorised only if the competent authorities of its homeMember State …”

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

„… current state of MiFIR, there is a risk that public authorities give Art 23MiFIR an overly broad …” „… , adjustment is needed.52TITLE IVTRANSACTION REPORTINGBibliography: Bannigan V, ‘A New European Approach to …” „… 596/2014, competent authorities coordinated by ESMA in accordance with Arti-cle 31 of Regulation (EU) No …”

Article 107 S. 618-620

„… all persons employed or formerly employed bythe competent authorities shall be bound by professional …” „… , however, preclude the competent authorities of the vari-ous Member States from exchanging information as …” „… profes-sional secrecy to which the persons employed or formerly employed by the com-petent authorities receiving …”

Article 10 S. 1706

Article 43 Marketing of AIFs by AIFMs to retail investors S. 1561-1563

„… thenotification and disclosure requirements to investors and competent authorities as setout in Art 22-24. If the …” „… authorities in the jurisdiction in which the non-EU AIFM is established, the competent authorities in which …” „… the AIF is established andthe competent authorities in the EU Member States in which the AIF is …”

Article 11 Authorisation of deferred publication S. 442-450

„… of deferred publication1. Competent authorities shall be able to authorise market operators and …” „… In particular, the competent authorities may authorise the deferred publicationin respect of …” „… suspension is justified in accordance with the firstand second subparagraphs.3. Competent authorities may, in …”

Article 12 Prudential regulation S. 1334-1336

„… authorities, as provided for in this Article, with referenceto Article 10(4) of Directive 2004/39/EC.Power is …” „… times.In particular, the competent authorities of the management company’s homeMember State, having regard …” „… Article 6(3) to the provi-sions laid down in Directive 97/9/EC of the European Parliament and of …”

Article 46 General provisions S. 560-566

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41. European passport for third country investment firms . . . . . . . . . . . . . . . . . . . . 42 …” „… ) 2016/2022 of 14 July 2016 supplementingRegulation (EU) No 600/2014 of the European Parliament and of the …” „… third-country firms Art. 46 MiFIRDirk Zetzsche 56112European Commission, Implementing and delegated acts on …”

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

„… authori-sation requirements. The competent authorities1 of the Member States must establishappropriate methods to …” „… notifyingcompetent authorities of any material changes to the conditions needed for initial autho-risation. When such …” „… considered material was determined by the rele-vant competent authority. Under MiFID II, the European …”

Article 28 Administrative measures and sanctions S. 1216-1219

„… prejudice to the powers of competent authorities in accordance with Ar-ticle 24 and the right of Member …” „… several competent authorities are to cooperate to ensure that sanctions or measuresproduce the desired …” „… taken by the competent national authorities are subject to the right of appeal to thecourts’.2 See also …”

Article 9 S. 1702-1706

„… betweennational and European authorities. Furthermore, they make sure that Member Stateswho ‘provide’ the law …” „… banks of the Member States or the European Central Bank to collateralsecurity provided to them, shall …” „… counterparty to central banks of the Member States or the European Cen-tral Bank; or(d) any third party which …”

Article 12 S. 585

Article 18 Notification S. 1014-1016

„… Member States.2Furthermore, competent authorities of host Member States are explicitly prohibitedfrom …” „… authorities in the relevant Member States is required incases where new factors, material mistakes or …” „… managing nu-merous supervisory inefficiencies among national competent authorities.3Article 18Notification1 …”

Article 27 Notification of the acquisition of major holdings and control of non-listed companies S. 1522-1524

„… companies domiciled in the European Union. The requirements donot apply with respect to portfolio companies …” „… an AIF notify the com-petent authorities of its home Member State of the proportion of voting rights …” „… to which the AIFM has or can obtain access; and(c) the competent authorities of the home Member State …”

Article 25 Sanctions S. 1029-1030

„… are subject to various limitations.First, as provided under Article 24 c, the European Parliament and …” „… paragraph of Art 24c(1).Second, the European Parliament and the Council can, at any time, revoke the …” „… delegation ofpowers is automatically renewed for the same period of time unless the European Parlia-ment and …”

Article 21 Post-trade disclosure by investment firms, including systematic internalisers, in respect of bonds, structured finance products, emission allowances and derivatives S. 478-482

„… authorities shall be able to authorise investment firms to provide fordeferred publication, or may request the …” „… 2016 supplementing Regulation (EU) No600/2014 of the European Parliament and of the Council on markets …” „… supplementing Directive2014/65/EU of the European Parliament and of the Council with regard to regulatory …”

Article 17 S. 588-590

„… obligations resultingfrom admission to official listing, the competent authorities may make public thefact …” „… Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on marketsin financial …” „… Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 onmarket abuse …”

Article 9 Conflict of laws S. 1739-1743

„… the conflict of laws rules inside the European Econo-mic Area and to supplement Art 9 of the …” „… of the European Union as well as to thethree Member States which are part of the European Economic …” „… thecontext of financial supervision as well. Supervisory authorities are required by law toregularly check …”

Article 28 b Sanctioning powers S. 1219-1222

„… referred to in Article 28 a, competent authorities shallhave the power to impose at least the following …” „… the Euro-pean Parliament and of the Council of 22 October 2013 amending Directive2004/109/EC of the …” „… European Parliament and of the Council on the harmonisationof transparency requirements in relation to …”

Article 78 Data protection S. 378-379

„… Article. Nevertheless, this Articleshall not prevent the competent authorities from exchanging or …” „… authorities from exchanging ortransmitting in accordance with national law, confidential information that …” „… 2006/43/EC of the European Parliament and of the Coun-cil, performing in an investment firm, a regulated …”

Article 47 S. 599-600

„… 2006 implementing Directive2004/39/EC of the European Parliament and of the Council as regards …” „… of the European Parliamentand of the Council with regard to regulatory technical standards for the …” „… European Law 578.4 Cf. Kalss, Oppitz and Zollner, 13.66.5 Cf. Annex I 21.1.1(b) Commission Regulation (EC …”

Article 21 Depositary S. 1504-1512

„… conditions:(a) the competent authorities of the Member States in which the units or sharesof the non-EU AIF are …” „… cooperation and ex-change of information arrangements with the competent authorities of thedepositary;(b) the …” „… authorities of the home Member State of the AIFM, the com-petent authorities concerned may refer the matter to …”

Article 92 Access point in host member state S. 1432-1433

„… implementing Directive2009/65/EC of the European Parliament and of the Council as regards certain …” „… removedfinancial law barriers. The enforcement of a tax interest must not occur at the expense ofthe European …” „… first submit a notification letter to the competent authori-ties of its home Member State.The …”

Introduction S. 1563-1574

„… 5. Securities Clearing and SettlementEuropean Markets Infrastructure Regulation (EMIR)Regulation …” „… (EU) No 648/2012 of the European Parliament andof the Council of 4 July 2012 on OTC …” „… lights on dark markets: First insights from the new EU-wide OTCderivatives datasets’ (2016), European …”

Article 24 Cooperation with ESMA S. 843-844

„… ensure “thatappropriate measures are in place so that competent authorities have all the supervisoryand …” „… confer specific powers upon their respective authorities, Arti-cle 23(3) focuses on the effectiveness of …” „… shareholders for violating his or herduties.The duty of Member States to ensure that the competent authorities …”

Article 96 Consistency on legal form S. 1438

„… Commission Directive 2010/42/EU of 1 July 2010 implementing Directive2009/65/EC of the European …” „… authorities responsible forauthorisation and supervisionArticle 97Appointment and qualifications of competent …” „… authorities1. Member States shall designate the competent authorities which are to carry outthe duties …”

Introduction and overview S. 874-881

„… Short Selling Regulation (SSR)Regulation (EU) No 236/2012 of the European Parliamentand the Council …” „… andPatti G, ‘The Monte dei Paschi Affaire. Distressed Banks and the European Regulation on Short Selling …” „… Port-land 2015) (cited as “Gullifer & Payne”); Howell E, ‘The European Court of Justice: Selling Us Short …”

Article 28 c Exercise of sanctioning powers S. 1222-1223

„… sanctions or measures, the competent authorities take into account all rele-vant circumstances, including …” „… ) 14 European Company Law 150).12 Financial Services and Markets Act 2000, section 89NA.13 The German …” „… decisionsArticle 29Publication of decisions(1) Member States shall provide that competent authorities are to …”

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

„… liabilities between the counterpar-ties.If the competent authorities fail to reach a positive decision within …” „… 30 calendardays of receipt of the application for exemption, ESMA may assist those authori-ties in …” „… counterparties shall notify their intention to apply the exemp-tion to the competent authorities referred to in …”

Article 2 Definitions S. 1104-1114

„… authorities) from the information obligations speci-fied in Article 18(2), (3) and (4). A large number of …” „… transferable securities as defined in Article 4(1), point 18, ofDirective 2004/39/EC of the European Parliament …” „… 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordi-nation of laws …”

Article 16 Organisational requirements S. 65-120

„… competent authorities to require access to com-munications in accordance with this Directive and Regulation …” „… ) 2017/565 of 25 April 2016 supplementingDirective 2014/65/EU of the European Parliament and of the Council …” „… supplementing Directive 2014/65/EU of the European Parliament and of theCouncil with regard to safeguarding of …”

Article 24 c Objections to delegated acts S. 1028-1029

„… be revoked at any time by the European Parliament or by theCouncil.2. The institution which has …” „… already in force. Itshall be published in the Official Journal of the European Union.Article 24 …” „… cObjections to delegated acts1. The European Parliament or the Council may object to a delegated act within …”

Article 43 S. 594-597

„… listing, even when this con-dition is not fulfilled, provided that the competent authorities are satisfied …” „… further references.6 Cf. Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 …” „… theequivalent in national currency of one million European units of account thatwere applicable on 5 March …”

Article 23 Conflicts of interest S. 151-155

Article 54 Approval of interoperability arrangements S. 1655-1658

„… subject to the prior approval of thecompetent authorities of the CCPs involved. The procedure under …” „… Article 17shall apply.2. The competent authorities shall grant approval of the interoperability …” „… writing regarding its riskconsiderations to the other competent authorities and the CCPs involved. It …”

Article 10 Changes in the scope of the authorisation S. 1486-1487

„… , notify the com-petent authorities of their home Member State of any material changes to theconditions for …” „… Article 7.2. If the competent authorities of the home Member State decide to impose restric-tions or …” „… competent authorities may prolong that period forup to 1 month where they consider this to be necessary …”

Article 25 Use of information by competent authorities, supervisory cooperation and limits to leverage S. 1519-1521

„… to other European regulators, ESMA and the ESRB.Art 25(3) allows national authorities to impose …” „… information by competent authorities, supervisorycooperation and limits to leverage1. Member States shall …” „… ensure that the competent authorities of the home MemberState of the AIFM use the information to be …”

Article 17 Exemption for market making activities and primary market operations S. 924-929

„… 2004/39/EC, under Directive 2003/6/EC of the EuropeanParliament and of the Council of 28 January 2003 on …” „… EuropeanParliament and of the Council of 15 December 2004 on the harmonisation oftransparency requirements in …” „… CommissionRegulation (EC) No 2273/2003 of 22 December 2003 implementing Directive2003/6/EC of the European Parliament …”

Article 99 a Minimum sanctioning S. 1442-1444

„… prepare consolidated financial accounts in accordance with Di-rective 2013/34/EU of the European …” „… empower competent authorities, under national law, to im-pose types of penalty in addition to those …” „… acquisition’), without notifying in writing the compe-tent authorities of the management company in which the …”

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

„… definition of Euro-pean money market funds will be replaced by the new rules of the MMFR which is ef-fective …” „… transactions that are centrally cleared.10 Regulation (EU) No 648/2012 of the European Parliament and of the …” „… 201/1.11 CESR/10-049, CESR’s guidelines on a common definition of European money market funds.12 ESMA …”

Article 48 Register S. 571-572

„… authorities are uncommon given that European law mandates those authorities toclosely cooperate in enforcing …” „… the focus point of pan-European activity,Art 47 (3) MiFIR requires an additional level of cooperation …” „… European law anyway.Withdrawal of equivalence (Art 47(4) MiFIR)The Commission is mandated to monitor any …”

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

„… competent authorities or to financial market partici-pants concerning the persons referred to in paragraph 3 …” „… those guidelines, ESMA shall cooperate closely with the European Su-pervisory Authority (European …” „… Banking Authority) (‘EBA’), established by Regu-lation (EU) No 1093/2010 of the European Parliament and of …”

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

„… competent authorities (→ Art 22). The compe-tent authorities can make use of their powers under Art 23 to …” „… requirements regarding the powers of national compe-tent authorities set out in Art 30(2).2 Directive 2014/57 …” „… exclusively of European law (asopposed to the question when the criminal offence of insider dealing pursuant …”

Article 63 S. 613-614

„… securities which are issued by a Mem-ber State or its regional or local authorities in a physical form, it is …” „… to official listing is applied for, thecompetent authorities of that state shall bring this situation …” „… or their re-gional or local authorities or by public international bodies must afford suffi-cient …”

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

„… ).General featuresPurposeArticle 19 MiFIR obligates ESMA and the competent authorities to monitor how …” „… transactions when undertaken outside trading venues.1.2.1 Regulation (EU) 2016/1033 of the European Parliament …” „… settlement in the European Union and oncentral securities depositories (OJ EU L 175/1).Art. 20 MiFIR 1 …”

Article 62 S. 613

Article 41 EBA temporary intervention powers S. 544-545

„… do not address the threat;(c) a competent authority or competent authorities have not taken action …” „… competent authority or competent authorities have taken a measure un-der Article 42, EBA may take any of the …” „… deciding to take any action under this Article, EBA shall notify compe-tent authorities of the action it …”

Article 8 Related parties S. 1331-1332

„… conclusively regulates when the competent authorities may with-draw the authorisation issued to a management …” „… company under the UCITS regime.Article 8Related parties1. The competent authorities shall not grant …” „… of the amounts of those holdings.The competent authorities shall refuse authorisation if, taking into …”

Article 7 Application for authorisation S. 1480-1482

„… shall require that AIFMs apply for authorisation from the compe-tent authorities of their home Member …” „… following information relating to the AIFM to the competent author-ities of its home Member State:(a …” „… AIFs it intends to manage to the com-petent authorities of its home Member State:(a) information about …”

Article 8 S. 1054-1063

„… , the ESAs shall, throughthe Joint Committee of the European Supervisory Authorities (‘Joint Commit-tee …” „… of this power.Article 8(5) mandates the European Supervisory Authorities (‘ESAs’), through theJoint …” „… Committee of the European Supervisory Authorities, to develop draft regulatorytechnical standards (‘RTS’) in …”

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

„… Emission Allowances Trading’, (2010) 19 EC TaxReview 186; Nield K and Pereira R, ‘Fraud on the European …” „… Union Emissions Trading Scheme: Effects,Vulnerabilities and Regulatory Reform’, (2011) 20 European …” „… commodity derivatives market is the necessary pre-condition for the competent authorities being able to …”

Article 32 Trading obligation procedure S. 519-524

„… public consultation and, where appropriate,may consult third-country competent authorities.2.3.6 Art 27 …” „… so, ESMA may, where appropriate, consult the compe-tent authorities of third countries.Power is …” „… Regulation (EU) 2016/2020 of 26 May 2016 supplementingRegulation (EU) No 600/2014 of the European Parliament …”

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

„… Authorities. Ac-cordingly, the European Banking Authority (EBA), the European Insurance and Occu-pational …” „… rating agencies.12Article 5 bArticle 5 b governs the use of ratings by the European Supervisory …” „… Pensions Authority (EIOPA) and the European Securities and Markets Authori-ty (ESMA) shall not refer to …”

Article 12 General principles S. 1488-1489

„… I. General featuresArt 11 addresses the circumstances under which competent authorities may …” „… circumstances that are standard reasons for the with-drawal of an authorization in other European financial …” „… Article 6(4), be subject to Directive97/9/EC of the European Parliament and of the Council of 3 March 1997 …”

Article 9 Third country relations S. 1332-1333

„… of UCITSD, but also all other concerns public authorities in EUMember States pursue. In particular …” „… of the old European directives, whichrefrained from detailed rules on Third Country relations thereby …” „… Operating conditionsArticle 10Conditions for taking up business1. The competent authorities of the …”

Article 27 Authorisation, legal form, registered office S. 1365-1366

„… European Parliament and of the Council with regard toobligations of depositaries, OJ 2016 L 78/11.III …” „… prior authorisa-tion to be granted by the competent authorities of the investment company’s homeMember …” „… of general application laid down by na-tional law, the competent authorities of the investment …”

Article 2 S. 1684-1691

„… default or insolvency. This is all the more important as a functioningEuropean financial market needs …” „… cross-border systems, thereby further enhancingthe functioning and efficiency of the European Single Market.7II …” „… and notified to the Euro-pean Securities and Markets Authority by the Member State whose law …”

Article 77 Relations with auditors S. 378

Article 30 Asset stripping S. 1527-1529

„… 30 andtherefore in a European directive being applicable to only a limited subset of investors …” „… notification to the competent authorities of its homeMember State in respect of each EU AIF that it intends to …” „… authorities of the home Member State of theAIFM shall inform the AIFM whether it may start marketing the AIF …”

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

„… 2014/65/EU ofthe European Parliament and of the Council with regard to regulatory technical stan-dards …” „… members, participants and/or users. Compe-tent authorities shall make that information available to ESMA …” „… Internalisation: the Efficiency Debateand the Future of the European Financial Markets’, EBLR 2009, 63-99; Güllner …”

Article 7 Authorisation of deferred publication S. 425-428

„… Authorisation of deferred publication1. Competent authorities shall be able to authorise market operators and …” „… based on their type or size.In particular, the competent authorities may authorise the deferred …” „… 70-872942901-35.II. CommentaryPursuant to Art 7(1) MiFIR, competent authorities are able to authorise market …”

Article 5 Requirements for credit transfer and direct debit transactions S. 1759-1765

„… exemption from Art 4(1)(b), the competent authorities of the Member State inwhich the payment scheme owner …” „… competent authorities in all other affectedMember States. The authorities consulted are not empowered to …” „… , and (2) have a positive impact on competition andinnovation in the European payment market. If …”

Introduction to Chapter III Intro Chapter III S. 221-222

„… additional SME growth markets.13Chapter IIIRights of investment firmsBibliography: For literature on European …” „… IIIChapter III provides a European passport for investment firms whose registered seatand head office is …” „… firms’freedom to provide services and activities in the Single Market (‘European passport’).The freedom can be …”

Article 46 S. 598-599

„… . The competent authorities may treat shares which are not fully paid up as freelynegotiable, if …” „… authorities may, in the case of the admission to official listing ofshares which may be acquired only subject …” „… ) No 1287/2006 of 10 August 2006 implementing Directive2004/39/EC of the European Parliament and of the …”

Article 29 Minimum capital, organisation, key people, authorisation and withdrawal of authorisation S. 1366-1369

„… of general application laid down by na-tional law, the competent authorities of the investment …” „… in office must be communicatedforthwith to the competent authorities; the conduct of an investment …” „… the investment company and other naturalor legal persons, the competent authorities must grant …”

Article 22 Annual report S. 1512-1514

„… avail-able to the competent authorities of the home Member State of the AIFM, and,where applicable, the home …” „… ormore persons empowered by law to audit accounts in accordance with Directive2006/43/EC of the European …” „… reporting to regulatory authorities. Art 22 addresses the ongoing disclo-sure requirement in the form of an …”

Article 2 Definitions S. 1720-1722

„… or judicial authorities, including where the collective pro-ceedings are terminated by a composition …” „… judicial authorities which are intended to preserve orrestore the financial situation and which affect …” „… the typical style of European directivesand regulations to include definitions at the beginning of a …”

Article 75 Format and availability of prospectus, annual and bi-annual reports to investors S. 1415-1416

„… thereto, as well as their an-nual and half-yearly reports, to the competent authorities of the UCITS home …” „… Mem-ber State. UCITS shall provide that documentation to the competent authorities ofthe management …” „… authorities isconsidered an essential condition for effective oversight.II. CommentaryThe UCITS is required …”

Article 10 S. 1065-1067

„… measuresArticle 10(2) mandates the European Supervisory Authorities (‘ESAs’), through theJoint Committee of the …” „… European Supervisory Authorities, develop draft regulatorytechnical standards (‘RTS’) in respect of the …” „… Delegated Regulation (EU) 2017/653 of 8 March 2017 supplementing Regulation (EU)No 1286/2014 of the European …”

Article 6 Public disclosure of significant net short positions in shares S. 897-899

„… com-petent authorities for the purposes.10 That is, in case the relevant share is not admitted to trading on …” „… thresholds has been subject to debate; cf. Howell, (2015) 12 EuropeanCompany Law 79, 81; Payne, (2012) 13 …” „… of companies regulated by the super-visory authorities appointed by Member States pursuant to Article …”

Article 17 Community scope of approvals of prospectuses S. 1013-1014

„… Article 18. Competent authorities of host MemberStates shall not undertake any approval or administrative …” „… rights would arise.7 For a criticism see Veil, European Capital Markets Law (Oxford and Portland 2013 …” „… any number of host Member States.2Furthermore, competent authorities of host Member States are …”

Article 23 Trading obligation for investment firms S. 487-492

„… of the relevant data.36ESMA must publish the results of calculations of the competent authorities on …” „… itswebsite for the purpose of informing market participants and competent authorities in auser-friendly …” „… (EU) No600/2014 of the European Parliament and of the Council on markets in financial instruments with …”

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

„… 7Notification to competent authorities of significant net shortpositions in sovereign debt1. A …” „… instrument,e.g. a Member State, the Union or the European Investment Bank.The thresholds triggering the …” „… or more com-petent authorities for the purposes of the SSR.8 If there has been a change in the …”

Article 10 Jurisdiction Jörn Axel Kämmerer S. 640-644

„… European Commission: establishment of the effects doctrinein extra-territoriality of EU competition law …” „… ?’ (2015) 36 European Competition Law Review 463; Fox H,The Law of State Immunity (3rd edn, OUP 2013 …” „… ), International Law (4th edn OUP 2010); Chan, ‘InnoLux Corp vEuropean Commmission: establishment of the effects …”

Article 71 Withdrawal of registration S. 1668-1669

„… administrative nature.3. Where ESMA decides to impose no fines or penalty payments, it shall inform theEuropean …” „… Parliament, the Council, the Commission, and the competent authori-ties of the Member State concerned …” „… fines and periodic penalty payments shall be allocated to thegeneral budget of the European …”

Article 5 Notification to competent authorities of significant net short positions in shares S. 895-897

„… Notification to competent authorities of significant net shortpositions in shares1. A natural or legal person …” „… critical analysis of the current regime, see Howell, (2015) 12 EuropeanCompany Law 79.Chapter II …” „… and each 0,1 % above that.3. The European Supervisory Authority (European Securities and Markets …”

Article 19 Valuation S. 1499-1502

„… . AIFMs shall notify the appointment of the external valuer to the competent au-thorities of their home …” „… val-uer, the competent authorities of the home Member State of the AIFM may re-quire the AIFM to have its …” „… AIF can thus be significantly more challenging than in the case of UCITS. TheEuropean legislator has …”

Article 21 Access to regulated information S. 1193-1197

„… regulated information referred to in Directive 2004/109/EC of theEuropean Parliament and of the Council …” „… access by investors.National authorities typically operate their OAM as a publicly available database …” „… market au-thorities involved agree on a case-by-case basis on how to apply Article 21(3).22IV. Delegated …”

Article 4 Clearing obligation S. 1584-1588

„… exempted perse, but only after they have been reported to the national competent authorities in accor-dance …” „… authorities in writingthat they intend to make use of the exemption for the OTC derivative con-tracts …” „… the exemption. Within 30 calendardays after receipt of that notification, the competent authorities …”

Article 4 Use of credit ratings S. 1242-1246

„… and is able to demonstrate on an ongo-ing basis to the European Supervisory Authority (European …” „… Securities andMarkets Authority) (ESMA) established by Regulation (EU) No 1095/2010of the European Parliament …” „… country;(g) the regulatory regime in that third country prevents interference by thecompetent authorities and …”

Article 1 Subject matter and scope S. 1099-1104

„… Transparency Directive (TD)Directive 2004/109/EC of the European Parliamentand of the Council of 15 …” „… Birkmose H, Neville M and Engsig Sørensen K (eds), The European Financial Market inTransition (Kluwer 2012 …” „… ’ Rights Directive and the Revised Transparency Directive’ (2015) 11Croatian Yearbook of European Law and …”

Article 9 S. 1063-1065

Article 14 S. 1081-1086

„… Regulation.7 Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets …” „… → MiFID II Art 1 et seq.8 Regulation (EU) No. 1286/2014 of the European Parliament and of the Council of …” „… . Competent authorities shall monitor the market for insurance-based investmentproducts which are marketed …”

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

„… effective, proportionate and dissuasive.2. Member States shall ensure that the competent authorities …” „… the European Parliament and to the Council on the international applicationof principles laid down in …” „… annual basis, to the European Par-liament and the Council. Where the report reveals an insufficient or …”

Article 19 Monitoring by ESMA S. 471-472

„… close to market conditions.35Article 19Monitoring by ESMA1. Competent authorities and ESMA shall monitor …” „… the competent authorities to monitor how sys-tematic internalisers provide quotes for non-equity …” „… Regulation (EU) 2016/1033 of the European Parliament and of the Council of 23 June 2016 amendingRegulation …”

Article 74 Right of appeal S. 375-376

„… that the authorities will probably be provided with more useful informationon (potential …” „… – observations from a civil law country’ (2010)11 European Business Organization Law Review 409, 417.Title VI …” „… Competent authorities Art. 74 MiFID IIJörn Axel Kämmerer 375812II. CommentaryArticle 74(1) is primarily a …”

Article 34 Freedom to provide investment services and activities S. 222-227

„… States shall ensure that any investment firm authorised and supervisedby the competent authorities of …” „… informa-tion to the competent authorities of its home Member State:(a) the Member State in which it intends to …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51. European passport (Art 34(1) MiFID …”

Article 2 Scope S. 650-654

„… for an issuer of financialinstruments, and notify competent authorities of the dealings of managers in …” „… securitiesmarkets and economic growth and wealth.2 Directive 2014/57/EU of the European Parliament and of the …” „… defined in Art 4(1)(15) in conjunction with Annex I, Section C Directive2014/65/EU of the European …”

Article 53 Investment limits for diversified target investments S. 1391-1392

„… the exemptions couldsell their UCITS via the European passport to investors in all other EU/EEA …” „… stock or debt securities index which isrecognised by the competent authorities, on the following …” „… orguaranteed by a Member State, one or more of its local authorities, a third coun-try, or a public …”

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

„… competent authorities of home and host MemberState should take place in a language customary in the sphere …” „… of international finance.The competent authorities of the UCITS home and host Member State may agree …” „… , hasidentified a UCITS that it wants to manage on a cross-border basis, it must notify thecompetent authorities …”

Article 1 Scope S. 6-10

„… Markets in Financial Instruments Directive (MiFID II)Directive 2014/65/EU of the European …” „… . 349-496)TITLE ISCOPE AND DEFINITIONSBibliography: Boskovic T, Cerruti C and Noel M, ‘Comparing European …” „… Proposed MiFID II –Levelling the Playing Field and Overcoming Market Fragmentation?’, 3 (2012) European …”

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

„… the European Parliament and of the Council as regards key investor in-formation and conditions to be …” „… amendments thereto, tothe competent authorities of their home Member State.2. The essential elements of key …” „… subject to restrictive approval procedures. The sub-mission to the competent authorities shall ensure …”

Article 52 Diversification S. 1389-1391

„… issued or guaranteed by a Member State, by its local authori-ties, by a third country or by a public …” „… viewswithin the European Securities Committee referred to in Article 112.5. The transferable securities and …” „… the exemptions couldsell their UCITS via the European passport to investors in all other EU/EEA …”

Article 3 Pre-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments S. 403-408

„… (EU) No600/2014 of the European Parliament and of the Council on markets in financial instruments with …” „… supplementing Regulation (EU) No600/2014 of the European Parliament and of the Council with regard to regulatory …” „… . 2.11 Pursuant to Art 29(1)(a) of the Regulation (EC) 1095/2010 of the European Parliament and of …”

Article 2 Definitions S. 1317-1323

„… provides the services forwhich the management company has been authorised;(h) ‘competent authorities’ means …” „… the authorities which each Member State des-ignates under Article 97;(i) ‘close links’ means a …” „… instrument specified in Section Cof Annex I to Directive 2014/65/EU of the European Parliament and of …”

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

„… ) No 596/2014 or sys-tem disruptions in relation to a financial instrument. The competent authorities …” „… and to the competent au-thorities of the other Member States the information referred to in the first …” „… 25.4.2016 supplementing Directive 2014/65/EUof the European Parliament and of the Council as regards …”

Article 6 Post-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments S. 423-425

„… European Parliament and of the Council on markets in financial instruments with re-gard to regulatory …” „… European Parliament and of the Council with regard to regulatory technical standards onthe specification of …” „… beyond.15Article 7Authorisation of deferred publication1. Competent authorities shall be able to …”

Article 7 Minimum information S. 987-990

„… financial markets within theEuropean Economic Area;e. the various activities and size of the issuer, in …” „… use of the expression ‘minimum information’, national compe-tent authorities do not have the power to …” „… shipping firms. Competent authorities in an is-suer’s home Member State can ask for ‘adapted information …”

Article 8 Withdrawal of authorisations S. 41-43

„… un-dertaken in other Member States by virtue of the European passport (cf. Art 6(3)MiFID) is illegal from the …” „… Management body1. Competent authorities granting the authorisation in accordance with Article 5shall ensure …” „… author-ities may authorise members of the management body to hold one additional non-executive directorship …”

Article 2 Definitions S. 1751-1755

„… bodieslisted in Article 2 of Directive 2006/48/EC of the European Parliament and ofthe Council of 14 June 2006 …” „… institutions, (d) payment institutions, (e) the European Central Bank and na-tional central banks, and (f) EU …” „… Member States and their regional or local authorities; inthe case of those institutions referred to in (e …”

Article 12 Market manipulation S. 730-756

„… ) 2016/522 supplementing Regulation (EU) No 596/2014 ofthe European Parliament and of the Council as regards …” „… (1999) 232 final.8 Directive 2003/6/EC of the European Parliament and of the Council on insider dealing …” „… implementing Directive 2003/6/EC of the European Parliamentand of the Council as regards the definition and …”

Article 29 Publication of decisions S. 1223-1226

„… provide that competent authorities are to publish every deci-sion on sanctions and measures imposed for a …” „… authorities may delay publication of a decision, or may publishthe decision on an anonymous basis in a manner …” „… investigation;1 Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on …”

Article 15 Risk management S. 1493-1496

„… the pattern of related European legislation oninvestment firms and UCITS management companies. The …” „… .Chapter III Operating conditions for AIFMs Art. 15 AIFMDChristian Schmies 1493123456authorities of the …” „… defined in Article 3(1)(b) of Regulation (EC) No 1060/2009 ofthe European Parliament and of the Council of …”

Article 27 b Objections to delegated acts S. 1215-1216

„… Article27(2 a)-(c), is subject to revocation by the European Parliament and by the Council.1This reflects …” „… acts(1) The European Parliament or the Council may object to a delegated act within aperiod of 3 months …” „… from the date of notification. At the initiative of the EuropeanParliament or the Council that period …”

Article 7 S. 1051-1054

„… language accepted by the competent authorities ofthat Member State, or where it has been written in a …” „… commonly spoken. If2.1.1 Regulation (EU) No. 1286/2014 of the European Parliament and of the Council of 26 …” „… application of Regu-lation (EU) No 1286/2014 of the European Parliament and of the Council on key information …”

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

„… thereto, tothe competent authorities of their home Member State.2. The essential elements of key investor …” „… restrictive approval procedures. The sub-mission to the competent authorities shall ensure effective oversight …” „… measuresCommission Regulation (EU) No 583/2010 of 1 July 2010 implementing Directive2009/65/EC of the European …”

Article 5 Clearing obligation procedure S. 1588-1593

„… appropriate, the competent authorities of third countries, develop and submit tothe Commission for endorsement …” „… , where appropriate, the competent authorities ofthird countries, identify, in accordance with the …” „… subject to a clearing obligation, theEuropean legislator embraced two approaches: the bottom-up and the …”

Article 2 Exemptions S. 10-18

„… competent authorities.23 In addition to those areas, which are explicitlymentioned in Art 1(2) MiFID II, the …” „… the European System of Cen-tral Banks and of the European Central Bank or performing equivalent …” „… regulatory authorities in accordance with Unionlaw or with national laws, regulations and administrative …”

Article 6 S. 580-581

„… sued by an EU/EEA Member State and its regional or local authorities, e.g. Germany (cf§ 37 BörsG)22 …” „… by non-MemberStates or their regional or local authorities or international public bodies.26TITLE …” „… integration in the European Securities Markets’(1981) 3 University of Pennsylvania Journal of International …”

Article 8 Notification to competent authorities of uncovered positions in sovereign credit default swaps S. 902-903

„… Article 8Notification to competent authorities of uncovered positions insovereign credit default …” „… further details on the regulation proposed by the Commission and the changes induced by theEuropean …” „… . The competent authorities shall communicate the ad-dress of that website to ESMA, which, in turn …”

Article 26 Scope S. 1521-1522

„… holdings orcontrol in portfolio companies domiciled in the European Union. The requirements donot apply …” „… non-listed company, the AIFM managing such an AIF notify the com-petent authorities of its home Member State …” „… authorities of the home Member State of the AIFM.3. The notification required under paragraph 2 shall contain …”

Article 3 S. 1038-1039

„… non-equity securities issuedby a Member State, a Member State's regional or local authorities, a public …” „… inter-national body of which one or more Member States are members, the EuropeanCentral Bank or the central banks …” „… ) Directive 2003/71/EC of the European Parliament and of the Council of 4November 2003 on the prospectus to be …”

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

„… authorities.21 These are the au-thorities designated by each Member State in accordance with Art 67 MiFID II …” „… ModelRegulatory Framework for Derivatives: Post-Crisis Conclusions from the United States and the European …” „… (EU) 2017/579 of 13 June 2016 supplementingRegulation (EU) No 600/2014 of the European Parliament and …”

Article 57 S. 608-609

„… competent authorities of that State shallmake that fact known to the public.2. The physical form of debt …” „… improving securities settlement in the EuropeanUnion and on central securities depositories.Art. 57 CARD 1 …” „… competent authorities are satisfied that therewill be a sufficient market for the debt securities concerned …”

Chapter 1 Organisational requirements S. 1628-1637

„… attend risk- committee meetings in a non-votingcapacity. Competent authorities may request to attend …” „… prejudice to the right of competent authorities to be duly informed, themembers of the risk committee shall …” „… Information to competent authorities1. A CCP shall notify its competent authority of any changes to its …”

Article 31 S. 1096

„… initiative of the European Parliament or of the Council.Article 31Where the Commission adopts regulatory …” „… regulatory techni-cal standards submitted by the ESAs, the period during which the European Parlia-ment and …” „… issuescovered therein, be two months from the date of notification. At the initiative of theEuropean Parliament …”

Article 32 S. 1096

Article 14 a Remuneration policy S. 1338-1339

„… measuresCommission Directive 2010/43/EU of 1 July 2010 implementing Directive2009/65/EC of the European Parliament …” „… shall is-sue guidelines addressed to competent authorities or to financial market partici-pants …” „… with the European Su-pervisory Authority (European Banking Authority) (‘EBA’), established by …”

Article 33 S. 1096-1097

Article 17 Algorithmic trading S. 120-134

„… State shallnotify this to the competent authorities of its home Member State and of the tradingvenue at …” „… shall no-tify the competent authorities of its home Member State and of the trading venue atwhich the …” „… Hochfrequenzhandels’, ZBB 2014, 178;Lerch MP, ‘Algorithmic Trading and High-Frequency Trading’, in Veil (ed), European …”

Article 69 Review by the Court of Justice S. 1668

Article 70 Amendments to Annex II S. 1668

Articles 36 to 39 S. 1301-1303

„… deter-mined by applying the rules of private international law. The European legal user has torefer to the …” „… of the European Parliament and of the Councilwith regard to rules of procedure on fines imposed to …” „… credit rating agencies by theEuropean Securities and Markets Authority, including rules on the right of …”

Article 2 S. 1036-1038

„… Regulation(EU) No 1286/2014 of the European Parliament and of the Council on key information documents …” „… Di-rective 2003/41/EC of the European Parliament and of the Council1 or Di-rective 2009/138/EC;(g) individual …” „… comparable interest rates are not PRIIPs.1 Directive 2003/41/EC of the European Parliament and of the Council …”

Articles 40 to 41 S. 1303-1304

„… supervisory authorities to investigate infringements of the CRA Regulation.However, the legislators set a …” „… European Parliament and of the Councilof 13 July 2009 on the coordination of laws,regulations and …” „… in Transferable Securities Di-rective V: Increased Protection for Investors’, (2016) 13 European …”

Article 50 S. 602-604

„… which admission to official listingis applied for, the competent authorities of that state shall make …” „… EuropeanUnion and on central securities depositories.5 Cf. also Heinze, 62.6 Cf. Heinze, 61 et seq.Title III …” „… may not be admitted to official listing unless the com-petent authorities are satisfied that the …”

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

„… in monitoring and preparing re-ports, at least on an annual basis, to the European Parliament and to …” „… basis, to the European Parlia-ment and to the Council.Within 30 calendar days of the presentation of the …” „… equivalent re-quirements by third-country authorities, the Commission may withdraw therecognition as …”

Introduction S. 574-576

„… Consolidated Admissions and Reporting Directive (CARD)Directive 2001/34/EC of the European …” „… should a market be?)’ (1996) 26 Seton Hall Law Review 597-636; Ferrarini G,‘Pan-European securities …” „… the rise of pan-European securities markets: an overview’ in Ferrarini G, Hopt KJ and Wymeersch E (eds …”

Article 6 Scope of authorisation S. 37-38

„… review to the new activities and their impact on the organisation of the firm.European passport (Art 6 (3 …” „… ) MiFID)Art 6(3) MiFID stipulates that the geographical scope of authorisation extends to theentire European …” „… Union. Further, the authorisation covers the countries of the EuropeanEconomic Area where the …”

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

„… the new activities and their impact on the organisation of the firm.European passport (Art 6 (3 …” „… ) MiFID)Art 6(3) MiFID stipulates that the geographical scope of authorisation extends to theentire European …” „… Union. Further, the authorisation covers the countries of the EuropeanEconomic Area where the …”

Commentary to Articles 35-37 Art. 35-37 S. 532-537

„… be controlled by supervisory authorities.1.1 Recital 38 MiFIR.2 See Recital 28 MiFIR.Art. 35-37 MiFIR …” „… supplementingRegulation (EU) No 600/2014 of the European Parliament and of the Council onmarkets in financial instruments …” „… (EU) No 600/2014 of the European Parliament and of the Council with2.3.4.5.3 On these notions, see …”

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

„… . The competent authorities as referred to in paragraph 3 receiving the notifica-tion of suspicious …” „… orders and transactions shall transmit such information im-mediately to the competent authorities of the …” „… competent authorities with meaningful, comprehensive and usefulinformation on suspicious trading activity.1 …”

Article 1 S. 1033-1036

„… regulators.Level 2 and 3 measuresThe European Supervisory Authorities (‘ESAs’) were mandated to develop draft …” „… 1286/2014 of the European Parliament and ofthe Council of 26 November 2014 on key information documentsfor …” „… , No. 3 (https://ssrn.com/abstract=2432146); Colaert V, ‘Euro-pean Banking, Insurance and Investment …”

Article 10 Non-financial counterparties S. 1600-1603

„… technical standards, after consulting the ESRB and other rele-vant authorities, specifying:(a) criteria for …” „… and other relevant authorities, ESMA shall periodical-ly review the thresholds and, where necessary …” „… EMIR also applies to OTC derivatives tradedby non-financial counterparties. Yet the European legislator …”

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

„… 2009/65/EC of the European Parliament and of the Council as regards certain provisionsconcerning fund …” „… UCITS.2. The depositary of the master UCITS shall immediately inform the competent au-thorities of the …” „… July 2010 implementing Directive2009/65/EC of the European Parliament and of the Council as regards …”

Article 7 Responsibility and liability S. 1135-1137

„… ) 864/2007 of the European Parliament and of the Council of 11 July 2007 on the lawapplicable to …” „… at least one Member State is a member, the European Central Bank (ECB),the European Financial …” „… with the objective of pre-serving the financial stability of European monetary union by providing …”

Article 68 Disclosure, nature, enforcement and allocation of fines and periodic penalty payments S. 1667-1668

„… , it shall inform theEuropean Parliament, the Council, the Commission, and the competent authori-ties …” „… budget of the European Union.Article 69Review by the Court of JusticeThe Court of Justice shall have …”

Article 4 Definitions S. 22-34

„… atwww.repositorio.comillas.edu (15.6.2018).24 Joint Committee of the European Supervisory Authorities, Report on the Automation …” „… not en-joy the European passport, meaning that they cannot offer services outside of theirhome Member …” „… ) of Article 2(1) of Directive 2009/65/EC of the European Parlia-ment and of the Council;(29) ‘tied …”

Article 13 Remuneration S. 1489-1492

„… European Parliament and of the Council of 3 March 1997 oninvestor-compensation schemes (25).3. The …” „… authorities to assess whetherAIFMs comply with their obligations under paragraph 1.I. General featuresArt …” „… requirements that the European legislator imposes on otherfinancial institutions engaged in portfolio …”

Article 15 Prohibition of market manipulation S. 770-772

„… comply with the minimum requirements regarding the powers of the nationalcompetent authorities laid down …” „… intentionally.3 Notably, the European Court of Human Rights has held that an offence that is classified as …” „… adminis-trative under national law may be regarded as criminal for purposes of the European Convention on Hu-man …”

Articles 14 to 20 S. 1284-1288

„… (EC) No 1060/2009 of the European Parliament and of theCouncil with regard to fees charged by the …” „… European Securities and Markets Author-ity to credit rating agencies, 28 March 2012, Official Journal of …” „… the European UnionL 90, p. 6.Commission Delegated Regulation (EU) No 449/2012 of 21 March 2012 …”

Article 10 Post-trade transparency requirements for trading venues in respect of bonds, structured finance products, emission allowances and derivatives S. 441-442

„… Regulation (EU) No600/2014 of the European Parliament and of the Council on markets in financial instruments …” „… (EU) No600/2014 of the European Parliament and of the Council with regard to regulatory technical …” „… of deferred publication1. Competent authorities shall be able to authorise market operators and …”

Article 3 Definitions S. 654-657

„… in third countries, the national competent authorities of theMember States are expected to conclude …” „… ) No 575/2013 of the European Parliament and ofthe Council (18);(4) ‘financial institution’ means a …” „… : Market Abuse: European Commission proposes new EU regime, Oc-tober 2011, p. 2.Art. 3 MAR 2. Market …”

Article 3 Integration of securities markets S. 1114-1118

„… transactions affecting the owner-ship or control of companies, supervised by the authorities appointed byMember …” „… States pursuant to Article 4 of Directive 2004/25/EC of the EuropeanParliament and of the Council of 21 …” „… : Minimum or Full Harmonisa-tion of Ownership Disclosure?’ (2011) 12 European Business Organization Law …”

Article 3 Optional exemptions S. 18-22

„… .41 Regulation EU No 909/2014 of the European Parliament and of the Council of 23 July 2014 on …” „… im-proving securities settlement in the European Union and on central securities depositories [2014] OJ L …” „… to and comply with prudentialrules considered by the competent authorities to be at least as …”

Article 1 Subject matter S. 650

Overview of Articles 5-11 S. 894-895

„… Interna-tional Law & Management Review 61, 70-77; Howell, (2015) 12 European Company Law 79 et seq.; Payne,(2012 …” „… facilitating the access to the information.9Article 5Notification to competent authorities of significant net …” „… EuropeanCompany Law 79.Chapter II Transparency of net short positions Art. 5 SSRKlaus Ulrich Schmolke 895234 …”

Article 12 Penalties S. 1611

Article 13 Restrictions on uncovered short sales in sovereign debt S. 914-918

„… restrictions, the relevant competent au-thority shall notify ESMA and the other competent authorities about the …” „… of the legislative procedure upon the interventionof the European Parliament.5Level 2 and 3 …” „… authorities of the proposed sus-pension and the grounds on which it is based.A suspension shall be valid for …”

Article 6 S. 1048-1051

„… European Parliament and of the Council of 26 November 2014on key information documents for packaged retail …” „… Article 11 PRIIP Regulation.4 Directive 2014/65/EU of the European Parliament and of the Council of 15 May …” „… supplementing Regulation (EU)No 1286/2014 of the European Parliament and of the Council on key information …”

Article 8 Pre-trade transparency requirements for trading venues in respect of bonds, structured finance products, emission allowances and derivatives S. 428-432

„… perform the transparency calculations).1.2.3.1 Regulation (EU) 2016/1033 of the European Parliament and of …” „… the European Union and oncentral securities depositories (OJ EU L 175/1).2 Commission Delegated …” „… Regulation (EU) 2017/583 of 14 July 2016 supplementing Regulation (EU) No600/2014 of the European Parliament …”

Article 14 Restrictions on uncovered sovereign credit default swaps S. 918-920

„… relevant competent author-ity shall notify ESMA and the other competent authorities of the proposed …” „… for the SSR). Upon the intervention of the European Parliamentthis was changed to a general ban on …” „… services for shares.2Meanwhile, however, the European legislator adopted Regulation (EU) No 909/20143which …”

Article 26 Right of appeal S. 1030-1031

„… European securities and markets regulations have not led to significant convergenceamong the powers …” „… available to competent authorities to impose sanctions in the Mem-ber States, and as a result, the same …”

Article 76 Publication of unit prices S. 1416-1417

„… 2009/65/EC of the European Parliament and of the Council as regards key investor in-formation and …” „… least twice a month.The competent authorities may, however, permit a UCITS to reduce the frequency …”

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

„… with the tasks and duties conferred upon the EuropeanSystem of Central Banks (ESCB).16 Nevertheless …” „… integration of the European capital markets. According to Article 3(1), Article 18sets out minimum …” „… European Parliament and of the Council of 24 November 2010 amend-ing Directives 2003/71/EC on the …”

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

„… /EU of 1 July 2010 implementing Directive2009/65/EC of the European Parliament and of the Council as …” „… , as well as the annual and half-yearly reportsof the master UCITS, to the competent authorities of its …”

Article 14 Authorisation of a CCP S. 1612-1613

„… regularly report, at least on an annual basis, to the European Par-liament and the Council. Where the report …” „… authorities, theCommission shall, within 30 calendar days of the presentation of the report,withdraw the …”

Article 42 S. 593-594

Article 3 Intragroup transactions S. 1579-1584

„… Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets infinancial …” „… instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/ECof the European …” „… /EU of the European Parliament and of the Council of 15 May 2014 on markets infinancial instruments …”

Article 56 S. 607-608

„… admis-sion to official listing is applied for, the competent authorities of that State shallmake that fact …” „… EuropeanUnion and on central securities depositories.Art. 57 CARD 1. Security Markets and Services608 Jessica …”

Article 35 a Civil Liability S. 1294-1301

„… al colleges of supervisors (i.e. vehicles or bodies which enable supervisory authorities …” „… affected a rating that has been reasonablyrelied upon by an investor and caused damages. The European …” „… without being adopted by a European ratingagency, are outside the scope of Art 35 a CRA Regulation.8 …”

Article 31 Portfolio compression S. 517-519

„… Delegated Regulation (EU) 2017/567 of 18 May 2016 supplementingRegulation (EU) No 600/2014 of the European …” „… consult third-country competent authorities.2.3.6 Art 27 MiFID II.7 Art 8, 10, 18, 21, 28 MiFIR.8 Art 17(2 …”

Article 49 Tick sizes S. 292-296

„… relevant persons initiatingthose orders.199 This information has to be available to competent authorities …” „… European Parliament and of the Council on markets in financial instruments with re-gard to regulatory …” „… ) 2017/574 of 7 June 2016 supplementing Directive2014/65/EU of the European Parliament and of the Council …”

Article 14 Obligation for systematic internalisers to make public firm quotes in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments S. 454-458

„… 600/2014 of the European Parliament and of the Council on markets in financial instruments with regardTitle …” „… market size must be calculated by the relevantcompetent authorities. The calculation used to determine …” „… European Parliament and of the Council with regard to regulatory technicalstandards for the level of …”

Article 15 Advertisements S. 1007-1009

„… admissions totrading, in particular regarding the roles of each Member State’s various authorities andthe …” „… provision.1.2.1 Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the …”

Article 12 Procedures on the notification and disclosure of major holdings S. 1156-1163

„… . ExceptionsInsofar as an ESCB member acts outside its function as monetary authorities, theprovisions would still …” „… European Supervi-sory Authority (European Securities and Markets Authority) (hereinafter …” „… ‘ESMA’),established by Regulation (EU) No 1095/2010 of the European Parliament and of theCouncil1 may develop draft …”

Article 1 Subject matter and scope S. 1711-1720

„… accounts forcustomers;(b) a central bank, the European Central Bank, the Bank for International …” „… /EC of the European Parliament and of theCouncil of 14 June 2006 relating to the taking up and pursuit …” „… of the businessof credit institutions (recast), the International Monetary Fund and theEuropean …”

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

„… Regulation (EU) 2016/1033 of the European Parliament and of the Council of 23 June 2016 amendingRegulation …” „… Regulation (EU) 909/2014 on improving securities settlement in the European Union and oncentral securities …” „… Regulation (EU)600/2014 of the European Parliament and of the Council with regard to definitions …”

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

„… 3(2), (4) and (5)). The Court of Justice of theEuropean Union (CJEU), in Spector Photo Group, decided …” „… European Court of Human Rights on the principleof the presumption of innocence pursuant to the European …” „… the defendant in criminal proceedings.39 In the liter-ature, it has been suggested that the European …”

Article 48 Consequences of merger S. 1377-1380

„… authorities of the home MemberStates of the receiving and the merging UCITS.3. A merger which has taken effect …” „… 2009/65/EC of the European Parliament and of the Council as regards certain provisionsconcerning fund …”

Article 13 S. 1073-1081

„… certaintransactions.Level 2 and 3 measuresArticle 13(5) mandates the European Supervisory Authorities (‘ESAs’) to …” „… Regulation (EU) 2017/653 of 8 March 2017 supplementing Regulation (EU)No 1286/2014 of the European Parliament …” „… 1286/2014 of the European Parliament and of the Council on key information documentsfor packaged retail and …”

Article 11 Market soundings S. 718-730

„… European Parliament and of the Council with regard to regulatory technical standards for the appro-priate …” „… European Parliament and of the Council [2016] OJ L160/23.5 ESMA, MAR Guidelines: Persons receiving market …” „… sounding.21 ESMA considersthese records to be ‘an important audit trail for competent authorities in …”

Article 16 Supplements to the prospectus S. 1009-1013

„… accordance with Article 18. Competent authorities of host MemberStates shall not undertake any approval or …” „… rights would arise.7 For a criticism see Veil, European Capital Markets Law (Oxford and Portland 2013 …”

Article 12 Restrictions on uncovered short sales in shares S. 910-914

„… au-thorisation or registration requirements in accordance with EU law by a member of theEuropean System of …” „… authorities about the pro-posed suspension.A suspension shall be valid for an initial period not exceeding 6 …”

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

„… clients1. Member States shall require investment firms to ensure and demonstrate tocompetent authorities …” „… /EU of the European Parliament and the Council, hasas a prerequisite the provision to that same …” „… that investment firms must demonstrate to competent authorities, onrequest, that natural persons giving …”

Article 7 Inside information S. 673-692

„… 2003/6/EC of the European Parliament and of the Council on insider dealing and marketmanipulation (market …” „… concept of inside information is set out in the Proposal for a Regulation of theEuropean Parliament and of …” „… further defined in Art 7(2) through (4).3.1.6 Directive 2004/39/EC of the European Parliament and of the …”

Article 55 Registration of a trade repository S. 1658-1659

„… interoperability arrangements’ (2013) 10-06-2013, ESMA/2013/322.13 ESRB, ‘Report to the European Commission on the …” „… consultation with competent authoritiesprior to registration1. If a trade repository which is applying for …”

Article 58 Examination of the application S. 1659-1660

„… registration is valid throughout the European Union.1.2.1.1 See the definition under → Art 2(2).2 Commission …” „… consultation with competent authoritiesprior to registration1. If a trade repository which is applying for …”

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