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Die zulässige Marktpraxis im Rahmen des Verbots der Marktmanipulation

Maximilian Reidt

Series: Studien zum Handels-, Arbeits- und Wirtschaftsrecht

Volume 198 2022

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§ 8 Die Safe-Harbour-Regelungen gem. Art. 5 MAR neben Art. 13 MAR S. 336-370

„… Marktmissbrauchsver-bote aus Art. 14, 15 MAR ausgeschlossen ist und die Vorschrift im Ver-gleich zu Art. 13 MAR nicht nur …” „… , in: Klöhn, Marktmissbrauchsverordnung,Art. 5 Rn. 8.A. Wesentliche Abgrenzungsmerkmale zu Art. 13 MAR …” „… , Marktmissbrauchsverordnung,Art. 5 Rn. 38.§ 8 Die Safe-Harbour-Regelungen gem. Art. 5 MAR neben Art. 13 MAR342den. Den Emittenten …”

§ 7 Die zulässige Marktpraxis gem. Art. 13 MAR S. 253-335

„… Die zulässige Marktpraxis gem. Art. 13 MARDie zulässige Marktpraxis gem. Art. 13 MAR ist …” „… heraus, dass eineMarktpraxis iSd Art. 13 MAR nur eine Marktgepflogenheit sein könne,die sich unter Art …” „… genutzt, sodass Streit darüber herrscht, ob eine zulässige Markt-praxis iSd Art. 13 MAR eine …”

§ 9 Zusammenfassende Thesen S. 371-382

„… verorten ist. Eine Marktpraxisim Sinne des Art. 13 MAR ist abgrenzend dazu eine Gepflogenheit, diesich …” „… Manipulationsverbots und der Möglichkeit, zulässigeMarktpraktiken gem. Art. 13 MAR als Verbotsausnahme festzusetzen …” „… . MARvorgibt, muss der Ausnahmetatbestand des Art. 13 MAR auch auf sieAnwendung finden, soweit sie die …”

§ 6 Das Verbot der Marktmanipulation gem. Art. 12, 15 MAR S. 199-252

„… Art. 13 MAR eine Abgren-zung zur handelsgestützten Marktmanipulation nach Art. 12 Abs. 1 lit. a.MAR …” „… , Wertpapierhandelsrecht, Art. 12 MARRn. 223.960 Siehe sogleich zur Diskussion, ob die Ausnahme des Art. 13 MAR auch beiArt …” „… Anwendungserweiterung des Art. 13 MAR auf Art. 12 Abs. 2 MARDurch das zwingende Beispiel aus Art. 12 Abs. 2 lit. c. iii …”

Vorwort S. 5-26

„… . Art. 13 MAR§ 7 253Begriff der zulässigen MarktpraxisA. 253MarktpraxisI. 253Gesetzliche Definition und …” „… US-amerikanischenManipulationsverbotsC.250ZusammenfassungD. 251Die zulässige Marktpraxis gem. Art. 13 MAR§ 7 253Begriff der zulässigen …” „… neben Art. 13MAR§ 8336Wesentliche Abgrenzungsmerkmale zu Art. 13 MARA. 336Das Verhältnis der …”

§ 1 Einleitung S. 35-39

„… Marktpraxis gem. Art. 13MAR anerkannt wurde. Eine Marktpraxis kann am Markt auftreten, muss aberkeine ZMP sein …” „… Aktienrückkaufund die Kursstabilisierung regelt und als gesetzlich normierte Marktpraxiszu Art. 13 MAR abgegrenzt …” „… die zulässige Marktpraxis gem. Art. 13 MARaufgrund ihres Schattendaseins in Praxis und Literatur näher …”

§ 5 Entwicklung des Verbots der Marktmanipulation und der zulässigen Marktpraxis S. 181-198

„… Marktmanipulation (Marktmissbrauch)vom 20.10.2011, KOM(2011), 651 endg., nachfolgend „MAR-KOM“.787 MAR-KOM, S. 2.788 …” „… EuropäischenParlaments wieder den Weg in das Gesetzgebungsverfahren, wobei letzt-endlich die Regelung in Art. 13 MAR …” „… . 193.795 Zimmer/Bator, in: Schwark/Zimmer, Kapitalmarktrechts-Kommentar, Art. 13MAR Rn. 2 mit Verweis auf …”

§ 2 Grundlagen S. 40-106

„… ; Eichelberger, Verbot der Marktmani-pulation, S. 11; Mock, in: Köln-Komm, WpHG, § 20a Rn. 6.19 Siehe Art. 12 MAR …” „… : Assmann/Schneider/Mülbert, Wertpapierhandelsrecht, Vor Art. 12,13, 15 und 16 MAR Rn. 56.59 Eichelberger, Verbot der …” „… derhandelsgestützten Manipulationen iSd Art 12 Abs. 1 lit. a. MAR.114 Art. 13 MAR als Ausnahmetatbestand für Art. 12 …”

§ 3 Ökonomischer Hintergrund der Marktmanipulation und Marktpraktiken S. 107-148

„… Kriterien zur Anerkennung einer Markt-praxis als ZMP gem. Art. 13 Abs. 1 MAR.B. Determinanten für die …” „… Marktmanipulation und Marktpraktiken136setzungen haben den Weg in Art. 13 MAR als Anerkennungskriterien ge-funden …” „… jede Anerkennung einer Marktpraxis als ZMP iSd Art. 13 MAR,dass ein „negatives“ Fallbeispiel …”

§ 4 Marktmanipulation und Marktpraktiken in den USA S. 149-180

„… MarktpraktikenGrundtatbestände und Übersicht: Das Verbot der MarktmanipulationIm amerikanischen Marktmissbrauchsrecht gibt es …” „… ) auszuführen.687a)685 Bingel, Kursstabilisierung, S. 94; aA Klöhn, in: Klöhn, Marktmissbrauchsverord-nung, Art …” „… unabhängigen Marktteilnehmers724, sodass der Market-Maker keineKurssteigerung über das gegenwärtige Marktniveau …”

doi.org/10.5771/9783748930112

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Feminist Theologies

Rebekah Pryor (ed.), Stephen Burns (ed.)

2023

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Chapter 13: Encounters Among Strangers: Bodies, Marys, Arts S. 171-178

doi.org/10.5771/9781978712409

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Ad-hoc-Pflichten im deutschen Profifußball

Patrick Waldecker

Series: Studien zum Bank- und Kapitalmarktrecht

Volume 20 2021

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§ 5 Allgemeine Ad-hoc-Pflicht des Art. 17 Abs. 1 MAR S. 50-84

„… 2015, 483, 484; Veil, ZBB 2014, 85, 90. Vgl. speziell zu Art. 7 Abs. 1 MAR und § 13 WpHG a.F.: Giering …” „… – Ra2015/02/0152 –, RIS, Rn. 19; BaFin, S. 13; S/Z/Kumpan/Misterek, MAR, Art. 7, Rn. 54 …” „… . 131 A/S/B/Buck-Heeb, § 8, Rn. 56; A/S/M/Assmann, MAR, Art. 7, Rn. 16; J/V/R/B/ Ritz, § 13, Rn. 57 …”

§ 7 Spezifische Ad-hoc-Pflichten S. 103-117

„… , 13, 19. A.A.: A/S/M/Assmann, MAR, Art. 17, Rn. 291; Fuchs/Pfüller, § 15, Rn. 362; Sethe, ZBB 2006 …” „… ; P/F/Kiesewetter, § 8, Rn. 31; P/F/Technau/ Berrar, § 13, Rn. 47; S/Z/Kumpan/Misterek, MAR, Art. 7, Rn. 78. 434 Vgl …” „… ; E/K/Wehowsky, § 13, Rn. 7; S/Z/Kumpan/Misterek, MAR, Art. 7, Rn. 75; Neumann, S. 208. C. Ad-hoc-Pflicht des Art …”

§ 9 Rechtsfolgen bei Verstößen gegen die Ad-hoc-Pflicht S. 126-139

„… ; F/J/Wuntke/W.Richter, Kap. 13, Rn. 255; K/M/F/S/Oulds, Rn. 12.13; L/K/Gerner- Beuerle, MAR, Art. 12, Rn. 1 …” „… : A/S/B/Fleischer, § 6, Rn. 13, 15; speziell zu Art. 17 MAR: D/E/ Horcher, § 22, Rn. 51; GKHGB/Grundmann, Teil 8, Rn …” „… informationsgestützte Marktmanipulation der Art. 12 Abs. 1 lit. b und lit. c MAR einschlägig sein.517 Mögliche Täter …”

§ 20 Mergers & Acquisitions S. 278-307

„… ; Simon, DK 2005, 13, 15. 1135 Vgl. A/S/M/Assmann, MAR, Art. 17, Rn. 213; Klöhn/Klöhn, Art. 17, Rn. 390 …” „… , § 10, Rn. 13; Klöhn/Klöhn, Art. 7, Rn. 375; M/R/V/H.Krause, § 6, Rn. 127 …” „… .; Lebherz, a.a.O.; Meyer/Kiesewetter, WM 2009, 340, 341. 1104 Vgl. BaFin, S. 18; A/S/M/Assmann, MAR, Art. 17 …”

§ 22 Rückkäufe eigener Aktien S. 320-323

„… unmittelbar.1263 Schließlich handeln ihre Organe. Die Ad-hoc- Pflicht des Art. 17 Abs. 1 MAR ist für sie also …” „… zu bejahen, wenn im Einzelfall eine Insiderinformation vorliegt. Gemäß Art. 5 Abs. 1 MAR gelten für …” „… Aktienrückkäufe unter den dortigen Voraussetzungen die Insiderverbote des Art. 14 MAR nicht. Daraus ergibt sich im …”

§ 13 Erkrankungen und Verletzungen S. 191-198

„… Fußballgesellschaft gemäß Art. 17 Abs. 1 MAR ad-hoc-pflichtig ist. Art. 17 Abs. 1 MAR bei Erkrankungen oder …” „… Vorstandsmitgliedern); speziell zu Fußballspielern: A/S/M/Assmann, MAR, Art. 17, Rn. 228 (auch zur Verletzung …” „… , 1076. 757 Vgl. insgesamt: S/Z/Kumpan/Misterek, MAR, Art. 7, Rn. 297. 758 Allgemein zur Erkrankung von …”

§ 6 Aufschub einer Ad-hoc-Veröffentlichung S. 85-102

„… Marktmissbrauchsregime aus Art. 4 Abs. 1 lit. c i), ii) DVO-MAR. Keine Voraussetzung mehr ist unter der MAR die Pflicht …” „… Systematik des Art. 17 Abs. 4 UAbs. 1 MAR entgegen, nach der prinzipiell lit. b und lit. c das Markt- bzw …” „… durch Art. 17 Abs. 4 UAbs. 1 lit. b oder lit. c MAR geschützte Marktteilnehmer schützt.320 …”

§ 17 Rechtsstreitigkeiten S. 226-234

„… , S. 72; A/S/M/Assmann, MAR, Art. 7, Rn. 69; Fuchs/ Mennicke/Jakovou, § 13, Rn. 99; Fuchs/Pfüller …” „… . Sportgerichtsbarkeit für Profifußballklubs 229 Art. 17 Abs. 1 MAR bei Rechtsstreitigkeiten Staatliche und …” „… . insgesamt allgemein: A/S/M/Assmann, MAR, Art. 17, Rn. 45, 237f.; Teigelack, BB 2016, 1604, 1608 (für …”

§ 18 Finanzielle Krisen S. 235-256

„… , Rn. 4; S/Z/Kumpan/Grütze, MAR, Art. 17, Rn. 112; Kamischke, S. 13; Lau, S. 125; Kocher/Widder, NZI …” „… § 18 Finanzielle Krisen Die allgemeine Ad-hoc-Pflicht des Art. 17 Abs. 1 MAR kommt für eine ihre …” „… . insgesamt: Fuchs/Pfüller, § 15, Rn. 262f.; M/R/V/H.Krause, § 6, Rn. 162ff.; S/Z/Kumpan/Misterek, MAR, Art. 7 …”

§ 19 Geschäftszahlen, Planungen, Prognosen und Dividenden S. 257-277

„… .: A/S/M/Assmann, MAR, Art. 7, Rn. 25. 1058 Vgl. A/S/M/Assmann, MAR, Art. 7, Rn. 20, 25; KMG/F.Schäfer, WpHG, § 13 …” „… , § 13, Rn. 18; S/Z/Kumpan/Misterek, MAR, Art. 7, Rn. 82f.; Schlitt/Mildner, FS WpHG, 363, 371. Einzig …” „… die Markterwartung alleine kann kein tauglicher Umstand i.S.v. Art. 7 Abs. 2 S. 1 MAR sein …”

§ 8 Pflicht zur unverzüglichen Bekanntmachung S. 118-125

„… ; Klöhn/Klöhn, Art. 17, Rn. 193; M/R/V/Veil/Brüggemeier, § 10, Rn. 135; S/Z/Kumpan/F.Schmidt, MAR, Art. 17, Rn …” „… . 193; M/R/V/Veil/Brüggemeier, § 10, Rn. 134; M/S/F.Schäfer, Rn. 15.31; S/Z/Kumpan/F.Schmidt, MAR, Art …” „… ; S/Z/Kumpan/F.Schmidt, MAR, Art. 17, Rn. 184; Lutter/ Krieger/Verse, Rn. 307, 534; Retsch, NZG 2016, 1201, 1206. A …”

Titelei/Inhaltsverzeichnis S. 1-26

„… Ad-hoc-Mitteilungen des BVB zu VertragsverlängerungenB. 188 § 13 Erkrankungen und Verletzungen 191 Art. 17 Abs. 1 MAR …” „… Stoffwechselerkrankung im Jahr 2017II. 198 § 14 Vermarktungsverträge 199 Art. 17 Abs. 1 MAR beim MarketingA. 200 …” „… Marktmanipulations-Konkretisierungsverordnung MAR Verordnung (EU) Nr. 596/2014 (Marktmissbrauchsverordnung) MiFID-II Richtlinie 2014/65/EU über …”

§ 16 Compliance- und andere Rechtsverstöße S. 212-225

„… Marktmanipulation des § 119 Abs. 1 Nr. 1 WpHG i.V.m. Art. 12 Abs. 1 lit. c, Art. 15 MAR strafbar machen, gemäß § 97 …” „… Fußballgesellschaft stellt sich die Frage, ob für sie die Ad-hoc-Pflicht des Art. 17 Abs. 1 MAR eingreift, wenn bei …” „… . J/V/R/B/Voß, § 15, Rn. 153; Klöhn/Klöhn, Art. 17, Rn. 423; S/Z/Kumpan/Misterek, MAR, Art. 7, Rn. 298. 822 …”

§ 4 Rechtliche Grundlagen der Ad-hoc-Pflicht S. 41-49

„… , MAR, Vor Art. 12 – 16, Rn. 45; Klöhn/Klöhn, Einl., Rn. 54; M/R/V/Teigelack, § 13, Rn. 9; M/R/V/Veil …” „… Ad-hoc-Pflicht in Art. 17 MAR geregelt. Als Verordnung gilt die MAR unmittelbar und verbindlich in jedem …” „… ; S/Z/Kumpan/Misterek, MAR, Art. 1, Rn. 34; von Buttlar, BB 2014, 451, 453. 37 Hierzu insgesamt: M/R/V/Veil, § 3, Rn. 20 …”

§ 11 Personalveränderungen S. 142-186

„… verstoßen. 596 S/Z/Kumpan/Misterek, MAR, Art. 7, Rn. 296. 597 Siehe hierzu Kap. 3, § 13, A. 598 Grds. besitzt …” „… gemäß Art. 17 Abs. 1 MAR ad-hoc-pflichtig ist. Personalveränderungen betreffen einen Fußballklub als …” „… möglich haltend: A/S/M/Assmann, MAR, Art. 17, Rn. 228; J/V/R/B/Voß, § 15, Rn. 149; Klöhn/Klöhn, Art. 7, Rn …”

§ 25 Schuldtitel S. 328-336

„… , dass der Emittent seine Ver- B. I. 1311 Vgl. BaFin, S. 22; A/S/M/Assmann, MAR, Art. 7, Rn. 92 …” „… : H.Krause/Brellochs, AG 2013, 309, 326; FMA, S. 64; A/S/M/Assmann, MAR, Art. 7, Rn. 92; Fuchs/Pfüller, § 15, Rn. 203 …” „… der Ad-hoc-Pflicht des Art. 17 Abs. 1 MAR stellen. Fremdkapitalmaßnahmen betreffen einen Emittenten in …”

Literaturverzeichnis S. 343-364

„… der Aufdeckungswahrscheinlichkeit im Rahmen des Art. 7 Abs. 1 MAR, Die Aktiengesellschaft 2020, S. 697 …” „… Information öffentlich bekannt i.S.v. Art. 7 MAR?, Zeitschrift für das gesamte Handels- und Wirtschaftsrecht …” „… nach Art. 17 Abs. 4 MAR zum Schutz der Unternehmensreputation, Zeitschrift für Unternehmens- und …”

§ 12 Vertragsverlängerungen S. 187-190

„… einer Fußballgesellschaft verändert, sondern auch, wenn Verträge verlängert werden. Art. 17 Abs. 1 MAR …” „… eine Ad-hoc-Pflicht vor, kann der jeweilige Fußballklub die Adhoc-Mitteilung i.d.R. gemäß Art. 17 Abs …” „… . 4 MAR bis zur endgültigen Vertragsunterschrift aufschieben. Die berechtigten Interessen sind dann …”

§ 14 Vermarktungsverträge S. 199-204

„… ist das Sponsoring also unerlässlich. Art. 17 Abs. 1 MAR beim Marketing Abschlüsse, Änderungen oder …” „… i.d.R. die Ad-hoc-Pflicht des Art. 17 Abs. 1 MAR. Dies gilt insbesondere für Sponsoringverträge, durch …” „… die Ad-hoc-Pflicht des Art. 17 Abs. 1 MAR begründen.793 Profifußballklubs vereinbaren oftmals …”

§ 15 Lizenzen S. 205-211

„… zu versagen, ist damit im Allgemeinen kursrelevant und gemäß Art. 17 Abs. 1 MAR ad-hoc-pflichtig. Die …” „… Wintertransferperiode vor Verpflich- 809 Vgl. auch: CESR/06-562b, Rn. 1.15. So zu Genehmigungen: A/S/M/Assmann, MAR, Art …” „… der Fußballgesellschaft mitgeteilt wurde, ist sie für diese gemäß Art. 17 Abs. 1 MAR ad-hoc-pflichtig …”

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Die Europäisierung des Tatbestandes der Marktmanipulation

Magdalena Vogt

Series: Schriftenreihe zum deutschen, europäischen und internationalen Wirtschaftsstrafrecht

Volume 50 2022

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Kapitel 2: Der neue Tatbestand der verbotenen Marktmanipulation und die Mindestvorgaben hinsichtlich der Rechtsfolgen nach der Marktmissbrauchsverordnung S. 112-209

„… zulässigen Marktpraxis des Art. 13 MAR vorliegen.Systematik des Marktmanipulationsverbotes nach Art. 12 …” „… ; Teigelack, in: Meyer/Veil/Rönnau, Hdb. Marktmissbrauchsrecht, § 13 Rn. 49 ff.; Schmolke, in: Klöhn, MAR, Art …” „… Marktmanipulationstatbestandes und -verbots gem. Art. 12 i. V. m. Art. 15 MAR soll damit die Frage beantwortet werden, inwiefern …”

Kapitel 3: Der Straf- und Bußgeldtatbestand nach §§ 119, 120 WpHG und seine Rechtsfolgen in Verbindung mit den Vorgaben des neuen europäischen Marktmissbrauchsrechts S. 210-319

„… in die MAR das Marktmanipulationsverbot (Art. 15 MAR) und den Tatbestand der Marktmanipulation (Art …” „… auf die Manipulationsobjekte des Art. 12 Abs. 1 i. V. m. Art. 2 Abs. 1-3 MAR bezieht, d. h …” „… . 1 i. V. m. Art. 2 Abs. 1-3 MAR; s. o. in Kap. 2 A. III.799 Siehe Gesetzesbegründung zum 1. FiMaNoG …”

Titelei/Inhaltsverzeichnis S. 1-22

„… und der zulässigen Marktpraxis nach Art. 13 MARe)153Tatbestandskonkretisierungen nach Art. 12 Abs. 2 …” „… MARf)154Art. 12 Abs. 2 lit. a) MAR – Sicherung einer marktbeherrschenden Stellungaa)155Art. 12 Abs. 2 …” „… AnwendungsbereichIII. 116Finanzinstrumente und erfasste Märkte, Art. 2 Abs. 1 UAbs. 1 MAR1.116Finanzinstrumenta) 116 …”

Kapitel 1: Besonderheiten des europäischen Gesetzgebungsverfahrens für das verzahnte Regelungsregime auf dem Gebiet des europäischen Marktmissbrauchs(straf)rechts S. 27-111

„… Marktmanipulation, 11 ff.; Schmolke, in: Klöhn, MAR, Vor Art. 12 Rn. 2 ff.12 Richtlinie 89/592/EWG des Rates vom 13 …” „… marktbeherrschenden Stellung als auch bspw. eine Marktmanipulation nach dem Marktmissbrauchsrecht gem. Art. 12 Abs. 2 …” „… Marktmanipulation (Art. 12, 15 MAR) eine Vollharmonisierung; insgesamt gehe der Trend zur Vollharmonisierung so …”

Kapitel 4: Strafrechtsvorgaben durch die EU-Gesetzgebung und deren recht- und zweckmäßige Umsetzung durch den deutschen Gesetzgeber S. 320-351

„… Anwendungsbereich und zu Ausnahmetatbeständen in Art. 2, 5, 6, 9, 13 MAR für die Straftatbestände zur Anwendung …” „… Art. 30 MAR, dass diese Grundannahmen auch im Rahmen der Marktmissbrauchsgesetzgebung vorherrschend …” „… Verstoß gegen die Grundsätze des Art. 83 AEUV infolge der Verzahnung des in MAR und CRIM-MAD normierten …”

Literaturverzeichnis S. 359-383

„… nationalen Verfassungs- und Strafprozessprinzipien – Stellt Art. 13 Abs. 1 MAR eine unzulässige …” „… durch Unterlassen (§ 119 Abs. 1 WpHG, Art. 15, 12 MAR), in: Bergmann, Marcus (Hrsg.), Europäisiertes …” „… gegen Art. 15 MAR?, NZG 2016, 721-728ders., Das Verbot der Marktmanipulation nach dem neuen …”

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European Financial Services Law

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

Series: Kooperationswerke Beck - Hart – Nomos

Volume 2019

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

„… discussion of this case, see → MAR Art 12 mn 8.35 See also Market Abuse Regulation, Art 13, para 1.36 Ibid …” „… a prior obliga-tion.13 These exemptions are now codified as safe harbours in Art 9 of MAR and …” „… Directive, recitals 27-28.26 For disclosure to a journalist, see → MAR Art 10 mn 13.27 For a discussion of …”

Article 13 Accepted market practices S. 756-767

„… . Marketconfidence is not a factor mentioned in Art 13(2), nor is it defined elsewhere in the Mar-ket Abuse …” „… guidance, para 4.9.166 See n 12.167 See → Art 8 mn 24.Art. 13 MAR 2. Market Behaviour756 Carsten …” „… determination of what is an accepted practice1.1 Moloney, VIII.8.3.1.Art. 13 MAR 2. Market Behaviour758 …”

Article 19 Managers’ transactions S. 808-824

„… Führungskräften nach Art. 19 der Marktmissbrauchsverordnung(EU) Nr. 596/2014 (version 8, 13 September 2017 …” „… March 2018) Q 7.7.21 Article 3(1)(21).22 See also recital 49.Art. 19 MAR 2. Market Behaviour814 …” „… competent authority of the home Member State in accordance withArt. 19 MAR 2. Market Behaviour808 …”

Article 7 Inside information S. 673-692

„… Kruse, in: Schwark and Zimmer, § 13 margin no 50.Art. 7 MAR 2. Market Behaviour688 Carsten …” „… depending on the timing, see ibid, para 3.13 e, f.118 Ibid, para 3.13.Art. 8 MAR 2. Market Behaviour692 …” „… ac-count specificities of those markets.Art. 7 MAR 2. Market Behaviour674 Carsten Gerner-BeuerleI …”

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

„… , ESMA/2016/1130 (13 July 2016), Annex V.Art. 17 MAR 2. Market Behaviour792 Wolf-Georg Ringe …” „… ), § 19 margin no 1.Art. 17 MAR 2. Market Behaviour782 Wolf-Georg Ringe12reflected in the prices of …” „… Art. 17 MARWolf-Georg Ringe 7915758596061Articles 17(5) and (6) of MAR reflect lessons drawn from the …”

Article 20 Investment recommendations and statistics S. 824-833

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 216.82 See Article 38 lit. (c).Art. 20 MAR 2. Market Behaviour824 Wolf-Georg Ringe7677III. Obligations …” „… the Market Abuse Regulation (MAR),ESMA70-145-111 – Version 11 (last updated on 23 March 2018) Q 8.7 …” „… .Art. 20 MAR 2. Market Behaviour826 Wolf-Georg Ringe567891011search, the requirements of Art 20 …”

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

„… exempts market making activities from the requirements and re-strictions under Arts 5, 6, 7, 12, 13 and 14 …” „… mar-ket where the market maker is a member.13 In contrast, it is uncontested that proprietarytrading is …” „… para 148for suggestions to amend Art 17(12) and (13) SSR.Art. 17 SSR 2. Market Behaviour928 Klaus …”

Article 2 Definitions S. 624-627

„… , stabilisation and public policy exemptions ofArt 1(3) of MAR (the latter being understood as covering activities …” „… Market Abuse Regulation(MAR).6 Pursuant to Art 1(2), MAD 2014 applies to financial instruments, as …” „… or associated instruments as defined in Art 3(2) ofMAR. The exemptions of the Market Abuse Directive …”

Article 12 Market manipulation S. 730-756

„… , 90. For further examples, seeSchwark in: Schwark and Zimmer, § 20 a margin no 13-18.Art. 12 MAR 2 …” „… 4.11-4.13.Chapter 2 Inside information, insider dealing, market manipulation Art. 12 MARCarsten …” „… ; Worms in Assmann and Schütze, § 10 mar-gin no 86.Art. 12 MAR 2. Market Behaviour750 Carsten …”

Article 11 Market soundings S. 718-730

„… confidential.Art. 11 MAR 2. Market Behaviour718 Carsten Gerner-BeuerleThe disclosing market participant shall …” „… ‘disclosing market participant’ is defined in Art 3(1)(32).Art. 11 MAR 2. Market Behaviour720 Carsten …” „… , para 66.16 Davies and Worthington, para 30-38.Art. 11 MAR 2. Market Behaviour722 Carsten …”

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

„… -12073.11 Ibid, paras 31-38.12 See → Art 8 mn 6.Art. 14 MAR 2. Market Behaviour768 Carsten Gerner-Beuerle …” „… Rights, see the discussion in → Art 8 mn 6 above.Art. 15 MAR 2. Market Behaviour770 Carsten …” „… of Art 14 do not give rise to criminal sanctions, but the 2014 MarketAbuse Directive requires Member …”

Article 18 Insider lists S. 799-808

„… Regulation (EU) No 596/2014,Version 3 (updated: 13 January 2017) Q II.4.Art. 18 MAR 2. Market Behaviour802 …” „… , or any other persons acting on their behalf or on their account.1.Art. 18 MAR 2. Market Behaviour …” „… Regu-lation (EU) No 596/2014, Version 3 (updated: 13 January 2017) Q VI.3; City of London Law Society, Mar-ket …”

Article 2 Scope S. 650-654

„… MAR reflects the extension of the market abuse regime to bench-mark manipulation (see Art 12(1)(d …” „… .Art. 2 MAR 2. Market Behaviour650 Carsten Gerner-Beuerle12(b) financial instruments traded on an …” „… pursuant to Art 39(4), the Mar-ket Abuse Regulation does not apply to OTFs before 3 January 2018.7 Market …”

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

„… See above → Art 23 mn 8.16 See also recital 71 MAR.Art. 30 MAR 2. Market Behaviour856 Jörn Axel …” „… , from dealing on own account;Art. 30 MAR 2. Market Behaviour852 Jörn Axel Kämmerer(h) maximum …” „… ’ (2014) Eu-ropäische Zeitschrift für Wirtschaftsrecht 50, 56.Art. 30 MAR 2. Market Behaviour854 Jörn …”

Introduction S. 644-650

„… In-formation’ (1984) 13 Hofstra Law Review 101 at pp. 101-102.Intro MAR 2. Market Behaviour646 Carsten …” „… market abuse (Market Abuse Directive) [2014] OJ L173/179.Art. 2 MAR 2. Market Behaviour650 Carsten …” „… Market Abuse Regulation (MAR)Regulation (EU) No 596/2014 of the European Parliamentand of the …”

Article 10 Unlawful disclosure of inside information S. 711-718

„… no 121.4 See Schwark and Kruse, ibid, margin no 43 for references.Art. 10 MAR 2. Market Behaviour …” „… marketmanipulation (market abuse) [2003] OJ L 96/16, Art 4.3 Assmann in: Assmann and Schneider, § 14 margin no 66 …” „… Kapitalmarktrecht’ (2008) 172 ZHR 239, 252.Art. 10 MAR 2. Market Behaviour714 Carsten Gerner-Beuerle9exception …”

Article 18 Entry into force S. 1784-1785

„… MAR 13 1 et seq.Access for third-country CCPs and tradingvenues MiFIR 38 1-3Access to benchmarks …” „… MAR 17 72– MAR changes MAR 17 13 et seq.– materially different from previousMAR 17 75– most relevant …” „… MAR 17 7 et seq.– contrast with market expectationsMAR 17 77– delaying disclosure MAR 17 61 et seq …”

Article 3 Definitions S. 1236-1242

„… Arts 14(c) and 10 MAR.19 However, the disclosure of inside in-formation in the normal course of …” „… business or performance of duties is lawful underArt 10(1) MAR. The disclosure of inside information to …” „… , it does not act on behalf of or for the account of an issuer within the meaning ofArt 18(1) MAR and …”

Article 23 Powers of competent authorities S. 838-843

„… activity;and8 Recital 8 MAR.Art. 23 MAR 2. Market Behaviour838 Jörn Axel Kämmerer(m) to take all necessary …” „… , The Mechanics and Regulation of Market Abuse (OUP, Oxford 2005), 260.2 Recital 63 MAR.Art. 23 MAR 2 …” „… (2) Basic Law for the Federal Republic of Germany.Art. 23 MAR 2. Market Behaviour842 Jörn Axel Kämmerer …”

Article 19 Home Member State control S. 1187-1189

„… reference is now to be construed as referring to MAR.7 See above, → Art 12 mn 31 et seq.8 ESMA, Mapping …” „… 3.30 et seq.Art. 19 TD 3. Market Transparency1188 Wolf-Georg Ringe1234567menting measures) or under …” „… officially refers to the original Market Abuse Directive 2003/6/EC. However, by virtue ofMAR Article 37, this …”

Article 8 Insider dealing S. 692-705

„… on the timing, see ibid, para 3.13 e, f.118 Ibid, para 3.13.Art. 8 MAR 2. Market Behaviour692 …” „… to the preparatory work leading to the adoption of the 2003 Market Abuse Directive.Art. 8 MAR 2 …” „… “use or possession” de-Art. 8 MAR 2. Market Behaviour696 Carsten Gerner-Beuerle7Under this view, in …”

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

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14Art. 5 MAR 2. Market Behaviour662 Carsten Gerner-BeuerleI. General featuresPurpose and …” „… Regulation, Art 3(1)(17).14 ESMA, Final Report on Draft technical standards, para 16.Art. 5 MAR 2. Market …” „… )(b).Art. 5 MAR 2. Market Behaviour666 Carsten Gerner-Beuerle78bour is wider than that for buy-back …”

Article 70 Sanctions for infringements S. 362-368

„… partners of committed or expected infringe-ments (see → Art 71 mn 1; → MAR Art 30 mn 16).Moreover, each …” „… on Article 30 of MAR (see → MAR Art 30 mn 22 et seq.) – the lackof predictability of caps and the …” „… → MAR Art 30 mn 25) – leaves it at the Member State’s discretion todeclare the higher amount …”

Article 9 Notification of the acquisition or disposal of major holdings S. 1140-1148

„… RulesAcross Countries’ (2010) 10 Journal of Corporate Law Studies 451.10 See below, explanations on → Art 13 …” „… Ger-many: AktG § 140(2).13 See above, → Art 2 mn 9.14 See above, → Art 2 mn 7.15 See above, → Art 2 mn 5 …” „… 2006/49/EC.49 Commission Regulation (EU) 2015/761, Article 6.50 See below, → Art 13 mn 2 et seq.51 See on …”

Article 20 Languages S. 1189-1193

„… virtue ofMAR Article 37, this reference is now to be construed as referring to MAR.7 See above, → Art 12 …” „… ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11Art. 20 TD 3. Market Transparency1190 Wolf-Georg Ringed) Exception for wholesale offers …” „… . See ESMA, Mapping, para 542.7 ESMA, Mapping, paras 539-540.Art. 20 TD 3. Market Transparency1192 …”

Article 44 Authorisation and applicable law S. 247-252

„… marketsindependently.BackgroundThe term “regulated market”, as defined in Art 4(1)(21) MiFID II, is a category in-tended to include …” „… regulated market and the marketoperator.Pursuant to Art 44(1) subpara 4 MiFID II, market operators are …” „… market.Legislative historyThe predecessor of Art 44 is Art 36 of the MiFID I of 2004, which is almost identicalexcept …”

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

„… .Art. 4 MAR 2. Market Behaviour660 Carsten Gerner-Beuerle345admitted to trading before that time).11 …” „… standards and implementing technical standards de-veloped by ESMA under Art 4 of MAR and its MiFIR …” „… Delegated Regulation (EU) 2016/909, Art 2(1), (2).13 Ibid, Art 2(3). The national competent authority has to …”

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

„… . 13.Art. 8 MiFIR 1. Security Markets and Services430 Christoph Kumpan and Finn Schmidt56789 …” „… order as a whole;13 Art 8(4) MiFIR; also, Moloney, EU securities and financial markets regulation (3rd …” „… Art 15(1)(a) of the Commission Delegated Regulation (EU) 2017/587.13 The minimum qualifying size has …”

Article 10 Jurisdiction Jörn Axel Kämmerer S. 640-644

„… it (see e.g. → MAR Art 15and 13). “Extraterritorial” jurisdiction over behavior considered lawful in …” „… (MAR)Regulation (EU) No 596/2014 of the European Parliamentand of the Council of 16 April 2014 on market abuse(OJ …” „… a Member State may extend its jurisdiction (still within the scope1.Art. 10 MAD 2. Market …”

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

„… Delegated Regulation (EU) 2017/565.13 Art 81(1) of the Commission Delegated Regulation (EU) 2017/565.14 Art …” „… members and participants managed by a market operator(Art 53(7) MiFID II)To ensure transparency with …” „… II.Art. 54 MiFID II 1. Security Markets and Services312 Christoph Kumpan and Finn Schmidt12133. Member …”

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

„… market manipulation (in accordance withArt 16(1), first subparagraph of MAR, and Art 2(3)(a) of …” „… 2(5), first subparagraph.Art. 16 MAR 2. Market Behaviour774 Carsten Gerner-Beuerle23thority upon …” „… behaviour.Art. 16 MAR 2. Market Behaviour776 Carsten Gerner-Beuerle6789in order to consolidate several …”

Article 1 Subject matter S. 650

„… .Art. 2 MAR 2. Market Behaviour650 Carsten Gerner-Beuerle12 …” „… → Arts 12 and 13). The prohibition of these activities is sup-plemented by the requirement to disclose …” „… abuse)as well as measures to prevent market abuse to ensure the integrity of financial mar-kets in the …”

Article 5 Half-yearly financial reports S. 1124-1131

„… according to MAR Article 7. In such a case, it mayqualify as regulated information under Art 17 MAR.Article …” „… financial mar-kets, measures to specify the requirements and ensure the uniform application ofparagraphs 1 …” „… securi-ties. Note the specific review clause in Article 33.Art. 5 TD 3. Market Transparency1126 Wolf-Georg …”

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

„… regulated mar-ket.13Two counterparties trading on a trading venue are not considered to have a client …” „… and financial markets regulation (3rd edn,Oxford University Press 2014), p. 474.13 Art 53(4) sent 2 …” „… in violation of Art 17 of MAR.16 An exception applies when a suspension orremoval from trading would …”

Article 34 Publication of decisions S. 869-874

„… abuse update’ (2012) Compliance Officer Bulletin 1, 12.Art. 34 MAR 2. Market Behaviour870 Jörn Axel …” „… ) subpara 1 (b), the publica-Art. 34 MAR 2. Market Behaviour872 Jörn Axel Kämmerer678tion of “the …” „… sanctions Art. 34 MARJörn Axel Kämmerer 86912lication shall include at least information on the type and …”

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

„… (Arrange-ments for the publication of a firm quote), Art 10 (Prices reflecting prevailing mar-ket conditions) and …” „… quote size shall be at least the equivalent of 10 % of the standard mar-ket size of a share, depositary …” „… prevailing mar-ket conditions for that share, depositary receipt, ETF, certificate or other similarfinancial …”

Article 15 Prohibition of market manipulation S. 770-772

„… Rights, see the discussion in → Art 8 mn 6 above.Art. 15 MAR 2. Market Behaviour770 Carsten …” „… demand function or of prices.Art. 16 MAR 2. Market Behaviour772 Carsten Gerner-Beuerle67 …” „… manipulation as defined inArt 12 (and which is not exempted from the prohibition pursuant to Arts 5, 6 and 13 …”

Article 2 Definitions S. 396-403

„… ) 2017/567:5 Art 1 (Determining liquid mar-kets for shares), Art 2 (Determining liquid markets for depositary …” „… instrumenthas to be deemed not to have a liquid market.13The definition of commodity derivatives in Art 2(1)(30 …” „… European Central Bank annexed to theTreaty on European Union.13 Art 14(a) of the Commission Delegated …”

Article 19 Monitoring by ESMA S. 471-472

„… basis, the same rulesapply as in the case of market operators and investment firms under Art 13 MiFIR …” „… required by Art 13(4)), and the quotes shouldbe time-stamped as specified in Art 9(d) of the Commission …” „… reasonable commercial basis to other mar-ket participants. With regard to access on a reasonable commercial …”

Index S. 1785-1803

„… .– inside information MAR 17 55 et seq.– market participants MAR 17 47 et seq., 51Empty voting TD 13 37 …” „… SSR 3 8Look-through approach SFD 9 5MAD– accepted market practices MAD 5 13– ad hoc disclosure MAR …” „… – abusive squeeze, MAR 12 9– accepted market practice MAR 13 7 et seq.– acting in concert MAR 9 11 Index …”

Article 13 Obligation to make pre-trade and post-trade data available on a reasonable commercial basis S. 451-454

„… ) 2017/567.Art. 13 MiFIR 1. Security Markets and Services452 Christoph Kumpan and Finn Schmidt5678910(a …” „… . CommentaryArticle 13 MiFIR applies to anyone who must publish information under Arts 3, 4and 6 to 11 MiFIR …” „… II Transparency for trading venues Art. 13 MiFIRChristoph Kumpan and Finn Schmidt 4511234Prices …”

Article 9 Legitimate behaviour S. 705-711

„… instruments).4 Spector Photo Group, paras 55-60.5 Moloney, VIII.6.3.4.Art. 9 MAR 2. Market Behaviour706 …” „… 52.12 See → Art 7 mn 33.13 Market Abuse Regulation, recital 30.14 Schwark and Kruse in Schwark and …” „… 596/2014 of the European Parliament and of the Council with regard to regulatoryArt. 9 MAR 2. Market …”

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

„… prudent management of the regulated market.I. General featuresPurposeThe purpose of Art 46 MiFID II is to …” „… to a regulated marketunder specific circumstances enumerated in Arts 44(5)(a) through (e) MiFID II …” „… markets regulation (3rd edn, Oxford University Press 2014),p. 469.19 Art 44(6) MiFID II.Art. 45 MiFID II …”

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

„… third countries.64 See also ibid, para 57.Art. 6 MAR 2. Market Behaviour670 Carsten Gerner-BeuerleThe …” „… ) 2016/522, Art 3.Art. 6 MAR 2. Market Behaviour672 Carsten Gerner-Beuerle345mechanism, which trades in …” „… information, insider dealing, market manipulation Art. 7 MARCarsten Gerner-Beuerle 67367 …”

Article 6 Report on payments to governments S. 1131-1135

„… 7. In such a case, it mayqualify as regulated information under Art 17 MAR.Article 6Report on …” „… , repu-tation concerns or common market practice or may well be requested by (private) mar-ket operators.ESMA …” „… . No. 111-203, H.R. 4173.Art. 6 TD 3. Market Transparency1132 Wolf-Georg Ringe1234ments pledged to …”

Article 36 Access to regulated markets Christoph Kumpan and Ronny Grütze S. 233-234

„… procedures and systems of the mar-ket in question do not require a physical presence to conclude transactions …” „… on the mar-ket, the investment firm is a remote member of, or obtains remote access to, the …” „… regulated mar-ket, subject to the following conditions:(a) such links and arrangements between the …”

Article 2 Definitions S. 1104-1114

„… on this also recital 4 TD.33 ESMA, Mapping, para 158.Art. 2 TD 3. Market Transparency1104 …” „… shall start on 27 November 2015.Art. 2 TD 3. Market Transparency1106 Wolf-Georg RingeAn issuer that …” „… manipulation (mar-ket abuse),2 or under the laws, regulations or administrative provisions of aMember State …”

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

„… rules in the EU and allows incentives to be given by regulated mar-1.Title III Regulated Markets Art …” „… Regulated Markets Art. 48 MiFID IIChristoph Kumpan and Finn Schmidt 2734567sions,13 (b) clear lines of …” „… cash andfuture instruments) and cross-markets (when instruments are listed on multiple mar-1.114 Art …”

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

„… undue delay.12 Art 4(3) of the Commission Implementing Regulation (EU) 2017/1005.13 Art 3(1) of the …” „… , a take-over bid or the non-disclosure of insideinformation in violation of Art 17 of MAR.16 An …” „… inside information in vio-lation of Art 17 MAR.20 Suspension or removal is not required when it would …”

Article 17 S. 588-590

„… ’ provisions in Art 71 MiFID II,2Art 34 of Market Abuse Regulation (MAR),3 Art 62 of the Central Securities …” „… 73 sentences 1 and 2 MAR (with respect to the ‘naming and shaming‘-provisionin Art 34 MAR.2 See …” „… margin no 3.3 Cf. Gebhardt, § 41 BörsG margin no 20; Heidelbach, § 41 BörsG margin no 14.Art. 17 CARD 1 …”

Article 3 Integration of securities markets S. 1114-1118

„… 3 %,but still allows Consob to exceptionally lower the threshold. See below, → Art 9 mn 13.12 ESMA …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 OJ L 142, 30.4.2004, p. 12.Art. 3 TD 3. Market Transparency1114 Wolf-Georg Ringe3. Structure …” „… substance of former Article 6 is now found in Articles 16-20 of the Market Abuse Regulation(MAR). See → MAR …”

Article 1 Scope S. 6-10

„… Mar-kets: MiFID II and MiFIR, margin no 2.15.6 See Art 4(1)(6) MiFID II and Annex I Section A no 3 MiFID II …” „… .2.3.4.11 See Title III (Art 44-56) MiFID II.12 Art 4(1)(18) MiFID II.13 On the notion 'regulated market …” „… inaddition comply with certain of the MiFID II provisions set out in Art 1(3) and (4)MiFID II. In a nutshell …”

Articles 32 to 41 S. 937-939

„… sanctioning regime as provided by MAR1 and CRIM-MAD2.3Competent authorities (Art 32)Each Member State is …” „… 1.2.1 See comment on → MAR.2 Directive 2014/57/EU of 16 April 2014 on criminal sanctions for market …” „… ).Arts 32 to 41 SSR 2. Market Behaviour938 Klaus Ulrich Schmolke45678Regulation (EU) 2016/679, while …”

Article 27 Professional secrecy S. 849-850

„… 69 MAR.Chapter 4 ESMA and competent authorities Art. 27 MARJörn Axel Kämmerer 84971Legislative …” „… .Art. 28 MAR 2. Market Behaviour850 Jörn Axel Kämmerer2345 …” „… affect the repu-tation of market actors or distort competition, Article 27 MAR provides for the …”

Article 28 Data protection S. 850-851

„… .Art. 28 MAR 2. Market Behaviour850 Jörn Axel Kämmerer2345Article 29Disclosure of personal data to …” „… authorities Art. 29 MARJörn Axel Kämmerer 8511234 …” „… Article 13MAD 2003.II. CommentaryArticle 27 is relevant to the exchange of confidential information …”

Article 1 Subject matter and scope S. 1099-1104

„… % threshold is needed.12 See, in particular, → MAR Art 17 and 19.13 Former Directive 2009/101/EC, now broadly …” „… the holder a right toacquire shares or that have a similar economic effect (see → Art 13).The final …” „… liquid capital market. The notification requirements for major share-holdings (→ Art 9-15) are to inform …”

Articles 27 to 31 S. 934-937

„… , merely declaratory in nature.13Further specification of adverse events or developments (Art 30)Art 30 SSR …” „… above-mentioned powers …”.12 Cf. Art 28(1)(b) SSR.13 Recital 35 SSR; cf. also Moloney, 568: “somewhat otiose”.14 …” „… provided by MAR1 and CRIM-MAD2.3Competent authorities (Art 32)Each Member State is required to designate …”

Article 1 Subject matter and scope S. 1745-1751

„… avoid such a result in accordance with Art 114 of the TFEU.13Moreover, the factual effectiveness of the …” „… definition of money remittance in Art 4(13) of the PSD1 is the same asArt 4(22) of the PSD2. The exception in …” „… mar-ket for payment services, “whether or not the services are compatible with the systemresulting from …”

Article 3 Definitions S. 654-657

„… Article 13;2.19 Benchmark manipulation is discussed below under → Art 12 mn 18-20.20 Market Abuse …” „… : Market Abuse: European Commission proposes new EU regime, Oc-tober 2011, p. 2.Art. 3 MAR 2. Market …” „… such instruments, intended for distribu-tion channels or for the public.Art. 3 MAR 2. Market …”

Article 4 Clearing obligation S. 1584-1588

„… clearing mandate Morgan, ‘Reforming OTC mar-kets: the politics and economics of technical fixes? (2012) 13 …” „… amendments – May 2017.5 This new Article is inserted by Article 1(3) of the proposal.Art. 5 EMIR 5 …” „… EBOLR 391. On the expansion of public mar-ket and the shrinkage of private markets Ferrarini and Saguato …”

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

„… their value to investors12 must be considered.13Rules applicable to emission allowances(Art 6 of the …” „… ofthe net asset value.13 Art 4(3) of the Commission Delegated Regulation (EU) 2017/568.14 As referred to …” „… 2017, ESMA/2016/1452, p. 284.Title III Regulated Markets Art. 51 MiFID IIChristoph Kumpan and Finn …”

Article 13 Delegation of power S. 1776-1777

„… and mar-ket developments.I. Systematic and teleological classificationBased on Art 290 of the TFEU …” „… , Art 13 of the SEPA Regulation enables the Commis-sion to adopt delegated acts. The conditions for …” „… theAnnex remain up to date.II. CommentaryObjectives of delegated actsArt 13 states that the objective for …”

Article 4 Definitions S. 22-34

„… ) 565/2017.11 See Art 4(1)(39) MiFID II.12 Art 4(1)(39) MiFID II. See also Recital 59 MiFID II.13 Recital 59 …” „… fourth and last sentence MiFID II.14 Art 2(d) MiFID II. See → Art 2 mn 8-13.Title I Scope and …” „… (FINRA), Report on Digital InvestmentAdvice, March 2016, p. 2.Art. 4 MiFID II 1. Security Markets and …”

Article 1 Scope and UCITS definition S. 1304-1317

„… Art 1(3) of UCITSD limits the form of UCITS to entities constituted in accordancewith (1) contract law …” „… restricted normal mar-ket cycles from running their course.The Directive 2001/108/EC of 20018 (‘UCITSD III …” „… Financial Markets Regulation (2014), 236 et seq.13 Directive 2001/107/EC of the European Parliament and of …”

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

„… allows them to react to short-term developments in the market.In accordance with Art 57(3) MiFID II, a …” „… Delegated Regulation 2017/591.74 Art 57(3) MiFID II.75 Art 9-21 Delegated Regulation 2017/591.76 Art 13 …” „… Delegated Regulation 2017/591.77 Art 9(1), 11(1) and 13(1) Delegated Regulation 2017/591.78 Art. 9(2 …”

Article 1 Subject matter S. 1231-1234

„… ratings canbe found in Arts 6 through 13 CRA Regulation. The standards include rules regardingthe conduct …” „… credit rating industry, Mar-ket share calculation required by Article 8 d of Regulation 1060/2009 on …” „… – a more efficient European law?’ ECFR 2014, 333; Moloney N, EU Securities and Financial Mar-kets …”

Article 3 Intragroup transactions S. 1579-1584

„… websites a list of those mar-kets that are to be considered to be equivalent in accordance with the …” „… Markets in Financial Instruments Directive of 2004 (MiFID I),1 andnow Art 4(1)(21) of the Market in …” „… exemptions are differently calibrated. On this issue see Moloney, EU Securities and Financial Mar-ket …”

Article 47 Organisational requirements S. 264-268

„… =3034984, p. 19.12 Art 47(1)(e) MiFID II.13 Pursuant to recital 15 MiFID II, a CCP is defined as a legal …” „… regulation (3rd edn, Oxford University Press 2014),p. 361, 362, 471.Art. 47 MiFID II 1. Security Markets …” „… the functioning ofthe financial market. Hence, Art 47 MiFID II obligates Member States to require …”

Article 47 Equivalence decision S. 566-571

„… considered equivalent if it ensures that the sub-13 Cf. Art 172 et seq. Solcency II.14 Cf. European …” „… Make a Global Market in Derivatives Regu-Title VIII Activities by third-country firms Art. 47 …” „… et seq.8 Zetzsche and Marte, ‘Art 36-42 AIFMD’ in Zetzsche (ed), AIFMD, p. 458 et seq.9 Art 19 (6 …”

Article 12 Out-of-court complaint and redress procedures S. 1774-1776

„… . Systematic and teleological classificationBased on Art 290 of the TFEU, Art 13 of the SEPA Regulation enables …” „… . CommentaryObjectives of delegated actsArt 13 states that the objective for any delegated act pursuant to it be for the …” „… debits relevant to the Annex. Therefore, Art 13 does not only focus onwhether the Commission is allowed …”

Article 8 Exemptions S. 1137-1140

„… securities admitted to trading on a regulated mar-ket, the denomination per unit of which is at least EUR …” „… dis-poses of shares of an issuer whose shares are admitted to trading on a regulated mar-ket and to which …” „… in the management of the issuer.1 OJ L 177, 30.6.2006, p. 201.Art. 9 TD 3. Market Transparency1140 …”

Article 8 S. 1054-1063

„… and main featuresof the PRIIP, including:2.Art. 8 PRIIPR 3. Market Transparency1054 Svend Gerhards …” „… stage, excluding any mar-keting material.4. The Commission shall be empowered to adopt delegated acts in …” „… 1094/2010 and of Regulation (EU)No 1095/2010.Art. 8 PRIIPR 3. Market Transparency1056 Svend Gerhards and …”

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

„… Arts 3 to 7, 10, 12, and 13 of Delegated Regulation (EU) No 918/2012.5 Ac-cording to Recital 6 SSR …” „… legalentity.6 More generally, Arts 12 and 13 of the delegated regulation stipulate specific re-porting rules …” „… EBOR 413, 438.13 As to the contents of Art 5(3) and (4) SSR see above.14 For comments on → Art 9, see …”

Article 4 Waivers for equity instruments S. 408-417

„… transparency topics, 12 July 2018, ESMA70-872942901-35,p. 13.Art. 4 MiFIR 1. Security Markets and Services …” „… ) and Art 16 (determination of the most relevant mar-ket in terms of liquidity).Commission Delegated …” „… 4(7) MiFIR was amended by Art 1(3) of the amending Regulation (EU)2016/10333 (“Quick Fix”), which …”

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

„… 70-872942901-35, p. 13-18.12 Art 12(3) of the Commission Delegated Regulation (EU) 2017/587; For the amendment …” „… transparency topics, 12 July 2018, ESMA70-872942901-35,p. 13.Title II Transparency for trading venues Art. 7 …” „… Delegated Regulation (EU) 2017/587.Art. 6 MiFIR 1. Security Markets and Services424 Christoph Kumpan and …”

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

„… details, see above, → mn 6, 8 to 12.Art. 13 SSR 2. Market Behaviour914 Klaus Ulrich Schmolke13The …” „… sovereign debt market”.4 COM(2010) 482 final.5 Cf. Moloney, 546.Chapter III Uncovered short sales Art. 13 …” „… bond repurchase markets. This concern is explicitly mentioned inArt 13(5) SSR and, thus, reflected in …”

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

„… made pursuant to Art 13(1)(b) and (c) SSR.21Article 14Restrictions on uncovered sovereign credit …” „… uncovered positions in a sovereign CDS according to Art 8 SSR, see above, →mn 3.13 Juurikkala, (2012) 9 ECFR …” „… para-graph 1, where it has objective grounds for believing that its sovereign debt mar-ket is not functioning …”

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

„… is marketed.Art 40(3)-(4) addresses the marketing notification that is required for the marketingof …” „… I. General featuresArt 39 applies to the marketing of EU AIF managed by a non-EU AIFM to …” „… market EU AIF in Member States of the EU once apassport is available for such activities.Art 39(2)-(3 …”

Article 7 Authorisation of deferred publication S. 425-428

„… , Q&A on MiFID II and MiFIR transparency topics, 12 July 2018,ESMA70-872942901-35, p. 13-18.12 Art 12(3 …” „… 70-872942901-35,p. 13.Title II Transparency for trading venues Art. 7 MiFIRChristoph Kumpan and Finn Schmidt …” „… Art 15(1)(a) of the Commission Delegated Regulation (EU) 2017/587.13 The minimum qualifying size has …”

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

„… , common products, a target market can be identified in2.13 Art 10(2) subpara 1 MiFID II Delegated …” „… should be disclosed, including mark-ups and mark-downs.40Under Arts 24(4) and (5), information must be …” „… such that they could notArt. 24 MiFID II 1. Security Markets and Services158 Martin Brennckebe …”

Articles 21 to 25 a S. 1288-1291

„… .Arts 21 to 25 a CRAR 3. Market Transparency1288 Christoph Kumpan and Ronny Grütze1234II …” „… http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:61956CJ0009&from=EN (15.6.2018).Arts 21 to 25 a CRAR 3. Market Transparency1290 Christoph …” „… are the respective heads of the Financial Mar-ket Authority of each Member State (entitled to vote …”

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

„… Arrangements for approval and publication Art. 13 PDPaola Lucantoni 999 …” „… information into prospectuses by reference, are discussed in the com-ment to → Art 5, comparing them with …” „… subject to approval.I. General featuresPurposeThe purpose of Art 12 is to implement the …”

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

„… .Art. 10 CRAR 3. Market Transparency1278 Christoph Kumpan and Ronny Grütze1234vestor-paid rating …” „… , Q&As on Credit Ratings, 20 November 2017, ESMA33-5-87, Answer 10 (p. 14).Art. 11 CRAR 3. Market …” „… .Title II Issuing of credit ratings Art. 10 CRARChristoph Kumpan and Ronny Grütze 1277455. Where a …”

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

„… tothereby strengthen the functionality of the capital market.1.1 Commission Proposal 2003, 26.Art. 18 TD 3 …” „… For the definition of ‘issuer’, see → Art 2 mn 7 et seq., for the definition of ‘regulated market …” „… calibrated towards the wholesale bond mar-ket. Where debt securities with large denomination are issued, the …”

Article 7 Responsibility and liability S. 1135-1137

„… non-contractual obligations (Rome II) [2007] OJ L199/40.Art. 7 TD 3. Market Transparency1136 Wolf-Georg Ringe …” „… securities admitted to trading on a regulated mar-ket, the denomination per unit of which is at least EUR …” „… (→ Art 28-28 c).ContextArticle 7 was drafted in close alignment with corresponding obligations in …”

Article 1 Subject matter and scope S. 392-396

„… . Title Vof MiFIR applies also to financial9 and non-financial10 counterparties in accordancewith Art 1(3 …” „… European Central Bank annexed to theTreaty on European Union.13 Art 14(a) of the Commission Delegated …” „… generic term for regulated markets, MTFs and OTFs, see Art 4(1)(24)MiFID II.25 Art 3 and 8 MiFIR for …”

Article 16 Organisational requirements S. 65-120

„… , 13/11/2018,ESMA35-43-1206, p. 12-16, 18-20 (on Art 16(2) MiFID).II. CommentaryOrganisational requirements …” „… that could materially affect the potential risk to the identified target market”(Art 16(3) MiFID).15 …” „… mar-kets, taking into account any event that could materially affect the potential risk tothe identified …”

Article 6 S. 1048-1051

„… ensure that the KID meets the needs of retail investors.11 Recital no. 13 PRIIP Regulation.Art. 6 PRIIPR …” „… Directive2014/65/EU (‘MiFID II’)4 contains a comparable requirement that information in mar-keting materials …” „… ) PRIIP Regulation.Art. 6 PRIIPR 3. Market Transparency1050 Svend Gerhards and Kay Rothenhöfer6789 …”

Article 37 Access to CCP, clearing and settlement facilities and right to designate settlement system S. 234-235

„… regulated mar-ket, subject to the following conditions:(a) such links and arrangements between the …” „… 36(2) MiFID II. See also, recital 107 MiFID II.Art. 37 MiFID II 1. Security Markets and Services234 …” „… smooth and orderly functioning of fi-nancial markets.That assessment of the competent authority of the …”

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

„… financial instruments listed inArts 6, 7, 10, 12, 13, 20 and 21 MiFIR, and consolidate that information into …” „… 12 (Post-tradetransparency obligations), Art 13 (Application of post-trade transparency to …” „… reporting of transactions to competent authorities (OJ EU L 87/449).13 Art 20(1) MiFIR.14 APAs will be …”

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

„… functioning or the stability of the market.In addition to the three situations addressed in Art 40(2) and 41(2 …” „… (eds), Regulation of the EU Financial Market, p. 137, margin no 5.42.3 See Art 40(2)(c) and 41(2)(c …” „… Financial Market, p. 123-140, margin no5.57.Title VII Supervisory measures Art. 42 MiFIRMatthias Lehmann …”

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

„… same rulesapply as in the case of market operators and investment firms under Art 13 MiFIR. Seethe …” „… trans-action as determined in accordance with the methodology set out in Art 13 of the Commission …” „… apply.212.12 For the definition see Art 2(1)(50) MiFIR.13 ESMA, Q&A on MiFID II and MiFIR transparency …”

Article 32 Trading obligation procedure S. 519-524

„… swaps13 (see → Art 28 mn 24). The classes of derivatives that are subject3.4 ESMA, Consultation Paper …” „… market operators must also keeprecords of the service, Art 31(3) MiFIR.Article 32Trading obligation …” „… including the ratio ofmarket participants to products/contracts traded in a given product mar-ket;(c) the …”

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

„… limit could not be shorter than two days and this caused mar-ket uncertainty as to when withdrawal …” „… Regulation (3rd edn, Oxford University Press 2014), 112.Art. 18 PD 3. Market Transparency1014 Paola …” „… rightsThe publication of a prospectus supplement triggers the investors’ withdrawal rightsunder Art 16(2 …”

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

„… executeclient orders among trading venues, including not only stock exchanges (regulated mar-kets) but also …” „… Transparenzvorschriften der Richtlinie über Märkte für Finanzinstru-mente’, WM 2006, p. 797.4 See Art 29 and 44 MiFID I …” „… 193 / July 2017, p. 5.13 European Central Bank, ‘Dark pools in European equity markets: emergence …”

Article 20 Specific requirements for OTFs S. 145-149

„… instru-ments see Art 2(1)(17) MiFIR and Art 13 and Annex III of the Commission DelegatedRegulation (EU …” „… .13 Art 20(5) subpara 2 MiFID II.14 Article 4(1)(35) MiFID II. In this context see also ESMA, Q&As on …” „… other investment firms to conduct independent mar-ket-making activities on an OTF it operates.12 …”

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

„… .13 Art 35(4) subpara 1 (b), Art 36(4) subpara 1 (b) MiFIR.14 Art 35(4) subpara 1 (b), Art 36(4 …” „… Regulation (EU) 2017/581, Art 12(4) and 13(1).32 Delegated Regulation (EU) 2017/581, Art 12(1).33 Delegated …” „… up different markets. Art 35 MiFIR gives tradingvenues access to clearing and settlement services via …”

Article 14 S. 1709-1710

„… Collateral Directive). First, the size and importance of financial mar-kets and financial transactions …” „… relevant securities account needed toapply Art 9(2).2However, some issues have been highlighted that needed …” „… instance, thenot fully clarified application to insolvency-like proceedings (see above, → Art 2 mn 12)or …”

Article 29 Publication of decisions S. 1223-1226

„… considered to be inviolation of Directive 2004/109/EC and to promote wider good behaviour amongst mar-ket …” „… Proposal 2011, 9.3 See above, → Art 28 b mn 3.Art. 29 TD 3. Market Transparency1224 Wolf-Georg Ringe1234 …” „… 95/46/EC.Chapter VIB Publication of decisions Art. 29 TDWolf-Georg Ringe 12231234(c) where …”

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

„… featuresArt 42 addresses the marketing of AIF by non-EU AIFM to professional investors un-der national …” „… subject to certain minimum requirements imposedby the directive. Art 42 only relates to the marketing of …” „… impose additional requirements. Therefore, Art 42 does notprovide a uniform marketing regime for non-EU …”

Article 49 Tick sizes S. 292-296

„… depositary receipts as underlying.25 However, tick sizes do not need to3.13 Art 2(1)(a) of the Commission …” „… XII. Identifying algorithmic trading (Art 48(10) MiFID II)Regulated markets must be able to …” „… . Access to order book data (Art 48(11) MiFID II)Pursuant to Art 48(11) MiFID II, regulated markets have to …”

Article 16 Supplements to the prospectus S. 1009-1013

„… Q&A has clarified some troublesome issues related to supplements.1.2.1.Art. 16 PD 3. Market …” „… regu-lated market under the Market Abuse Regulation.According to Art 16(1), the prospectus supplement must be …” „… , Prospectus Q&A, latest version adopted, 20 October 2017, ESMA-31-62-780.Art. 16 PD 3. Market Transparency …”

Article 2 a Equivalence decisions for the purposes of the definition of OTC derivatives S. 1578-1579

„… this Regulation.3. The Commission and ESMA shall publish on their websites a list of those mar-kets …” „… re-Art. 2 a EMIR 5. Securities Clearing and Settlement1578 Paola Lucantoniquirements which are …” „… a third country, the Commission hasadopted an implementing act under Article 13(2) in respect of …”

Article 33 SME growth markets S. 217-221

„… .13 Art 33(7) sent 2 MiFID II.1 Cf. Recital 107 MiFID.Title II Authorisation and operating …” „… burden on SMEs isminimised.1.Art. 33 MiFID II 1. Security Markets and Services218 Christoph Kumpan and …” „… has set out that SME growth marketsshould be fostered to support a market-based economy.Recitals …”

Article 4 Annual financial reports S. 1118-1124

„… amended by Directive 2003/51/EC.Art. 4 TD 3. Market Transparency1118 Wolf-Georg Ringe22(6) The …” „… (European Securities and Mar-kets Authority) (ESMA) established by Regulation (EU) No 1095/2010 of the …” „… certaincriteria.11 See → Art 8 mn 5 et seq.12 See Article 8(2), (3).Art. 4 TD 3. Market Transparency1120 …”

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

„… service providers in theCommunity.1612 See also → mn 8.13 See e.g. Recital 14, Art 125, Art 18(1), 47(1)(d …” „… Council of 15 May 2014 on mar-kets in financial instruments, [2014] OJ L 173/84.Introduction to MiFID II …” „… Interest Groups: From MiFID I toMiFID II', 2012 (13) European Business Organisation Review 557-597 …”

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

„… ensure that the ultimate execution of the orders complies with thetrading obligation of Art 23 MiFIR.13 …” „… mar-kets (regulated markets, multilateral trading facilities) or using systematic internalisers.1Recitals …” „… : Impact on Trading Volume andLiquidity’, February 2018, p. 7.Art. 23 MiFIR 1. Security Markets and …”

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

„… liquid market, unless there is a liquid market for thepackage order as a whole;13 Art 8(4) MiFIR; also …” „… financial instruments for which there is not a liquid market), Art 13 (Methodolo-gy to perform the …” „… 1. Security Markets and Services436 Christoph Kumpan and Finn Schmidt567Art 13(2) of the …”

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

„… information about theissuer or financial instrument in breach of Arts 7 and 17 of MAR, the competent …” „… Commission Implementing Regulation (EU) 2017/1005.13 Art 3(2) of the Commission Implementing Regulation (EU …” „… issuer or financial instrumentArt. 32 MiFID II 1. Security Markets and Services212 Christoph Kumpan …”

Article 21 Powers S. 1020-1023

„… )), and regarding securities admitted to trading on a regulated mar-ket (in particular, see Art 21(4 …” „… regulated market, as well as financial intermediariesArt. 21 PD 3. Market Transparency1020 Paola …” „… recently revised – market abuseand transparency regime.Art. 21 PD 3. Market Transparency1022 Paola …”

Article 2 Definitions S. 1317-1323

„… which are admitted to trading or dealt in on a regulated mar-ket in accordance with Arts 50(1)(a), (b …” „… admitted to or dealt in on a regulated market as re-ferred to in points (a) to (d) of Art 50(1) of UCITSD …” „… 2(3) of UCITS EAD).Definition of money market instruments. Arts 3 and 4 of UCITS EAD set out …”

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

„… integrity of the mar-ket.Bibliography: Moloney N, EU Securities and Financial Markets Regulation (3rd edn …” „… 4(1)(63) MiFID II. See also Annex I Section D MiFID II.12 See the definition in Art 4(1)(52) MiFID II.13 …” „… .1.Art. 63 MiFID II 1. Security Markets and Services342 Matthias Lehmann123ContextAll provisions …”

Chapter 2 Conduct of business rules S. 1637-1643

„… accordance with Arti-cle 39 with respect to specific financial instruments. A CCP may calculate mar-gins with …” „… CCPs Art. 37 EMIRPaola Lucantoni 1637Article 38Transparency1. A CCP and its clearing members shall …” „… atthe CCP.Art. 39 EMIR 5. Securities Clearing and Settlement1638 Paola Lucantoni5. A clearing member …”

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

„… matched-prin-cipal trading (with regard to OTFs) or market-making, within the limits set out inArts 20(2) and 20(5 …” „… contingencyarrangements to cope with risks of systems disruption.7.Art. 18 MiFID II 1. Security Markets and Services134 …” „… , investment firms and mar-ket operators operating an MTF or an OTF provide, or are satisfied that there …”

Article 21 Access to regulated information S. 1193-1197

„… https://www.esma.europa.eu/access-regulated-information.20 ESMA, Q&A, Q17.21 See Article 2(1)(i) and (j).Art. 21 TD 3. Market Transparency1196 …” „… dissemination ofinformation to the public.2.3.Chapter IV General obligations Art. 21 TDWolf-Georg Ringe …” „… is-suer is required to disclose either under the TD (and its implementing measures) or un-der MAR.6 This …”

Article 1 Subject matter and scope S. 1711-1720

„… exclude non-financial parties is laiddown in Art 1(3). It is an opt-out (i.e. the default is inclusion …” „… exempt parties under Art 1(3) to the fullest extent pos-sible, some exempt some parties but not others …” „… Mortgage’ (2008) 2 Lawand Financial Markets Review 333, 336.9 COM(2001) 168 final.Art. 1 FCD 5 …”

Titelei/Inhaltsverzeichnis S. I-XLII

„… . 179-189) . . . . . . . . . . . . . . . . . . . . . . . . 623Market Abuse Regulation (MAR)Regulation (EU …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Article 10 640Market Abuse Regulation (MAR)Introduction …” „… EU in thisarea. It contains such pivotal texts as MiFID II and MiFIR, MAR and MAD, EMIR …”

Article 17 Algorithmic trading S. 120-134

„… to the overall market.Title II Authorisation and operating conditions for investment firms Art. 17 …” „… ) . . . . . . . . . . . . . . . . . . . . . . . . . 13a) Notification of algorithmic trading (Art 17(2) MiFID) . . . . . . . . . . . . . . . . . . 13b …” „… Post-deployment managementArt 12 Kill functionality Means to ensure resilienceArt 13 Automated surveillance system …”

Article 5 The prospectus S. 974-984

„… offered to the public or to be admitted to trading on a regulated mar-ket. It shall also include a summary …” „… investors to compare the security con-cerned with other relevant products.Art. 5 PD 3. Market …” „… with the International Financial Reporting Standards.Art. 5 PD 3. Market Transparency976 Paola …”

Introduction S. 1563-1574

„… central counterparties’ (2011) Swiss Bank Working Paper 12; Mar-josola H, ‘Missing pieces in the patchwork …” „… (EU) No 667/2014 of 13 March 2014 supplementing Regulation (EU)No 648/2012 of the European Parliament …” „… Markets Authority including rules onthe right of defence and temporal provisions Brussels, 13.3.2014 C …”

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

„… countries Art. 37 AIFMDChristian Schmies 1545market units or shares of AIFs managed by it in Member States …” „… requestthat the AIFM indicate the Member State of reference based on its actual mar-keting strategy. The …” „… the financial markets with a view to facilitating theArt. 37 AIFMD 4. Funds1548 Christian …”

Introduction S. 941-951

„… Committee of the Regions, Action Plan on Building a Capital Mar-kets Union, Brussels, 30.9.2015 COM(2015 …” „… ; Kumpan C, ‘Market-based financing in the Capital Markets Union: The EuropeanCommission’s Proposals to …” „… C-375/13)’ (2016) 12 Journal of Private InternationalLaw 318; Leuz C and Wysocki PD, ‘The Economics …”

Article 13 Assessment S. 61-63

„… out in the firstsubparagraph of Art 13 (1) MiFID. As of March 2018, the Commission has not adoptedany …” „… .Title II Authorisation and operating conditions for investment firms Art. 13 MiFID IIDirk Zetzsche …” „… featuresRecitalsRecitals 42, 47, 155 MiFID.Implementing actsPursuant to Art 13(1) MiFID, the Commission is empowered to …”

Article 14 Membership of an authorised investor compensation scheme S. 63-64

„… Article 89 which adjust the criteria set out in the firstsubparagraph of Art 13 (1) MiFID. As of March …” „… Art 13(1), second para MiFID, the Commission is empowered to adoptdelegated acts in accordance with …” „… 2018, the Commission has not adoptedany delegated act with regard to Art 13 MiFID. However …”

Article 15 Execution of client orders S. 458-463

„… apply as in the case of market operators and investment firms according toArt 13 MiFIR. See the …” „… . Execution of quotes (Arts 15(2), (3) MiFIR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13I …” „… 7 (Obligation to provide marketdata on the basis of cost), Art 8 (Obligation to provide market data …”

Introduction and overview S. 874-881

„… Regulation 827/2012 is based on Arts 9(6),11(4), 12(2), 13(5) and 16(4) SSR. It stipulates technical …” „… , and determines the types of agreements, arrangements and measures underArts 12(1) and 13(1) SSR that …” „… effective. Delegated Regulation918/2012 is based on Arts 2(2), 3(7), 4(2), 7(3), 13(4), 23(7) and Art 30 SSR …”

Article 13 S. 1163-1172

„… paragraph 1 of this Article or when filing information under Article19(3).Art. 13 TD 3. Market …” „… , → Art 3 mn 13 et seq.Art. 13 TD 3. Market Transparency1166 Wolf-Georg Ringe3456II. Disclosure of …” „… .Art. 13 TD 3. Market Transparency1168 Wolf-Georg Ringe15161718192021ments.23 As the ESMA list also …”

Article 11 Authorisation of deferred publication S. 442-450

„… 70-872942901-35,p. 13.Art. 11 MiFIR 1. Security Markets and Services442 Christoph Kumpan and Finn Schmidt678910 …” „… on MiFID II and MiFIR transparency topics, 12 July 2018,ESMA70-872942901-35, p. 13-18.6 Art 7(3) of …” „… requirements inconjunction with deferred publication at the discretion of the competent authori-ties), Art 13 …”

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

„… SSR, and Arts 3 to 13 of Delegated Regulation (EU) No918/2012.2 How this notification has to be made …” „… generally, Arts 12 and 13 of the delegated regulation stipulate specific re-porting rules for management …” „… EBOR 413, 438.13 As to the contents of Art 5(3) and (4) SSR see above.14 For comments on → Art 9, see …”

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

„… Regulation (EU) 2017/571 (RTS 13):4 Recitals and Art 15(scope of the consolidated tape for shares, depositary …” „… Delegated Regulation (EU) 2017/577.12 Art 6(7) of the Commission Delegated Regulation (EU) 2017/577.13 Art …” „… Commission Delegated Regulation(EU) 2017/583.Art. 22 MiFIR 1. Security Markets and Services482 Christoph …”

Article 13 Approval of the prospectus S. 999-1004

„… Arrangements for approval and publication Art. 13 PDPaola Lucantoni 999Regulation (EU) No 1095/2010 shall not …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12I. General featuresPurposeTo provide a single ‘passport’ throughout Europe, Art 13 provides that …” „… which it must seek approval in accordance with Art 2(1)(m)(ii) of the Prospectus Directive.1.Art. 13 PD …”

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

„… .30 ESMA/2012/228.31 For further details, see above, → mn 6, 8 to 12.Art. 13 SSR 2. Market …” „… JCLS 333, 348-349; and already above, → mn 3.13 In Art 6(2) of the Implementing Regulation (EU) No …” „… the corresponding ITS in Arts 5, 6 and 8of Implementing Regulation (EU) No 827/2012.31Article 13 …”

Article 59 S. 610-612

„… of the ‘regulated market’in the ISD7 and then in MiFID I/II (see above → Art 2 mn 3), it should now …” „… 250,000 EUR.6 Cf. Heinze, 67.Art. 59 CARD 1. Security Markets and Services610 Jessica Schmidt12345tures …” „… Art 4(1)(21) MiFID II8 (see above → Art 43 mn 7).1.2.1 Cf. Gebhardt, § 11 BörsZulV margin no 1; Groß, …”

Article 2 Exemptions S. 10-18

„… making agreement, see Art 1 Delegated Regulation 2017/578 of 13 June2016 supplementing Directive 2014/65 …” „… 87/183.12 Recital 23 MiFID II.13 For a definition of the notion 'multilateral trading facility' see Art …” „… → mn 8-13.29 Art 2(1)(j)(i) MiFID II.30 See already → Art 1 mn 6.31 Art 2(1)(j)(ii) second indent MiFID …”

Articles 18 to 26 S. 930-934

„… renew a certain measure on its website (Art 25 SSR).13 However, the measuresmay be renewed for further …” „… , → mn 1.13 For details on Art 25 SSR, see below, → mn 15.14 See Avgouleas, (2010) 15 Stanford Journal of …” „… , with further details; also Payne, (2012) 13 EBOR 413, 439.Chapter V Powers of intervention Arts 18 …”

Article 13 S. 1073-1081

„… , review and revision of key information documents and theArt. 13 PRIIPR 3. Market Transparency1074 …” „… time criterion”.Art. 13 PRIIPR 3. Market Transparency1078 Svend Gerhards and Kay Rothenhöfer161718 …” „… , section 8 of Article 14).Art. 13 PRIIPR 3. Market Transparency1080 Svend Gerhards and Kay Rothenhöfer …”

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

„… acquisition (cf.Recital 47 and → Art 13 MiFID). The review is based on the same grounds as the reviewof the …” „… detailed in Art 13(4) MiFID.Proposed acquisition (Art 11(1) MiFID)The subject of notification is the …” „… acquirer (Art 11(2) MiFID)While the assessment of the aquirer’s suitability is specified in → Art 13 MiFID …”

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

„… to Art 13 EMIR.The connection between trading and clearing also exists in the opposite …” „… 11(13) EMIR.10 See Art 2(8), 10(1)(b) EMIR.11 See Art 10(1)(b) EMIR.12 Art 28(2) 1 MiFIR.13 Art 28(2) 2 …” „… traded on a regulated market.Art 29(2) MiFIR concerns the “how” of the clearing procedure by obliging …”

Article 13 Remuneration S. 1489-1492

„… operating requirements in Art 13-17 andthe organisational requirements of Art 18-21.II. CommentaryArt 12 …” „… Operating conditions for AIFMs Art. 13 AIFMDChristian Schmies 148912345professional activities have a …” „… Authority (European BankingAuthority) (EBA).I. General featuresArt 13 introduces regulatory requirements …”

Article 5 Right of use of financial collateral under security financial collateral arrangements S. 1728-1731

„… transactions with third parties.1 That13 Recital 17.1 Devos, 42.Art. 5 FCD 5. Securities Clearing and …” „… able to trans-3.9 Devos, 42.10 Devos, 43.11 Marino, 1169.12 Devos, 43; Ruzik, 511.13 Devos, 43.14 …” „… State rules may be subject to subsequent judicial review.13 Judicial approval prior to …”

Overview of Articles 5-11 S. 894-895

„… justification lying with the market participant (cf. Art 18(3)) by deeming it sufficient to demon-strate certain …” „… tween the price of the assets or liabilities and the price of the relevant sovereign debt (seeArt …” „… correlation’ based on appropriate data which is not evidence ofmerely a temporary dependence (see Art 18(1)(b …”

Article 107 S. 618-620

„… II. CommentaryArticle 106 is complemented by the lex specialis in Art 13 with respect to …” „… communi-cation and cooperation in case of closely related admissions (see in detail on this →Art 13 mn 1 et …” „… 13 and 106 (see above → Art 13 mn 1 et seq., → Art 106mn 1 et seq.), Art 107(2) sentence 1 provides …”

Article 43 S. 594-597

„… ), Unternehmensfi-nanzierung am Kapitalmarkt (3rd ed, C.H.Beck 2013), margin no 14.Art. 43 CARD 1. Security Markets and …” „… – be interpreted in the sense of the definition in Art 4(1)(21)MiFID II.13 A Member State which has …” „… BörsZulV margin no 2; Kalss, Oppitz andZollner, 13.59-13.60; Schlitt, ‘Die neuen Marktsegmente der …”

Article 12 Assessment procedures S. 58-61

„… ) to (3) MiFID establishes a strict time line for assessing the proposed ac-quisition (cf. Art 11, 13 …” „… .Title II Authorisation and operating conditions for investment firms Art. 13 MiFID IIDirk Zetzsche …” „… 12 MiFID.1.2.3.Art. 12 MiFID II 1. Security Markets and Services60 Dirk Zetzsche345Implementing …”

Article 14 Exercise of the delegation S. 1777-1778

„… to the EuropeanCommission by virtue of Arts 290(1) and (2) of the TFEU. While Art 13 of the …” „… the Annex are non-essential within the meaning of Art 290 TFEU. Thefundamental guidelines are set by …” „… Art 5, while the Annex solely amends the technicaldetails.Article 14Exercise of the delegation1. The …”

Article 1 Purpose and scope S. 951-958

„… arrangements mentioned under Art 1(3).The nature of the issuer or the guarantorThe second type of exception is …” „… [see Art 1(2)(b)]. Such securities could fall under opt-in ar-rangements provided under Art 1(3).Other …” „… types of debt that are excepted and could also fall under the opt-in arrange-ments of Art 1(3) include …”

Article 12 Obligation to make pre-trade and post-trade data available separately S. 450-451

„… .I. General featuresPurposeArticle 13 MiFIR aims to clarify the disclosure requirements of Arts 3, 4 …” „… venues Art. 13 MiFIRChristoph Kumpan and Finn Schmidt 4511234 …” „… Article 6 (Obligation to pro-vide market data on a reasonable commercial basis), Art 7 (Obligation to …”

Overview of Articles 12-15 S. 908-910

„… Behaviour908 Klaus Ulrich Schmolke4561Art 12, sovereign debt in its Art 13, and a ‘semi-permanent …” „… Art 15 SSR, see Recital 23 SSR; for an overview of the provision’s content, seeMoloney, 560.13 …” „… above, → Art 2.3 COM(2010) 482 final, 25-26 (Art 12).Art. 12 SSR 2. Market Behaviour910 Klaus Ulrich …”

Articles 42 to 48 S. 939-941

„… Overview mn 15-16.10 See already above, Introduction and Overview mn 8.Arts 42 to 48 SSR 2. Market …” „… individuals with regard to the processing of personal data by the Union insti-tutions (see Arts 39(1) and 40 …” „… SSR).8 Art 40 SSR stresses that NCAs must assess that theconditions laid down in Chapter V of …”

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

„… , (2012) ZBB/JBB 266, 278-279.1 Recital 21 SSR.Art. 4 SSR 2. Market Behaviour892 Klaus Ulrich Schmolke …” „… , and each 0,1% increment above that (Art 5 SSR). Thesecond tier requires a market participant to …” „… which eases the bur-den of justification lying with the market participant (cf. Art 18(3)) by deeming it …”

Article 46 S. 598-599

„… 1; Heinze, 60; Kalss,Oppitz and Zollner, 13.63.Art. 46 CARD 1. Security Markets and Services598 …” „… market.I. General featuresAs the second condition relating to the shares, Art 46 (previously Annex …” „… , Oppitz and Zollner, 13.66.7 Cf. Gebhardt, § 5 BörsZulV margin no 16; Groß, §§ 1-12 BörsZulV margin no 10 …”

Article 7 Minimum information S. 987-990

„… consistent with the accounting policies of the issuer’ is needed (Annex I,Art 13, 13.1, 13.2, 13.3, 13.4. of …” „… .3 See Article 23(3) of the Prospectus Regulation.Art. 7 PD 3. Market Transparency988 Paola …” „… Commission in ac-cordance with paragraph 4.Art. 8 PD 3. Market Transparency990 Paola Lucantoni …”

Article 14 S. 586-587

„… another Member State, or will be made in the near future.I. General featuresArticle 13 (previously Art …” „… (see below → Art 106 mn 2).II. CommentaryCommunication and collaboration of NCAsArticle 13(1) requires …” „… of certain formalities.Notification dutyIn order to facilitate the work of the NCAs, Art 13 …”

Article 2 Definitions S. 1751-1755

„… that are identifiedby the public register in accordance with rules set out in Art 13, 23 of the PSD1 …” „… of a ‘payment order’ in Art 2(11) above is the same definition used inArt 4(13) of the PSD2 and is …” „… Multilateral interchange fees within the meaningof Art 2(13) above are interchange fees arranged by three or …”

Article 14 S. 1174-1176

„… 12 mn 5 et seq. and → Art 13 mn 30 et seq.1 Directive (EU) 2017/1132 of the European Parliament and …” „… 60(1).Art. 14 TD 3. Market Transparency1174 Wolf-Georg Ringe67812The present disclosure requirement …” „… seq., for ‘regulated market’, see → Art 2 mn 5 et seq.4 Directive 2017/1132/EU, Article 60(1).5 …”

Article 2 S. 577-580

„… forward in Art 4(1)(18) of the Markets in Financial Instruments Di-1.1 Cf. Annex III.1 Cf. Annex III.2 …” „… (MiFID I),4 and is now stated in Art 4(1)(44) of the Markets in FinancialInstruments Directive of 2014 …” „… (Springer 2010), 195; Moloney, II.7.2.2.Art. 2 CARD 1. Security Markets and Services578 Jessica Schmidt3 …”

Article 3 Short and long positions S. 888-892

„… calculated (see Arts 5 to 13 and Appendix Iand II of Delegated Regulation (EU) No 918/2012).II. CommentaryIn …” „… Art 9(2) SSR and the commentin → Art 9 mn 7.13 For further details, see Annex II to Delegated …” „… sovereign debt on behalf of thesovereign issuer.Art. 3 SSR 2. Market Behaviour888 Klaus Ulrich Schmolke7 …”

Articles 14 to 20 S. 1284-1288

„… and Financial Markets Regu-lation (2014), VII.2.6 (p. 657).Arts 14 to 20 CRAR 3. Market …” „… . 7, margin no 19.13 ESMA, ESMA’s supervision of credit rating agencies, trade repositories and …” „… .Arts 14 to 20 CRAR 3. Market Transparency1286 Christoph Kumpan and Ronny Grütze101112the rating …”

Article 54 S. 605-606

„… ) 2017/568.3 Cf. Kalss, Oppitz and Zollner, 13.66.Art. 55 CARD 1. Security Markets and Services606 Jessica …” „… BörsZulV margin no 1; Heidelbach, § 5 BörsZulV margin no 1; Heinze, 65; Kalss,Oppitz and Zollner, 13 …” „… II. CommentaryGoverning lawLike in the case of the issuer of shares (see above → Art 42), the …”

Article 13 S. 585-586

„… provisions concerning the official listing of securities Art. 13 CARDJessica Schmidt 58531procedure and …” „… made in the near future.I. General featuresArticle 13 (previously Art 18(2) and (3) LCD) pertains to …” „… the work of the NCAs, Art 13(2) requires that any application foradmission to official listing must …”

Article 12 General principles S. 1488-1489

„… complemented by more specific operating requirements in Art 13-17 andthe organisational requirements of Art …” „… takers, whoseChapter III Operating conditions for AIFMs Art. 13 AIFMDChristian Schmies 148912345 …” „… I. General featuresArt 11 addresses the circumstances under which competent authorities may …”

Article 13 a Aggregation S. 1172-1174

„… in the European Union’ (2013) 36 University ofSeattle Law Review 2017, 1088-9.Art. 13 a TD 3 …” „… , recital 12.4 ESMA, Q&A, Q20.Chapter III Ongoing information Art. 13 a TDWolf-Georg Ringe 117312345 …” „… . and → Art 13 mn 30 et seq.1 Directive (EU) 2017/1132 of the European Parliament and of the Council of …”

Article 55 S. 606-607

„… ; Heidelbach, § 5 BörsZulV margin no 1; Heinze, 65; Kalss,Oppitz and Zollner, 13.63.2 Art 35(1) Commission …” „… Zollner, 13.66.Art. 55 CARD 1. Security Markets and Services606 Jessica Schmidt1231during which …” „… ultimately the functioning of the market.1 The provi-sion corresponds with Arts 46(1) and (2) regarding …”

Article 66 Organisational requirements S. 351-357

„… post-trade information by market operators and investmentfirms operating on trading venues, see Art 13 MiFIR …” „… synchronisation underMiFID II, 10 October 2016, ESMA/2016/1452.13 Art 88 Commission Delegated Regulation (EU …” „… association, as it is done in the US.23 In3.4.17 Art 64(1), 65(1), (2) MiFID II.18 See Art 13 MiFIR and the …”

Article 5 Volume Cap Mechanism S. 417-423

„… months.13 Art 8(3) of the Commission Delegated Regulation (EU) 2017/577.14 See Art 8(1) and Art 6(6) of …” „… ) 2017/571 and Art 13(4), (5) of Delegated Regu-lation (EU) 2017/567. See Art 8(2) of the Commission …” „… to:Art. 5 MiFIR 1. Security Markets and Services418 Christoph Kumpan and Finn Schmidt(a) enable the …”

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

„… analyst”, see Art 3 (1) (e) CRA-Regulation.13 ESMA, Q&As on Credit Ratings, 20 November 2017, ESMA33-5-87 …” „… referred to in points (a), (b) and (c) of paragraph 6.Art. 8 CRAR 3. Market Transparency1264 Christoph …” „… , No 9 p. 5.Art. 8 CRAR 3. Market Transparency1266 Christoph Kumpan and Ronny Grütze78910use the …”

Article 12 Prudential regulation S. 1334-1336

„… refers to qualifying holdings in Arts 10-10 b of MiFID I (nowArts 10-13 of MiFID II).II. OverviewFor …” „… further details see comments on → MiFID II Arts 10-13.Article 12Prudential regulation1. Each Member State …” „… managementcompany has been allowed to delegate in accordance with this Article.1 See UCITSD, Art 6(3)(a).Art. 13 …”

Article 16 Exemption where the principal trading venue is in a third country S. 921-924

„… determinewhether the principal trading venue lies within or without the EU.Art. 16 SSR 2. Market Behaviour922 …” „… Art. 16 SSRKlaus Ulrich Schmolke 9236789Article 17Exemption for market making activities andprimary …” „… market operations1. Articles 5, 6, 7, 12, 13 and 14 shall not apply to transactions performed due …”

Article 50 S. 602-604

„… Cf. Heinze, 61.2 Cf. Gebhardt, § 7 BörsZulV margin no 1.3 Cf. Gebhardt, § 7 BörsZulV margin no 4 …” „… ; Kalss, Oppitz and Zollner, 13.77.4 Cf. Gebhardt, § 7 BörsZulV margin no 5, § 69 BörsZulV margin no 2 …” „… ), Unternehmensfinanzierung am Kapitalmarkt (3rd ed, C.H.Beck2013), margin no 20.6 Cf. Kalss, Oppitz and Zollner, 13.78; Trapp …”

Article 8 Omission of information S. 990-994

„… ap-proval mechanism under Art 13(1).Ommission of information in the case of securities “unconditionally and …” „… , Art 1(3) of the Prospectus Directive entitles an issuer, an offeror or a per-son asking for admission …” „… an issuer decides to use the option provided in Art1(3) of the Prospectus Direc-tive to draw up a …”

Article 49 S. 601-602

„… , § 7 BörsZulV margin no 1.3 Cf. Gebhardt, § 7 BörsZulV margin no 4; Kalss, Oppitz and Zollner, 13 …” „… rd ed, C.H.Beck2013), margin no 20.6 Cf. Kalss, Oppitz and Zollner, 13.78; Trapp, ‘§ 37’ in Habersack …” „… corresponding requirement.Art. 50 CARD 1. Security Markets and Services602 Jessica Schmidt2345 …”

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

„… 2011/61/EU. For more on APAs see the commentary on Art 20at margin no 3 et seq.13 Art 12(b) of the …” „… , ESMA70-872942901-35,p. 21.44 Ibid.Art. 21 MiFIR 1. Security Markets and Services478 Christoph Kumpan …” „… Commission Delegated Regulation(EU) 2017/583.Art. 22 MiFIR 1. Security Markets and Services482 Christoph …”

Article 13 Delegation S. 1336-1337

„… accordance with this Article.1 See UCITSD, Art 6(3)(a).Art. 13 UCITSD 4. Funds1336 Dirk Zetzsche and …” „… delegate its functions to the extent that it be-comes a letter-box entity.I. PurposeArt 13 of UCITSD lays …” „… companies to delegate their activitiesto third parties.II. OverviewArt 13 of UCITSD is the principal rule …”

Article 14 Conduct of business rules S. 1337-1338

„… functions to the extent that it be-comes a letter-box entity.I. PurposeArt 13 of UCITSD lays down …” „… to delegate their activitiesto third parties.II. OverviewArt 13 of UCITSD is the principal rule on …” „… asset managerlicensed under MiFID. Art 13 of UCITSD ensures that the UCITS framework is also …”

Article 13 Public disclosure fees S. 1283-1284

„… Art. 13 CRARChristoph Kumpan and Ronny Grütze 12831231TITLE IIISURVEILLANCE OF CREDIT RATING …” „… Moloney, EU Securities and Financial Markets Regu-lation (2014), VII.2.6 (p. 657).Arts 14 to 20 CRAR 3 …” „… financial situation and a corporate governance statement.1Article 13Public disclosure feesA credit rating …”

Article 9 S. 1702-1706

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111. Art 9(1) – Insulation of collateral …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112. Art 9(2) – Law applicable to collateral security …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17I. General featuresPurposeThe function of Art 9 is twofold. On the one hand, paragraph 1 under …”

Article 13 Addressees S. 1744-1745

„… Communities.Article 13AddresseesThis Directive is addressed to the Member States.Art. 13 FCD 5. Securities Clearing …” „… With respect to the three opt-out provisions in the directive discussed above underArts 1 and 4 …” „… , the Commission recommends to leave Arts 1(2)(e) and 1(4)(b) unchanged,and to delete Art 4(3), which …”

Article 47 S. 599-600

„… Zollner, 13.66.7 Cf. Gebhardt, § 5 BörsZulV margin no 16; Groß, §§ 1-12 BörsZulV margin no 10; Kalss …” „… . Explanatory Notes, BT-Drs 72/87, 74; Gebhardt, § 9 BörsZulV margin no 1; Heinze, 60.Art. 48 CARD 1 …” „… from Arts 46(2) and (3), that shares which are notfully paid up and shares which may be acquired only …”

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

„… account in commodity derivatives, emission al-1.3 Art 58(2) MiFID II.4 On the notion “economically …” „… counter-exceptions, see comment on → Art 2 mn 18-25.11 Art 58(1)(b) MiFID II.12 Art 58(1)(a) MiFID II.13 Art 58(1)(a …” „… defined in Directive 2003/41/EC;(d) commercial undertakings;Art. 58 MiFID II 1. Security Markets and …”

Article 23 Third countries S. 1200-1204

„… (13 December 2017).Art. 23 TD 3. Market Transparency1200 Wolf-Georg Ringe234Community is disclosed …” „… 23.16 Commission Directive 2007/14/EC, Articles 13-22.17 Commission Regulation (EC) No 1569/2007.Art. 24 …” „… Parliament and of the Council [2015] OJ L249/3.Art. 23 TD 3. Market Transparency1202 Wolf-Georg Ringe1234 …”

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

„… 14, p. 13.Title VII Supervisory measures Intro Art. 39-43 MiFIRMatthias Lehmann 53912A subsequent …” „… Art 38(3) subpara 2 lit (b) and (c) MiFIR.3 Art 38(1) 2 MiFIR.Art. 38 MiFIR 1. Security Markets and …” „… Invest-Intro Art. 39-43 MiFIR 1. Security Markets and Services540 Matthias Lehmann345Others have been more …”

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

„… (November 2009) 13.29 See below Article 13 paras 1 et seq.Chapter III Ongoing information Art. 10 …” „… Commission Directive 2007/14/EC Articles 5 and 6, as discussed above.Art. 10 TD 3. Market Transparency1148 …” „… (Bundesgesetzblatt I p1666).8 For details, see Veil, Disclosure, paras 42-66.Art. 10 TD 3. Market Transparency1150 …”

Article 11 S. 1067-1072

„… above, → Art 4 mn 14) and provides a near-3.4.15 EuGH, Judgement in case C-375/13 v. 28. January 2015 …” „… (PRIIPs)[2014] OJ L352; see recital no. 22 PRIIP Regulation.Art. 11 PRIIPR 3. Market Transparency1068 …” „… 302/32.10 Article 6(4) PRIIP Regulation.Art. 11 PRIIPR 3. Market Transparency1070 Svend Gerhards and Kay …”

Overview of Articles 18-31 S. 929-930

„… basis for this provision.Arts 18 to 26 SSR 2. Market Behaviour930 Klaus Ulrich Schmolke123 …” „… NCAs (see Section 1 ofChapter V, Arts 18 to 26 SSR)1 and to ESMA (see Section 2 of Chapter V, Arts 27 …” „… regime under Arts 5 to 17 SSR and stipulate additional notifica-tion and disclosure requirements, as well …”

Articles 40 to 41 S. 1303-1304

„… In accordance with Art 6(1) Commission Delegated Regulation (EU) 946/2012, thelimitation period for …” „… sanctions imposed by ESMA pursuant to Arts 36a(2)(d), (e), (f),(i) CRA Regulation is three years, and five …” „… years for the remaining sanctions listed inArt 36 a CRA Regulation. The relevant period begins on the …”

Article 14 Publication of the prospectus S. 1004-1007

„… the national law,as stated by Art 13(6).Article 14Publication of the prospectus1. Once approved, the …” „… of the Prospectus Directive and Regulation, CESR07/225 (2007) 63.Art. 14 PD 3. Market Transparency …” „… prospectus, they could agree the transfer of the prospectus tothis latter authority according to Article 13 …”

Article 50 Synchronisation of business clocks S. 296-299

„… Activities. See Art 1 of the Commission Delegated Regulation (EU)2017/574.6 Pursuant to Art 13 of the …” „… of accuracy of business clocks (OJ EU L 87/148).Art. 50 MiFID II 1. Security Markets and Services …” „… Regulated Markets Art. 50 MiFID IIChristoph Kumpan and Finn Schmidt 297456Operators, members and …”

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

„… MiFID II and MiFIR transparency topics, 12 July 2018, ESMA70-872942901-35,p. 13.Art. 4 MiFIR 1 …” „… venue or by asystematic internaliser (OJ EU L 87/387).Art. 3 MiFIR 1. Security Markets and Services …” „… relevant marketin terms of liquidity requirements (see Art 7, 15 and Tables 1 and 4 of Annex II of the …”

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

„… ofshareholders’ intentions) […]’.Chapter III Ongoing information Art. 13 TDWolf-Georg Ringe 116334353637 …” „… controlledundertaking of the parent undertaking.Art. 12 TD 3. Market Transparency1156 Wolf-Georg Ringe67(5) The …” „… Article 7.4 See above, → Art 3 mn 17.5 See also Directive 2013/50/EU, recital 12.Art. 12 TD 3. Market …”

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

„… 5(5),Art 7(1), Art 8(4), Art 11(3), Art 13(7), Art 14(8), Art 15(7) and the first paragraph ofArt 20(3 …” „… Directive, and (ii) to de-scribe the safeguards introduced to balance those powers.Art. 24c PD 3. Market …” „… ), Article11(3), Article 13(7), Article 14(8), Article 15(7) or the first subparagraph of Arti-cle 20(3) may …”

Article 44 S. 597-598

„… ; Heidelbach, § 5 BörsZulV margin no 1; Heinze, 60; Kalss,Oppitz and Zollner, 13.63.Art. 46 CARD 1. Security …” „… ; Heidelbach, § 3 BörsZulV margin no 2; Kalss, Oppitz andZollner, 13.59-13.60; Schlitt, ‘Die neuen …” „… Art 44 requires that a company has publishedor filed its annual accounts in accordance with national …”

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

„… Regulation (EC) No 1569/2007.Art. 24 TD 3. Market Transparency1204 Wolf-Georg Ringe1415161718However, for …” „… MiFID II,13 from aggregating their holdings with theholdings of their parents in line with Article 12(4 …” „… European Parliament and of the Council of 13 July 2009 on the coordi-nation of laws, regulations and …”

Article 79 Consistency of key investor and regulated information; liability for key investor information disclosures S. 1421-1422

„… it is also prohibited to use an undersized font with the intention to savespace.Arts 7-21 of …” „… Commission Regulation (EU) No 583/2010 describe in detail the contentof the sections set out in Arts 4(7)-(11 …” „… cross-refer-ences.11Arts 22-24 of Commission Regulation (EU) No 583/2010 govern the review and revi-sion of the key …”

Article 2 Definitions S. 883-888

„… shares.13With regard to Arts 18, 20 and 23 to 30 SSR, Art 1(2) SSR broadens the scope of theregulation to …” „… in sovereign debt, as laid down inArts 12 and 13 SSR. ‘Short sale’ is defined in Art 2(1)(b) SSR and …” „… , which has the purpose toArt. 2 SSR 2. Market Behaviour884 Klaus Ulrich Schmolkemobilise funding and …”

Article 15 Buy-in procedures (deleted) S. 920-921

„… uncovered positions in a sovereign CDS according to Art 8 SSR, see above, →mn 3.13 Juurikkala, (2012) 9 ECFR …” „… Art 14(1) SSR might have a negative impact onthe sovereign CDS market. An NCA must base its suspension …” „… Regulation (EU) No 909/2014, 1.Art. 15 SSR 2. Market Behaviour920 Klaus Ulrich Schmolke6712Chapter …”

Article 27 Committee procedure S. 1211-1214

„… Working Doc-ument.Art. 27 a TD 3. Market Transparency1214 Wolf-Georg Ringe1112131 …” „… acts referred to in Article 2(3), Article 5(6),Article 9(7), Article 12(8), Article 13(2), Article 14(2 …” „… Delegated acts and implementing measures Art. 27 TDWolf-Georg Ringe 121145678before the end of the …”

Article 106 S. 617-618

„… 6175671II. CommentaryArticle 106 is complemented by the lex specialis in Art 13 with respect to …” „… communi-cation and cooperation in case of closely related admissions (see in detail on this →Art 13 mn 1 et …” „… of the Member States to ensure the effet utile of the CARD (see above →Art 5 mn 1). The CARD already …”

Article 109 S. 620-621

„… to be read as a reference to Arts 5, 8, 10 and 11 of the Comitology Regulation3 (cf.Art 13(1)(c)-(e …” „… adjusting the mini-mum market capitalisation laid down in Art 43(1). Since an amendment by way of or-dinary …” „… economic situation.II. CommentaryPursuant to Art 109(1), the minimum amount of the foreseeable market …”

Article 21 Depositary S. 1504-1512

„… Special requirements apply under Art 20 (2), (5) to the delegation of the portfoliomanagement or …” „… control over such companies in accordance with Ar-Art. 21 AIFMD 4. Funds1504 Christian Schmies345ticle …” „… AIF or to the investors ofthe AIF, consistently with paragraphs 12 and 13, and shall expressly agreeto …”

Article 35 a Civil Liability S. 1294-1301

„… includes in-fringements of the provisions of Arts 7, 8, 8 a, 9, 10, 11, 11 a, 13, 14, 23 b and 23 c …” „… – 2017 Annual Report and 2018 Work Programme, ESMA80-199-153 of8 February 2018, p. 30 margin no 84.Art …” „… 2018, p. 427 (427); Thorn, ‘Art 3 EGBGB’ in Palandt-BGB (2018),margin no 9 a.Art. 35 a CRAR 3 …”

Article 111 S. 621-622

„… as a reference to Arts 5, 8, 10 and 11 of the Comitology Regulation3 (cf.Art 13(1)(c)-(e) of the …” „… ] OJ L 55/13.1 See Council Directive 80/390/EEC of 17 March 1980 coordinating the requirements for the …” „… follows from Art 288(3) of the TFEU and is thus purely declaratory.Art. 113 CARD 1. Security Markets …”

Article 14 S. 1081-1086

„… , a KID may be provided in alternative ways.Art. 14 PRIIPR 3. Market Transparency1082 Svend …” „… prohibition or restrictionArt. 16 PRIIPR 3. Market Transparency1086 Svend Gerhards and Kay Rothenhöfer …” „… PRIIP. The consent of the retailinvestor shall be documented.Article 13(4)Article 13(4) contains also an …”

Article 1 Scope S. 881-883

„… restrictions on uncovered short salesprovided for in Art 12 SSR apply only to shares.13With regard to Arts 18 …” „… point (l) of Art 2(1) SSR, ‘trading venue’ means a regulated market or amultilateral trading facility in …” „… referred to in Art 1(1)(a) SSR, and to is-2.1 Directive 2014/65/EU of 15 May 2014 on markets in financial …”

Article 110 S. 621

„… as a reference to Arts 5, 8, 10 and 11 of the Comitology Regulation3 (cf.Art 13(1)(c)-(e) of the …” „… ] OJ L 55/13.1 See Council Directive 80/390/EEC of 17 March 1980 coordinating the requirements for the …” „… the reference in Art 109(2) to Arts 5 through 8 of the Council Decision 1999/468/EC2has to be read …”

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

„… , 6-8.9 Art 78 of Directive 2009/65/EC of the European Parliament and of the Council of 13.7.2009 on …” „… , Arts 34(4) and (5) of the MiFID II Dele-gated Regulation favour ex-ante procedural controls over …” „… onlya small number of macro changes (e.g. product governance, see below → Art 24 mn 7),but a large …”

Article 9 Validity of a prospectus, base prospectus and registration document S. 994-995

„… , Art 1(3) of the Prospectus Directive entitles an issuer, an offeror or a per-son asking for admission …” „… an issuer decides to use the option provided in Art1(3) of the Prospectus Direc-tive to draw up a …” „… , Prospectus Q&A, latest version adopted, 20 October 2017, ESMA-31-62-780.Art. 9 PD 3. Market Transparency …”

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

„… AIFM can delegate functions to third parties in accordance with Art 20. How-ever, the AIFM will always …” „… theservices referred to in point 1(b) of Annex I or vice versa.6. Article 2(2) and Articles 12, 13 and 19 of …” „… by AIFMs.Art. 6 AIFMD 4. Funds1478 Christian Schmies347. Member States shall require that the …”

Article 43 Coordination by ESMA and EBA S. 554-555

„… publish on its website a noticefully explaining its reasons for so doing.13 Busch, id., p. 141, margin no …” „… . Art 40(6)2, 41(6)2 MiFIR.Art. 43 MiFIR 1. Security Markets and Services554 Matthias Lehmann161718 …” „… Second, it has been remarked that Art 42(3) MiFIR only mentions financial instru-ments and not …”

Article 2 Definitions S. 958-965

„… to Art 13 regarding theprospectus approval.Legislative historyThe number and specificity of defined …” „… individualwhich offers securities to the public;j. ‘regulated market’ means a market as defined by Article 1(13 …” „… non-equity securities, including warrants in any form, having a similar typeArt. 2 PD 3. Market …”

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

„… 70-872942901-35,p. 13.Art. 11 MiFIR 1. Security Markets and Services442 Christoph Kumpan and Finn Schmidt678910 …” „… on MiFID II and MiFIR transparency topics, 12 July 2018,ESMA70-872942901-35, p. 13-18.6 Art 7(3) of …” „… deferral period has ended.9Pursuant to Art 10(2) MiFIR, access to the arrangements employed by market …”

Article 3 Formal requirements S. 1722-1724

„… . While formal acts must not be required for the cre-1.2.1 Ruzik, 466.2 See note 21 under Art 1.3 Recitals …” „… 10 and 12.4 Marino, 1164; Schlaegel, 70.5 COM(2001) 168 final. Art. 3 FCDAndy Ruzik 172312345ation …” „… in a legally equivalent manner.3. Without prejudice to Council Directive 93/13/EEC of 5 April 1993 on …”

Article 12 Transparency report S. 1283

„… Art. 13 CRARChristoph Kumpan and Ronny Grütze 12831231 …” „… financial situation and a corporate governance statement.1Article 13Public disclosure feesA credit rating …” „… rating agencies may not charge fees specifically related to information whichmust be disclosed under Arts …”

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

„… .13 Art 33(7) sent 2 MiFID II.1 Cf. Recital 107 MiFID.Title II Authorisation and operating …” „… additional SME growth markets.13Chapter IIIRights of investment firmsBibliography: For literature on European …” „… . Art 36 to 38 MiFID allow invest-ment firms established in one Member State access to regulated markets …”

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

„… marking-to-model referred to in paragraph 2;Title II Clearing and Reporting of OTC Derivates Art. 11 EMIRPaola …” „… basis.Where market conditions prevent marking-to-market, a reliable and prudent marking-to-model shall be used …” „… which an implementing act on equivalence hasTitle II Clearing and Reporting of OTC Derivates Art. 13 …”

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

„… risk reducing in the sense of Art 57 MiFID II (Art 26(3) 3MiFIR).13The investment firm must store in …” „… . See also Recital 35 MiFIR.Art. 25-27 MiFIR 1. Security Markets and Services500 Matthias Lehmann …” „… Markets Authority and competentauthorities, OJ 2017 L 87/368 (under Art 27(3) MiFIR)Commission Delegated …”

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

„… ), 143-144.Art. 25 MiFID II 1. Security Markets and Services186 Martin Brenncke8910dures in place to …” „… of the client and the typeof financial instruments recommended (see Art 54(13) of the MiFID II …” „… standards for simplified advice192.13 Art 54(7) subpara 2 MiFID II Delegated Regulation.14 ESMA, Q&A on …”

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

„… ) 2017/567, last sentence.12 See Art 24 ff MiFID II.13 Art 40(4), 41(4) MiFIR.14 Art 40(7), 41(7) MiFIR.Title …” „… investors’ confidence in the financial market.91.2 See also → Art 39 mn 2.3 Art 9(5) subpara 1 Regulation …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20I. General featuresPurposeArt 40 and 41 MiFIR provide powers for two European Supervisory …”

Article 30 Indirect clearing arrangements S. 513-517

„… (eds), Regulation of the EU FinancialMarket, margin no 15.41.Art. 30 MiFIR 1. Security Markets and …” „… ) Commission Delegated Regulation (EU) 2017/2154.11 Art 39(1) and (4) EMIR.12 Art 39(2) and (3) EMIR.13 Art 4(2 …” „… technical standards on indirect clearing arrangements underEMIR and MiFIR, margin no 22.5 Art 4(1) subpara 2 …”

Article 11 a European rating platform S. 1281-1283

„… CRA Regulation.Title II Issuing of credit ratings Art. 13 CRARChristoph Kumpan and Ronny Grütze …” „… (OJ EU L 2/24).Art. 11 a CRAR 3. Market Transparency1282 Christoph Kumpan and Ronny Grütze123456set …” „… 2015 (OJ EU L 2/1).Title II Issuing of credit ratings Art. 11 a CRARChristoph Kumpan and Ronny …”

Article 78 Mandatory key investor information document for each UCITS; format and content of key investor information document S. 1418-1421

„… accordance with Ar-ticle 112 a, measures which define the following:Art. 78 UCITSD 4. Funds1418 Dirk …” „… mandatory disclo-sure. Arts 78-82 of UCITSD attain a large degree of harmonisation and standardisationof …” „… concerning information to be provided to investors Art. 78 UCITSDDirk Zetzsche and Dominik Nast 141912CESR’s …”

Article 39 Market monitoring S. 541-542

„… intervention and positions, OJ 2017 L 87/90 (inter alia under Art 40(8),41(8) and 42(7) MiFIR)Article 39Market …” „… ) MiFID II.3 See Recital 39 third sentence MiFID II.Art. 40 MiFIR 1. Security Markets and Services542 …” „… private law.13 It was remarked that risks are inherent andunavoidable for any kind of investment, that the …”

Article 6 Responsibility attaching to the prospectus S. 984-987

„… . The summary shall contain a clear warning to that effect.Art. 6 PD 3. Market Transparency984 Paola …” „… Law and Regulation 346.Art. 6 PD 3. Market Transparency986 Paola Lucantoni7891011The 2017 …” „… admitted to trading on a regulated market.The provisions are basically aimed at facilitating the access to …”

Article 9 Conflict of laws S. 1739-1743

„… accounts runby financial intermediaries. For this purpose, Art 9 refers to the law of the countrywhere the …” „… intermediary administers the account in which the collateral was registered.The goal of Art 9 is to harmonise …” „… the conflict of laws rules inside the European Econo-mic Area and to supplement Art 9 of the …”

Article 28 b Sanctioning powers S. 1219-1222

„… 294, 6.11.2013, p. 13.Art. 28 b TD 3. Market Transparency1220 Wolf-Georg Ringe123the breach. It is …” „… European Company Law 150).12 Financial Services and Markets Act 2000, section 89NA.13 The German …” „… for the omitted notification.Art. 28c TD 3. Market Transparency1222 Wolf-Georg Ringe12131415 …”

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

„… detrimentof the parties and to contagion effects in financial markets. Against this background,Art 4 ensures …” „… 19.12 Marino, 1173. Art. 4 FCDAndy Ruzik 1727101112State rules may be subject to subsequent judicial …” „… carefully concludes that Art 3(1), in its current ver-sion, is appropriate and complies with the principle …”

Article 28 Administrative measures and sanctions S. 1216-1219

„… responsible for the breach under national law.1 See Article 27a(3).Art. 28 TD 3. Market Transparency1216 …” „… 2009).5 Commission Reform Proposal 2011, 4.Chapter VIA Sanctions and measures Art. 28 TDWolf-Georg …” „… .6 Cf. Commission Reform Proposal 2011, 9.7 See below, → Art 29 mn 5 et seq.8 Only limited by the …”

Article 23 Conflicts of interest S. 151-155

„… Delegated Regulation.13 Art 34(4) subpara 2 MiFID II Delegated Regulation.14 Stefan Grundmann and Hacker …” „… , Oxford 2017), paras 7.49-7.52.Art. 23 MiFID II 1. Security Markets and Services154 Martin Brenncke7 …” „… effective supervision. UnderArt 21 of MiFID II, investment firms contribute to effective supervision by …”

Article 2 Scope S. 1234-1236

„… 146/1).Art. 2 CRAR 3. Market Transparency1234 Christoph Kumpan and Ronny Grütze5I. General …” „… , Guidelines and Recommendations, ESMA/2013/720, 30 July 2013, No 22 and 23, p. 7.Art. 3 CRAR 3. Market …” „… with point1.3 of Part 1 of Annex VI to Directive 2006/48/EC; or(d) credit ratings produced by the …”

Article 7 Rating analysts, employees and other persons involved in the issuing of credit ratings S. 1261-1263

„… Regulation.10 Fuchs, WpHG-Commentary/Fuchs (2016), § 17 margin no 16.Art. 7 CRAR 3. Market Transparency …” „… Art 6 (3) CRA Regulation andsuch exemption may apply to senior rating analysts.13 Rating analysts must …” „… . a (p. 16). For defi-nition of “rating analyst”, see Art 3 (1) (e) CRA-Regulation.13 ESMA, Q&As on …”

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

„… Authorisation and supervision of CCPs Art. 25 EMIRPaola Lucantoni 1623122. ESMA, after consulting the …” „… assessment as the basis for the equivalence deci-sion as referred to in Article 13(3).ESMA shall consult the …” „… recognised in accordancewith this Regulation.Art. 25 EMIR 5. Securities Clearing and Settlement1624 Paola …”

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

„… and development, Arts 13 and 14 pro-vide that the technical standard set out in the Annex may be …” „… Art 4(1)(b) from foreclosing the possibility of new entrants to the market. Before grant-ing an …” „… affectinginnovation in the payment market. Under Art 5, changes to the technical standardswould generally require a …”

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

„… 1.Art. 5 CRAR 3. Market Transparency1246 Christoph Kumpan and Ronny Grütze6. The Commission may …” „… agency’s systemic importance for the financial stabilityand integrity of the financial markets (Art 5(1)(d …” „… Delegated Regulation (EU) No 449/2012 (see fn 3 above).Art. 5 a-5 c CRAR 3. Market Transparency1248 …”

Article 2 S. 1684-1691

„… Markets (Routledge-Cavendish 2011), 72-73.5 Vereecken, 113.Section I Scope and definitions Art. 2 …” „… , Art 1(b) provides that the directive primarily applies to such participants.The term participant …” „… , which shall be explained in more detail under Art 2, includesall players who act for the system itself …”

Article 4 S. 1039-1046

„… insurance-based investment products (PRIIPs)[2014] OJ L352.Art. 4 PRIIPR 3. Market Transparency1040 Svend …” „… ) of Article 4(1) MiFID II.Art. 4 PRIIPR 3. Market Transparency1042 Svend Gerhards and Kay …” „… new financial instruments”.20 Paragraph 9 Commission Guidelines.Art. 4 PRIIPR 3. Market …”

Article 5 Clearing obligation procedure S. 1588-1593

„… Article 1(3) of the proposal.Art. 5 EMIR 5. Securities Clearing and Settlement1588 Paola Lucantoni1011 …” „… Reporting of OTC Derivates Art. 5 EMIRPaola Lucantoni 1589(a) the expected volume of the relevant class of …” „… top-down approach (Art 5(3) EMIR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92 …”

Article 4 Definitions S. 1471-1477

„… for purposes of thethresholds for small AIFM are contained in Art 2 AIFM Level 2 Regulation.2 …” „… SmallAIFMD are obliged to monitor their assets under management on an ongoing basis(Art 3 AIFMD Level 2 …” „… range of AIFMD requirements but also benefit from the rights granted byAIFMD (Art 3 (4)-(5)).Article 4 …”

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

„… . 318(321).Art. 6 CRAR 3. Market Transparency1252 Christoph Kumpan and Ronny Grütze89ratings, which …” „… (d) CRA Regulation.Art. 6 CRAR 3. Market Transparency1256 Christoph Kumpan and Ronny Grütze910 …” „… , under Art 5b(2) CRARegulation, to warnings and recommendations issued by the European Systemic RiskBoard …”

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

„… theirexecution policies, pursuant to paragraph 5.Art. 27 MiFID II 1. Security Markets and Services196 Martin …” „… ) 2Capital Markets Law Journal 404, 407.Art. 27 MiFID II 1. Security Markets and Services198 Martin …” „… MiFID II Delegated Regulation.Art. 28 MiFID II 1. Security Markets and Services202 Martin Brenncke …”

Article 10 S. 1065-1067

„… PRIIP Delegated Regulation.10 Article 15(3) PRIIP Delegated Regulation.Art. 10 PRIIPR 3. Market …” „… to provide such documents [2017] OJ L100/3; see above, → Art 1mn 7 on the legislative process of the …” „… PRIIP Delegated Regulation.Chapter II Key information document Art. 10 PRIIPRSvend Gerhards and Kay …”

Article 54 Approval of interoperability arrangements S. 1655-1658

„… Interoperability arrangements Art. 54 EMIRPaola Lucantoni 165512IOSCO Principles for Financial Market …” „… interoperability arrangements.Material scopeArticle 1(3) provides that Title V on interoperability arrangements …” „… /2015/1067.Art. 54 EMIR 5. Securities Clearing and Settlement1656 Paola Lucantoni34567Access rights to …”

Article 22 Access to regulated information at Union level S. 1199-1200

„… Conclusions, ESMA22-106-467 (13 December 2017).Art. 23 TD 3. Market Transparency1200 Wolf-Georg Ringe234 …” „… , Summary of Conclusions, ESMA22-106-467 (13 December 2017).1 OJ L 156, 16.6.2012, p. 1.2 See → Art 21 a …” „… above.Chapter IV General obligations Art. 22 TDWolf-Georg Ringe 119991II. Delegated lawmaking powersESMA is …”

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

„… of ‘issuer’, see → Art 2 mn 7 et seq., for the definition of ‘regulated market’, see →Art 2 mn 5 et …” „… See Directive 2007/36/EC, Articles 8 and 11.Art. 17 TD 3. Market Transparency1182 Wolf-Georg Ringe …” „… Section IIInformation for holders of securities admitted to trading on aregulated marketArticle 17 …”

Article 25 Sanctions S. 1029-1030

„… ), Art 11(3), Art 13(7), Art 14(8), Art 15(7) and the first paragraph ofArt 20(3).Delegations of power …” „… Report to the Financial Services Committee (2007).Art. 26 PD 3. Market Transparency1030 Paola …” „… actsreferred to in Art 1(4), Art 2(4), Art 3(4), the fifth paragraph of Art 4(1), Art 5(5),Art 7(1), Art 8(4 …”

Article 1 S. 1680-1684

„… , ‘Intermediated Securities,Legal Risk, and the International Harmonization of Commercial Law’ (2008) 13 Stanford …” „… the freedom of movement of capital in the internal market;whereas this Directive thereby follows up …” „… system and allow the settlement of that system to take place;(13) Whereas nothing in this Directive …”

Article 58 S. 609-610

„… paragraph 1.1.2.5 Cf. also Heinze, 62 (with respect to the margin nollel provision in Art 50(1)1).6 Cf …” „… . Heinze, 61 et seq (with respect to the margin nollel provision in Art 50(1)2).7 Cf. Heinze, 66 (though he …” „… securities Art. 58 CARDJessica Schmidt 609345I. General featuresParallel to the minimum market …”

Article 1 S. 1033-1036

„… ) and 13(5) have been ex-ercised by means of the Commission Delegated Regulation of 8 March 2017 …” „… 218/11.20 Paragraph 10 Commission Guidelines.Art. 2 PRIIPR 3. Market Transparency1036 Svend Gerhards and …” „… European Parliament and of the Council of 13 July 2009 on the coordina-tion of laws, regulations and …”

Article 41 Granting of the authorisation S. 240-242

„… Member State wherethe authorisation was granted.1.2.3.4.Art. 41 MiFID II 1. Security Markets and …” „… products or investment services to that client.3.Art. 42 MiFID II 1. Security Markets and Services242 …” „… I. General featuresPurposeArt 40 sets out the disclosure requirements of Third Country investment …”

Article 56 S. 607-608

„… and Zollner, 13.77.9 Cf. Gebhardt, § 7 BörsZulV margin no 11.Title III Particular conditions …” „… been issued,2 it has hardly any practical significance in modern markets.3When Art 3 of the CSDR4 …” „… EuropeanUnion and on central securities depositories.Art. 57 CARD 1. Security Markets and Services608 Jessica …”

Article 42 S. 593-594

„… ), Unternehmensfi-nanzierung am Kapitalmarkt (3rd ed, C.H.Beck 2013), margin no 14.Art. 43 CARD 1. Security Markets and …” „… abasic principle of other EU capital markets legislation, for example under Art 4(1)(55)(a)(ii) MiFID II …” „… shares (Chapter II, Arts 42 through 51) and debt securities (Chapters III andIV, Arts 53 through 63 …”

Article 12 S. 1708-1709

„… insolvency proceedings to ESMA (see above, →Art 6 mn 8).Article 13This Directive shall enter into force on …” „… , accompanied where appropriate by proposals for its revision.The report required in Art 12 was issued on March …” „… http://ec.europa.eu/internal_market/financial-markets/docs/settlement/evaluation_report_en.pdf(15.6.2018).Art. 12 SFD 5. Securities Clearing and Settlement1708 Andy Ruzik123451Its overall …”

Article 6 S. 580-581

„… CARD.1 Cf. Annex III.Art. 6 CARD 1. Security Markets and Services580 Jessica Schmidt61Article 6(1 …” „… Directive.In order to ensure the effet utile of the CARD, Art 5 (previously Art 3 LCD)1 requiresMember States …” „… , Kapitalmarktrecht (2nd ed, Linde2015) 13.76. As outlined in the text, the concerns of the authors regarding the …”

Article 11 S. 584-585

„… provisions concerning the official listing of securities Art. 13 CARDJessica Schmidt 58531 …” „… the Euro (Kluwer 2002), 12.4.2.Art. 11 CARD 1. Security Markets and Services584 Jessica Schmidt112 …” „… Article 10 (previously Art 8 LCD) permits Member States to not apply Arts 52through 631 in respect …”

Article 8 Interchange fees for direct debit transactions S. 1768-1770

„… in Art 2(13)) may be charged. Art 8(1) aims “to create neutral con-ditions of competition between …” „… , but also with Arts 4, 5 and 8. The basicidea behind Art 9 is the creation of an integrated market for …” „… may only help create an integrated market if they are both imple-mented. Art 9 contains mandatory law …”

Article 5 Requirement for authorisation S. 35-37

„… investment firm’s management body. Art 10-13 MiFID specifythe rules on the acquisition and sale of qualifying …” „… as defined under → Art 67.Authorisation of market operators (Art 5(2) MiFID)Art 5(2) MiFID provides a …” „… partial exemption from Art 5(1) MiFID because marketoperators (cf. → Art 4(1)(18)) are already regulated …”

Article 7 S. 1051-1054

„… ]OJ C218/11.Art. 7 PRIIPR 3. Market Transparency1052 Svend Gerhards and Kay Rothenhöfer23456the …” „… and main featuresof the PRIIP, including:2.Art. 8 PRIIPR 3. Market Transparency1054 Svend Gerhards …” „… document Art. 7 PRIIPRSvend Gerhards and Kay Rothenhöfer 10511011121ContextWith regard to the language …”

Article 6 S. 1697-1699

„… to avoid the dangers of revocation.Art 5(2) corresponds to Art 3(4) with respect to interoperable …” „… European Parliament and ofthe Council.I. General featuresPurposeArt 6(1) contains the very important …” „… . As this moment hasconsequences for the enforceability of transfer orders according to Art 3(1) as …”

Article 29 Clearing obligation for derivatives traded on regulated markets and timing of acceptance for clearing S. 511-513

„… ‘regulated market’ is defined in Art 2(1)(13) MiFIR in conjunction with Art 4(2)(21)MiFID II.3 Stegeman and …” „… market.Art 29(2) MiFIR concerns the “how” of the clearing procedure by obliging market par-ticipants to …” „… derivativestraded on regulated markets and timing of acceptance for clearing, OJ 2017 L 87/224(under Art 29(3 …”

Article 5 S. 1695-1697

„… However, it is also important in this context to consider recital 13: Art 5does not prohibit challenging …” „… obligations inthe system or in an interoperable system.Art 4 constitutes a kind of a statutory security …” „… result of Art 3 when given a broad interpreta-tion (see above, → Art 3 mn 7), one might question this …”

Introduction to Chapter I S. 34-35

„… requirements for the investment firm’s management body. Art 10-13 MiFID specifythe rules on the acquisition and …” „… consid-ered as ‘financial instruments’ in the sense of Art 4(1)(2) MiFID II. According toArt 4(1)(15) MiFID II …” „… ) MiFID II.29 See Art 4(1)(44) MiFID II. In this sense Barsan, ‘Legal Challenges of Initial Coin Offerings …”

Article 7 Application for authorisation S. 1480-1482

„… Art 6(5) includes some additional restrictions with respect to the authorisation of ex-ternal AIFM …” „… license as AIFM only for the ancillary services pursuantto Art 6 (4).Art 6(8) must be read in connection …” „… with Art 20 on delegation and the ability ofAIFM to delegate the portfolio management of AIFM to third …”

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

„… in Art 3 SSR and Arts 3, 4, 8, 9, and 11 to 13of Delegated Regulation (EU) No 918/2012.2 How this …” „… ex-emptions from the disclosure requirement under Art 7 SSR for market making activitiesand primary market …” „… sovereign bond market (Art 7(3)(c) SSR).Level 2 and 3 measuresArticle 7(3) SSR empowers the Commission to …”

Article 52 S. 604-605

„… , 62.1 Cf. Heinze, 64 et seq.Art. 52 CARD 1. Security Markets and Services604 Jessica Schmidt11II …” „… margin no 1.Title III Particular conditions relating to official listings of securities Art. 54 …” „… the appli-cable company law see above → Art 42 mn 2): If a company’s shares are not listed eitherin …”

Article 56 Prohibition of controlling stakes S. 1394-1396

„… . UCITSD, Art 57(1) Subparagraph 1.3 Cf. UCITSD, Art 57(2).Art. 57 UCITSD 4. Funds1396 Dirk Zetzsche and …” „… invests.I. PurposeArt 55 of UCITSD raises the investments limits under Art 52 of UCITSD where thetarget …” „… investment is a UCI as defined in Art 50(1)(e) of UCITSD. This exemption fromArt 52 of UCITSD is available …”

Article 9 Reporting obligation S. 1596-1600

„… (EU) No 149/2013.Art. 9 EMIR 5. Securities Clearing and Settlement1596 Paola Lucantoni345In this …” „… (EU) 2017/105.1.2.Title II Clearing and Reporting of OTC Derivates Art. 9 EMIRPaola Lucantoni …” „… specify the parties and the characteristics of the derivativecontract, see Art 5(5) 2 EMIR. Two Commission …”

Article 9 Method of notification and disclosure S. 903-906

„… .Art. 9 SSR 2. Market Behaviour904 Klaus Ulrich Schmolke12345position,4 the size of the position …” „… threat to financial stability or to market confidence in1.2.1 Cf. Recital 16 SSR.2 See above, → Art 1 mn …” „… 3.Art. 11 SSR 2. Market Behaviour906 Klaus Ulrich Schmolke123 …”

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

„… In the1 Cf. UCITSD, Art 57(1) Subparagraph 2.2 Cf. UCITSD, Art 57(1) Subparagraph 1.3 Cf. UCITSD …” „… time of acqui-sition, a UCITS may acquire in accordance with Art 56(2) of UCITSD no more than: a)10% of …” „… investment management under Art 56(3) of UCITSD.Article 57Exemptions from Art 52, 56 in certain cases1. UCITS …”

Article 53 S. 605

„… II. CommentaryGoverning lawLike in the case of the issuer of shares (see above → Art 42), the …” „… are subject.As the first condition relating to the debt securities for which admission is sought,Art …” „… 53 (previously Annex Schedule B(A)(II)(1) LCD) – which corresponds with Art 45regarding shares …”

Article 6 Recognition of title transfer financial collateral arrangements S. 1731-1732

„… fer equivalent collateral back to the grantor. As a result, the definition in Art 2(1)(m)also does …” „… not include credit claims provided as collateral.Finally, pursuant to Art 1(6), contractually agreed …” „… → Art 4 mn 11).Article 6Recognition of title transfer financial collateral arrangements1. Member States …”

Article 16 S. 587-588

„… Art 13 LCD) pertains to provision of information by an issuerwhose securities are admitted to official …” „… 14.Art. 17 CARD 1. Security Markets and Services588 Jessica Schmidt231 …” „… (previously Art 16 LCD) provides that an application for admission relat-ing to certificates representing …”

Article 8 b Information on structured finance instruments S. 1271-1273

„… margin no 13.Title II Issuing of credit ratings Art. 8 c CRARChristoph Kumpan and Ronny Grütze 1273123 …” „… (CRR-Regulation).Art. 8 b CRAR 3. Market Transparency1272 Christoph Kumpan and Ronny Grütze1234Article 8 cDouble …” „… viewed at least every six months, in accordance with Art 8(5) subpara 2 CRA Regu-lation.Deviations …”

Article 12 S. 1072-1073

„… Key information document Art. 13 PRIIPRSvend Gerhards and Kay Rothenhöfer 1073 …” „… Regulation.Art. 12 PRIIPR 3. Market Transparency1072 Svend Gerhards and Kay Rothenhöfer181912ly uniform regime …” „… products (PRIIP) as well as to insu-rance-based investment product (‘IIP’) (see above, → Art 4 mn 14) and …”

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

„… hasTitle II Clearing and Reporting of OTC Derivates Art. 13 EMIRPaola Lucantoni 1611been adopted, of the …” „… right to compensation from a party to an OTCderivative contract.Article 13Mechanism to avoid duplicative …” „… established outside the EU, Article 13 EMIR provides aremedial mechanism to avoid the costs related to the …”

Article 6 Authorisation requirement for management company S. 1327-1328

„… 2(2) and Articles 12, 13 and 19 of Directive 2004/39/EC shall apply to theprovision of the services …” „… referred to in paragraph 3 of this Article by manage-ment companies.I. PurposeArt 6 of UCITSD lays down a …” „… services management com-panies may provide.Chapter III Obligations regarding management companies Art. 6 …”

Article 15 S. 587

„… Art 13 LCD) pertains to provision of information by an issuerwhose securities are admitted to official …” „… (previously Art 16 LCD) provides that an application for admission relat-ing to certificates representing …” „… – like that of the closely relatedprovision in Art 6(3) (see above → Art 6 mn 2) – is to ensure that the …”

Article 45 S. 598

„… 1; Heinze, 60; Kalss,Oppitz and Zollner, 13.63.Art. 46 CARD 1. Security Markets and Services598 …” „… market.I. General featuresAs the second condition relating to the shares, Art 46 (previously Annex …” „… first condition relating to the shares for which admission is sought, Art 45(previously Annex Schedule …”

Article 3 Optional exemptions S. 18-22

„… 10.11.12.13.38 Id.39 Art 2(1)(k) MiFID II.40 See Art 2(4) Directive 2009/72/EC and Art 2(4) Directive 2009/73/EC …” „… market.BackgroundSome of the optional exemptions in Art 3 MiFID II were originally intended asmandatory exemptions under …” „… 257/1.Art. 3 MiFID II 1. Security Markets and Services18 Matthias Lehmann26272829(c) in the course of …”

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

„… Articles 52 to 55 for receiving UCITS.Commented below, see → Art 48.Article 40Common draft terms of merger1 …” „… instruments of in-corporation of the newly constituted receiving UCITS.Chapter VI Mergers of UCITS Art. 40 …” „… decide to include furtheritems in the common draft terms of merger.Commented below, see → Art 48.Section …”

Article 5 Determination of the AIFM S. 1477-1478

„… featuresArt 5 AIFMD deals with the determination of the AIFM. Whilst AIFM can delegatefunctions, including the …” „… portfolio management, to third parties (cf. → Art 20), Art 5AIFMD obliges Member States to ensure that at …” „… any time there can only be one AIFMfor each AIF.II. CommentaryArt 5 AIFMD distinguishes between an …”

Article 23 Disclosure to investors S. 1514-1517

„… requirements Art. 23 AIFMDChristian Schmies 15155. AIFMs managing EU AIFs employing leverage or marketing in …” „… and for each non-EU AIF they market in theEuropean Union.Art 23 has the list of required information …” „… II. CommentaryArt 22 requires AIFM to publish an annual report for each of the EU-AIF it …”

Article 23 Precautionary measures S. 1025-1027

„… misleading advertisements.Art. 23 PD 3. Market Transparency1026 Paola Lucantoni1234Chapter VIIImplementing …” „… Directive: (i) Art 21(1 a) and (1 b) requiring national competent authoritiesto cooperate with ESMA and …” „… provide ESMA, without delay, all necessary information tocarry out its duties; and (ii) Art 21(4 …”

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

„… instruments of incorporation of the investment company beChapter II Authorisation of UCITS Art. 5 …” „… laiddown in Articles 10 to 14 of Regulation (EU) No 1095/2010.I. PurposeArt 5 of UCITSD prevents …” „… must fulfill.II. CommentaryArt 5(1) of UCITSD establishes the authorisation requirement for the …”

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

„… authority ofthat Member State (Art 101(3) of UCITSD). Art 13 of Commission Regulation (EU) No584/2010 …” „… https://ec.europa.eu/info/business-economy-euro/banking-and-finance/consumer-finance-and-payments/consumer-financial-services/financial-dispute-resolution-network-fin-net/fin-net-network/members-fin-net-country_en.Chapter XII Provisions concerning authorisation authorities Art. 101 UCITSDDirk Zetzsche and Dominik …” „… first subparagraph in accordance with Article 15 ofRegulation (EU) No 1095/2010.Art. 101 UCITSD 4 …”

Article 3 Obligation to publish a prospectus S. 965-969

„… end-year quotes for the previous threecalendar years’ [Art 4(1)(13)].3 Additionally, if certain conditions …” „… result, this article, in combina-tion with Art 4, fixes the boundary between public markets which are …” „… – canbenefit from a EU Growth (simplified) prospectus (see the comment to → Art 5 below).Wholesale market for …”

Article 27 a Revocation of the delegation S. 1214-1215

„… Working Doc-ument.Art. 27 a TD 3. Market Transparency1214 Wolf-Georg Ringe1112131II. Revocation of …” „… implementing measures and delegated acts) every three years. Thefirst such report was published in 2010.13 …” „… 5(6), Article 9(7), Ar-ticle 12(8), Article 13(2), Article 14(2), Article 17(4), Article 18(5 …”

Article 3 S. 1691-1695

„… Markets Review218, 219.25 Ibid, 221.26 Ibid, 222.Section II Netting and transfer orders Art. 3 SFDAndy …” „… competent authorities according to Art 6 nor was publiclyknown on the financial markets.5Example:Bank A is …” „… andcollateral protection’ (2009) 3 Law and Financial Markets Review 221.Art. 3 SFD 5. Securities Clearing and …”

Article 42 Provision of services at the exclusive initiative of the client S. 242-246

„… products or investment services to that client.3.Art. 42 MiFID II 1. Security Markets and Services242 …” „… protection and intermediariestopics, Q3.Art. 42 MiFID II 1. Security Markets and Services244 Dirk Zetzsche …” „… restriction of marketing. Does the term “market”cover any type of sales or only a client-directed …”

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

„… investment firms.1.Art. 21 MiFID II 1. Security Markets and Services150 Martin Brenncke1II …” „… “detailed description” of how the discretion, under Art 20(6) MiFID II, will beused.“Execution on a …” „… con-stitute the exercise of discretion within the meaning of Art 20(6) MiFID II.28 Similarly,randomly placing …”

Article 15 Advertisements S. 1007-1009

„… to investors, Art 14(4) of theProspectus Directive requires the home Member State’s competent …” „… Arrangements for approval and publication Art. 15 PDPaola Lucantoni 1007896. The competent authority of the …” „… featuresPurposeThe purpose of Art 15 is to set out broad principles applicable to advertising activitiesin order to …”

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

„… (i)).Regarding admission to trading in a regulated market, most importantly, Art 21(4)empowers national competent …” „… professional secrecyfor actors involved in the previously mentioned cooperation.1.Art. 22 PD 3. Market …” „… regulated market, it shall refer2.Chapter VI Competent authorities Art. 23 PDPaola Lucantoni 1025234 …”

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

„… 6.2.2015’.5 See recital 28 of CRA III Regulation.Art. 8 d CRAR 3. Market Transparency1274 Christoph Kumpan …” „… rating industry, Marketshare calculation required by Art 8 d of Regulation 1060/2009 on Credit Rating …” „… rating market remains.4In accordance with Art 8d(2) CRA Regulation, ESMA publishes on its website a list …”

Article 5 S. 1046-1048

„… ensure that the KID meets the needs of retail investors.11 Recital no. 13 PRIIP Regulation.Art. 6 PRIIPR …” „… ]OJ C218/11.Art. 5 PRIIPR 3. Market Transparency1046 Svend Gerhards and Kay Rothenhöfer123Directive …” „… bythe sale of a PRIIP in Article 13(1) PRIIP Regulation, which covers every purchase offinancial …”

Article 33 S. 1096-1097

„… technical standards pursuant to Article8(5), Article 10(2) or Article 13(5) which are the same as the draft …” „… second subparagraph of Article 13(1) of Regulation (EU)No 1093/2010, of Regulation (EU) No 1094/2010 and …” „… as-sess whether the exemption of products from the scope of this Regulation shouldArt. 33 PRIIPR 3 …”

Article 12 S. 585

„… provisions concerning the official listing of securities Art. 13 CARDJessica Schmidt 58531 …” „… interpreted in line with Art 4(1)(55)(b) MiFID II,3 i.e. the relevantMember State should be the state in which …” „… respect to these, see below → Art 105) – to reject an application for the admissionof a security to …”

Article 8 c Double credit rating of structured finance instruments S. 1273-1274

„… , WpHG-Commentary/Fuchs (2016), § 17 margin no 13.Title II Issuing of credit ratings Art. 8 c CRARChristoph Kumpan and …” „… 6.2.2015’.5 See recital 28 of CRA III Regulation.Art. 8 d CRAR 3. Market Transparency1274 Christoph Kumpan …” „… reduce excessive reliance on asingle rating.2 Article 6 b CRA Regulation and Art 8c(1) CRA Regulation …”

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

„… the AIFM whether it may start marketing the AIF identifiedArt. 35 AIFMD 4. Funds1536 Christian …” „… featuresArt 35 deals with the marketing of non-EU AIF managed by a EU AIFM under aEuropean product passport …” „… aligned with the notification procedure provided for under Art 31 for the marketing ofEU AIF in the home …”

Article 2 Definitions S. 1576-1578

„… op-erator within the meaning of Article 4(1)(1) and 4(1)(13) of Directive2004/39/EC other than a systematic …” „… Directive 2004/39/EC or on a third-country marketconsidered to be equivalent to a regulated market in …” „… exclu-sively in their interest;Art. 2 EMIR 5. Securities Clearing and Settlement1576 Paola Lucantoni(b …”

Article 11 General and periodic disclosures S. 1280-1281

„… agency must publishunsolicited ratings (see → Art 3 mn 13 for further discussion regarding …” „… , ESMA33-5-87, Answer 10 (p. 14).Art. 11 CRAR 3. Market Transparency1280 Christoph Kumpan and Ronny …” „… accordance with Art 10(2) andAnnex I, Section D, Part III, No 3 CRA Regulation. Likewise, ratings of …”

Article 9 Management body S. 43-50

„… representatives under national law(Art 91(13) CRD IV) Table: Collective suitability under Art 9(4) MiFID, Art 91 …” „… EuropeanParliament and of the Council.1.2.Art. 9 MiFID II 1. Security Markets and Services44 Dirk Zetzsche12Other …” „… IVindependence of mind (Art 91(8) CRD IV) pp. 384.Art. 9 MiFID II 1. Security Markets and Services48 Dirk …”

Article 4 Use of credit ratings S. 1242-1246

„… definition of “Regulated Market”, see Art 4(1)(21) MiFID II. Article 4(1)(14)Directive 2004/39/EC, referred …” „… , ESMA33-5-87 of 20 November 2017, Answer 2 lit. b (p. 7).Art. 4 CRAR 3. Market Transparency1242 …” „… Financial Markets Regulation, VII.2.11 (p. 678).Art. 4 CRAR 3. Market Transparency1244 Christoph Kumpan …”

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

„… compliance by the CCPs’. 2016 ESRB Final Report13 has interpretedESMA guideline as suggesting that any margin …” „… to be used as inter-CCP margins.In calculating the adequate margins, over-collateralisation should be …” „… interoperability arrangements’ (2013) 10-06-2013, ESMA/2013/322.13 ESRB, ‘Report to the European Commission on the …”

Article 46 General provisions S. 560-566

„… ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127. Dispute resolution in a Member State (Art 46 (6) MiFIR) . . . . . . . . . . . . . . . . . 13I …” „… Market.Right of Member State to allow market access to own territoryArt 46 (4), last para MiFIR clarifies that …” „… access.See also Art 39-41 MiFIR on access to Member State’s markets.Informing clients (Art 46 (5) MiFIR)Third …”

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

„… ofRegulation (EU) No 1095/2010.Commented below, see → Art 21.Article 19Notification for cross-border services …” „… Stateshall be responsible for supervising compliance with paragraph 1.3. A management company which pursues …” „… shares;Chapter III Obligations regarding management companies Art. 19 UCITSDDirk Zetzsche and Dominik Nast …”

Article 5 S. 580

„… CARD.1 Cf. Annex III.Art. 6 CARD 1. Security Markets and Services580 Jessica Schmidt61 …” „… Directive.In order to ensure the effet utile of the CARD, Art 5 (previously Art 3 LCD)1 requiresMember States …” „… , Kapitalmarktrecht (2nd ed, Linde2015) 13.76. As outlined in the text, the concerns of the authors regarding the …”

Article 26 Precautionary measures S. 1210-1211

„… .Art. 26 TD 3. Market Transparency1210 Wolf-Georg Ringe89123ESMA mediation procedure under Article …” „… (EU) No 1095/2010, Articles 21 and 35.1 For the definition, see → Art 2 mn 24 et seq.2 See → Art 19 …” „… acts referred to in Article 2(3), Article 5(6),Article 9(7), Article 12(8), Article 13(2), Article 14(2 …”

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

„… Council [2007] OJ L267/16.25 See → Art 21 a.Chapter IV General obligations Art. 21 a TDWolf-Georg Ringe …” „… with regard to regulatory technical standards on access to regulated infor-mation at Union level, 2.Art …” „… level [2016] OJ L234/1.9 ESMA Management Board, Summary of Conclusions, ESMA22-106-467 (13 December …”

Article 24 a Exercise of the delegation S. 1027-1028

„… ), Article 5(5), Article 7(1), Article8(4), Article 11(3), Article 13(7), Article 14(8), Article 15(7) and …” „… measures Art. 24a PDPaola Lucantoni 1027Article 24 bRevocation of the delegation1. The delegation of power …” „… ), Article 7(1), Article 8(4), Article11(3), Article 13(7), Article 14(8), Article 15(7) or the first …”

Article 14 Authorisation of a CCP S. 1612-1613

„… one or bothparties to a derivative contract is established outside the EU, Article 13 EMIR provides …” „… leastone of them is established in this third country, Article 13(3) EMIR. The equivalence de-cision is …” „… underDirective 2006/48/EC.Art. 14 EMIR 5. Securities Clearing and Settlement1612 Paola Lucantoni12Article 15 …”

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

„… ) 14 European Company Law 150).12 Financial Services and Markets Act 2000, section 89NA.13 The German …” „… for the omitted notification.Art. 28c TD 3. Market Transparency1222 Wolf-Georg Ringe12131415I …” „… rights are suspended.13 The latter question will become mostsalient where the notification infringement …”

Article 99 a Minimum sanctioning S. 1442-1444

„… ), (f) and (g)of paragraph 6.Commented below, see → Art 99 d.Article 99 aMinimum sanctioningMember …” „… acquirer is seeking toacquire or increase a qualifying holding, thus infringing Article 11(1);Art. 99 a …” „… functions to third parties imposed in accor-dance with the national provisions transposing Articles 13 and …”

Article 30 S. 1095-1096

„… Article 24(3) PRIIP Regulation.Chapter VI Final provisions Art. 30 PRIIPRSvend Gerhards and Kay …” „… technical standards pursuant to Article8(5), Article 10(2) or Article 13(5) which are the same as the draft …” „… second subparagraph of Article 13(1) of Regulation (EU)No 1093/2010, of Regulation (EU) No 1094/2010 and …”

Article 24 S. 1091-1092

„… ; see → Listing Directive Art 1 et seq.Art. 27 PRIIPR 3. Market Transparency1092 Svend Gerhards and …” „… , Article 8(1)to (3), Article 9, Article 10(1), Article 13(1), (3) and (4) and Articles 14 and 19.2. The …” „… , orChapter V Administrative penalties and other measures Art. 24 PRIIPRSvend Gerhards and Kay Rothenhöfer …”

Article 30 Transitional provisions S. 1226-1227

„… der TRL 2013 und Umsetzungsbedarf ’ [2014] ZIP 553.Art. 30 TD 3. Market Transparency1226 Wolf-Georg …” „… and cap-ital it holds, in accordance with Articles 9, 10 and 13, with issuers at that date, unlessit …” „… of the law in light of the underlying EU law.1 See → Art 34.Chapter VII Transitional and final …”

Article 3 S. 1038-1039

„… insurance-based investment products (PRIIPs)[2014] OJ L352.Art. 3 PRIIPR 3. Market Transparency1038 Svend …” „… ; see also → Prospectus Directive Art 2 mn 7.1 Regulation (EU) No. 1286/2014 of the European Parliament …” „… by special purpose vehicles as defined in point (26) of Article13 of Directive 2009/138/EC or …”

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

„… repositories [2013] OJ L279/4.2 Commission Delegated Regulation (EU) No 667/2014 of 13 March 2014 supplementing …” „… concerning infringements, shall not be dele-gated.Art. 74 EMIR 5. Securities Clearing and Settlement1670 …” „… of trade repositories Art. 74 EMIRPaola Lucantoni 16711234567Under the conditions set out in Article …”

Article 1 Subject matter and scope S. 1574-1576

„… amendingRegulation (EU) No 648/2012, Brussels, 23.11.2016 COM(2016) 850 final, 2016/0360 (COD.9.).Art. 1 EMIR 5 …” „… list set out in paragraph 4.Title I Subject Matter, Scope and Definitions Art. 1 EMIRPaola Lucantoni …” „… op-erator within the meaning of Article 4(1)(1) and 4(1)(13) of Directive2004/39/EC other than a systematic …”

Article 2 Definitions S. 1720-1722

„… theentries are made by which that book entry securities collateral is providedto the collateral taker;Art. 2 …” „… the financial collateral being delivered, Art. 2 FCDAndy Ruzik 1721transferred, held, registered or …” „… equivalent manner.3. Without prejudice to Council Directive 93/13/EEC of 5 April 1993 on unfairterms in …”

Article 26 Obligation to report transactions S. 495-498

„… and unauthorised access andArt. 26 MiFIR 1. Security Markets and Services496 Matthias Lehmannto …” „… pursuant to paragraph 1;Art. 27 MiFIR 1. Security Markets and Services498 Matthias Lehmann …” „… Transaction reporting Art. 26 MiFIRMatthias Lehmann 495tion, the transaction prices, a designation to …”

Article 22 S. 1090-1091

„… .2 Article 19(a) PRIIP Regulation.3 Article 19(b) PRIIP Regulation.Art. 22 PRIIPR 3. Market …” „… Article 5(1), Articles 6 and 7, Article 8(1)to (3), Article 9, Article 10(1), Article 13(1), (3) and (4 …” „… currency on30 December 2014, orChapter V Administrative penalties and other measures Art. 24 PRIIPRSvend …”

Articles 83 to 91 S. 1679-1680

„… standards required under Art 81(5) have been adopted as Com-mission Delegated Regulation (EU) No 151/2013.2 …” „… 2017, ESMA70-151-370.Title VII Requirements for trade repositories Arts 83 to 91 EMIRPaola Lucantoni …” „… , ‘Intermediated Securities,Legal Risk, and the International Harmonization of Commercial Law’ (2008) 13 Stanford …”

Article 12 Penalties S. 1611

„… hasTitle II Clearing and Reporting of OTC Derivates Art. 13 EMIRPaola Lucantoni 1611 …” „… right to compensation from a party to an OTCderivative contract.Article 13Mechanism to avoid duplicative …” „… such disclosure would seriously jeopardise the finan-cial markets or cause disproportionate damage to …”

Article 31 S. 1096

Article 32 S. 1096

Article 34 S. 1097-1099

„… application [2016] OJ L354/35.Art. 34 PRIIPR 3. Market Transparency1098 Svend Gerhards and Kay Rothenhöfer …” „… pursuant to Article 8(5), Article 10(2) or Article 13(5). Articles 30 and 31contain other details regarding …” „… Article 27 of Directive 2009/65/EC.Chapter VI Final provisions Art. 34 PRIIPRSvend Gerhards and Kay …”

Article 1 Subject matter and scope S. 623-624

„… 596/2014.Art. 2 MAD 2. Market Behaviour624 Carsten Gerner-Beuerle …” „… Article 13 ofRegulation (EU) No 596/2014;(8) ‘stabilisation’ means stabilisation as defined in Article 3(2 …” „… Article 4(1) ofDirective 2014/65/EU;(13) ‘wholesale energy product’ means a wholesale energy product as …”

Article 24 b Revocation of the delegation S. 1028

„… Directive, and (ii) to de-scribe the safeguards introduced to balance those powers.Art. 24c PD 3. Market …” „… ), Article11(3), Article 13(7), Article 14(8), Article 15(7) or the first subparagraph of Arti-cle 20(3) may …”

Article 23 S. 1091

„… , Article 8(1)to (3), Article 9, Article 10(1), Article 13(1), (3) and (4) and Articles 14 and 19.2. The …” „… , orChapter V Administrative penalties and other measures Art. 24 PRIIPRSvend Gerhards and Kay Rothenhöfer …” „… administrative sanctions and measures:(a) an order prohibiting the marketing of a PRIIP;(b) an order suspending …”

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