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Ad-hoc-Pflichten im deutschen Profifußball

Patrick Waldecker

Series: Studien zum Bank- und Kapitalmarktrecht

Volume 20 2021

Results in this title

Zweites Kapitel Ad-hoc-Pflicht gemäß Art. 17 MAR S. 40

„… Ad-hoc-Pflicht gemäß Art. 17 MAR Damit im dritten Kapitel die für Fußballklubs ad-hoc-pflichtigen …”

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

„… des Art. 17 Abs. 1 MAR 68 Weicht die tatsächliche Informationslage hingegen von der Markterwartung ab …” „… § 5 Allgemeine Ad-hoc-Pflicht des Art. 17 Abs. 1 MAR Fußballklubs können prinzipiell der …” „… Ad-hoc-Publizität des Art. 17 MAR unterfallen. Art. 17 Abs. 1 MAR normiert die allgemeine Ad-hoc-Pflicht. I.V.m. dem …”

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

„… MAR Art. 17 Abs. 8 MAR normiert die spezielle Ad-hoc-Pflicht.381 Diese steht im kohärenten Verhältnis …” „… Rechnung handelnde Person, so ist die Insiderinformation gemäß Art. 17 Abs. 8 S. 1 MAR zu veröffentlichen …” „… . Die Tatbestandsvoraussetzungen der rechtmäßigen Offenlegung des Art. 17 Abs. 8 S. 1 MAR und der …”

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

„… 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 …” „… unsubstantiiert sind.358 Zudem dient Art. 17 Abs. 4 UAbs. 1 lit. b MAR dem Schutz der Marktteilnehmer. Für diese …”

§ 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 …” „… ; S/Z/Kumpan/F.Schmidt, MAR, Art. 17, Rn. 184; Lutter/ Krieger/Verse, Rn. 307, 534; Retsch, NZG 2016, 1201, 1206. A …” „… vorzugswürdig, die Ad-hoc-Pflicht objektiv entstehen zu lassen.483 Dafür spricht der Wortlaut des Art. 17 MAR …”

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

„… Betracht kommen. Die Ad-hoc-Pflicht des Art. 17 MAR und die Marktmanipulation der Art. 12, 15 MAR sind …” „… Ad-hoc-Pflicht des Art. 17 Abs. 1 MAR zu erheblichen Rechtsfolgen führen. In der Folge werden die Konsequenzen …” „… Art. 12 Abs. 1 lit. b MAR: K/O/T/W/Kalss, MAR, Art. 12, Rn. 17, 27; Klöhn/Schmolke, Art. 12, Rn. 196 …”

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

„… Ad-hoc-Pflicht in Art. 17 MAR geregelt. Als Verordnung gilt die MAR unmittelbar und verbindlich in jedem …” „… eine Verhaltensnorm der MAR wie bspw. Art. 17 MAR Bezug nimmt, muss dieser Tatbestand jedoch wiederum …” „… Diesen Grundsatz bestätigt Art. 17 Abs. 1 UAbs. 2 S. 1 MAR. Danach müssen Emittenten ad-hoc-pflichtige …”

§ 20 Mergers & Acquisitions S. 278-307

„… .; Lebherz, a.a.O.; Meyer/Kiesewetter, WM 2009, 340, 341. 1104 Vgl. BaFin, S. 18; A/S/M/Assmann, MAR, Art. 17 …” „… . Vgl. speziell für Schreiben des Bieters A. Art. 17 Abs. 1 MAR bei M&A-Transaktionen 279 überstehen und …” „… ); A/S/M/Assmann, MAR, Art. 17, Rn. 214, 220 (zu Anteilserwerben); W/P/M/Wellhöfer, § 5, Rn. 24 (zu …”

Titelei/Inhaltsverzeichnis S. 1-26

„… Stoffwechselerkrankung im Jahr 2017II. 198 § 14 Vermarktungsverträge 199 Art. 17 Abs. 1 MAR beim MarketingA. 200 …” „… FinanzmarktaufsichtsbehördenII. 47 ZwischenfazitIII. 49 § 5 Allgemeine Ad-hoc-Pflicht des Art. 17 Abs. 1 MAR 50 Rechtshistorie …” „… . 8 MAR I. 104 Anwendungsbereich der Ad-hoc-Pflicht des Art. 17 Abs. 8 MAR II. 107 Berichtigungs- und …”

§ 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 …” „… ebenfalls als mögliche Insiderinformationen betrachtend: A/S/M/Assmann, MAR, Art. 17, Rn. 225f.; K/R/S/Kuthe …” „… . 5.1057; Langenbucher, § 9, Rn. 72; zu § 71 Abs. 1 Nr. 8 AktG: A/S/M/Assmann, MAR, Art. 17, Rn. 36 …”

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

„… 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 …” „… die Ad-hoc-Pflicht des Art. 17 Abs. 1 MAR begründen.826 Wenn der Fußballgesellschaft die …”

§ 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 …” „… : A/S/M/Assmann, MAR, Art. 17, Rn. 232. Ebenso der Ansicht, dass eine schwere Erkrankung eine Insiderinformation …”

§ 18 Finanzielle Krisen S. 235-256

„… § 18 Finanzielle Krisen Die allgemeine Ad-hoc-Pflicht des Art. 17 Abs. 1 MAR kommt für eine ihre …” „… Ad-hoc-Pflicht des Art. 17 Abs. 1 MAR begründen.938 Relevant sind vor allem solche von wichtigen Gläubigern wie …” „… , Rn. 4; S/Z/Kumpan/Grütze, MAR, Art. 17, Rn. 112; Kamischke, S. 13; Lau, S. 125; Kocher/Widder, NZI …”

§ 17 Rechtsstreitigkeiten S. 226-234

„… . 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 …” „… – 22 O 101/16 –, juris, Rn. 303; FMA, S. 65; A/S/M/Assmann, MAR, Art. 17, Rn. 45, 238; J/V/R/B/Voß, …”

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

„… . 85; S/Z/Kumpan/Grütze, MAR, Art. 17, Rn. 91; Schröder/Schröder, Kap. 2, Rn. 32; Krämer/Teigelack, AG …” „… ; M/R/V/Veil/Brüggemeier, § 10, Rn. 85; S/Z/Kumpan/Grütze, MAR, Art. 17, Rn. 91; Seibt, Bankrechtstag 2017, 81, 99. 1024 …” „… .1037 Aus Art. 17 Abs. 1 UAbs. 2 MAR ergibt sich zudem, dass die Finanzkennzahlen einen Vergleich mit …”

§ 25 Schuldtitel S. 328-336

„… der Ad-hoc-Pflicht des Art. 17 Abs. 1 MAR stellen. Fremdkapitalmaßnahmen betreffen einen Emittenten in …” „… , Rn. 802. C. Art. 17 Abs. 1 MAR bei Schuldtitelemissionen 335 Zwischenfazit Wenn ein Fußballklub an …” „… Ad-hoc-Pflicht aus Art. 17 Abs. 1 MAR. Sofern eine Schuldtitelemission für sie ausnahmsweise kursrelevant ist …”

§ 23 Auskunftsverlangen in Hauptversammlungen S. 324-326

„… . Schließlich ist die Vertraulichkeit i.S.v. Art. 17 Abs. 4 UAbs. 1 lit. c MAR nicht (mehr) gewährleistet, wenn …” „… höherrangigen Art. 10 MAR gemäß § 119 Abs. 3 Nr. 3 WpHG i.V.m. Art. 14 lit. c MAR strafbar machen.1285 Daher …” „… muss die Geschäftsleitung noch während der Hauptversammlung eine Ad-hoc-Mitteilung gemäß Art. 17 Abs. 1 …”

§ 11 Personalveränderungen S. 142-186

„… 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 …” „… . 592 A/S/M/Assmann, MAR, Art. 17, Rn. 230; Fuchs/Pfüller, § 15, Rn. 272; Lebherz, S. 61. 593 Vgl …”

§ 21 Kapitalmaßnahmen S. 308-319

„… platzieren, greift für sie die Ad-hoc-Pflicht des Art. 17 Abs. 1 MAR nur ein, wenn der Markt hiermit nicht …” „… Adhoc-Pflicht des Art. 17 Abs. 1 MAR auch eingreifen, wenn sie eine Kapitalmaßnahme durchführt.1227 Dann ist sie …” „… , MAR, Art. 17, Rn. 107; Krämer/Teigelack, AG 2012, 20, 22; Sethe, ZIP 2010, 1825, 1826. 1231 Vgl …”

Einleitung S. 27-29

„… Art. 17 MAR durch. Von den 62 teilnehmenden Emittenten wünschten sich 90 % klarere Präzisierungen. Am …” „… Finanzinstrumente an einer Börse listen, stellt sich die Frage, ob und wann für sie die Ad-hoc-Pflicht des Art. 17 …” „… Art. 17, Rn. 1, Art. 17, Rn. 17; Schröder/Schröder, Kap. 2, Rn. 115; Kumpan, DB 2016, 2039, 2039. 2 So …”

Fazit und Schlussfolgerungen für die Praxis S. 337-342

„… Emittenten gelten. Für deutsche Profifußballklubs ist die allgemeine Ad-hoc-Pflicht des Art. 17 Abs. 1 MAR …” „… listen. Die Ad-hoc-Pflicht des Art. 17 Abs. 1 MAR setzt für einen erfassten Fußballklub ein, wenn eine …” „… Tatbestandsmerkmal der Ad-hoc-Pflicht des Art. 17 Abs. 1 MAR ist die Kursrelevanz.1329 Im Regelfall ist maßgebend, ob …”

§ 15 Lizenzen S. 205-211

„… zu versagen, ist damit im Allgemeinen kursrelevant und gemäß Art. 17 Abs. 1 MAR ad-hoc-pflichtig. Die …” „… der Fußballgesellschaft mitgeteilt wurde, ist sie für diese gemäß Art. 17 Abs. 1 MAR ad-hoc-pflichtig …” „… . 17 Abs. 1 MAR infrage, wenn ihr eine Lizenz zur Teilnahme an einem Fußballwettbewerb erteilt, versagt …”

Literaturverzeichnis S. 343-364

„… nach Art. 17 Abs. 4 MAR zum Schutz der Unternehmensreputation, Zeitschrift für Unternehmens- und …” „… Selbstbefreiungsvoraussetzungen gem. § 15 Abs. 3 WpHG a.F. bzw. Art. 17 Abs. 4 S. 1 MAR?, wistra 2019, S. 306ff. (zitiert …” „… nach Art. 17 MAR, Zeitschrift für Unternehmens- und Gesellschaftsrecht 2020, S. 2ff. (zitiert …”

§ 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 …”

§ 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 …”

§ 24 Änderungen der Börsenzulassungen S. 327

„… für die jeweilige Fußballgesellschaft gemäß Art. 17 Abs. 1 MAR zu einer letzten Ad-hoc-Mitteilung …” „… , MAR, Art. 7, Rn. 281. Beim Downlisting, also beim Wechsel in ein Börsensegment mit niedrigeren …” „… ; speziell zu Downlistings: Klöhn/Klöhn, Art. 7, Rn. 386; M/R/V/H.Krause, § 6, Rn. 135; S/Z/Kumpan/Misterek …”

Drittes Kapitel Fallgruppen der Ad-hoc-Pflicht im Profifußball S. 141

„… des Art. 17 Abs. 1 MAR generell eingreift. Zudem wurde dargelegt, wann die Klubs eine …” „… Ausführungen gelten für Profifußballgesellschaften, die ihre Aktien an einem geregelten Markt notieren oder an …” „… einem MTF listen. Für Fußballklubs, die andere Finanzinstrumente an solchen Märkten listen, sind die …”

§ 10 Zwischenfazit zum zweiten Kapitel S. 140

„… Ad-hoc-Pflicht des Art. 17 Abs. 1 MAR ein. Das Gleiche gilt für einen Fußballklub, der Anleihen an einem …” „… oder SE organisierte Fußballgesellschaft, die ihre Aktien an einem geregelten Markt oder einem MTF in …” „… geregelten Markt oder einem MTF listet. Insbesondere vertraulich behandelte Informationen, die sich …”

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Die Zurechnung von Wissen im Aufsichtsrat

Johanna Maria Tönnies

Series: Münsterische Beiträge zur Rechtswissenschaft - Neue Folge

Volume 83 2024

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Teil 4: Bekanntgabekompetenz des Aufsichtsrates nach Art. 17 Abs. 1 S. 1 MAR S. 369-438

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Ad-hoc-Publizität und Related Party Transactions nach ARUG II

Helene Maskow

Series: Schriften zum europäischen, internationalen und vergleichenden Unternehmensrecht

Volume 25 2024

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B. Art. 17 Abs. 1 UAbs. 1 MAR und §§ 111a bis 111c, 107 Abs. 3 S. 4 bis 6 AktG S. 33-124

„… MARDie Pflicht zur Ad-hoc-Publizität des Art. 17 Abs. 1 UAbs. 1 MARgilt gem. Art. 17 Abs. 1 UAbs. 3 MAR …” „… . Aufl. 2020, Art. 17 MAR Rn. 3 ff.;Marsch-Barner/Schäfer/Schäfer, HdB börsennotierte AG, 5. Aufl. 2022 …” „… Anlegerpublikum); Buck-Heeb, Kapital‐marktrecht, 12. Aufl. 2022, Rn. 11 ff.; Klöhn-MAR/Klöhn, 2018, Vor Art 17 Rn …”

C. Ad-hoc-Publizität und Related Party Transactions S. 125-316

„… MAR. Veröffentlichungspflichtig sind dagegen nur solche Insiderinformationen nach Art. 17 Abs. 1 UAbs. 1 MAR, die den Emittenten unmittelbar betreffen. 678 …” „… AktG ergibt sich die Insiderinformation nicht aus Art. 17 MAR, sondern aus Art. 7 …” „… C. Ad-hoc-Publizität und Related Party TransactionsDer Darstellung von Art. 17 MAR und dem …”

A. Bekannte Probleme und neue Herausforderungen S. 27-32

„… Regulation (imFolgenden: MAR2) eingebettete Ad-hoc-Publizitätspflicht des Art. 17 Abs. 1UAbs. 1 MAR. Sie ist …” „… die praktische Umsetzung derAd-hoc-Publizitätspflicht des Art. 17 MAR stellen die adressierten …” „… . Art. 9c Abs. 9 SRD 2017 berührt die Vorschrift dieVeröffentlichungspflicht nach Art. 17 MAR nicht …”

D. Endfazit S. 317-320

„… Ad-hoc-Pflichten entstehen, richtet sich allein nach Art. 17 Abs. 1 UAbs. 1 MAR.Stehen die RPT-spezifischen Angaben …” „… D. EndfazitDie Ad-hoc-Publizitätspflicht gem. Art. 17 Abs. 1 UAbs. 1 MAR und dasRPT-Regime der …” „… Ad-hoc-Publizitätspflicht nach Art. 17 MAR ist Dirigent derFrage nach der Ad-hoc-Publizitätspflicht und RPT. Sie ist …”

Titelei/Inhaltsverzeichnis S. 1-26

„… Veröffentlichungen von RPT nach § 111cAbs. 3 AktG, Art. 17 MARbb)121Zusammenfassende Übersicht über Art. 17 MAR und …” „… Änderungen hinsichtlich der Ad-hoc-Publizitätspflicht nach Art. 17 MARaa)163Art. 17 Abs. 1 UAbs. 1 S. 2 MAR …” „… Emittenteninteressen (Art. 17 Abs. 4UAbs. 1 lit. a Alt. 1 MAR)cc)239Gegenentwurf zu missbräuchlichemAufschubverhalten …”

Literaturverzeichnis S. 321-339

„… , Marc, Aktuelle Fragen der Ad-hoc-Publizität nach Art. 17 MAR, in: Grunewald,Barbara/Koch, Jens/Tielmann …” „… Fall der Ad-hoc-Publizität nachArt. 17 MAR, in: Tietje, Christian/Kraft, Gerhard/Kumpan, Christoph …” „… . 17 MAR, ZIP 2020, S. 1290–1296.Gutiérrez, María/Sáez, María Isabel, A Contractual Approach to …”

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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 17 Public disclosure of inside information S. 778-799

„… ), § 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 …” „… 2014/65/EU, Art 4(1)(30).Art. 17 MAR 2. Market Behaviour778 Carsten Gerner-Beuerle1213by the public and …”

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

„… MAR3 and the Transparency Di-rective.4 The exemption of stabilisation measures in Art 17(4) SSR refers …” „… ). As provided by Art 37 MAR thereference in Art 17(2) SSR to Directive 2003/6/EC shall be construed as …” „… authorised primary dealer first intends to usethe exemption.Art. 17 SSR 2. Market Behaviour924 Klaus …”

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 …”

Article 19 Managers’ transactions S. 808-824

„… 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 …” „… debtinstruments of the issuer or to derivatives or other financial instruments linked toArt. 19 MAR 2. Market …”

Article 7 Inside information S. 673-692

„… set of CESR guidance and information, ibid, paras 3.1-3.17.Art. 7 MAR 2. Market Behaviour676 …” „… contracting parties in stock market transactions.5449 Art 17(4) and ESMA, MAR Guidelines: Delay in the …” „… ac-count specificities of those markets.Art. 7 MAR 2. Market Behaviour674 Carsten Gerner-BeuerleI …”

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

„… pursuant to Art 3(2) is based on that of the Market Abuse Regulation. As underArt 8(1) of MAR, insider …” „… discussed in detail in the Market Abuse Regulation, see → MAR Art 7mn 5-29.6 Ibid, mn 30-31.7 Ibid, mn 32.8 …” „… Ibid, mn 33.9 Discussed in Market Abuse Regulation, → MAR Art 8 mn 16-22.10 The corresponding provision …”

Article 18 Insider lists S. 799-808

„… , or any other persons acting on their behalf or on their account.1.Art. 18 MAR 2. Market Behaviour …” „… Regulation (EU) No 596/2014,Version 3 (updated: 13 January 2017) Q II.4.Art. 18 MAR 2. Market Behaviour802 …” „… Regulation 2016/347, Article 2(1).Art. 18 MAR 2. Market Behaviour804 Wolf-Georg Ringe2324252627282930have …”

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

„… otherwisecompleted without creating a disorderly market’, FCA MAR 1.4.4A.38 Art 17 refers to Art 21 Transparency …” „… no 121.4 See Schwark and Kruse, ibid, margin no 43 for references.Art. 10 MAR 2. Market Behaviour …” „… concerningthe issuer directly must be made public in accordance with Art 17 of MAR.38 In thiscase, disclosure to …”

Article 18 Entry into force S. 1784-1785

„… MAR 17 7 et seq.– contrast with market expectationsMAR 17 77– delaying disclosure MAR 17 61 et seq …” „… market MAR 17 110– MREL MAR 17 90– not misleading the public MAR 17 74 et seq.– officially appointed …” „… MiFIR 9 11Active personality principle MAD 10 3Ad hoc disclosure MAR 17 1 et seq., 90– addressee MAR …”

Article 2 Scope S. 650-654

„… MAR reflects the extension of the market abuse regime to bench-mark manipulation (see Art 12(1)(d …” „… the sharesor debt instruments issued by their company (see → Arts 17 through 19).The Market Abuse …” „… .Art. 2 MAR 2. Market Behaviour650 Carsten Gerner-Beuerle12(b) financial instruments traded on an …”

Introduction S. 644-650

„… disclosure obligations pursuant to Art 17 of the Regulation. Market manipu-lation is prohibited by Arts 12 …” „… (see → Arts 17 through 19).The Market Abuse Regulation sets out the prohibitions against insider …” „… market abuse (Market Abuse Directive) [2014] OJ L173/179.Art. 2 MAR 2. Market Behaviour650 Carsten …”

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 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 …” „… paras16-17.20 Market Abuse Regulation, recital 31 and Art 9(5).21 For a comparative overview (including …”

Article 12 Market manipulation S. 730-756

„… ; Worms in Assmann and Schütze, § 10 mar-gin no 86.Art. 12 MAR 2. Market Behaviour750 Carsten …” „… , Art 6(3), second subparagraph.57 Ibid, Art 6(3), third subparagraph.Art. 12 MAR 2. Market Behaviour …” „… Regulation, recital 38.3 Ibid.Art. 12 MAR 2. Market Behaviour732 Carsten Gerner-Beuerle1the Market Abuse …”

Article 20 Investment recommendations and statistics S. 824-833

„… March 2018) Q 8.2.17 See ESMA, Questions and Answers on the Market Abuse Regulation (MAR), ESMA …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 …”

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

„… Regulation, Art 3(1)(17).14 ESMA, Final Report on Draft technical standards, para 16.Art. 5 MAR 2. Market …” „… 4(1) ofRegulation (EU) No 596/2014 on market abuse (MAR), 30 May 2017, ESMA70-145-103.17 For …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14Art. 5 MAR 2. Market Behaviour662 Carsten Gerner-BeuerleI. General featuresPurpose and …”

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 53 Access to a regulated market S. 308-312

„… in violation of Art 17 of MAR.16 An exception applies when a suspension orremoval from trading would …” „… bid or the non-disclosure of inside information in vio-lation of Art 17 MAR.20 Suspension or removal …” „… Art 52(2) subpara 2 MiFID II.17 See commentary at → mn 6.18 Art 52(2) subparas 3 and 4 MiFID II.19 For …”

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

„… investment services and/or activities’, Directive2014/65/EU, Art 4(1)(30).Art. 17 MAR 2. Market Behaviour …” „… 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 …”

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

„… other Member States and ESMA.6.16 Art 53(6) subpara 2 sent 1 MiFID II.17 Art 53(6) subpara 2 sent 2 …” „… Delegated Regulation (EU) 2017/565.17 Art 82(3) of the Commission Delegated Regulation (EU) 2017/565.18 Ibid …” „… members and participants managed by a market operator(Art 53(7) MiFID II)To ensure transparency with …”

Article 17 S. 588-590

„… margin no 3.3 Cf. Gebhardt, § 41 BörsG margin no 20; Heidelbach, § 41 BörsG margin no 14.Art. 17 CARD 1 …” „… ’ provisions in Art 71 MiFID II,2Art 34 of Market Abuse Regulation (MAR),3 Art 62 of the Central Securities …” „… introductory part of Art 17 (‘withoutprejudice to any other action or penalties’), Member States are free to …”

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 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 …” „… administrative proceedings are not qualified as criminal in nature3 or, if1.17 → Art 10 mn 1.1 National laws must …”

Article 3 Definitions S. 1236-1242

„… Art 18(1)(a) MAR. However, in this context,Art 17(8) MAR applies. According to this provision, the …” „… 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 …”

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 26 Cooperation with third countries S. 846-849

„… Recital 67 MAR.Chapter 4 ESMA and competent authorities Art. 26 MARJörn Axel Kämmerer 847123Level 2 and …” „… 69 MAR.Chapter 4 ESMA and competent authorities Art. 27 MARJörn Axel Kämmerer 84971 …” „… out their duties un-der this Regulation.Art. 26 MAR 2. Market Behaviour846 Jörn Axel KämmererA …”

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 …” „… to Art 14(2) MiFIR, articles 14 to 17 MiFIR apply to systematic internalisersonly when they deal in …” „… calculated by dividing the total turnover of a particularfinancial instrument (as set out in Art 17(4) of the …”

Article 9 Legitimate behaviour S. 705-711

„… Charilaos Georgakis [2007]ECR I-03741.31 → Art 7 mn 16-17.32 Market Abuse Regulation, recital 31.Art. 9 MAR …” „… instruments).4 Spector Photo Group, paras 55-60.5 Moloney, VIII.6.3.4.Art. 9 MAR 2. Market Behaviour706 …” „… 596/2014 of the European Parliament and of the Council with regard to regulatoryArt. 9 MAR 2. Market …”

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

„… , 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 …” „… MiFID II.17 See commentary at → mn 6.18 Art 52(2) subparas 3 and 4 MiFID II.19 For the format and timing …”

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

„… ) of the Commission Delegated Regulation (EU) 2017/587.17 Art 15(3)(b) of the Commission Delegated …” „… . 13.Art. 8 MiFIR 1. Security Markets and Services430 Christoph Kumpan and Finn Schmidt56789 …” „… .– Quote-driven trading systems must publish best bid and offer by price of each mar-ket maker for each financial …”

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

„… (MAR) Article 3(2)(d).55 See → Art 11 mn 3 et seq.Chapter III Ongoing information Art. 9 …” „… acquires or dis-poses of shares of an issuer whose shares are admitted to trading on a regulated mar-ket …” „… to intervene in the management of the issuer.1 OJ L 177, 30.6.2006, p. 201.Art. 9 TD 3. Market …”

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 …” „… See → Art 2 mn 4.5 Commission Proposal 2003, 17.6 See → Art 8 mn 5 et seq.7 See Article 8(2), (3).8 …” „… Directive, CESR/05-407 (June 2005), paras 419-421.16 See → Art 4 mn 12 et seq.17 ESMA, Mapping, paras …”

Article 1 Subject matter S. 650

„… the sharesor debt instruments issued by their company (see → Arts 17 through 19).The Market Abuse …” „… .Art. 2 MAR 2. Market Behaviour650 Carsten Gerner-Beuerle12 …” „… abuse)as well as measures to prevent market abuse to ensure the integrity of financial mar-kets in the …”

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

„… client and the integrity of the mar-ket in the context of the duties of the managerial body.4 See Art 17 …” „… market abuse, MAR and MAD, havetheir own enforcement regime.1 Art 24 MiFIR explicitly says that it leaves …” „… recital 31, Art 1(9)(a),Art 9(5)(d) subpara 2 (ii), Art 17(2), Art 18(7), Art 20(2) and Art 21(4) subpara …”

Article 2 Definitions S. 396-403

„… ) 2017/567:5 Art 1 (Determining liquid mar-kets for shares), Art 2 (Determining liquid markets for depositary …” „… definition in Art 2(1)(17) MiFIR, the criteria to as-sess whether a market is deemed to be liquid are (a) the …” „… to be met to consider a market liquid (in respect ofArt 2(1)(17)(b)) in various financial instruments …”

Index S. 1785-1803

„… EMIR 4Margins among CCPs EMIR 54 12Market abuse– ad hoc disclosure MAR 17 1 et seq.– prevention and …” „… with market expectationsMAR 17 77– delaying disclosure MAR 17 61 et seq., 66 etseq., 74 et seq., 78 et …” „… .– materially different from previousMAR 17 75– most relevant market MAR 17 110– MREL MAR 17 90– not …”

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 …” „… abuse (MAR), 30 May 2017, ESMA70-145-103.17 For instructions on how to operate the FIRDS, including …”

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 18 Notification S. 1014-1016

„… . CommentaryAccording to Art 17(1), a prospectus and its supplements, after receiving approvalfrom the relevant home …” „… inaccuracies come to light after the ap-proval of the prospectus. Under Art 17(2), given the competence of the …” „… markets.II. CommentaryAs stated under Art 18(1), at the request of an issuer (or person responsible for …”

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 …” „… ) Basic Law for the Federal Republic of Germany.Art. 23 MAR 2. Market Behaviour842 Jörn Axel Kämmerer …”

Article 32 Reporting of infringements S. 865-868

„… , 3 February 2015), paras164 et seq.Art. 32 MAR 2. Market Behaviour866 Jörn Axel Kämmerer2345 …” „… 492, 494 et seq.Art. 33 MAR 2. Market Behaviour868 Jörn Axel Kämmerer1011 …” „… in-fringements of MAR.12 As MAR leads to competing jurisdictions (see → Art 22 mn 6),some competent authorities …”

Article 19 Uses of languages S. 1016-1018

„… . Where an offer to the public is made or admission to trading on a regulated mar-ket is sought only in …” „… regulated mar-ket is sought in one or more Member States excluding the home Member State,the prospectus …” „… offer to the public is made or admission to trading on a regulated mar-ket is sought in more than one …”

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 …” „… cash andfuture instruments) and cross-markets (when instruments are listed on multiple mar-1.114 Art …” „… found in Art 19(5) MiFID II.17 Güllner, ‘MiFID II: Die neue Handelsplatzarchitektur in der EU’, WM 2017 …”

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

„… (EU) 2017/567):1 Article 6 (Obligation to pro-vide market data on a reasonable commercial basis), Art …” „… 7 (Obligation to providemarket data on the basis of cost), Art 8 (Obligation to provide market data …” „… to keep data unbundled and to disaggregate market data) and Art 11 (Trans-parency obligation).Level 3 …”

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 …” „… executing clients’ orders.Art 1(7) MiFID II ensures that multilateral systems and systematic internalizers …” „… , first, persons that engage in algorithmic trading.17 According toArt 1(5) MiFID II, the rules of Art …”

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 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 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 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 …” „… exerciseof certain rights of shareholders in listed companies [2007] OJ L184/17. See in particular → Art 17 …” „… liquid capital market. The notification requirements for major share-holdings (→ Art 9-15) are to inform …”

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

„… Christoph Kumpan and Finn Schmidt123Level 2:Commission Delegated Regulation (EU) 2017/568 (RTS 17):1 Art 1 …” „… Regulation (EU) 2017/568.16 See points 4 to 10 of Section C of Annex I MiFID II.17 Art 51(2) MiFID II.18 See …” „… 2017, ESMA/2016/1452, p. 284.Title III Regulated Markets Art. 51 MiFID IIChristoph Kumpan and Finn …”

Article 5 Market manipulation S. 628-629

„… signals as to the supply of,Art. 5 MAD 2. Market Behaviour628 Carsten Gerner-Beuerledemand for, or …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . 93. Market manipulation, Art 5 …” „… intention-ally by natural persons.1 Furthermore, during the course of negotiating the revised mar-ket abuse …”

Article 3 Definitions S. 654-657

„… : 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 …” „… market, MTF or OTF),20 provided it concerns a financial instrumentas defined in Arts 2(1) or (2 …”

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 3 Integration of securities markets S. 1114-1118

„… 2013/50/EU, recital 12.16 For the definition, see Article 2(1)(j) and above, → Art 2 mn 24 et seq.17 The …” „… Art 17 mn 4 et seq.Chapter I General provisions Art. 3 TDWolf-Georg Ringe 11171415161718192021 …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 OJ L 142, 30.4.2004, p. 12.Art. 3 TD 3. Market Transparency1114 Wolf-Georg Ringe3. Structure …”

Article 47 Equivalence decision S. 566-571

„… 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 …” „… .12 Art 25(1), 9 CSDR.Art. 47 MiFIR 1. Security Markets and Services568 Dirk Zetzsche4alence in the …”

Article 4 Definitions S. 22-34

„… Art 17(1)-(6) MiFID II.9 Cf the definition in Art 4(1)(39) MiFID II.10 Art 18 Delegated Regulation (EU …” „… Recital 61 first sentence MiFID II.16 Recital 61 last sentence MiFID II.17 Art 4(1)(40) MiFID II.18 Art 19 …” „… See e.g. Art 17(2) last subpara MiFID II.22 Baker and Dellaert, ‘Regulating Robo Advice Across the …”

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

„… , from dealing on own account;Art. 30 MAR 2. Market Behaviour852 Jörn Axel Kämmerer …” „… agreed between the authorities.Chapter 4 ESMA and competent authorities Art. 29 MARJörn Axel Kämmerer …” „… derogatingfrom the requirements of the previous article is allowed. Article 29 of MAR providesadditional …”

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 1 Scope and UCITS definition S. 1304-1317

„… Art 3(a) of Regulation (EU) No 346/2013 of the EuropeanParliament and of the Council of 17 April 2013 …” „… restricted normal mar-ket cycles from running their course.The Directive 2001/108/EC of 20018 (‘UCITSD III …” „… the Framework for the Creation of a Broader and More Efficient Internal Mar-ket for UCITS’, Journal of …”

Article 47 Organisational requirements S. 264-268

„… Delegated Regulation (EU) 2017/581.16 A parallel provision for MTFs can be found in Art 19(5) MiFID II.17 …” „… 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 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 …” „… regulated markets in reports in accordance with Art 65(1)(g)MiFID II and Art 65(2)(g) MiFID II, as well as …” „… methodology for calculationdeveloped by ESMA.Art. 57 MiFID II 1. Security Markets and Services318 Matthias …”

Article 4 Waivers for equity instruments S. 408-417

„… ) and Art 16 (determination of the most relevant mar-ket in terms of liquidity).Commission Delegated …” „… liquid market.17 Moreover, when the most relevant mar-ket in terms of liquidity cannot be determined, all …” „… venue pendingdisclosure.4.17 While Art 3(3) MiFIR refers to pre-trade data relating to quotes for …”

Article 1 Subject matter S. 1231-1234

„… 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 …” „… Markets Regulation (2014), VII.2.7, p. 658.Title I Subject matter, scope and definitions Art. 1 …”

Article 9 Sanctions for legal persons S. 637-640

„… . This case is discussed in moredetail in Market Abuse Regulation, Art 15, para 1.7 For an example, see …” „… , such as:53 Ibid, mn 6.54 Market Abuse Directive, recital 16. Art. 9 MADCarsten Gerner-Beuerle 637(a …” „… . In the case of insider dealing (Art 3 of MAD 2014) and market manipula-tion (Art 5 of MAD 2014), the …”

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

„… (Cambridge Uni-versity Press 2011), 104.Chapter IV Cross-border offers and admission to trading Art. 17 …” „… regime.II. CommentaryAccording to Art 17(1), a prospectus and its supplements, after receiving approvalfrom …” „… limit could not be shorter than two days and this caused mar-ket uncertainty as to when withdrawal …”

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 31 Portfolio compression S. 517-519

„… measureson product intervention and positions, OJ 2017 L 87/90, Art 17 ff (inter alia underArt 31(4) MiFIR)II …” „… ), Regulation of the EU Financial Market, mar-gin no 15.108.3 Recital 8 MiFIR.4 Recital 8 MiFIR.5 Stegeman and …” „… Berket, in: Busch and Ferrarini (eds), Regulation of the EU Financial Market, margin no15.114.Art. 31 …”

Article 1 Subject matter and scope S. 1745-1751

„… mar-ket for payment services, “whether or not the services are compatible with the systemresulting from …” „… Art 18, on 31 March2012.EU competenceThe EU legislative bodies base their authority to promulgate the …” „… of goods and services within the internal mar-ket. These secondary objectives are partly congruent …”

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 16 Organisational requirements S. 65-120

„… authorisation,with some additional requirements for algorithmic traders in → Art 17 MiFID. The sub-stantial details …” „… legislation, in Art 21 et seq. of Commission Delegated Regulation(EU) 2017/565 of 25 April 2016. Art 16, 17 …” „… , additional requirements follow from Art 17 MiFID;– in Art 16(3), second para to end MiFID concern product …”

Article 25 Obligation to cooperate S. 844-846

„… European Parliament and of the Council, and the national regu-Art. 25 MAR 2. Market Behaviour844 Jörn …” „… duties un-der this Regulation.Art. 26 MAR 2. Market Behaviour846 Jörn Axel Kämmerer …” „… markets,and shall detect and impose sanctions for cross-market and cross-border marketabuses.In relation to …”

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

„… the issuer.16 See Recital 4.17 ESMA, Mapping, para 158.Chapter III Ongoing information Art. 18 …” „… securities issued before 31 December2010.a)b)3.7 See above, → Art 17 mn 12 et seq.8 Commission Proposal 2003 …” „… tothereby strengthen the functionality of the capital market.1.1 Commission Proposal 2003, 26.Art. 18 TD 3 …”

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

„… require disclosure of short positions beyond the requirements of Art 6SSR. Art 16 and 17 SSR provide …” „… theexemptions laid down in Art 16 and 17 SSR; see already above, → mn 2 and Overview of Chapter II, mn 1.9 The …” „… a regulated market.11 Article 2(j)(v) SSR refers to the authority as defined in Art 2(7) of …”

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 …”

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

„… dark pools may be ex-5 Art 29(1) and 44(1) MiFID I. Specified by Art 17 and Table 1, Annex II of the …” „… 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 …”

Article 1 Subject matter and scope S. 392-396

„… 1(5) MiFIR below for further information).Exemptions (Arts 1(5 a) to 1(7) MiFIR)Per Art 1(5 a), Title …” „… Commission Dele-gated Regulation (EU) 2017/179917 to extend Arts 1(6) and 1(7) MiFIR to the Bank …” „… the Commission Delegated Regulation (EU) 2017/583.16 Art 1(7) MiFIR.17 Commission Delegated Regulation …”

Article 35 Establishment of a branch S. 227-233

„… 14 to 26 ofArt. 35 MiFID II 1. Security Markets and Services228 Dirk ZetzscheRegulation (EU) No …” „… agents;2.3.4.1.2.Art. 35 MiFID II 1. Security Markets and Services230 Dirk Zetzsche234567– the name …” „… ) 2017/1018.7.8.9.Art. 35 MiFID II 1. Security Markets and Services232 Dirk Zetzsche1415161718Article 36Access to …”

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

„… ) 2 Journal of International Financial Mar-kets 162 et seq.Art. 105 CARD 1. Security Markets and …” „… sanctions for non-compliance with post-admission obligations, seeabove → Art 17 mn 1 et seq.Articles 65-104 …” „… margin no 7.4 Cf. Gebhardt, § 69 BörsZulV margin no 7.Title IV Obligations relating to securities Art …”

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

„… service providers for bal-1 OJ L 267, 10.10.2009, p. 7.2 OJ L 94, 30.3.2012 p. 22.Art. 17 SEPAR 6 …” „… (5th edn,C.H.Beck 2016), margin no 17.2 Cf. ibid, margin no 18.1 Commission, ‘Report on the …” „… respectivedates specified for the Member States having the euro as their own currency on31 March 2012. Art. 16 …”

Article 15 Initial capital endowment S. 64-65

„… requirement to hold eligible capital of at least one quarter ofArt. 15 MiFID II 1. Security Markets and …” „… instruments it offers or mar-kets, taking into account any event that could materially affect the potential …” „… compensation scheme subject to Art 2 Directive 97/9/EC. Thoseschemes tend to cover the operational risks of …”

Article 105 S. 616-617

„… ) 2 Journal of International Financial Mar-kets 162 et seq.Art. 105 CARD 1. Security Markets and …” „… ) and Art 17 (with respect to ‘naming andshaming’), Art 18 (with respect to suspension and …” „… the national competent authorities (NCAs). Article 105(1)(previously Art 9(1) LCD) governs their …”

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

„… basket ofbenchmarks with different maturities (Art 22(1) Delegate Regulation (EU) No 918/2012).17 See …” „… 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 …”

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

„… and for which there is a liquid marketwhen the following conditions are fulfilled:1.2.2 Art 17 …” „… II. CommentaryAccess-control-rule (Art 17(1) MiFIR)Article 17(1) MiFIR allows systematic …” „… access-control-ruleset out in Art 17 requires clear standards to govern access to quotes. Commercial consid-erations …”

Article 7 Authorisation of deferred publication S. 425-428

„… ) of the Commission Delegated Regulation (EU) 2017/587.17 Art 15(3)(b) of the Commission Delegated …” „… Art 6(2) MiFIR market operators and investment firms have to give in-vestment firms that are covered …” „… publicationin respect of transactions that are large in scale compared with the normal mar-ket size for that …”

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

„… & Carry SA v Fazenda Pública [2004] ECR I-06051, para 17; cf.ECJ, Case C-271/91 Marshall v Southampton and …” „… to amend the Annex, in order to take account of technical progress and mar-ket developments.I …” „… them.2. The penalties referred to in paragraph 1 shall not be applied to consumers.I. IntroductionArt …”

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 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 25 Obligation to maintain records S. 494-495

„… client and the integrity of the mar-ket in the context of the duties of the managerial body.4 See Art 17 …” „… information (Art 25(6) MiFID II) or to notdiscriminate with regard to market access (Art 53(1) MiFID II …” „… Markets Regulation, section IV.7.5.3 See also Art 9(3) MiFID II, which mentions both the interest of the …”

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

„… tothe NCAs exercising their powers under Art 42 MiFIR. For further details, see → mn 17.Art 42 MiFIR is …” „… 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 …”

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) 2017/1005.17 Arts 5(2) and 6(3) of the Commission Implementing …” „… issuer or financial instrumentArt. 32 MiFID II 1. Security Markets and Services212 Christoph Kumpan …”

Article 32 Trading obligation procedure S. 519-524

„… MiFID II.7 Art 8, 10, 18, 21, 28 MiFIR.8 Art 17(2) Commission Delegated Regulation (EU) 2017/567.9 Art …” „… 17(3), (4) Commission Delegated Regulation (EU) 2017/567.10 Art 18(1) Commission Delegated Regulation …” „… market operators must also keeprecords of the service, Art 31(3) MiFIR.Article 32Trading obligation …”

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

„… least one hour before their opening”,17 in accordance with Art 10(2) andAnnex I, Section D, Part III, No …” „… .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 …”

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 …” „… other investment firms to conduct independent mar-ket-making activities on an OTF it operates.12 …” „… the market operatorunder Art 20(6) MiFID II.15 The exercise of discretion must not be discriminatory …”

Article 6 S. 1048-1051

„… 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 …” „… ensure that the KID meets the needs of retail investors.11 Recital no. 13 PRIIP Regulation.Art. 6 PRIIPR …”

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

„… para-graph 1, where it has objective grounds for believing that its sovereign debt mar-ket is not functioning …” „… , see above, → mn 5, 7.Art. 14 SSR 2. Market Behaviour918 Klaus Ulrich SchmolkeI. General …” „… Article 17 SSR stipulates an exemption from the prohibitionfor market making activities and primary market …”

Article 49 Tick sizes S. 292-296

„… Delegated Regulation (EU) 2017/590.17 Art 3(1) of the Commission Delegated Regulation (EU) 2017/588.18 …” „… 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 20 Issuers incorporated in third countries S. 1018-1020

„… regulated mar-ket of securities, issued by an issuer incorporated in a third country, in a MemberState other …” „… regis-1.2.3.1 Art 28 in the 2017 Prospectus Regulation.Art. 20 PD 3. Market Transparency1018 Paola …” „… regulated market, as well as financial intermediariesArt. 21 PD 3. Market Transparency1020 Paola …”

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

„… Investment firms also must comply with every provision pertaining to such authorisa-tions.3.17 Art 23(1)(b …” „… 31, Art 1(9)(a),Art 9(5)(d) subpara 2 (ii), Art 17(2), Art 18(7), Art 20(2) and Art 21(4) subpara 2 …” „… mar-kets (regulated markets, multilateral trading facilities) or using systematic internalisers.1Recitals …”

Article 16 Supplements to the prospectus S. 1009-1013

„… (Cambridge Uni-versity Press 2011), 104.Chapter IV Cross-border offers and admission to trading Art. 17 …” „… 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 …”

Chapter 2 Conduct of business rules S. 1637-1643

„… the OTC derivatives markets’ (2016)17 EBOLR 355 that underlines the membership dilemma. For some data …” „… in the OTC derivatives markets’ (2016) 17 EBOLR.15 See Article 1(a) Commission Delegated Regulation …” „… accordance with Arti-cle 39 with respect to specific financial instruments. A CCP may calculate mar-gins with …”

Article 33 SME growth markets S. 217-221

„… Commission Implementing Regulation (EU) 2017/1005.17 Arts 5(2) and 6(3) of the Commission Implementing …” „… 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 …”

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 …” „… explicitlymention APAs as the exclusive way to make information available to the public.14 Art 17(3)(a)(ii) MiFIR.15 …” „… Art 31(2) MiFIR.16 See the definition in Art 4(1)(53) MiFID II.17 See → mn 5.18 See the definition in …”

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

„… Regulation (EU) 2017/581, Art 6-8.17 Art 35(4) subpara 1 (a), Art 36(4) subpara 1 (a) MiFIR.18 Art 35(4 …” „… up different markets. Art 35 MiFIR gives tradingvenues access to clearing and settlement services via …” „… rights.An illustration of the market barriers that may be introduced in the post-trade mar-ket by CCPs is …”

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 …”

Introduction S. 574-576

„… Directive 80/390/EEC of 17 March 1980 coordinating the requirements for the drawing up,scrutiny and …” „… in favour of giving market operators discretion: Ferrarini, ‘Pan-European securities mar-kets: policy …” „… Annex IX (Financialservices) to the EEA Agreement [2002] OJ L 154/22.Art. 1 CARD 1. Security Markets …”

Article 17 Algorithmic trading S. 120-134

„… to the overall market.Title II Authorisation and operating conditions for investment firms Art. 17 …” „… equivalent to those applied to direct market access;Art. 17 MiFID II 1. Security Markets and Services122 …” „… ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 164. Algotraders pursuing market making strategies (Art 17(3), (4) MiFID) . . 205. Provision of direct …”

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 69 Supervisory powers S. 358-362

„… , 17 DecemberArt. 69 MiFID II 1. Security Markets and Services360 Jörn Axel Kämmerer1234tion of a …” „… temporary prohibition of professional activity;Art. 69 MiFID II 1. Security Markets and Services358 Jörn …” „… ) adopt any type of measure to ensure that investment firms, regulated mar-kets and other persons to whom …”

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

„… securities and financial markets regulation (3rd edn, Oxford University Press 2014),p. 486.17 Art 5(1) of the …” „… . 486.15 See fn. 12.16 As determined in Art 3 of the Commission Delegated Regulation (EU) 2017/583.17 ESMA …” „… predictable basis, according to Art 17(3)(a)MiFID II, does not apply, in accordance with Art 3(e) of the …”

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

„… ), 47(1)(d), 48(8), 53(1), 57(9) MiFID II, Recital 28, Art 8(3)and (4), 10(2), 17(1) and (2), 18(5) and (7 …” „… Council of 15 May 2014 on mar-kets in financial instruments, [2014] OJ L 173/84.Introduction to MiFID II …” „… . This marks asignificant strengthening of the uniformity of the market governance.The substantive rules …”

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

„… → Art 6 mn 10.17 The date and time specified in the field ´Trading date and time` of Table 3 of Annex I …” „… mar-ket conditions, ESMA shall submit a report to the Commission before that date.2. The Commission shall …” „… on CTPs, see the commentary on Arts 59-63 MiFID II at margin no 15,Arts 64-66 MiFID II at margin no 7 …”

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

„… relevant juris-diction.Implementing legislation (Art 17(7) MiFID)ESMA has proposed, and the Commission has …” „… 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 …”

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

„… collateral shall, at all times, amount to at least the mar-ket value of the reused assets plus a premium.8 …” „… in the home Member State of the UCITS in accordance withArt 20 of UCITSD.8Chapter IVObligations …” „… . UCITSD, Art 21.7 See ESMA34-43-392, Q&A on the application of the UCITS Directive, Section IV – Q5.8 See …”

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 35 Addressees S. 1230-1231

„… therefore does not create any direct rights or obligations forthe market participants.Art. 35 TD 3 …” „… 01/2003; ESMA, Competition and choice in the credit rating industry, Mar-ket share calculation required by …” „… , 17.11.2009, p. 1-31)Bibliography: Achleitner A-K and Everling O (eds), Handbuch Ratingpraxis (Gabler 2004 …”

Article 1 Subject matter and scope S. 1711-1720

„… financial mar-kets.17Finally, credit claims were added to the list of financial collateral by Directive …” „… Mortgage’ (2008) 2 Lawand Financial Markets Review 333, 336.9 COM(2001) 168 final.Art. 1 FCD 5 …” „… Markets Review 218, 223.Art. 1 FCD 5. Securities Clearing and Settlement1716 Andy Ruzik121314financial …”

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

„… 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 …” „… Directive.16 Art 10(2) subpara 4 MiFID II Delegated Directive.17 Art 10(1) subpara 2, (2) subpara 3 MiFID II …”

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 …”

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. 1563-1574

„… OTC derivatives markets’ (2016) 17 EBOLR 355; BraithwaiteJ, ‘Legal Perspectives on Client Clearing …” „… central counterparties’ (2011) Swiss Bank Working Paper 12; Mar-josola H, ‘Missing pieces in the patchwork …” „… , financial market stability and the public good’ (2016) 17 EBOLR 71; Wilhelmi R,Achtelik O, Kunschke D and …”

Chapter 3 Prudential requirements S. 1643-1653

„… . A CCP may calculate mar-gins with respect to a portfolio of financial instruments provided that …” „… lifecycle of the contract in relation to thechanges of the mark-to-market value of the clearing member’s …” „… the products cleared and take into accountthe interval between margin collections, market liquidity …”

Introduction S. 941-951

„… Committee of the Regions, Action Plan on Building a Capital Mar-kets Union, Brussels, 30.9.2015 COM(2015 …” „… Urteil des EuGH vom 17.9.2014, Az. C-441/12 – ZurFrage der Prospektpflicht bei der Zwangsversteigerung …” „… ; Kumpan C, ‘Market-based financing in the Capital Markets Union: The EuropeanCommission’s Proposals to …”

Article 17 Amendments to Regulation (EC) No 924/2009 S. 1782-1784

„… , 30.3.2012 p. 22.Art. 17 SEPAR 6. Payments1782 Sebastian Omlor9ance of payments statistics relating to …” „… have been modified or repealed.II. CommentaryPrinciple of equal chargesArt 17(1) implements the repeal …” „… significant change in content. By virtue ofArt 17(2), the principle of equal charges for national and …”

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

„… MiFIR.Level 2:Commission Delegated Regulation (EU) 2017/587 (RTS 1):1 Recital 10, Art 17(Methodology, date of …” „… 17(5) of the Commission Delegated Regulation (EU) 2017/587.14 Art 6(2)(a) of the Commission Delegated …” „… ) 2017/577.16 Art 6(3) of the Commission Delegated Regulation (EU) 2017/577.17 Regarding flags see the …”

Article 17 Access to quotes S. 463-465

„… 87/90).Art. 17 MiFIR 1. Security Markets and Services464 Christoph Kumpan and Finn Schmidt1234II …” „… liquid marketwhen the following conditions are fulfilled:1.2.2 Art 17(2) MiFIR.3 In accordance with Art …” „… Art 16 MiFIR is Art 27(4) MiFID I of 2004.RecitalsRecital 21 MiFIR.Article 17Access to quotes1 …”

Article 15 Execution of client orders S. 458-463

„… their clients (best execution).21 Nevertheless, Art 17MiFIR protects the market making activities of …” „… referred to in Art 17(3) MiFIR.25 Marginal price improvements on quotedprices might hinder efficient …” „… 7 (Obligation to provide marketdata on the basis of cost), Art 8 (Obligation to provide market data …”

Articles 18 to 26 S. 930-934

„… market operations benefit fromthe exemptions under Art 17 SSR. For further details, see comments above on …” „… ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 164. Notification to ESMA and other competent authorities (Art 26) . . . . . . . . . 17Powers in case …” „… confer powers of intervention onNCAs which go beyond the standard regime under Arts 5 to 17 SSR. The …”

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

„… requirements, see also Howell, (2016) 17 EBOR 319, 341-343.10 For further detail, see → Art 3 mn 8.Chapter I …” „… m.Adding up both positions amounts to € 17 m. As a result, S’s CDS position is ‘covered’.According to Art …” „… , (2012) ZBB/JBB 266, 278-279.1 Recital 21 SSR.Art. 4 SSR 2. Market Behaviour892 Klaus Ulrich Schmolke …”

Article 35 a Civil Liability S. 1294-1301

„… .17 An investor bringing a claim under Art 35 a CRA Regulation must,thus, prove a causal relationship …” „… – 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 5 Volume Cap Mechanism S. 417-423

„… Art. 5 MiFIRChristoph Kumpan and Finn Schmidt 41912Recitals; level 2 and 3 measuresRecital 17 …” „… rd edn, Oxford University Press 2014),p. 484.6 See Art 2(1)(17)(b) MiFIR and the commentary there.7 …” „… calendar month), as opposed to the usualmonthly basis.17Obligation to establish systems/procedures (Art 5(7 …”

Overview of Articles 5-11 S. 894-895

„… to € 17 m. As a result, S’s CDS position is ‘covered’.According to Art 16 of Delegated Regulation (EU …” „… and 17 SSR) which stipulate certain exemptions from thetransparency requirements under Arts 5 to 7 …” „… justification lying with the market participant (cf. Art 18(3)) by deeming it sufficient to demon-strate certain …”

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

„… Agencies’ methodologies, 23 March2017, ESMA/2016/1575, margin no 33 et seq., p. 12 et seq.17 ESMA, ESMA’s …” „… rating of an entity or a fi-11 Fuchs, WpHG-Commentary/Fuchs (2016), § 17 margin no 16.12 ESMA, Q&As on …” „… referred to in points (a), (b) and (c) of paragraph 6.Art. 8 CRAR 3. Market Transparency1264 Christoph …”

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

„… 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 …” „… information Art. 17 TDWolf-Georg Ringe 1179specify the requirements laid down in paragraphs 1, 2 and 3. 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 …” „… , 20 November 2017, ESMA33-5-87, Answer 12 lit. f (p. 17).Title II Issuing of credit ratings Art. 8 …” „… (2016), § 17 margin no 22.2 Article 7(2) CRA Regulation.3 Article 7(5) CRA Regulation.4 Fuchs …”

Article 5 Requirement for authorisation S. 35-37

„… investor compen-sation for operational risks, and minimum prudential capital requirements. Art 16, 17MiFID …” „… investment firms, while Art 17 MiFID prescribes additionalrules for algorithimic and high-frequency trading …” „… or OTF is only subject to Art 17 to 19 MiFID and the provisions men-tioned therein. See comments …”

Articles 14 to 20 S. 1284-1288

„… authority for registering a creditrating agency is ESMA, in accordance with Arts 16 (3) and 17(3) CRA …” „… and Financial Markets Regu-lation (2014), VII.2.6 (p. 657).Arts 14 to 20 CRAR 3. Market …” „… .Arts 14 to 20 CRAR 3. Market Transparency1286 Christoph Kumpan and Ronny Grütze101112the rating …”

Introduction and overview S. 874-881

„… and primary market operations pursuant toArts 17(1) and (3) SSR in order to assist entities in the …” „… inChapters II and III (Arts 16-17). Chapter V assigns specific powers of intervention to theNCAs (Arts 18-26 …” „… Credit Default Swap Market’ (2016) 17 EBOR 319 (cited as “Howell, (2016) 17 EBOR 319”); Ju-urikkala O …”

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 …”

Overview of Articles 18-31 S. 929-930

„… regime under Arts 5 to 17 SSR and stipulate additional notifica-tion and disclosure requirements, as well …” „… ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 164. Notification to ESMA and other competent authorities (Art 26) . . . . . . . . . 17Powers in case …” „… confer powers of intervention onNCAs which go beyond the standard regime under Arts 5 to 17 SSR. The …”

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

„… cross-border marketing,Art 16 of UCITSD is particularly meaningful for cross-border fund management, i.e.where …” „… State. In the latter case,Arts 17, 21, 108-110 of UCITSD split regulation and supervision between the …” „… UCITSD, Arts 16, 18, 20, 108-110.3 See UCITSD, Arts 17, 19, 20 and 21, 108-110.4 Cf. UCITSD, Art 19(8).5 …”

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

„… supplemented by the provi-sion in Chapter IV (Arts 16 and 17 SSR) which stipulate certain exemptions from …” „… ’, as the addresseeof a notification, is defined in Art 2(j) SSR. Arts 16 and 17 SSR provide exemptions …” „… ” version of the provision.4 This requirement is subject to the exemptions laid down in Art 16, 17; cf …”

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

„… theexemptions laid down in Art 16 and 17 SSR; see already above, → mn 2 and Overview of Chapter II, mn 1.9 The …” „… authority’, asthe addressee of the notification, is defined in Art 2(j) SSR. Article 17 SSR provides …” „… above.5 The notification requirement issubject to exemptions set out in Art 17 SSR.6A notification has …”

Article 66 Organisational requirements S. 351-357

„… , such as their own research. The same obligation falls on systematic internalisers(see → Art 18 mn 17 …” „… 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 …” „… MiFIR]”.Art. 66 MiFID II 1. Security Markets and Services352 Matthias Lehmann12that the data reporting …”

Articles 42 to 48 S. 939-941

„… decisions of equiva-lence under Art 17(2) SSR.7 The other implementing acts referred to in the SSR are ITSto …” „… → Art 17 mn 6.8 Regulation (EU) No 1095/2010 of 24 November 2010 establishing a European Supervisory …” „… Overview mn 15-16.10 See already above, Introduction and Overview mn 8.Arts 42 to 48 SSR 2. Market …”

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

„… 5.57, fn. 89.14 Art 43(2)1, 3 MiFIR.15 Art 43(3) MiFIR.16 Art 42(4) 1 MiFIR.17 Art 42(4) 2 MiFIR.18 Cf …” „… coordinated by ESMA and EBA. For details, see → Art 42 mn 17.Chapter 2PositionsArticle 44Coordination of …” „… . Art 40(6)2, 41(6)2 MiFIR.Art. 43 MiFIR 1. Security Markets and Services554 Matthias Lehmann161718 …”

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 …” „… ), § 25 p. 703.5 Fuchs, WpHG-Commentary/Fuchs (2016), § 17 margin no 10.6 Schroeter, Ratings (2014), § 25 …” „… (d) CRA Regulation.Art. 6 CRAR 3. Market Transparency1256 Christoph Kumpan and Ronny Grütze910 …”

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 2 Definitions S. 1751-1755

„… ), as defined in Art 2(17)above, is the Universal Financial Industry message scheme (also called ‘UNIFI …” „… (EC) No 924/2009 oncross-border payments in the community (cf. Art 17(6)), which dealt with the …” „… , Lexis Nexis 2014), margin no25.62 et seq.Art. 2 SEPAR 6. Payments1754 Sebastian Omlor45678The …”

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

„… → Art 57 mn 25.16 See Delegated Regulation 2017/1093.17 Art 1 Delegated Regulation 2017/953.18 Art 58(1 …” „… defined in Directive 2003/41/EC;(d) commercial undertakings;Art. 58 MiFID II 1. Security Markets and …” „… schemes on the market for such allowances.2ContextArt 58 supplements Art 57 MiFID II and stands in close …”

Article 16 S. 587-588

„… 14.Art. 17 CARD 1. Security Markets and Services588 Jessica Schmidt231 …” „… obligations.I. General featuresArticle 17 (previously Art 12 LCD) pertains to sanctions for non-compliance …” „… (previously Art 16 LCD) provides that an application for admission relat-ing to certificates representing …”

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

„… extension of the “shares”category; subscription rights are covered by Arts 3 to 5, 6-7, 14 to 17, 20 and 23 …” „… ) in-struments pursuant to Art 14 MiFIR.17 The provided access has to be on reasonablecommercial terms and on a …” „… management facility of the trading venue pendingdisclosure.4.17 While Art 3(3) MiFIR refers to pre-trade data …”

Article 6 b Maximum duration of the contractual relationship with a credit rating agency S. 1258-1261

„… .21.1 Article 4(1)(63) CRR Regulation. Previously Art 4(40 a) Directive 2006/48/EC.2 Recital 17 CRA III …” „… , Answer 4 lit. b (p. 10).Art. 6 b CRAR 3. Market Transparency1258 Christoph Kumpan and Ronny Grütze45 …” „… margin no 16 etseq.). The rotation requirement created by Art 6 b CRA Regulation is intended to …”

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

„… )) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17V. Execution-only (Art 25(4 …” „… ), 143-144.Art. 25 MiFID II 1. Security Markets and Services186 Martin Brenncke8910dures in place to …” „… , 16.Art. 25 MiFID II 1. Security Markets and Services190 Martin Brenncke2122distribution channels …”

Article 55 Provisions regarding CCP and clearing and settlement arrangements S. 315-316

„… Delegated Regulation (EU) 2017/565.17 Art 82(3) of the Commission Delegated Regulation (EU) 2017/565.18 Ibid …” „… the trading venue pursuantto Art 25 MiFIR.18Market operators are obliged to supply the relevant …” „… Regulated Markets Art. 55 MiFID IIChristoph Kumpan and Finn Schmidt 315912RecitalsRecital 15 MiFID II.II …”

Article 2 Exemptions S. 10-18

„… .15 Art 2(1)(d)(ii) MiFID II.16 Art 20 Delegated Regulation 565/2017.17 Art 2(1)(d)(iii) MiFID II. For …” „… Art 1(2)(b) MiFID II.30 Title VIII (Art 46-48) MiFID II.Art. 2 MiFID II 1. Security Markets and …” „… group.Art. 2 MiFID II 1. Security Markets and Services12 Matthias LehmannThe activities referred to in …”

Introduction to Chapter I S. 34-35

„… requirements. Art 16, 17MiFID identify organisational requirements. Art 16 MiFID stipulates the mandatory …” „… or-ganisation structure for all investment firms, while Art 17 MiFID prescribes additionalrules for algorithimic …” „… consid-ered as ‘financial instruments’ in the sense of Art 4(1)(2) MiFID II. According toArt 4(1)(15) MiFID II …”

Article 21 Review and evaluation S. 1617-1621

„… Authorisation and supervision of CCPs Art. 21 EMIRPaola Lucantoni 1617For the purposes of the first …” „… in EMIR Review – Second set of amendments – June 2017. The proposalrefers that there are 17 CCPs …” „… and 12 more CCPs from 10 jurisdictions have applied forArt. 21 EMIR 5. Securities Clearing and …”

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

„… obligation.17 They apply to (1) intragrouptransactions in the sense of Art 3 EMIR, and (2) transactions …” „… ) 2017/579.17 See Art 28(1) MiFIR.18 Recital 25 MiFIR.Title V Derivatives Art. 28 MiFIRMatthias Lehmann …” „… traded on a regulated market.Art 29(2) MiFIR concerns the “how” of the clearing procedure by obliging …”

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

„… 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 …” „… undertak-ing.3.4.5.17 Mazars and Marccus Partners, 96.18 European Commission, Staff Working Document – The …”

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

„… Art. 16 SSRKlaus Ulrich Schmolke 9236789Article 17Exemption for market making activities andprimary …” „… authorised primary dealer first intends to usethe exemption.Art. 17 SSR 2. Market Behaviour924 Klaus …” „… determinewhether the principal trading venue lies within or without the EU.Art. 16 SSR 2. Market Behaviour922 …”

Article 16 Freedom to provide services on a cross-border basis S. 1343-1344

„… below, see → Art 21.Article 17Cross-border services by virtue of a branch1. In addition to meeting the …” „… theArt. 17 UCITSD 4. Funds1344 Dirk Zetzsche and Dominik Nast …” „… assumptions underlying Art 14 b of UCITSD,the effectiveness of the promulgated rules is cast in doubt. Many of …”

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

„… ) Article 17 or Article 18; and(b) Articles 19 and 20.Commented below, see → Art 21.Article 17Cross-border …” „… communicate the information referred to in paragraph 2 to theArt. 17 UCITSD 4. Funds1344 Dirk Zetzsche and …” „… management companies Art. 17 UCITSDDirk Zetzsche and Dominik Nast 1345Power is delegated to the Commission …”

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

„… Regulation (EU) 2017/585.16 Art 26(1), 27(1) subpara 1 and 2 MiFIR.17 On ARM, see Art 59(2) MiFID II and the …” „… . 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 …”

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

„… is the same as the one2.3.15 Art 40(1), 41(1) MiFIR.16 Art 40(6), 41(6) MiFIR. See also → mn 19.17 …” „… 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 …” „… technical standards on indirect clearing arrangements underEMIR and MiFIR, margin no 22.5 Art 4(1) subpara 2 …” „… ) Commission Delegated Regulation (EU) 2017/2154.Art. 30 MiFIR 1. Security Markets and Services516 Matthias …”

Article 15 Risk management S. 1493-1496

„… Commission Delegated Regulation (EU) No 231/2013.Art. 17 AIFMD 4. Funds1496 Christian Schmies123 …” „… featuresFinancial intermediares such as AIFM are by the nature of their business prone toconflicts of interest. Art …” „… requirements relating toconflicts of interests are specified in more detail in Art 30-37 of the AIFMD Level 2 …”

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

„… ap-point a depositary that meets those requirements before 18 March 2018.I. PurposeArt 23 of UCITSD …” „… supervision like credit institutions are eligible as UCITS depositaries (seeArt → 23(2) of UCITSD and Art 10(1 …” „… Article 22(5) has been delegated.Art. 24 UCITSD 4. Funds1360 Dirk Zetzsche and Dominik Nast1234In the …”

Article 23 Third countries S. 1200-1204

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

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

„… investment firms,see the commentary on → Art 20 mn 12.17 The applicable rules in respect of Art 21MiFIR …” „… , ESMA70-872942901-35,p. 21.44 Ibid.Art. 21 MiFIR 1. Security Markets and Services478 Christoph Kumpan …” „… 2011/61/EU. For more on APAs see the commentary on Art 20at margin no 3 et seq.13 Art 12(b) of the …”

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

„… are few issues with respect to en-1.1 Recital 17; Ruzik, 531.2 Devos, 43; Rusen, 253. Art. 4 FCDAndy …” „… 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 …”

Article 50 Synchronisation of business clocks S. 296-299

„… 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 …” „… /2016/1452, p. 284.Title III Regulated Markets Art. 51 MiFID IIChristoph Kumpan and Finn Schmidt 2991112 …”

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

„… (Art 34 (8), (9) MiFID) . . . . . . . . . . . . . . . . . . . . . . . . . 17I. General …” „… Member State of that change.Art. 34 MiFID II 1. Security Markets and Services222 Dirk Zetzsche5. Any …” „… materials).1.2.3.4.1.Art. 34 MiFID II 1. Security Markets and Services224 Dirk Zetzsche12345They can be …”

Article 17 Procedure for granting and refusing authorisation S. 1613-1615

„… com-Title III Authorisation and supervision of CCPs Art. 17 EMIRPaola Lucantoni 1613plete, the competent …” „… in-formed the competent authority.Art. 17 EMIR 5. Securities Clearing and Settlement1614 Paola Lucantoni6 …” „… be made in accordance with the procedureset out under Article 17.2. Where a CCP wishes to extend its …”

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

„… Article 7.4 See above, → Art 3 mn 17.5 See also Directive 2013/50/EU, recital 12.Art. 12 TD 3. Market …” „… Commission Directive 2007/14/EC, Article 7(2).17 See ESMA, Mapping, paras 223 et seq.18 Ibid.Art. 12 TD 3 …” „… controlledundertaking of the parent undertaking.Art. 12 TD 3. Market Transparency1156 Wolf-Georg Ringe67(5) The …”

Article 27 Committee procedure S. 1211-1214

„… Working Doc-ument.Art. 27 a TD 3. Market Transparency1214 Wolf-Georg Ringe1112131 …” „… ), Article 17(4), Article 18(5),Article 19(4), Article 21(4), Article 23(4), Article 23(5) and Article 23(7 …” „… Delegated acts and implementing measures Art. 27 TDWolf-Georg Ringe 121145678before the end of the …”

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 …” „… shall mark-to-market on a daily basis the value of outstanding contracts.Where market conditions prevent …”

Article 8 Omission of information S. 990-994

„… disclosure.Unavailable informationAccording to Art 8(1) of the Prospectus Directive and Art 17(1)(b) of the 2017 …” „… final offer price is to be determined and an explanation of any valuationmethods used (Art 17(1)(b)).2 …” „… , latest version adopted, 20 October 2017, ESMA-31-62-780.Art. 8 PD 3. Market Transparency992 Paola …”

Article 16 Obligations of competent authorities S. 463

„… Art 16 MiFIR is Art 27(4) MiFID I of 2004.RecitalsRecital 21 MiFIR.Article 17Access to quotes1 …” „… Art. 17 MiFIRChristoph Kumpan and Finn Schmidt 463123 …” „… does not necessarily need to be executed at the current market price; see the commen-tary on → Art …”

Article 35 Non-discriminatory access to a CCP S. 526-529

„… 33(4) subpara 1 MiFIR.4 Art 33(4) subpara 2 MiFIR.Art. 34 MiFIR 1. Security Markets and Services526 …” „… markets or would adversely affect systemic risk;Art. 35 MiFIR 1. Security Markets and Services528 …” „… equivalence is the same as under Art 51 MiFIR.2 TheCommission is obliged to monitor the effective …”

Article 4 S. 1039-1046

„… . 17-197 Recital no. 6 PRIIP Regulation.Chapter I Subject matter, scope and definitions Art. 4 …” „… 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 …”

Article 16 Additional information S. 1177-1179

„… to trading on aregulated marketArticle 17Information requirements for issuers whose shares are …” „… and toChapter III Ongoing information Art. 17 TDWolf-Georg Ringe 1179 …” „… (Articles 17-18). To-gether, Articles 16-18 impose various disclosure obligations that are oriented …”

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

„… UCITSD V, Recitals 33, 34.Art. 99 UCITSD 4. Funds1440 Dirk Zetzsche and Dominik Nast123By 18 March …” „… verifications or investigations.I. PurposeArt 98 of UCITSD lists the minimum powers that must be available to …” „… competent authority cannot ask under the inquiry right under Art 98(2) of UCITSD.The UCITS V amendment has …”

Article 11 General and periodic disclosures S. 1280-1281

„… , ESMA33-5-87, Answer 10 (p. 14).Art. 11 CRAR 3. Market Transparency1280 Christoph Kumpan and Ronny …” „… “after the close of business hours of regulatedmarkets and at least one hour before their opening”,17 in …” „… accordance with Art 10(2) andAnnex I, Section D, Part III, No 3 CRA Regulation. Likewise, ratings of …”

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 17 S. 1087-1089

„… product, an ac-tivity or a practice;Art. 17 PRIIPR 3. Market Transparency1088 Svend Gerhards and Kay …” „… intervention powers Art. 17 PRIIPRSvend Gerhards and Kay Rothenhöfer 1087(d) the competent authority has …” „… competent authorities under Article 17. In particular EIOPA shall en-sure that action taken by a competent …”

Article 11 Authorisation of deferred publication S. 442-450

„… deferral period has ended.9Pursuant to Art 10(2) MiFIR, access to the arrangements employed by market …” „… 70-872942901-35,p. 13.Art. 11 MiFIR 1. Security Markets and Services442 Christoph Kumpan and Finn Schmidt678910 …” „… market making schemes in place).Commission Delegated Commission Regulation (EU) 2017/572 (RTS 14):3 Art 1 …”

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 …” „… interconnection of business regis-ters established by Directive 2012/17/EU of the European Parliament and of …” „… , Summary of Conclusions, ESMA22-106-467 (13 December 2017).1 OJ L 156, 16.6.2012, p. 1.2 See → Art 21 a …”

Article 54 Approval of interoperability arrangements S. 1655-1658

„… Interoperability arrangements Art. 54 EMIRPaola Lucantoni 165512IOSCO Principles for Financial Market …” „… Article 17shall apply.2. The competent authorities shall grant approval of the interoperability …” „… arrange-ment only where the CCPs involved have been authorised to clear under Article17 or recognised under …”

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

„… 2018 at the latest.1.22 ESMA, Q&A, Q17.23 Commission Directive 2007/14/EC, Article 12.24 Commission …” „… 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 …”

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 …” „… , Art 27(1) sets a clear benchmark for the execu-tion of retail client orders:17 The total consideration …”

Article 99 a Minimum sanctioning S. 1442-1444

„… theeuro, the corresponding value in the national currency on 17 September2014, or 10 % of the total annual …” „… currency on 17September 2014;(g) as an alternative to points (e) and (f), maximum administrative …” „… ), (f) and (g)of paragraph 6.Commented below, see → Art 99 d.Article 99 aMinimum sanctioningMember …”

Article 11 Penalties S. 1773-1774

„… authoritiesWhile Art 10(3) above addresses the Member States, Art 10(4) directly regulates thecompetent authorities …” „… within the Member States (cf. Art 288 of the TFEU). By virtue ofArt 10(4), competent authorities have to …” „… theMember States. Yet the Regulation itself incorporates the principle of proportionality setout in Art 5(1 …”

Article 3 Reachability S. 1755-1756

„… of Regulation (EC) No 924/2009 oncross-border payments in the community (cf. Art 17(6)), which dealt …” „… EU-wide market for elec-tronic payments in euros. Finally, Art 9 of the SEPA Regulation contains …” „… authorised by the payer in accordance with Art 64 of the PSD2. Mandate isthe expression of authorisation for …”

Article 2 S. 1036-1038

„… ; paragraph12 Commission Guidelines.17 The PRIIP Regulation is marked as EEA relevant by the EU and under …” „… 218/11.20 Paragraph 10 Commission Guidelines.Art. 2 PRIIPR 3. Market Transparency1036 Svend Gerhards and …” „… which are residents of the EU within its scope.17 Manufac-turers in third countries would also be in the …”

Article 15 Review S. 1778

„… (5th edn,C.H.Beck 2016), margin no 17.2 Cf. ibid, margin no 18.1 Commission, ‘Report on the …” „… the report required by the second sentence of Art 14(2), the automatic extension of theduration is …” „… not affected.Arts 14(3) and (5) above implement the two conditions mentioned in Art 290(2) ofthe TFEU …”

Articles 20-41 Art. 20-41 S. 592-593

„… -222/84 Johnston ECLI:EU:C:1986:206, margin no 17 et seq.; Case C-222/86Unectef ECLI:EU:C:1987:442, margin …” „… right to an effective remedy, which has long been recognised by the CJEU1 and is nowset out in Art …” „… from Art 19(2) – the right of the applicant. In-vestors are not entitled to apply to the courts (at …”

Article 14 Authorisation of a CCP S. 1612-1613

„… com-Title III Authorisation and supervision of CCPs Art. 17 EMIRPaola Lucantoni 1613 …” „… authority), in accor-dance with the procedure set out in Article 17.2. Once authorisation has been granted …” „… in accordance with Article 17, it shall be ef-fective for the entire territory of the Union.3 …”

Article 12 General principles S. 1488-1489

„… complemented by more specific operating requirements in Art 13-17 andthe organisational requirements of Art …” „… I. General featuresArt 11 addresses the circumstances under which competent authorities may …” „… with-draw the license of an AIFM.II. CommentaryArt 11 lit. a-e describe specific circumstances under which …”

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 …” „… features of individual types of product’.17 Article 8 PRIIP Regulation pro-vides further details.The PRIIP …”

Article 64 S. 614-615

„… with post-admission obligations, seeabove → Art 17 mn 1 et seq.Articles 65-104Articles 65-104 were …” „… Markets and Services614 Jessica Schmidt341Art 49(1) that – subject to certain exceptions – the whole class …” „… , § 69 BörsZulV margin no 7.Title IV Obligations relating to securities Art. 65-104 CARDJessica …”

Article 106 S. 617-618

„… admission to official listing),Art 16 (with respect to information requests) and Art 17 (with respect to …” „… of the Member States to ensure the effet utile of the CARD (see above →Art 5 mn 1). The CARD already …” „… specifies certain powers which NCAs must or may havein Arts 11 through 15 (with respect to the decision on …”

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 14 Exercise of the delegation S. 1777-1778

„… Christian Calliess and Matthias Ruffert (eds), EUV/AEUV (5th edn,C.H.Beck 2016), margin no 17.2 Cf. ibid …” „… 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 109 S. 620-621

„… 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 …” „… European Securities Committee[2001] OJ L 191/45.Art. 109 CARD 1. Security Markets and Services620 …”

Article 29 S. 1093-1095

„… Administrative penalties and other measures Art. 29 PRIIPRSvend Gerhards and Kay Rothenhöfer 1093(b) publish the …” „… (PRIIPs)[2014] OJ L352.2 Article 24(2)(a) and (b) PRIIP Regulation.3 Article 24(2)(c) PRIIP Regulation.Art …” „… Article.2. The power to adopt delegated acts referred to in Article 8(4), Article 16(8) andArticle 17 …”

Article 110 S. 621

„… ] 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 …” „… as a reference to Arts 5, 8, 10 and 11 of the Comitology Regulation3 (cf.Art 13(1)(c)-(e) of the …”

Article 34 Register of derivatives subject to the trading obligation S. 526

„… 33(4) subpara 1 MiFIR.4 Art 33(4) subpara 2 MiFIR.Art. 34 MiFIR 1. Security Markets and Services526 …” „… equivalence is the same as under Art 51 MiFIR.2 TheCommission is obliged to monitor the effective …” „… law is to suspend the obligations under Art 28 and 29 MiFIR where derivativesare entered into with …”

Article 111 S. 621-622

„… ] 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 …” „… the reference in Art 109(2) to Arts 5 through 8 of the Council Decision 1999/468/EC2has to be read …”

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 …” „… the ESMA which may act inChapter III Operating conditions for AIFMs Art. 21 AIFMDChristian Schmies …”

Article 11 S. 1067-1072

„… (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 …” „… recital no. 22 PRIIP Regulation.Art. 12 PRIIPR 3. Market Transparency1072 Svend Gerhards and Kay …”

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 …” „… third countries.17Chapter VCompetent authoritiesArticle 24Competent authorities and their powers(1) Each …” „… referring to MiFID II Annex I, section A,point 4.14 For further details, see → Art 12 mn 25 et seq.15 …”

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

„… , 18, 20 of UCITSD) or by a branch (cf. Arts 16, 17, 19, 20, 21 ofUCITSD) in the home Member State; in …” „… Third, services could be provided and products could be offered on a cross-borderbasis (cf. Arts 16 …” „… the latter case, the host state has some authorityover the branch. Art 108(4), (5) of UCITSD deal with …”

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

„… .Art. 33 MiFIR 1. Security Markets and Services524 Matthias Lehmann1obligations under Art 28-32 …” „… 33(4) subpara 1 MiFIR.4 Art 33(4) subpara 2 MiFIR.Art. 34 MiFIR 1. Security Markets and Services526 …” „… to the trading obligation are published in the register that ESMA needs to maintain un-der Art 34 …”

Article 19 S. 591-592

„… BörsG, margin no 2.Title II General provisions concerning the official listing of securities Art. 19 …” „… -222/84 Johnston ECLI:EU:C:1986:206, margin no 17 et seq.; Case C-222/86Unectef ECLI:EU:C:1987:442, margin …” „… time.Discontinuance of listingPursuant to Art 18(2), an NCA may decide to discontinue the listing of a securitywhere …”

Article 23 Registered office, qualification and organisation of depositary S. 1359-1360

„… requirements before 18 March 2018.I. PurposeArt 23 of UCITSD clarifies that there is no European passport for …” „… II. Level 2 and 3 measuresCommission Delegated Regulation (EU) 2016/438 of 17 December 2015 …” „… (Arts 22(1) ofUCITSD), the depositaries may rely on third parties for safekeeping (see Arts 22 (5), 22 a …”

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

„… professional investors.I. General featuresArt 35 deals with the marketing of non-EU AIF managed by a EU AIFM …” „… marketing ofEU AIF in the home Member State of the AIFM.Art 35(5)-(9) also outlines the notification …” „… non-EU AIF.II. CommentaryArt 36 enables Member States to allow EU AIFM managing non-EU AIF to marketsuch …”

Article 108 Delineation of supervisory powers S. 1460-1462

„… cross-borderbasis (cf. Arts 16, 18, 20 of UCITSD) or by a branch (cf. Arts 16, 17, 19, 20, 21 ofUCITSD) in the home …” „… marketing of its units within the territory of the UCITS hostMember State; orArt. 108 UCITSD 4. Funds1460 …” „… lackof expertise, Art 107(3) of UCITSD ensures that consumer protection agencies can actagainst …”

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 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 …” „… theenforcement of a security interest, would, however, be tantamount to approval by courtunder Art 4(4)(b), which …” „… reduce financing costs for credi-tors, Art 5 grants a right to collateral takers to use security …”

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

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

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

„… MiFIR are coordinated by ESMA and EBA. For details, see → Art 42 mn 17.Chapter 2PositionsArticle 44 …” „… regard to regu-lators for energy and agricultural markets in Art 45(3) subpara 2 and 3 MiFIR.In case of …” „… OverviewThe provision clarifies that the actions of national competent authorities underArt 42 …”

Article 22 Annual report S. 1512-1514

„… not necessarily have to be maintained with the depositary. However, Art 21(7) obligesthe depositary …” „… set out inArt 21(7). The performance of the cash monitoring function by the depositary requiresthat …” „… safekeeping function to third parties. However,Art 21(11) does not allow a depositary to delegate other duties …”

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 …” „… RegulatedMarket, SEC(2011) 1279 final (25 October 2011) 41.6 See BT-Drs. 17/9940 and BT-Plenarprotokoll 17/184, p …” „… for the omitted notification.Art. 28c TD 3. Market Transparency1222 Wolf-Georg Ringe12131415 …”

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

„… within the meaning of Article 2(a) of Directive 95/46/EC.By 17 February 2013, the Member States shall …” „… hasTitle II Clearing and Reporting of OTC Derivates Art. 13 EMIRPaola Lucantoni 1611been adopted, of the …” „… established (the CCP’s competent authority), in accor-dance with the procedure set out in Article 17.2. Once …”

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 3 Optional exemptions S. 18-22

„… 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 …” „… Financial Markets Regulation (3rd edn, Oxford University Press 2014) 351.Art. 3 MiFID II 1. Security …”

Article 30 S. 1095-1096

„… 17(7) shall be conferred on the Commission for a period of three yearsfrom 30 December 2014. The …” „… ) and Article17(7) may be revoked at any time by the European Parliament or by the Council.A decision to …” „… 17(7)shall enter into force only if no objection has been expressed either by the Euro-pean Parliament …”

Article 22 a Delegation by depositary S. 1357-1359

„… they hold unless the UCITS deal with derivatives.Art 22(7) of UCITSD shall not prevent the depositary …” „… custody, providedthat (i) the four conditions under Art 22(7)(a) to (d) of UCITSD are complied with …” „… the depositary Art. 22 a UCITSDDirk Zetzsche and Dominik Nast 13571314153. The functions referred to …”

Article 13 Remuneration S. 1489-1492

„… operating requirements in Art 13-17 andthe organisational requirements of Art 18-21.II. CommentaryArt 12 …” „… authorities to assess whetherAIFMs comply with their obligations under paragraph 1.I. General featuresArt …” „… 12-21 impose requirements for the operating conditions of AIFM. Art 12 imposesgeneral operating …”

Article 9 S. 1702-1706

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

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

„… 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 …” „… 6 of this Article and to the ability of ESMA to act in accordance withArticle 17 of that Regulation …” „… first subparagraph in accordance with Article 15 ofRegulation (EU) No 1095/2010.Art. 101 UCITSD 4 …”

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

„… above, → Art 2.3 COM(2010) 482 final, 25-26 (Art 12).Art. 12 SSR 2. Market Behaviour910 Klaus Ulrich …” „… .Art. 12 SSR 2. Market Behaviour912 Klaus Ulrich Schmolke789For a short sale of MiFID liquid shares …” „… .30 ESMA/2012/228.31 For further details, see above, → mn 6, 8 to 12.Art. 13 SSR 2. Market …”

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 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 23 Conflicts of interest S. 151-155

„… , 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 …” „… a change is considered ‘material’ is not answered by Art 21. UnderMiFID I, whether a change would be …”

Article 6 a Conflicts of interest concerning investments in credit rating agencies S. 1257-1258

„… , WpHG-Commentary/Fuchs (2016), § 17 margin no 11.1 For details on the conflicts of interest see Schroeter, Ratings (2014 …” „… , Answer 4 lit. b (p. 10).Art. 6 b CRAR 3. Market Transparency1258 Christoph Kumpan and Ronny Grütze45 …” „… requirement regarding the neutrality and independence of rating analysts is reiterated inArt 7.In …”

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

„… , 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 …” „… governance requirements, 5 October 2016, ESMA/2016/1436, 4, 17. For con-cerns about the quality of investment …”

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 20 S. 1089-1090

„… .2 Article 19(a) PRIIP Regulation.3 Article 19(b) PRIIP Regulation.Art. 22 PRIIPR 3. Market …” „… competent authorities under Article 17. In particular EIOPA shall en-sure that action taken by a competent …” „… competent author-ities.2. After receiving notification under Article 17 of any action that is to be …”

Article 16 S. 1086-1087

„… activity or practice;Chapter III Market monitoring and product intervention powers Art. 17 PRIIPRSvend …” „… products which are market-ed, distributed or sold in the Union.2. Competent authorities shall monitor the …” „… market for insurance-based investmentproducts which are marketed, distributed or sold in or from their …”

Article 53 Provision of margins among CCPs S. 1654-1655

„… CCP.Art. 53 EMIR 5. Securities Clearing and Settlement1654 Paola LucantoniArticle 54Approval of …” „… thecompetent authorities of the CCPs involved. The procedure under Article 17shall apply.2. The competent …” „… authorised to clear under Article17 or recognised under Article 25 or authorised under a pre-existing …”

Article 112 a Implementing legislation by European Commission S. 1465-1466

„… referred to in Article 26 b shall be con-ferred on the Commission for a period of four years from 17 …” „… Council.The provisions of Arts 113-119 of UCITSD are not reproduced and commented.Chapter XIII Delegated …” „… acts and powers of execution Art. 112 a UCITSDDirk Zetzsche and Dominik Nast 1465Alternative …”

Article 44 Coordination of national position management measures and position limits by ESMA S. 555

„… MiFIR are coordinated by ESMA and EBA. For details, see → Art 42 mn 17.Chapter 2PositionsArticle 44 …” „… OverviewThe provision clarifies that the actions of national competent authorities underArt 42 …” „… Supervisory measures Art. 45 MiFIRMatthias Lehmann 5551 …”

Article 2 Definitions S. 883-888

„… , which has the purpose toArt. 2 SSR 2. Market Behaviour884 Klaus Ulrich Schmolkemobilise funding and …” „… Overview, mn 1 and 3.Art. 2 SSR 2. Market Behaviour886 Klaus Ulrich Schmolke12345exception of three …” „… sovereign debt on behalf of thesovereign issuer.Art. 3 SSR 2. Market Behaviour888 Klaus Ulrich Schmolke …”

Article 1 S. 1033-1036

„… ; paragraph12 Commission Guidelines.17 The PRIIP Regulation is marked as EEA relevant by the EU and under …” „… 218/11.20 Paragraph 10 Commission Guidelines.Art. 2 PRIIPR 3. Market Transparency1036 Svend Gerhards and …” „… undertakings for collective invest-ment in transferable securities (UCITS) [2009] OJ L302/32.Art. 1 PRIIPR 3 …”

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 …” „… ), Article 17(4), Article 18(5),Article 19(4), Article 21(4), Article 23(4), Article 23(5) and Article 23(7 …”

Article 20 Home member state supervision S. 1348-1350

„… periodic reports;(i) the arrangements made for marketing;(j) the relationship with unit-holders;(k) the …” „… , see → Art 21.Article 20Home member state supervision1. Without prejudice to Article 5, a management …” „… au-thorities of the UCITS home Member State with the following documentation:Art. 20 UCITSD 4. Funds1348 …”

Article 2 Definitions S. 958-965

„… non-equity securities, including warrants in any form, having a similar typeArt. 2 PD 3. Market …” „… , Union legislation and recommendations as well as econo-mic developments.Art. 2 PD 3. Market …” „… adopted, 20 October 2017, ESMA-31-62-780.Art. 2 PD 3. Market Transparency962 Paola Lucantoni789101112 …”

Article 1 S. 1680-1684

„… the freedom of movement of capital in the internal market;whereas this Directive thereby follows up …” „… a retroactive effect on therights and obligations of participants in a system;(17) Whereas, in the …” „… European Cen-tral Bank in the context of their function as central banks.I. General featuresPurposeArt 1 …”

Introduction S. 1466-1467

„… Inter-national, Vol. 17, no 1 (2016), p. 41-58; Commission Delegated Regulation (EU) No 231/2013 of 19 De-cember …” „… . General featuresArt 1 AIFMD sets out the subject matter of the Directive which is essentially twofold:The …” „… indicated in Art 1AIFMD as AIFMD also contains provisions governing the provision of asset manage-ment …”

Article 82 Exercise of the delegation S. 1678-1679

„… disaster recovery (Article 79) and to safeguard and recordinformation (Article 80).1.2.1.Art. 82 EMIR 5 …” „… data.The regulatory technical standards required under Art 81(5) have been adopted as Com-mission Delegated …” „… ofinvestment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No596/2014) [2016] OJ …”

Article 22 Competent authority S. 1621-1623

„… authorisation referred to in Article 17, (ii)applications for recognition under Article 25, and (iii) annual …” „… – Second set of amendments – June 2017.Title III Authorisation and supervision of CCPs Art. 22 EMIRPaola …” „… ) The Netherlands Authority for the Financial Markets(AFM)Austria – Finanzmarktaufsicht (FMA)Poland …”

Article 15 Extension of activities and services S. 1613

„… com-Title III Authorisation and supervision of CCPs Art. 17 EMIRPaola Lucantoni 1613 …” „… be made in accordance with the procedureset out under Article 17.2. Where a CCP wishes to extend its …” „… accordance with Articles 10 to 14 of Regu-lation (EU) No 1093/2010.Article 17Procedure for granting and …”

Article 16 Capital requirements S. 1613

Article 81 Exchange of information S. 381-383

„… 600/2014.Art. 81 MiFID II 1. Security Markets and Services382 Jörn Axel KämmererArticle 82Binding …” „… required for the purposes of carrying out the dutiesTitle VI Competent authorities Art. 81 MiFID IIJörn …” „… to the possibility of ESMA acting in accordance with Article 17of Regulation (EU) No 1095/2010 …”

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 …” „… end, by 17 November 2012 the Commission shall present to the EuropeanParliament and the Council a …” „… list set out in paragraph 4.Title I Subject Matter, Scope and Definitions Art. 1 EMIRPaola Lucantoni …”

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 …” „… information document Art. 14 PRIIPRSvend Gerhards and Kay Rothenhöfer 10813132(b) using a durable medium …”

Article 5 S. 1046-1048

„… ]OJ C218/11.Art. 5 PRIIPR 3. Market Transparency1046 Svend Gerhards and Kay Rothenhöfer123Directive …” „… Recital no. 12 PRIIP Regulation.4 Paragraph 17 of the Communication from the Commission, Guidelines on the …” „… notification.Chapter II Key information document Art. 5 PRIIPRSvend Gerhards and Kay Rothenhöfer 104745Section …”

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 55 Registration of a trade repository S. 1658-1659

„… to be used as inter-CCP margins.In calculating the adequate margins, over-collateralisation should be …” „… supervisors, approves the interoperability arrangementthrough the procedure laid out in Article 17 EMIR.TITLE …” „… June 59.Art. 55 EMIR 5. Securities Clearing and Settlement1658 Paola Lucantoni131415Article 56 …”

Article 2 Definitions S. 1576-1578

„… 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 …” „… Directive 2006/48/EC;(17) ‘financial institution’ means an undertaking other than a credit institution …”

Article 15 S. 1176-1177

„… Commission Directive 2007/14/EC, Article 7.7 Commission Directive 2007/14/EC, Article 20.1 WpHG § 41(1).Art …” „… perspective, it shares more commonalities with Section II (Articles 17-18). To-gether, Articles 16-18 impose …” „… See Article 3(1).Chapter III Ongoing information Art. 16 TDWolf-Georg Ringe 11771234 …”

Article 84 Consultation prior to authorisation S. 383-384

„… persists inArt. 86 MiFID II 1. Security Markets and Services384 Jörn Axel Kämmerer …” „… for in Article 83 ofthis Directive and to the possibility of ESMA acting in accordance with Article 17 …” „… institution or insuranceundertaking authorised in the Union;Title VI Competent authorities Art. 84 MiFID …”

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 …” „… 5(6), Article 9(7), Ar-ticle 12(8), Article 13(2), Article 14(2), Article 17(4), Article 18(5 …” „… lawmaking under the ESMA Regulation.Chapter VI Delegated acts and implementing measures Art. 27 b …”

Article 18 S. 1089

„… competent authorities under Article 17. In particular EIOPA shall en-sure that action taken by a competent …” „… competent author-ities.2. After receiving notification under Article 17 of any action that is to be …” „… Regulation.Chapter IV Complaints, redress; cooperation and supervision Art. 20 PRIIPRSvend Gerhards and Kay …”

Article 19 S. 1089

Article 33 S. 1096-1097

„… as-sess whether the exemption of products from the scope of this Regulation shouldArt. 33 PRIIPR 3 …” „… 17(7) as well as to create regulatory technicalstandards1 pursuant to Article 8(5), Article 10(2) or …” „… Final provisions Art. 34 PRIIPRSvend Gerhards and Kay Rothenhöfer 109712 …”

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 …” „… Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No596/2014) [2016] OJ L171/1.2 Commission Delegated …” „… 2017, ESMA70-151-370.Title VII Requirements for trade repositories Arts 83 to 91 EMIRPaola Lucantoni …”

Article 34 S. 1097-1099

„… application [2016] OJ L354/35.Art. 34 PRIIPR 3. Market Transparency1098 Svend Gerhards and Kay Rothenhöfer …” „… in Article 8(4), Article 16(8) and Article 17(7) as well as to create regulatory technicalstandards1 …” „… Article 27 of Directive 2009/65/EC.Chapter VI Final provisions Art. 34 PRIIPRSvend Gerhards and Kay …”

Article 82 Binding mediation S. 383

„… for in Article 83 ofthis Directive and to the possibility of ESMA acting in accordance with Article 17 …” „… institution or insuranceundertaking authorised in the Union;Title VI Competent authorities Art. 84 MiFID …” „… market operator or credit institutionauthorised in another Member State;(b) a subsidiary of the parent …”

Article 83 Refusal to cooperate S. 383

Article 15 S. 1086

„… products which are market-ed, distributed or sold in the Union.2. Competent authorities shall monitor the …” „… market for insurance-based investmentproducts which are marketed, distributed or sold in or from their …” „… authority or competent authorities have taken a measure un-der Article 17, EIOPA may take any of the …”

Article 12 Penalties S. 1611

„… within the meaning of Article 2(a) of Directive 95/46/EC.By 17 February 2013, the Member States shall …” „… hasTitle II Clearing and Reporting of OTC Derivates Art. 13 EMIRPaola Lucantoni 1611 …” „… such disclosure would seriously jeopardise the finan-cial markets or cause disproportionate damage to …”

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Kartellrechtliche Leniency Programmes und Ad-hoc-Publizität nach MAR

Konrad Roth

Series: Schriften zum europäischen, internationalen und vergleichenden Unternehmensrecht

Volume 20 2021

Results in this title

§ 2 Ad-hoc-Publizität nach MAR S. 67-592

„… Klöhn-MAR/Klöhn, Vor. Art. 17 Rn. 81ff. 186 Segré-Bericht, 1966, S. 241. A. Grundlagen 93 auf anderen Märkten …” „… Art. 17 MAR von einer „Veröffentlichung“ bzw. im Normtext von „Bekanntgabe an die Öffentlichkeit …” „… der Ebene einer europäischen Verordnung gemäß Art. 17 MAR unmittelbar geltendes Recht wurde. Das neue …”

§ 5 Zusammenfassung und Ergebnisse in Thesen S. 955-974

„… Anwendungsbereich von Art. 17 Abs. 8 MAR marginal. Erfasst sind nur rechtmäßige Offenlegungen von …” „… Offenlegungen. Im Bereich der Marktsondierungen (Art. 11 MAR) scheidet eine Ad-hoc-Pflicht nach Art. 17 Abs. 8 …” „… Verhaltenspflichten für die erfassten Emittenten (Art. 17 Abs. 1 UAbs. 3 MAR). Sie bleibt auch im neuen …”

§ 4 Kartellrechtliche leniency programmes und Ad-hoc-Publizität S. 861-954

„… . Veil/Rönnau, HdB Marktmissbrauchsrecht, 2018, § 10 Rn. 146. C. Ad-hoc-Pflicht nach Art. 17 Abs. 1 UAbs. 1 MAR …” „… Markt oder MTF) beantragt ist (Art. 17 Abs. 1 UAbs. 3 MAR).2584 Informationen, die nur Finanzinstrumente …” „… einem stimmigen Ausgleich bringen lassen. 2539 Ähnlich Klöhn-MAR/Klöhn, 2018, Art. 17 MAR Rn. 36. § 4 …”

Titelei/Inhaltsverzeichnis S. 1-50

„… Strafrechtliche Erfassung von Art. 17 MAR?b) 555 Begriff der Marktmanipulation in MAR und MAD II aa) 556 …” „… Hoheitsgebiet (2) 118 Beschränkte Eignung zur Erfassung von Art. 17 MAR? (3) 119 Zuständigkeitszuweisungen im …” „… : Zuständigkeitsregelung nach Art. 17 Abs. 3 MAR? (4) 127 Rechtspraktische Relativierung in der Anwendungspraxis (5) 127 …”

§ 1 Einführung S. 51-66

„… Ebene einer europäischen Verordnung in Art. 17 Marktmissbrauchsverordnung (MAR)18 als unmittelbar …” „… Ad-hoc-Publizität nach Art. 17 MAR erfolgte. Das – im Diktum der kartellrechlichen Kronzeugenprogramme …” „… daher die Ad-hoc-Publizität nach Art. 17 MAR, damit die kapitalmarktrechtliche Ebene der …”

Literaturverzeichnis S. 975-1027

„… . Biermann, Friedrich G., Wissenszurechnung im Fall der Ad-hoc-Publizität nach Art. 17 MAR, Beiträge zum …” „… gemäß Art. 17 MAR, ZHR 181 (2017), 381-415. Literaturverzeichnis 994 Ihrig, Hans Christoph / Kranz …” „… Ad-hoc-Publizität zum Schutz der Finanzstabilität (Art. 17 Abs. 5 MAR), ZHR 181 (2017), 746-779. Klöhn, Lars (Hrsg …”

§ 3 Kartellrechtliche leniency programmes S. 593-860

„… - und auch einzelne Sonderprobleme der Ad-hoc-Publizitätspflicht nach Art. 17 MAR eingehend beleuchtet …” „… .; Klöhn-MAR/Klöhn, 2018, Art. 17 Rn. 591. 1876 Vgl. Ohly/Sosnitza, UWG, 7. Auflage 2016, Einführung A. Rn. 2ff. 1877 …” „… freiwillig selbst belasten (vgl. Art. 2 Abs. 1 Nr. 17 „ECN+“-RL), dürfen nicht uneingeschränkt nach Art. 12 …”

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