European Financial Services Law

Cover
1. Security Markets and Services
	Introduction to MiFID II and MiFIR Matthias Lehmann
		I. Overview
		II. Economic rationale
		III. Key principles
		IV. Genesis
	Markets in Financial Instruments Directive (MiFID II)
		Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments (OJ L 173, 12.6.2014, p. 349-496)
			Title I Scope and Definitions
				Article 1 Scope
					I. General overview
						1. Purpose
						2. Background
						3. Context
					II. Personal scope
						1. Investment firms
						2. Market operators
						3. Data reporting service providers
						4. Algorithmic traders and holders of positions in commodity derivatives
					III. Material scope
					IV. Territorial scope
				Article 2 Exemptions
					I. General Matthias Lehmann
						1. Purpose
						2. Level 2 and 3 measures
					II. Exempted persons
						1. Insurances
						2. Intra-group service providers
						3. Other regulated professions
						4. Persons dealing on own account
						5. Operators in emissions allowances
						6. Administrators of employee participation schemes
						7. Public debt management
						8. Investment funds
						9. Persons dealing on own account and providing services in commodities or emission allowances
						10. Persons giving free advice
						11. Peculiar national exemptions
						12. Transmission systems operator
						13. Central securities depositories
				Article 3 Optional exemptions
					I. General features Matthias Lehmann
						1. Purpose
						2. Background
						3. Context
					II. Exempted persons
						1. Investment service providers not holding clients’ funds or securities
						2. Investment service providers for local electricity and natural gas undertakings
						3. Investment service providers for emission allowances
					III. Conditionality
				Article 4 Definitions
					I. General features
						1. Purpose
						2. Level 2 measures
					II. Definitions
						1. Investment firm
						2. Algorithmic trading
						3. High-frequency algorithmic trading
					III. Challenges
						1. The categorisation of robo-advice
						2. The categorisation of Initial Coin Offerings (ICOs)
			Title II Authorisation and operating conditions for investment firms Dirk Zetzsche
				Chapter I Conditions and procedures for authorisation
					Introduction to Chapter I
					Article 5 Requirement for authorisation
						I. General features
							1. Recitals
						II. Commentary
							1. Authorisation requirement (Art 5(1) MiFID)
							2. Authorisation of market operators (Art 5(2) MiFID)
							3. Register of investment firms (Art 5(3) MiFID)
							4. Head office (Art 5(4) MiFID)
					Article 6 Scope of authorisation
						I. General features
							1. Recitals
							2. Other regulatory texts
						II. Commentary
							1. Scope of authorisation (Art 6 (1) MiFID)
							2. Extension of scope (Art 6 (2) MiFID)
							3. European passport (Art 6 (3) MiFID)
					Article 7 Procedures for granting and refusing requests for authorisation
						I. General features
							1. Recitals
							2. Implementing acts
							3. Other regulatory texts
						II. Commentary
							1. Compliance with MiFID (Art 7(1) MiFID)
							2. Application (Art 7(2) MiFID)
							3. Assessment period (Art 7(3) MiFID)
							4. Implementing legislation (Art 7(4), (5) MiFID)
					Article 8 Withdrawal of authorisations
						I. General features; recitals
						II. Commentary
							1. Passivity (Art 8(a) MiFID)
							2. Irregular application (Art 8(b) MiFID)
							3. Material changes (Art 8(c) MiFID)
							4. Material breaches (Art 8(d) MiFID)
							5. National law (Art 8(e) MiFID)
							6. Notification to ESMA
					Article 9 Management body
						I. General features
							1. Recitals
							2. Implementing acts
							3. Other regulatory texts
						II. Commentary
							1. Compliance with Art 88, 91 CRD IV (Art 9(1) MiFID)
							2. Additional non-executive directorship (Art 9(2) MiFID)
							3. Management body’s duties and responsibilities (Art 9(3) MiFID)
							4. Fitness & properness (Art 9(4) MiFID)
							5. Notification re management and changes (Art 9(5) MiFID)
							6. Four-eyes-principle (Art 9(6) MiFID)
					Article 10 Shareholders and members with qualifying holdings
						I. General features
							1. Recitals
							2. Implementing acts
							3. Other regulatory texts
						II. Commentary
							1. Suitability of shareholders with qualifying holdings (Art 10(1) MiFID)
							2. Close links to other persons (Art 10(1), second para MiFID)
							3. Relations to Third Countries (Art 10(2) MiFID)
							4. Appropriate measures to end harmful influence (Art 10(3) MiFID)
					Article 11 Notification of acquisitions and disposals of qualifying holdings
						I. General features; recitals
						II. Commentary
							1. Notification of acquisition and disposal of qualifying holdings by shareholder (Art 11(1) MiFID)
								a) Proposed acquisition (Art 11(1) MiFID)
								b) Notification threshold (Art 11(1), subpara 3 and 4 MiFID)
							2. Suitability check re acquirer (Art 11(2) MiFID)
								a) Scope (Art 11(2) MiFID)
								b) Cooperation of NCAs (Art 11(2), second para MiFID)
								c) Reliance on NCAs’ input
							3. Disclosures by investment firm (Art 11(3) MiFID)
							4. Sanctions (Art 11(4) MiFID)
					Article 12 Assessment procedures
						I. General features
							1. Recitals
							2. Implementing acts
						II. Commentary
							1. Assessment period (Art 12(1)-(3) MiFID)
							2. Assessment decision (Art 12(4)-(5) MiFID)
							3. Maximum closing period (Art 12(7) MiFID)
							4. Implementing legislation (Art 12(8), (9) MiFID)
					Article 13 Assessment
						I. General features
							1. Recitals
							2. Implementing acts
						II. Commentary
							1. Criteria for suitability assessment (Art 13(1) MiFID)
							2. Reasons to oppose acquisition (Art 13(2) MiFID)
							3. Information necessary to carry out the assessment (Art 13(3) MiFID)
							4. Discrimination ban (Art 13(4) MiFID)
					Article 14 Membership of an authorised investor compensation scheme
						I. General features; recitals
						II. Commentary
					Article 15 Initial capital endowment
						I. General features; recitals
					Article 16 Organisational requirements
						I. General features Dirk Zetzsche
							1. Recitals
							2. Implementing acts
							3. Other regulatory texts
						II. Commentary
							1. Organisational requirements (Art 16(1) MiFID)
								a) Single Rulebook
								b) Overview
								c) Proportionality
							2. Organisation of the investment firm (Art 16(2) to (4) MiFID)
								a) Adequate policies and procedures (Art 16(2) MiFID)
								b) Conflicts of interest (Art 16(3) MiFID)
								c) Continuity and regularity of service (Art 16(4) MiFID)
							3. Product governance, target market (Art 16(3), second para to end MiFID)
								a) Objective
								b) Scope
								c) Minimum content
								d) Policy, review
								e) Level 2 legislation
							4. Outsourcing (Art 16(5) MiFID)
							5. Risk management, internal controls, IT systems (Art 16(5), second para MiFID)
							6. Record keeping, recording phone conversation, communications
								a) Record keeping (Art 16(6), (11) MiFID)
								b) Recording phone conversations and electronic communications (Art 16(7) MiFID)
								c) Level 2 legislation
								d) Minimum list of records to be kept by the investment firm
							7. Client protection (Art 16(8)-(11) MiFID)
								a) Safeguarding clients’ rights and asset segregation (Art 16(8) MiFID)
								b) Prohibition to use clients’ assets (Art 16(9) MiFID)
								c) Prohibition of title transfer financial collateral arrangements with retail clients (Art 16(10) MiFID)
								d) Safeguarding client assets in exceptional cases (Art 16 (11) MiFID)
							8. Implementing legislation
							9. Sanctioning
					Article 17 Algorithmic trading
						I. General features
							1. Recitals
							2. Implementing acts
							3. Other regulatory texts
						II. Commentary
							1. Fundamentals on algorithmic trading
							2. Effective systems and controls (Art 17(1) MiFID)
							3. Reporting and record keeping (Art 17(2) MiFID)
								a) Notification of algorithmic trading (Art 17(2) MiFID)
								b) Reporting on algorithmic trading (Art 17(2), second, third para MiFID)
								c) Record keeping (Art 17(2), fourth para MiFID)
								d) Record keeping in case of high-frequency trading (Art 17(2), fifth para MiFID)
							4. Algotraders pursuing market making strategies (Art 17(3), (4) MiFID)
							5. Provision of direct electronic access to trading venue (Art 17(5) MiFID)
							6. General clearing member (Art 17(6) MiFID)
							7. Implementing legislation (Art 17(7) MiFID)
					Article 18 Trading process and finalisation of transactions in an MTF and an OTF
						I. General features
							1. Purpose
							2. Legislative history
							3. Recitals; level 2 and 3 measures
						II. Commentary
							1. Multilateral system
							2. Multilateral trading facility
							3. Organised trading facility
							4. Rules for MTFs and OTFs
					Article 19 Specific requirements for MTFs
						I. General features
							1. Purpose
							2. Legislative history
						II. Commentary
					Article 20 Specific requirements for OTFs
						I. General features
							1. Purpose
							2. Background
						II. Commentary
				Chapter II Operating conditions for investment firms
					Section 1 General provisions
						Article 21 Regular review of conditions for initial authorisation
							I. General features Martin Brenncke
								1. Purpose
							II. Commentary
						Article 22 General obligation in respect of on-going supervision
						Article 23 Conflicts of interest
							I. General features
								1. Purpose
								2. Level 2 and 3 measures
							II. General (Art 23(1))
							III. Disclosure (Arts 23(2) and (3))
						Foreword to Articles 24 to 30 Foreword to Arts 24 to 30
						Article 24 General principles and information to clients
							I. General features
								1. Purpose
								2. Level 2 and 3 measures
							II. Best interest duty (Art 24(1))
							III. Product governance (Art 24(2))
								1. MiFID II Delegated Directive
								2. ESMA’s guidelines on product governance
							IV. Information to clients (Arts 24(3) through (6))
								1. Information and marketing communications
								2. Mandated disclosure
									a) General requirements
									b) MiFID II Delegated Regulation
									c) Information about costs and charges
									d) Disclosure requirements for certain investment services
								3. Investment advice
							V. Derogation from the scheme created by Art 24 (Art 24(6)
							VI. Independent investment advice (Art 24(7))
							VII. Inducements (Arts 24(8)-(9))
								1. Portfolio management services
								2. All other investment services
								3. Research conducted by third parties
							VIII. Staff remuneration (Art 24(10))
							IX. Cross-selling practices (Art 24(11))
							X. Gold-plating (Art 24(12))
						Article 25 Assessment of suitability and appropriateness and reporting to clients
							I. General features
								1. Purpose
								2. Level 2 and 3 measures
							II. Necessary knowledge and competence (Art 25(1))
							III. Suitability (Art 25(2))
								1. Know your client
								2. The suitability assessment
							IV. Appropriateness (Art 25(3))
							V. Execution-only (Art 25(4))
							VI. Client agreements (Art 25(5))
							VII. Reporting to clients (Art 25(6))
								1. General reporting obligation
								2. Suitability statement
						Article 26 Provision of services through the medium of another investment firm
							I. General features
							II. Commentary
						Article 27 Obligation to execute orders on terms most favourable to the client
							I. General features
								1. Purpose
								2. Level 2 and 3 measures
							II. The best possible results for clients (Art 27(1))
							III. Inducements for routing client orders (Art 27(2))
							IV. Publishing periodic reports (Art 27(3)) and the top 5 execution venues (Art 27(6))
							V. Order execution policies (Arts 27(4), (5), and (7))
						Article 28 Client order handling rules
							I. General features
								1. Purpose
								2. Level 2 and 3 measures
							II. General principles (Art 28(1))
							III. Aggregation and allocation of client orders
							IV. Client limit orders (Art 28(2))
						Article 29 Obligations of investment firms when appointing tied agents
							I. General features
							II. Commentary
						Article 30 Transactions executed with eligible counterparties
							I. General features
								1. Purpose
								2. Level 2 and 3 measures
							II. Commentary
					Section 2 Market transparency and integrity
						Article 31 Monitoring of compliance with the rules of the MTF or the OTF and with other legal obligations Christoph Kumpan and Ronny Grütze
							I. General features
								1. Purpose
								2. Context
								3. Legislative history
								4. Recitals; level 2 measures
							II. Commentary
						Article 32 Suspension and removal of financial instruments from trading on an MTF or an OTF
							I. General features
								1. Purpose
								2. Context
								3. Recitals; level 2 measures
							II. Commentary
					Section 3 SME growth markets
						Article 33 SME growth markets
							I. General features
								1. Purpose
								2. Background
								3. Recitals; level 2 measures
							II. Commentary
				Chapter III Rights of investment firms Dirk Zetzsche
					Introduction to Chapter III Intro Chapter III
					Article 34 Freedom to provide investment services and activities
						I. General features
							1. Purpose
							2. Recitals
							3. Implementing acts
							4. Other regulatory texts
						II. Commentary
							1. European passport (Art 34(1) MiFID)
							2. Application for notification (Art 34(2), first para MiFID)
							3. Tied agent passport notification (Art 34(2), second para, and Art 34(5) MiFID)
							4. One month notification period (Art 34(3) MiFID)
							5. Amendments to notification materials (Art 34(4) MiFID)
							6. Cross-border access to remote users (Art 34(6), (7) MiFID)
							7. Implementing legislation (Art 34 (8), (9) MiFID)
					Article 35 Establishment of a branch
						I. General features
							1. Purpose
							2. Recitals
							3. Implementing acts
							4. Other regulatory texts
						II. Commentary
							1. Right to establish a branch and use tied agents (Art 35 (1) MiFID)
							2. Application for Notification (Art 35(2) MiFID)
							3. Tied agents (Art 35(2), second para, and (7) MiFID)
							4. Three month notification period (Art 35(3),(5),(7) MiFID)
							5. Information on compensation scheme (Art 35(4) MiFID)
							6. Branch commencing business (Art 35(6), (7) MiFID)
							7. Delineations of supervisory powers (Art 35(8), (9) MiFID)
							8. Amendments to notification materials (Art 35(10) MiFID)
							9. Implementing legislation (Art 35(11), (12) MiFID)
					Article 36 Access to regulated markets Christoph Kumpan and Ronny Grütze
						I. General features
							1. Purpose
							2. Legislative history
							3. Recitals
						II. Commentary
					Article 37 Access to CCP, clearing and settlement facilities and right to designate settlement system
						I. General features
							1. Purpose
							2. Legislative history
							3. Recitals
						II. Commentary
					Article 38 Provisions regarding CCPs, clearing and settlement arrangements in respect of MTFs
						I. General features
							1. Purpose
							2. Legislative history
							3. Recitals
						II. Commentary
				Chapter IV Provision of investment services and activities by third country firms Dirk Zetzsche
					Section 1 Provision of services or performance of activities through the establishment of a branch
						Introduction to Chapter IV
						Article 39 Establishment of a branch
							I. General features
								1. Purpose
								2. Recitals
								3. Implementing acts
								4. Other regulatory texts
							II. Commentary
								1. Member State discretion to require branch (Art 39(1) MiFID)
								2. Prior authorization of branch (Art 39(2) MiFID)
								3. Application to branch Member State (Art 39(3) MiFID)
						Article 40 Obligation to provide information
							I. General features
								1. Purpose
								2. Recitals
								3. Implementing acts
								4. Other regulatory texts
							II. Commentary
								Application for branch set-up (Art 40 MiFID)
						Article 41 Granting of the authorisation
							I. General features
								1. Purpose
								2. Recitals
								3. Implementing acts
								4. Other regulatory texts
							II. Commentary
								1. Conditions of authorization, six months review period (Art 41(1) MiFID)
								2. Operating conditions for branch (Art 41(2) MiFID)
								3. Maximum and minimum harmonization, anti-discrimantion ban (Art 41(2) MiFID)
						Article 42 Provision of services at the exclusive initiative of the client
							I. General features
								1. Purpose
								2. Recitals
								3. Implementing acts
								4. Other regulatory texts
							II. Commentary
								1. Passive freedom to provide services
								2. Obligation to offer new categories through branch
					Section 2 Withdrawal of authorisations
						Article 43 Withdrawal of authorisations
							I. General features
								1. Purpose
								2. Recitals
								3. Implementing acts
								4. Other regulatory texts
							II. Overview
			Title III Regulated Markets Christoph Kumpan and Finn Schmidt
				Article 44 Authorisation and applicable law
					I. General features
						1. Purpose
						2. Background
						3. Context
						4. Legislative history
						5. Recitals
					II. Commentary
						1. Authorisation as a regulated market (Art 44(1) MiFID II)
						2. Supervision by the competent authority (Art 44(2) MiFID II)
						3. Compliance obligation (Art 44(3) MiFID II)
						4. Applicable law (Art 44(4) MiFID II)
						5. Withdrawal (Arts 44(5) and (6) MiFID II)
				Article 45 Requirements for the management body of a market operator
					I. General features
						1. Purpose
						2. Context
						3. Legislative history
						4. Recitals; level 3 measures
					II. Commentary
						1. General requirements for the management body of a market operator (Arts 45(1), (2), (3) MiFID II)
						2. Nomination committee (Art 45(4) MiFID II)
						3. Implementation, monitoring and assessment of governance arrangements (Art 45(6) MiFID II)
						4. Refusing authorisation (Art 45(7) MiFID II)
						5. Notification (Art 45(8) MiFID II)
				Article 46 Requirements relating to persons exercising significant influence over the management of the regulated market
					I. General features
						1. Purpose
						2. Legislative history
					II. Commentary
				Article 47 Organisational requirements
					I. General features
						1. Purpose
						2. Legislative history
						3. Recitals; level 2 measures
					II. Commentary
				Article 48 Systems resilience, circuit breakers and electronic trading
					I. General features
						1. Purpose
						2. Recitals; level 2 and 3 measures
					II. System resilience (Art 48(1) MiFID II)
						1. General governance and compliance
						2. Compliance function
						3. Staff
						4. Outsourcing
						5. Assessments (Art 48(1) MiFID II)
						6. Testing
						7. Capacity of a trading venue
						8. Monitoring
						9. Self-assessments and periodic review (Arts 2 and 14 of the Commission Delegated Regulation (EU) 2017/584)
						10. Business continuity arrangements
						11. Security and limits to access
					III. Written agreements and schemes (Arts 48(2) and (3) MiFID II)
						1. Written agreements (Art 48(2)(a) MiFID II)
						2. Schemes (Art 48(2)(b) MiFID II)
					IV. Arrangements for rejecting orders (Art 48(4) MiFID II)
					V. Trading halts (Art 48(5) MiFID II)
						1. Mechanisms to manage volatility
						2. Material market in terms of liquidity
					VI. Testing of algorithms (Art 48(6) MiFID II)
						1. Conformance testing (Art 48(6) MiFID II)
						2. Algorithm testing and avoiding disorderly trading conditions (Art 48(6) MiFID II)
						3. Calculating the ratio of unexecuted orders to transactions
					VII. Disorderly trading conditions (Arts 48(4), (5), (6) MiFID II)
					VIII. Pre- and post-trade controls (Arts 48(4), (6) MiFID II)
					IX. Permitting electronic access services (Art 48(7) MiFID II)
						1. Permitting electronic access
						2. Permitting sponsored access
					X. Co-location (Art 48(8) MiFID II)
					XI. Fee structures (Art 48(9) MiFID II)
					XII. Identifying algorithmic trading (Art 48(10) MiFID II)
					XIII. Access to order book data (Art 48(11) MiFID II)
				Article 49 Tick sizes
					I. General features
						1. Purpose
						2. Recitals; level 2 and 3 measures
					II. Commentary
						1. The tick size regime (Arts 49(1) and (2) MiFID II)
						2. Tick size for shares and depositary receipts
						3. Tick size for exchange-traded funds
				Article 50 Synchronisation of business clocks
					I. General features
						1. Purpose
						2. Recitals; level 2 and 3 measures
					II. Commentary
				Article 51 Admission of financial instruments to trading
					I. General features
						1. Purpose
						2. Legislative history
						3. Recitals; level 2 measures
					II. Commentary
						1. Rules for admission of financial instruments (Art 51(1) MiFID II)
						2. Rules applicable to units or shares of collective investments (Art 51(2) MiFID II)
						3. Rules applicable to emission allowances (Art 6 of the Commission Delegated Regulation (EU) 2017/568)
						4. Rules applicable to derivatives (Art 51(2) MiFID II)
						5. Additional obligations (Arts 51(3) and (5) MiFID II)
				Article 52 Suspension and removal of financial instruments from trading on a regulated market
					I. General features
						1. Purpose
						2. Legislative history
						3. Context
						4. Recitals; level 2 measures
					II. Commentary
				Article 53 Access to a regulated market
					I. General features
						1. Purpose
						2. Legislative history
						3. Recitals; level 3 measures
					II. Commentary
						1. Access to a regulated market (Arts 53(1) and (2) MiFID II)
						2. Admissible members and participants (Art 53(3) MiFID II)
						3. Obligations pursuant to Arts 24, 25, 27 and 28 (Art 53(4) MiFID II)
						4. Direct or remote participation (Art 53(5) MiFID II)
						5. Regulated markets from other Member States (Art 53(6) MiFID II)
						6. List of members and participants managed by a market operator (Art 53(7) MiFID II)
				Article 54 Monitoring of compliance with the rules of the regulated market and with other legal obligations
					I. General features
						1. Purpose
						2. Legislative history
						3. Recitals; level 2 measures
					II. Commentary
				Article 55 Provisions regarding CCP and clearing and settlement arrangements
					I. General features
						1. Purpose
						2. Legislative history
						3. Recitals
					II. Commentary
				Article 56 List of regulated markets
					I. General features
						1. Purpose
						2. Legislative history
					II. Commentary
			Title IV Position limits and position management controls in commodity derivatives and reporting Matthias LehmannPosition limits
				Article 57 Position limits and position management controls in commodity derivatives
					I. General features
						1. Purpose
						2. History
						3. Economic background
						4. Comparison to the US
						5. Context
						6. Recitals, level 2 and 3 measures
					II. Commentary
						1. Material scope
						2. Personal scope
						3. Explaining “Position limit”
						4. Triggers
						5. Competent authority and procedure for setting position limits
						6. Position management controls
						7. Non-discrimination and transparency
				Article 58 Position reporting by categories of position holders
					I. General features
						1. Purpose
						2. History
						3. Context
						4. Recitals, level 2 and 3 measures
					II. Commentary
						1. Scope
						2. Reporting obligations of trading venues
						3. Reporting obligations of traders
			Title V Data reporting services Matthias Lehmann
				Section 1 Authorisation procedures for data reporting services providers
					Article 59 Requirement for authorisation
					Article 60 Scope of authorisation
					Article 61 Procedures for granting and refusing requests for authorisation
					Article 62 Withdrawal of authorisations
					Article 63 Requirements for the management body of a data reporting services provider
						I. General features
							1. Purpose
							2. Context
							3. History
							4. Comparison to the US
							5. Recitals, level 2 and 3 measures
						II. Commentary
							1. Notion of “data reporting services” and scope
							2. Authorisation requirement
							3. Public register
				Section 2 Conditions for APAs
					Article 64 Organisational requirements
				Section 3 Conditions for CTPs
					Article 65 Organisational requirements
				Section 4 Conditions for ARMs
					Article 66 Organisational requirements
						I. General features
							1. Purpose, history and context
							2. Recitals; level 2 and 3 measures
						II. Commentary
							1. Content, scope and format of the data
							2. Real time publication to customers
							3. Pricing
							4. Free but delayed information of the public
							5. Fast, non-discriminatory and easy access
							6. Conflicts of interest and systems for security and accurateness
			Title VI Competent authorities
				Chapter I Designation, powers and redress procedures Jörn Axel Kämmerer
					Article 67 Designation of competent authorities
					Article 68 Cooperation between authorities in the same Member State
					Article 69 Supervisory powers
						I. General features
							1. Purpose
							2. Legislative history
						II. Commentary
							1. Article 69(2) subpara 1 (a),(b),(d), and (j) (the power to require/demand information)
							2. Article 69(2) subpara 1 (d) (ceasing of data records)
							3. Article 69(2) subpara 1 (m) (suspension of trading in a financial instrument)
							4. Article 69(2) subpara 1 (f) (temporary prohibition of professional activity)
							5. Article 69(2) subpara 2
					Article 70 Sanctions for infringements
						I. General features
							1. Purpose
							2. Legislative history
						II. Commentary
							1. Article 70(1)
							2. The minimum scope: Article 70(3) to (5)
							3. The minimum toolkit: Article 70(6)
					Article 71 Publication of decisions
						I. General features
							1. Purpose
							2. Legislative history
							3. Level 2 and 3 measures
						II. Commentary
					Article 72 Exercise of supervisory powers and powers to impose sanctions
						I. General features, purpose
						II. Commentary
					Article 73 Reporting of infringements
						I. General features
							1. Purpose
							2. Background
							3. Context
							4. Level 2 and 3 measures
						II. Commentary
					Article 74 Right of appeal
						I. General features
							1. Purpose
							2. Context
						II. Commentary
					Article 75 Extra-judicial mechanism for consumers complaints
						I. General features
							1. Purpose
							2. Context
						II. Commentary
					Article 76 Professional secrecy
					Article 77 Relations with auditors
					Article 78 Data protection
				Chapter II Cooperation between the competent authorities of the Member States and with ESMA
					Article 79 Obligation to cooperate
					Article 80 Cooperation between competent authorities in supervisory activities, for on-site verifications or investigations
					Article 81 Exchange of information
					Article 82 Binding mediation
					Article 83 Refusal to cooperate
					Article 84 Consultation prior to authorisation
					Article 85 Powers for host Member States
					Article 86 Precautionary measures to be taken by host Member States
					Article 87 Cooperation and exchange of information with ESMA
						I. General features Jörn Axel Kämmerer
							1. Purpose
							2. Context
							3. Level 2 and 3 measures
						II. Commentary
				Chapter III Cooperation with third countries
					Article 88 Exchange of information with third countries
	Markets in Financial Instruments Regulation (MiFIR)
		Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments (OJ L 173, 12.6.2014, p. 84-148)
			Foreword: The new transparency regime under MiFIR
				I. Transparency under MiFID I
				II. Dark pool trading
				III. The MiFIR transparency regime
			Title I Subject matter, scope and definitions
				Article 1 Subject matter and scope
					I. General features
						1. Purpose
						2. Legislative history
						3. Recitals; level 2 and 3 measures
					II. Commentary
						1. Subject matter and scope (Arts 1(1) to 1(5) MiFIR)
						2. Exemptions (Arts 1(5 a) to 1(7) MiFIR)
				Article 2 Definitions
					I. General features
						1. Purpose
						2. Legislative history
						3. Recitals; level 2 and 3 measures
					II. Commentary
			Title II Transparency for trading venues
				Chapter I Transparency for equity instruments
					Article 3 Pre-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments
						I. General features
							1. Purpose
							2. Legislative history
							3. Recitals; level 2 and 3 measures
						II. Commentary
							1. Pre-trade transparency for equity(-like) instruments, Art 3(1) MiFIR
							2. Concept of “TOTV”
							3. Calibration of trading systems (Art 3(2) MiFIR)
							4. Access to data publication arrangements (Art 3(3) MiFIR)
					Article 4 Waivers for equity instruments
						I. General features
							1. Purpose
							2. Legislative history
							3. Recitals; level 2 and 3 measures
						II. Commentary
							1. Reference price waiver (Art 4(1)(a), (2) MiFIR)
							2. Negotiated trade waiver (Art 4(1)(b), (3) MiFIR)
							3. Large-in-scale waiver (Art 4(1)(c) MiFIR)
							4. Order management facility waiver (Art 4(1)(d) MiFIR)
							5. Regulatory requirements related to granting and withdrawing waiver (Arts 4(4) und (5) MiFIR)
							6. Transitional rules (Art 4(7) MiFIR)
					Article 5 Volume Cap Mechanism
						I. General features
							1. Purpose
							2. Legislative history
							3. Recitals; level 2 and 3 measures
						II. Commentary
							1. Volume cap mechanism (Art 5(1) MiFIR)
							2. Exceeding the 4% and 8% limits (Arts 5(2) and (3) MiFIR)
							3. Publication referring to aggregate EU trading (Arts 5(4), (5) and (6) MiFIR)
							4. Obligation to establish systems/procedures (Art 5(7) MiFIR)
							5. Impact on dark pool trading
					Article 6 Post-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments
						I. General features
							1. Purpose
							2. Legislative history
							3. Recitals; Level 2 and level 3 measures
						II. Commentary
					Article 7 Authorisation of deferred publication
						I. General features
							1. Purpose
							2. Legislative history
							3. Recitals; level 2 and 3 measures
						II. Commentary
				Chapter II Transparency for non-equity instruments
					Article 8 Pre-trade transparency requirements for trading venues in respect of bonds, structured finance products, emission allowances and derivatives
						I. General features
							1. Purpose
							2. Legislative history
							3. Recitals; level 2 and 3 measures
						II. Commentary
							1. Pre-trade transparency obligations with respect to non-equity instruments (Art 8(1) MiFIR)
							2. Information requirements, trading system calibration (Art 8(2) MiFIR and Art 2 of the Commission Delegated Regulation (EU) 2017/583)
							3. Waived pre-trade transparency (Art 8(4) MiFIR)
					Article 9 Waivers for non-equity instruments
						I. General features
							1. Purpose
							2. Legislative history
							3. Recitals; level 2 and 3 measures
						II. Commentary
							1. Large-in-scale waiver (Art 9(1)(a) MiFIR)
							2. Order management facility waiver (Art 9(1)(a) MiFIR)
							3. Request-for-quote systems/voice trading systems waiver (Art 9(1)(b) MiFIR)
							4. Derivatives which are not subject to a trading obligation/financial instruments without a liquid market (Art 9(1)(c) MiFIR)
							5. Exchange for physical waiver (Art 9(1)(d) MiFIR)
							6. Package order waiver (Art 9(1)(e) MiFIR)
							7. Notification of ESMA/authorisation of a waiver (Art 9(2) MiFIR)
							8. Withdrawal (Art 9(3) MiFIR)
							9. Temporary suspension (Art 9(4) MiFIR)
					Article 10 Post-trade transparency requirements for trading venues in respect of bonds, structured finance products, emission allowances and derivatives
						I. General features
							1. Purpose
							2. Recitals; level 2 and level 3 measures
						II. Commentary
					Article 11 Authorisation of deferred publication
						I. General features
							1. Purpose
							2. Recitals; level 2 and 3 measures
						II. Commentary
							1. Authorisation of deferred publication (Art 11(1) MiFIR)
							2. Temporary suspension (Art 11(2) MiFIR)
							3. Modification of deferred publication (Art 11(3) MiFIR)
				Chapter III Obligation to offer trade data on a separate and reasonable commercial basis
					Article 12 Obligation to make pre-trade and post-trade data available separately
						I. General features
							1. Purpose
							2. Recitals; level 2 measures
						II. Commentary
					Article 13 Obligation to make pre-trade and post-trade data available on a reasonable commercial basis
						I. General features
							1. Purpose
							2. Level 2 and 3 measures
						II. Commentary
			Title III Transparency for systematic internalisers and investment firms trading OTC Transparency for trading OTC
				Article 14 Obligation for systematic internalisers to make public firm quotes in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments
					I. General features
						1. Purpose
						2. Legislative history
						3. Recitals; level 2 and 3 measures
					II. Commentary
						1. Disclosure requirements for firm quotes (Art 14(1) MiFIR)
						2. Standard market size (Art 14(2) MiFIR)
						3. Defining quote size and minimum quote size (Art 14(3) MiFIR)
						4. Calculation of market size (Art 14(4) and (5) MiFIR)
						5. Annual class determination (Art 14(6) MiFIR)
				Article 15 Execution of client orders
					I. General features
						1. Purpose
						2. Legislative history
						3. Recitals; level 2 and 3 measures
					II. Commentary
						1. General obligations for systematic internalisers (Art 15(1) MiFIR)
						2. Disclosure (Art 15(1) MiFIR)
						3. Non-discriminatory access, reasonable commercial basis
						4. Execution of quotes (Arts 15(2), (3) MiFIR)
				Article 16 Obligations of competent authorities
					General features
						1. Purpose
						2. Legislative history
						3. Recitals
				Article 17 Access to quotes
					I. General features
						1. Purpose
						2. Legislative History
						3. Recitals; level 2 measures
					II. Commentary
						1. Access-control-rule (Art 17(1) MiFIR)
						2. Limiting the number of transactions (Art 17(2) MiFIR)
				Article 18 Obligation for systematic internalisers to make public firm quotes in respect of bonds, structured finance products, emission allowances and derivatives
					I. General features
						1. Purpose
						2. Legislative history
						3. Recitals; level 2 and 3 measures
					II. Commentary
						1. Pre-trade obligation to make public quotes (Art 18(1) MiFIR)
						2. Disclosure on request in the case of illiquid markets (Art 18(2) MiFIR)
						3. Updating and withdrawal (Art 18(3) MiFIR)
						4. List of systematic internalisers (Art 18(4) MiFIR)
						5. Publication to other clients (Art 18(5) MiFIR)
						6. Obligation to transact (Arts 18(6), (7) MiFIR)
						7. Manner of publication, (Art 18(8) MiFIR)
						8. Price improvement (Art 18(9) MiFIR)
				Article 19 Monitoring by ESMA
					General features
						1. Purpose
						2. Legislative history
				Article 20 Post-trade disclosure by investment firms, including systematic internalisers, in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments
					I. General features
						1. Purpose
						2. Background: Data service providers
						3. Legislative history
						4. Level 2 and 3 measures
					II. Commentary
						1. Post-trade disclosure (Art 20(1) MiFIR)
						2. Third-country trading venues (Arts 20 and 21 MiFIR)
						3. Relevant information and deferral regime (Art 20(2) MiFIR)
						4. Outsourcing of post-trade OTC reporting
				Article 21 Post-trade disclosure by investment firms, including systematic internalisers, in respect of bonds, structured finance products, emission allowances and derivatives
					I. General features
						1. Purpose
						2. Level 2 and 3 measures
					II. Commentary
						1. Post-trade disclosure (Art 21(1) MiFIR)
						2. Publication by APA (Art 21(2) MiFIR)
						3. Deferrals and other measures (Art 21(4) MiFIR)
				Article 22 Providing information for the purposes of transparency and other calculations
					I. General features
						1. Purpose
						2. Recitals; level 2 measures
					II. Commentary
						1. Personal scope
						2. Obligation to provide information (Art 22(1) MiFIR)
						3. Relevant competent authority
						4. Information storage (Art 22(2) MiFIR)
						5. Transmission to ESMA (Art 22(3) MiFIR)
				Article 23 Trading obligation for investment firms
					I. General features
						1. Purpose
						2. Recitals; level 2 and 3 measures
					II. Commentary
						1. Trading obligation for investment firms (Art 23(1) MiFIR)
						2. Exemptions from trading obligations (Arts 23(1)(a) and (b) MiFIR)
						3. Internal matching system of investment firms (Art 23(2) MiFIR)
						4. Impact of the share trading obligation
			Title IV Transaction reporting Matthias Lehmann
				Article 24 Obligation to uphold integrity of markets
					I. General features
						1. Purpose
						2. Context
						3. Relation to other provisions
					II. Commentary
						1. Scope
						2. Competent authority and procedure
						3. Obligations to monitor
						4. Consequences of violation
				Article 25 Obligation to maintain records
				Article 26 Obligation to report transactions
				Article 27 Obligation to supply financial instrument reference data
				Commentary on Articles 25-27 Art. 25-27
					I. General features
						1. Purpose
						2. History
						3. Context
						4. Recitals, level 2 and 3 measures
					II. Commentary
						1. Scope
						2. Information to be stored and transmitted
						3. Information provider
						4. Recipient of the reports
						5. Form and time
			Title V Derivatives
				Article 28 Obligation to trade on regulated markets, MTFs or OTFs
					I. General features
						1. Purpose
						2. Background
						3. Comparison
						4. Overview
						5. Context
						6. Economic rationale
						7. Recitals, level 2 and 3 measures
					II. Commentary
						1. Scope
						2. Conditions and procedure
						3. Effects of trading obligation
						4. Practical applications
						5. Equivalence of third-country trading venues
				Article 29 Clearing obligation for derivatives traded on regulated markets and timing of acceptance for clearing
					I. General features
						1. Purpose
						2. Level 2 and 3 measures
					II. Commentary on Art 29(1) MiFIR
					III. Commentary on Art 29(2) MiFIR
				Article 30 Indirect clearing arrangements
					I. General features
						1. Purpose
						2. Background
						3. Context
						4. Level 2 and 3 measures
					II. Commentary
						1. Right to render indirect clearing services
						2. General conditions of indirect clearing services
						3. Account segregation
						4. Protection of indirect clients in case of default of the direct client
						5. Stability risks
				Article 31 Portfolio compression
					I. General features
						1. Purpose
						2. Background
						3. Recital, level 2 and 3 measures
					II. Commentary
						1. Scope
						2. Exclusions
						3. Procedure
				Article 32 Trading obligation procedure
					I. General features
						1. Purpose
						2. Context
						3. Comparative law
						4. Recitals, level 2 and 3 measures
					II. Commentary
						1. Connection between trading and clearing obligation
						2. Further requirements
						3. Derivatives with trading obligations
				Article 33 Mechanism to avoid duplicative or conflicting rules
					I. General features
						1. Purpose
						2. Context
					II. Commentary
				Article 34 Register of derivatives subject to the trading obligation
					Overview
			Title VI Non-discriminatory clearing access for financial instruments Non-discriminatory clearing access
				Article 35 Non-discriminatory access to a CCP
				Article 36 Non-discriminatory access to a trading venue
				Article 37 Non-discriminatory access to and obligation to licence benchmarks
				Commentary to Articles 35-37 Art. 35-37
					I. General features
						1. Purpose
						2. Overview
						3. Background
						4. Context
						5. Recitals, level 2 and 3 measures
					II. Commentary
						1. Scope
						2. Content of access
						3. Non-discriminatory, transparent and rapid access
						4. Terms of access
						5. Timing
					III. Transitional provisions
				Article 38 Access for third-country CCPs and trading venues
					Overview
			Title VII Supervisory measures on product intervention and positions Supervisory measures
				Chapter 1 Product monitoring and intervention
					Introduction to Articles 39-43 Intro Art. 39-43
						I. Purpose
						II. Background and legislative history
						III. Economic rationale of product intervention
						IV. Recitals, level 2 measures
					Article 39 Market monitoring
						I. Purpose
						II. Scope
					Article 40 ESMA temporary intervention powers
					Article 41 EBA temporary intervention powers
					Commentary on Articles 40 and 41 Art. 40, 41
						I. General features
							1. Purpose
							2. Background and level 2 measures
							3. Context
						II. Scope
						III. Conditions for product intervention powers
							1. Existence of a threat or concern
							2. Not addressed by EU Regulation
							3. Inactivity of national competent authorities
						IV. Temporary ban of product, activity or practice
							1. Powers of ESMA and EBA
							2. Modalities
							3. Procedure
							4. Practical application
					Article 42 Product intervention by competent authorities
						I. General features
							1. Purpose
							2. Relation to other provisions
						II. Commentary
							1. Timing of actions by national competent authorities
							2. Scope of actions by national competent authorities
							3. Conditions
							4. Measures
							5. Procedure
					Article 43 Coordination by ESMA and EBA
						Overview
				Chapter 2 Positions
					Article 44 Coordination of national position management measures and position limits by ESMA
					Article 45 Position management powers of ESMA
						I. Context and purpose
						II. Level 2 and 3 measures
						III. Coordinating role of ESMA
						IV. Direct intervention by ESMA
			Title VIII Provision of services and performance of activities by third-country firms following an equivalence decision with or without a branch Dirk ZetzscheActivities by third-country firms
				Introduction to Title VIII Intro Title VIII
				Article 46 General provisions
					I. General features
						1. Recitals
						2. Implementing acts
						3. Other regulatory texts
					II. Commentary
						1. European passport for third country investment firms
						2. ESMA registration (Art 46(2) MiFIR)
						3. No stricter nationals laws
						4. ESMA procedure (Art 46 (4) MiFIR)
						5. Right of Member State to allow market access to own territory
						6. Informing clients (Art 46 (5) MiFIR)
						7. Dispute resolution in a Member State (Art 46 (6) MiFIR)
				Article 47 Equivalence decision
					I. General features
						1. Recitals
						2. Other regulatory texts
					II. Commentary
						1. Equivalence decision (Art 47 (1) MiFR)
						2. Cooperation agreements (Art 47 (2))
						3. European passport of EU/EEA branch, supervision of branch (Art 47(3) MiFIR)
						4. Withdrawal of equivalence (Art 47(4) MiFIR)
				Article 48 Register
					I. General features
						1. Recitals
						2. Other regulatory texts
					II. Commentary
				Article 49 Withdrawal of registration
					I. General features
						1. Recitals
						2. Other regulatory texts
					II. Commentary
	Consolidated Admissions and Reporting Directive (CARD)
		Directive 2001/34/EC of the European Parliament and the Council of 28 May 2001 on the admission of securities to official stock exchange listing and on information to be published on those securities (OJ L 184, 6.7.2001, p. 1-66)
			Introduction
			Title I Definitions and scope of application
				Chapter I Definitions
					Article 1
				Chapter II Scope of application
					Article 2
						I. General features
						II. Commentary
							1. Scope of the CARD (Art 2(1))
							2. Member State options for exceptions (Art. 2(2))
								a) Open-end type UCITS
								b) Securities issued by EU/EEA Member States
			Title II General provisions concerning the official listing of securities
				Chapter I General conditions for admission
					Article 5
					Article 6
					Article 7
				Chapter II More stringent or additional conditions and obligations
					Article 8
						I. General features
						II. Commentary
							1. More stringent conditions for admission to official listing
							2. Additional conditions for admission to official listing
							3. Derogations
							4. Information about the financial position and general course of business
				Chapter III Derogations
					Article 9
					Article 10
				Chapter IV Powers of the national competent authorities
					Section 1 Decision of admission
						Article 11
							I. General features
							II. Commentary
								1. Competent authorities for decision on admission
								2. Rejection of admission resulting from detriment to investors’ interests
						Article 12
						Article 13
							I. General features
							II. Commentary
								1. Communication and collaboration of NCAs
								2. Notification duty
						Article 14
						Article 15
					Section 2 Information requested by the competent authorities
						Article 16
							I. General features
							II. Commentary
								1. Duty to provide information
								2. Publication
					Section 3 Action against an issuer failing to comply with the obligations resulting from admission
						Article 17
							I. General features
							II. Commentary
								1. Naming and shaming
								2. Suspension and discontinuance of official listing
								3. Other actions and penalties
					Section 4 Suspension and discontinuance
						Article 18
							I. General features
							II. Commentary
								1. Suspension of listing
								2. Discontinuance of listing
					Section 5 Right to apply to the courts in case of refusal of admission or discontinuance
						Article 19
							I. General Features
							II. Commentary
								1. Right to apply to a court in case of refusal of admission or discontinuance
								2. Notification of decision
								3. Judicial recourse in case of failure to give a decision
						​Articles 20-41 Art. 20-41
			Title III Particular conditions relating to official listings of securities
				Introduction to Title III
				Chapter II Specific conditions for the admission of shares
					Section 1 Conditions relating to companies for the shares of which admission to official listing is sought
						Article 42
							I. General features
							II. Commentary
								1. Governing law
								2. Conformity as regards formation and operation
						Article 43
							I. General features
							II. Commentary
								1. General rule: minimum market capitalisation of at least 1 million EUR
								2. Special cases of a lower value
								3. Special cases of a higher value
								4. Non-Euro Member States
						Article 44
							I. General features
							II. Commentary
								1. General rule: publication or filing of annual accounts for the preceding three years
								2. Exception
									Section 2 Conditions relating to the shares for which admission is sought
						Article 45
						Article 46
							I. General features
							II. Commentary
								1. Free negotiability
								2. Not fully paid up shares
								3. Approval clauses (‘Vinkulierung’)
						Article 47
						Article 48
							I. General features
							II. Commentary
								1. Minimum distribution
								2. Exceptions / special cases
						Article 49
							I. General features
							II. Commentary
								1. Principle of whole class of shares to be listed
								2. Exceptions
						Article 50
							I. General features
							II. Commentary
								1. Individual share certificates issued by Member State companies
								2. Individual share certificates issued by third country companies
						Article 51
							Chapter III Particular conditions relating to the admission to official listing of debt securities issued by an undertaking
								Section 1 Conditions relating to undertakings for the debt securities of which admission to official listing is sought
						Article 52
							I. General features
							II. Commentary
								1. Governing law
								2. Conformity as regards formation and operation
									Section 2 Conditions relating to the debt securities for which admission to official listing is sought
						Article 53
						Article 54
							I. General features
							II. Commentary
								1. Free negotiability
								2. Not fully paid up debt securities
						Article 55
						Article 56
							I. General Features
							II. Commentary
								1. Principle: All debt securities ranking pari passu
								2. No exceptions
						Article 57
							I. General features
							II. Commentary
								1. Individual debt securities certificates issued by Member State companies
								2. Individual debt securities certificates issued by third country companies
									Section 3 Other conditions
						Article 58
							I. General features
							II. Commentary
								1. General rule: minimum loan size of at least 200,000 EUR
								2. No minimum loan size for tap issues
								3. Special cases of a lower value
								4. Non-Euro Member States
						Article 59
							I. General features
							II. Commentary
								1. Scope of applicability
								2. General rule: admission only after or simultaneously with underlying securities
								3. Exceptions
									Chapter IV Particular conditions relating to the admission to official listing of debt securities issued by a State, its regional or local authorities or a public international body
						Article 60
						Article 61
						Article 62
						Article 63
							I. General features
							II. Commentary
								1. Member State sovereign debt securities certificates
								2. Other sovereign debt securities certificates
			Title IV Obligations relating to securities admitted to official listing Obligations relating to securities
				Chapter I Obligations of companies whose shares are admitted to official listing
					Section 1 Listing of newly issued shares of the same class
						Article 64
							I. General features
							II. Commentary
								1. Scope of application
								2. Duty to apply for admission
								3. Exception
								4. Sanctions for non-compliance
						​Articles 65-104 Art. 65-104
			Title VI Competent authorities and cooperation between Member States
				Article 105
					I. General features
					II. Commentary
						1. Appointment of NCAs
						2. Powers of the NCAs
						3. Liability of an NCA
				Article 106
					I. General features
					II. Commentary
				Article 107
					I. General features
					II. Commentary
						1. Subjective scope of the obligation of professional secrecy
						2. Objective scope of the obligation of professional secrecy
						3. Permissibility of information exchange between NCAs
			Title VII Contact Committee
				Chapter I Composition, working and tasks of the Committee
					Article 108
				Chapter II Adaptation of the amount of equity market capitalisation
					Article 109
						I. General features
						II. Commentary
			Title VIII Final provisions
				Article 110
				Article 111
				Article 112
				Article 113
2. Market Behaviour
	Market Abuse Directive (MAD)
		Directive 2014/57/EU of the European Parliament and of the Council of 16 April 2014 on criminal sanctions for market abuse (OJ L 173, 12.6.2014, p. 179-189)
			Article 1 Subject matter and scope
			Article 2 Definitions
				I. General features
				II. Commentary
					1. Subject matter and scope
					2. Definitions, Art 2
			Article 3 Insider dealing, recommending or inducing another person to engage in insider dealing
			Article 4 Unlawful disclosure of inside information
			Article 5 Market manipulation
			Article 6 Inciting, aiding and abetting, and attempt
				I. General features
					1. Purpose and context, legislative history
					2. Level 2 and 3 measures
				II. Commentary
					1. Insider dealing, Art 3
					2. Unlawful disclosure of inside information, Art 4
					3. Market manipulation, Art 5
					4. Inciting, aiding and abetting, Art 6(1)
					5. Attempt, Art 6(2)
			Article 7 Criminal penalties for natural persons
			Article 8 Liability of legal persons
			Article 9 Sanctions for legal persons
				I. General features
					1. Purpose and context, legislative history
					2. Level 2 and 3 measures
				II. Commentary
					1. Criminal penalties for natural persons, Art 7
					2. Liability of legal persons, Arts 8 and 9
			Article 10 Jurisdiction Jörn Axel Kämmerer
				I. General features
					1. Purpose
					2. Background
				II. Commentary
	Market Abuse Regulation (MAR)
		Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (OJ L 173, 12.6.2014, p. 1-61)
			Introduction
			Chapter 1 General provisions
				Article 1 Subject matter
					Commentary
				Article 2 Scope
					I. General features
					II. Commentary
						1. Material scope, Arts 2(1) through (3)
						2. Territorial scope, Art 2(4)
				Article 3 Definitions
				Article 4 Notifications and list of financial instruments
					I. General features
						1. Purpose and context
						2. Level 2 and 3 measures
					II. Commentary
				Article 5 Exemption for buy-back programmes and stabilisation
					I. General features
						1. Purpose and context
						2. Legislative history
						3. Level 2 and 3 measures
					II. Commentary
						1. Buy-back programmes, Arts 5(1) through (3)
						2. Stabilisation, Arts 5(4) and (5)
							a) General requirements
							b) Ancillary stabilisation
				Article 6 Exemption for monetary and public debt management activities and climate policy activities
					I. General features
						1. Purpose and context
						2. Level 2 and 3 measures
					II. Commentary
			Chapter 2 Inside information, insider dealing, unlawful disclosure of inside information and market manipulation Inside information, insider dealing, market manipulation
				Article 7 Inside information
					I. General features
						1. Purpose and context
						2. Legislative history
						3. Level 2 and 3 measures
					II. Commentary
						1. General definition, Art 7(1)(a)
							a) Information of a precise nature
								aa) Circumstances or events
								bb) Specific
							b) Non-public
							c) Relating to issuers of financial instruments
							d) Price sensitive
						2. Commodity derivatives, Art 7(1)(b)
						3. Emission allowances, Art 7(1)(c)
						4. Client orders, Art 7(1)(d)
				Article 8 Insider dealing
					I. General features
						1. Purpose and context
						2. Legislative history
						3. Level 2 and 3 measures
					II. Commentary
						1. Insider dealing
							a) Acquisition or disposal of financial instruments, Art 8(1)
							b) Cancellation or amendment of an order
							c) Auctions of emission allowances
							d) Recommending or inducing to engage in insider dealing, Art 8(2)
							e) Use of recommendations or inducements, Art 8(3)
						2. Insiders, Arts 8(4) and (5)
							a) Possession of inside information as a result of individual characteristics
								aa) Member of administrative, management or supervisory bodies
								bb) Capital holding
								cc) Access to inside information in a professional capacity
								dd) Criminal activities
							b) Possession of inside information in other cases
							c) Legal persons
				Article 9 Legitimate behaviour
					I. General features
						1. Purpose and context
						2. Legislative history
						3. Level 2 and 3 measures
					II. Commentary
						1. Multi-service firms, Art 9(1)
						2. Market makers and other professional intermediaries, Art 9(2)
						3. Pre-existing obligations, Art 9(3)
						4. Takeovers and mergers, Art 9(4)
						5. Decision to trade, Art 9(5)
				Article 10 Unlawful disclosure of inside information
					I. General features
						1. Purpose and context
						2. Legislative history
						3. Level 2 and 3 measures
					II. Commentary
						1. Unlawful disclosure of inside information, Art 10(1)
						2. Normal exercise of an employment, a profession or duties
						3. Onward disclosure of recommendations or inducements, Art 10(2)
				Article 11 Market soundings
					I. General features
						1. Purpose and context
						2. Level 2 and 3 measures
					II. Commentary
						1. Definition of market soundings, Art 11(1)
						2. Persons intending to make a takeover bid, Art 11(2)
						3. Obligation to consider whether inside information is disclosed, Art 11(3)
						4. Disclosure of inside information, Art 11(4)
						5. Pre-disclosure obligations, Art 11(5)
						6. Information ceasing to be inside information, Art 11(6)
						7. Obligations of persons receiving market soundings, Art 11(7)
						8. Obligation to keep records, Art 11(8)
				Article 12 Market manipulation
					I. General features
						1. Purpose and context
						2. Legislative history
						3. Level 2 and 3 measures
					II. Commentary
						1. Definition of market manipulation
							a) Transactions giving false or misleading signals or securing prices at an artificial level, Art 12(1)(a)
							b) Transactions or behaviour employing a fictitious or deceptive device, Art 12(1)(b)
							c) Dissemination of information giving false or misleading signals or securing prices at an artificial level, Art 12(1)(c)
							d) Manipulation of benchmarks, Art 12(1)(d)
						2. Behaviour considered as market manipulation, Art 12(2)
						3. Indicators of market manipulation, Art 12(3)
						4. Legal persons, Art 12(4)
				Article 13 Accepted market practices
					I. General features
						1. Purpose and context
						2. Legislative history
						3. Level 2 and 3 measures
					II. Commentary
						1. Defence to market manipulation, Art 13(1)
						2. Criteria to be considered when establishing accepted market practices, Art 13(2)
						3. Procedure, Arts 13(3) through(6)
						4. Review and monitoring, Art 13(8) through (11)
				Article 14 Prohibition of insider dealing and of unlawful disclosure of inside information
					I. General features
						1. Purpose and context
						2. Legislative history
						3. Level 2 and 3 measures
					II. Commentary
						1. Engaging or attempting to engage in insider dealing, Art 14(a)
						2. Recommendation or inducement, Art 14(b)
						3. Unlawful disclosure, Art 14(c)
				Article 15 Prohibition of market manipulation
					I. General features
						1. Purpose and context, legislative history
						2. Level 2 and 3 measures
					II. Commentary
						1. Market manipulation
						2. Attempted market manipulation
				Article 16 Prevention and detection of market abuse
					I. General features
						1. Purpose and context, legislative history
						2. Level 2 and 3 measures
					II. Commentary
						1. Duties of market operators and investment firms, Art 16(1)
							a) Arrangements, systems and procedures for the prevention and detection of market abuse
							b) Suspicious transaction and order reporting
						2. Duties of persons professionally arranging or executing transactions, Art 16(2)
						3. Competent authority, Art 16(3), (4)
			Chapter 3 Disclosure requirements
				Article 17 Public disclosure of inside information
					I. General features
						1. Purpose
						2. Background
						3. Context
						4. Legislative history
						5. Impact of the reform
						6. Delegated legislation
					II. Disclosure of inside information
						1. Addressee
						2. Inside information of direct concern
						3. Immediate disclosure
							a) Timing
							b) Disclosure process and substance
							c) Language
							d) Verification
							e) Publication on website
							f) Submission to official storage
					III. Emission allowance market participants
						1. Addressee
						2. Inside information
						3. Timely disclosure
					IV. Delaying disclosure
						1. Regular delay, Article 17(4)
							a) Requirements to delay disclosure of inside information
							b) Steps in a process
							c) Informing the notification authority
						2. Delay to preserve financial stability, Article 17(5) and (6)
							a) Beneficiaries
							b) Inside information
							c) Delay requirements
							d) Consent by the authority
						3. Confidentiality no longer ensured
						4. Notification authority
							a) Issuers
							b) EAMPs
					V. Selective disclosure
				Article 18 Insider lists
					I. General features
						1. Purpose
						2. Background
						3. Secondary legislation
					II. Addressee
					III. Delegation
					IV. Obligations under Article 18
						1. Drawing up an insider list
							a) Insider list
							b) Contents
							c) Form
						2. Ensuring compliance
						3. Updating the insider list
						4. Retention of the list
						5. Transmission to competent authority
					V. Exceptions
				Article 19 Managers’ transactions
					I. General features
						1. Purpose
						2. Background
						3. Secondary Legislation
						4. Structure
					II. Managers and closely associated persons
						1. Managers
						2. Associated persons
						3. Relevant issuers and organisations
					III. Transactions to be notified
						1. Issuers
						2. Own account
						3. Threshold values
						4. De minimis exceptions
						5. EAMPs
					IV. Modalities of notification
						1. Time frame
						2. Recipient
						3. Modalities
						4. Substance of notification
						5. Publication
					V. Instruction and documentation obligations
					VI. Closed periods
						1. Addressee
						2. Relevant time period
						3. Prohibited transactions
						4. Exceptions
						5. Relationship to general obligations
						6. Report obligation
				Article 20 Investment recommendations and statistics
					I. General features
						1. Purpose
						2. Background
						3. Delegated legislation
					II. Scope of application
						1. Investment recommendation or information
						2. Extent or degree of recommendation
						3. Form
						4. Target group
					III. Obligations concerning production
						1. Objective presentation
							a) Basic obligations
							b) Additional obligations for sophisticated persons
						2. Obligation 2: disclosing conflicts of interest
							a) Basic obligations
							b) Additional obligations for sophisticated persons
					IV. Obligations concerning the dissemination of recommendations
						1. Basic arrangements
						2. Additional arrangements for summaries or extracts
						3. Additional arrangements for substantial alterations
						4. Public institution disseminating statistics or forecasts
						5. Special role of journalists
				Article 21 Disclosure or dissemination of information in the media
					I. General features
						1. Purpose
						2. Background
						3. Context
					II. Scope
					III. Requirements
			Chapter 4 ESMA and competent authorities Jörn Axel Kämmerer
				Article 22 Competent authorities
					I. General features
						1. Purpose
						2. Legislative history
					II. Commentary
				Article 23 Powers of competent authorities
					I. General features
						1. Purpose
						2. Context
						3. Legislative history
					II. Commentary
						1. The power to request/demand information (especially Article 23(2) subpara 1 (b) and (c))
						2. The power to require data records (Article 23(2) subpara 1 (g) and (h))
						3. Suspension of trading of a financial instrument (Article 23(2) subpara 1 (j))
						4. Temporary prohibition of the exercise of professional activity (Article 23(2) subpara 1 (l))
						5. Prior authorisation (Article 23(2) subpara 2)
						6. Effectiveness (Article 23(3)
						7. Liability (Article 23(4)
				Article 24 Cooperation with ESMA
				Article 25 Obligation to cooperate
				Article 26 Cooperation with third countries
					I. General features
						1. Purpose
						2. Context
						3. Legislative history
						4. Level 2 and 3 measures
					II. Commentary
				Article 27 Professional secrecy
					I. General features
						1. Purpose
						2. Legislative history
					II. Commentary
				Article 28 Data protection
				Article 29 Disclosure of personal data to third countries
					I. General features
					II. Commentary
			Chapter 5 Administrative measures and sanctions
				Article 30 Administrative sanctions and other administrative measures
					I. General features
						1. Purpose
						2. Context
						3. Legislative history
					II. Commentary
						1. Article 30(2) subpara 1 (a) (ceasing unlawful behavior)
						2. Article 30(2) subpara 1 (b) (disgorgement of profits or avoided losses)
						3. Article 30(2) subpara 1 (c) (public warning)
						4. Article 30(2) subpara 1 (d) (withdrawal or suspension of authorisation)
						5. Article 30(2) subpara 1 (e) to (g) (ban of managerial or other responsibilities within an investment firm)
						6. Article 30(2) subpara 1 (h) to (j) (pecuniary sanctions)
				Article 31 Exercise of supervisory powers and imposition of sanctions
					I. General features
						1. Purpose
						2. Context
					II. Commentary
				Article 32 Reporting of infringements
					I. General features
						1. Purpose
						2. Context
						3. Legislative history
						4. Level 2 and 3 measures
					II. Commentary
						1. Reporting of infringements
						2. „Whistleblowing“
				Article 33 Exchange of information with ESMA
					1. Purpose
					2. Level 2 and 3 measures
				Article 34 Publication of decisions
					I. General features
						1. Purpose
						2. Legislative history
						
					II. Commentary
	Short Selling Regulation (SSR)
		Regulation (EU) No 236/2012 of the European Parliament and the Council of 14 March 2012 on short selling and certain aspects of credit default swaps (OJ L 86, 24.3.2012, p. 1-24)
			Introduction and overview
				1. Overview of the EU short selling regime
				2. Legal basis
				3. Legislative history
				4. Regulatory aims of the SSR and economic background
				5. Review and evaluation of the SSR
			Chapter I General provisions
				Overview of Articles 1-4
				Article 1 Scope
					I. General features
						1. Purpose
						2. Context
					II. Commentary
				Article 2 Definitions
					I. General features
						1. Purpose
						2. Context
						3. Level 2 and 3 measures
					II. Commentary
				Article 3 Short and long positions
					I. General features
						1. Purpose
						2. Context
						3. Level 2 and 3 measures
					II. Commentary
				Article 4 Uncovered position in a sovereign credit default swap
					I. General features
						1. Purpose and context
						2. Level 2 and 3 measures
					II. Commentary
			Chapter II Transparency of net short positions
				Overview of Articles 5-11
				Article 5 Notification to competent authorities of significant net short positions in shares
					I. General features
						1. Purpose
						2. Context
						3. Legislative history
						4. Level 2 and 3 measures
					II. Commentary
				Article 6 Public disclosure of significant net short positions in shares
					I. General features
						1. Purpose
						2. Context
						3. Legislative history
						4. Level 2 and 3 measures
					II. Commentary
				Article 7 Notification to competent authorities of significant net short positions in sovereign debt
					I. General features
						1. Purpose
						2. Context
						3. Legislative history
						4. Level 2 and 3 measures
					II. Commentary
				Article 8 Notification to competent authorities of uncovered positions in sovereign credit default swaps
					I. General features
						1. Purpose
						2. Context
						3. Legislative history
						4. Level 2 and 3 measures
					II. Commentary
				Article 9 Method of notification and disclosure
					I. General features
						1. Purpose
						2. Context
						3. Legislative history
						4. Level 2 and 3 measures
					II. Commentary
				Article 10 Application of notification and disclosure requirements
					I. General features
						1. Purpose
						2. Context
					II. Commentary
				Article 11 Information to be provided to ESMA
					I. General features
						1. Purpose
						2. Level 2 and 3 measures
					II. Commentary
			Chapter III Uncovered short sales
				Overview of Articles 12-15
				Article 12 Restrictions on uncovered short sales in shares
					I. General features
						1. Purpose
						2. Context
						3. Legislative history
						4. Level 2 and 3 measures
					II. Commentary
				Article 13 Restrictions on uncovered short sales in sovereign debt
					I. General features
						1. Purpose
						2. Legislative history
						3. Level 2 and 3 measures
					II. Commentary
				Article 14 Restrictions on uncovered sovereign credit default swaps
					I. General features
						1. Purpose
						2. Context
						3. Legal history
						4. Level 2 and 3 measures
					II. Commentary
				Article 15 Buy-in procedures (deleted)
			Chapter IV Exemptions
				Article 16 Exemption where the principal trading venue is in a third country
					I. General features
						1. Purpose
						2. Context
						3. Level 2 and 3 measures
					II. Commentary
				Article 17 Exemption for market making activities and primary market operations
					I. General features
						1. Purpose
						2. Context
						3. Level 2 and 3 measures
					II. Commentary
			Chapter V Powers of intervention of competent authorities and of ESMA Powers of intervention
				Overview of Articles 18-31
				Section 1 Powers of competent authorities
					Articles 18 to 26
						1. Powers in case of exceptional circumstances (Arts 18 to 22 and 24)
							a) Trigger events and proportionality requirement
							b) Notification and disclosure of net short positions (Art 18)
							c) Notification of significant change in lending fees (Art 19)
							d) Restrictions on short selling and similar transactions (Art 20)
							e) Restrictions on sovereign CDS transactions (Art 21)
							f) Measures by other competent authorities (Art 22)
							g) Period of restrictions (Art 24)
						2. Power to restrict short selling temporarily in the case of a significant fall in price (Art 23)
						3. Notice of restrictions (Art 25)
						4. Notification to ESMA and other competent authorities (Art 26)
				Section 2 Powers of ESMA
					Articles 27 to 31
						1. Coordination by ESMA (Art 27)
						2. ESMA intervention powers in exceptional circumstances (Art 28)
						3. ESMA’s Powers in emergency situations relating to sovereign debt (Art 29)
						4. Further specification of adverse events or developments (Art 30)
						5. Inquiries by ESMA (Art 31)
			Chapter VI Role of competent authorities
				Articles 32 to 41
					1. Competent authorities (Art 32)
					2. Powers of competent authorities (Art 33)
					3. Professional secrecy (Art 34)
					4. Obligation to cooperate (Arts 35 to 37 and 39)
					5. Cooperation with third countries (Arts 38 to 40)
					6. Penalties (Art 41)
			Chapter VII-IX Delegated acts, implementing acts, and transitional and final provisions Delegated acts, implementing acts and final provisions
				Articles 42 to 48
					1. Chapter VII: Delegated acts (Arts 42 to 43)
					2. Chapter VIII: Implementing acts (Art 44)
					3. Chapter IX: Transitional and final provisions (Arts 45 to 48)
3. Market Transparency
	Prospectus Directive (PD)
		Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to tradingAmended by Directive 2008/11/EC, Directive 2010/73/EU, Directive 2010/78/EU, Directive 2013/50/EU and Directive 2014/51/EU.
			Introduction
				1. Purpose
				2. Structure
				3. Legislative background
				4. Regulation (EU) 2017/1129 of 14 June 2017Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market [2017] OJ L168/12.
			Chapter I General provisions
				Article 1 Purpose and scope
					I. General features
						1. Purpose
						2. Background
						3. Context
						4. Legislative history
					II. Commentary
						1. Material scope
						2. Exceptions
							a) Special classes of securities that are connected with peculiar national regulation
							b) The nature of the issuer or the guarantor
							c) The size of the securities offer
					III. 2017 Prospectus Regulation
				Article 2 Definitions
					I. General features
						1. Purpose
						2. Context
						3. Legislative history
					II. Commentary
						1. Definitions
							a) Offers of securities to the public
							b) Distinction between equity and non-equity securities
							c) Qualified investors
							d) Home Member State and issuers’ choice
							e) Host Member State
							f) Key information
							g) Level 2
				Article 3 Obligation to publish a prospectus
					I. General features
						1. Purpose
						2. Context
					II. Commentary
						1. Obligation to draw a prospectus
						2. Exemptions
							a) Qualified investors
							b) Small offers
							c) Wholesale market for securities
						3. Retail cascade
				Article 4 Exemptions from the obligation to publish a prospectus
					I. General features
						1. Purpose
						2. Background
						3. Context
						4. Legislative history
					II. Commentary
			Chapter II Drawing up of the prospectus
				Article 5 The prospectus
					I. General features
						1. Purpose
						2. Background
						3. Context
						4. Legislative history
						5. Level 2 and 3 measures
					II. Drawing up of prospectus
						1. Single or tripartite document
						2. The base prospectus
						3. The summary
					III. The 2017 Prospectus Regulation
						1. Summary
						2. Assessment of the materiality of the risk factors
						3. Simplified disclosure regime for secondary issuances
						4. EU Growth prospectus regime
				Article 6 Responsibility attaching to the prospectus
					I. General features
						1. Purpose
						2. Context
						3. Level 2 and 3 measures
					II. Commentary
				Article 7 Minimum information
					I. General features
						1. Purpose
						2. Legislative history
					II. Commentary
				Article 8 Omission of information
					I. General features
					II. Commentary
						Omission of information
							a) Unavailable information
							b) Disclosure which is not in the public interest, or is seriously detrimental to the issuer, or is unimportant
							c) Inappropriate disclosure
							d) Ommission of information in the case of securities “unconditionally and irrevocably guaranteed by one of a Member State’s regional or local authorities”
				Article 9 Validity of a prospectus, base prospectus and registration document
					I. General features
						1. Purpose
					II. Commentary
				Article 10 InformationRemoved by the 2010 Prospectus Amending Directive.
				Article 11 Incorporation by reference
					I. General features
					II. Commentary
				Article 12 Prospectuses consisting of separate documents
					I. General features
						1. Purpose
						2. Context
					II. Commentary
						1. Shelf registration procedure
						2. Fast-track approval procedure under the 2017 Prospectus Regulation
			Chapter III Arrangements for approval and publication of the prospectus Arrangements for approval and publication
				Article 13 Approval of the prospectus
					I. General features
						1. Purpose
						2. Legislative history
					II. Commentary
						1. The single passport regime and the competent home Member State authority
						2. Base prospectus’ approval
						3. Formal versus substantive review
						4. Time limits
				Article 14 Publication of the prospectus
					I. General features
					II. Commentary
				Article 15 Advertisements
					I. General features
						1. Purpose
						2. Legislative history
					II. Commentary
				Article 16 Supplements to the prospectus
					I. General features
						1. Purpose
						2. Context
					II. Commentary
						1. The scope of the supplement
						2. Final terms’ supplement
						3. Investors’ withdrawal rights
			Chapter IV Cross-border offers and admission to trading
				Article 17 Community scope of approvals of prospectuses
					I. General features
					II. Commentary
				Article 18 Notification
					I. General features
					II. Commentary
			Chapter V Use of languages and issuers incorporated in third countries Languages and issuers in third countries
				Article 19 Uses of languages
					I. General features
						1. Purpose
						2. Legislative history
					II. Commentary
				Article 20 Issuers incorporated in third countries
					I. General features
						1. Purpose
						2. Context
						3. Legislative history
					II. Commentary
			Chapter VI Competent authorities
				Article 21 Powers
					I. General features
						1. Purpose
						2. Background
					II. Commentary
				Article 22 Professional secrecy and cooperation between authorities
					I. General features
						1. Purpose
						2. Context
					II. Commentary
				Article 23 Precautionary measures
					I. General features
					II. Commentary
			Chapter VII Implementing measures
				Article 24 Committee procedure
				Article 24 a Exercise of the delegation
				Article 24 b Revocation of the delegation
				Article 24 c Objections to delegated acts
					I. General features
					II. Commentary
				Article 25 Sanctions
					I. General features
					II. Commentary
				Article 26 Right of appeal
			Chapter VIII Transitional and final provisions
				Article 27 Amendments
				Article 28 Repeal
				Article 29 Transposition
				Article 30 Transitional provision
				Article 31 Review
				Article 31 a Staff and resources of ESMA
				Article 32 Entry into force
				Article 33 Addressees
	Packaged Retail and Insurance-based Investment Products Regulation (PRIIPR)
		Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs)
			Chapter I Subject matter, scope and definitions
				Article 1
					I. General features
						1. Purpose
						2. Legislative history
						3. Level 2 and 3 measures
						4. Scope of application
							a) Existing products
							b) Territorial scope
				Article 2
					I. General features
					II. Commentary
				Article 3
					I. General features
					II. Commentary
				Article 4
					I. General features/purpose
					II. Commentary
						1. Article 4(1)
							a) ‘investment’
							b) ‘amount repayable’
							c) ‘not directly purchased’
						2. Article 4(2)
						3. Article 4(3)
						4. Article 4(4)
						5. Article 4(5)
						6. Article 4(6)
						7. Article 4(7)
						8. Article 4(8)
			Chapter II Key information document
				Section I Drawing up the key information document
					Article 5
						I. General features/purpose
						II. Commentary
							1. Article 5(1)
								a) ‘made available’
								b) ‘to retail investors’
							2. Article 5(2)
				Section II Form and content of the key information document
					Article 6
						I. General features/purpose
						II. Commentary
							1. Article 6(1)
							2. Article 6(2)
							3. Article 6(3)
							4. Article 6(4) to 6(6)
					Article 7
						I. General features
							1. Purpose
							2. Context
						II. Commentary
							1. Article 7(1)
							2. Article 7(2)
					Article 8
						I. General features
							1. Purpose
							2. Level 2 and 3 measures
						II. Commentary
							1. Article 8(1)
							2. Article 8(2)
							3. Article 8(3)
								a) ‘information about the PRIIP manufacturer’
								b) ‘comprehension alert’
								c) ‘information about the PRIIP’
								d) ‘risk-reward profile, summary risk indicator and performance scenarios’
								e) ‘information about compensation schemes’
								f) ‘costs’
								g) ‘liquidity’
								h) ‘complaints’
					Article 9
						I. General features
						II. Commentary
							1. Article 9, first sentence
								a) Any statement that contradicts the information contained in the KID
								b) Diminishment of the significance of the KID
							2. Article 9, second sentence
					Article 10
						I. General features
							1. Purpose
							2. Level 2 and 3 measures
						II. Commentary
							1. Review
							2. Revision
							3. Publication
					Article 11
						I. General features/purpose
						II. Commentary
							1. Article 11(1)
								a) Misleading
								b) Inaccurate
								c) Inconsistency
								d) Further aspects
							2. Article 11(2) and (3)
							3. Article 11(4)
							4. Article 11 (5)
					Article 12
						I. General features
						II. Commentary
				Section III Provision of the key information document
					Article 13
						I. General features
							1. Purpose
							2. Level 2 and 3 measures
						II. Commentary
							1. Article 13(1)
								a) Advice
								b) Sale
								c) Provision in good time
							2. Article 13(2)
							3. Article 13(3)
							4. Article 13(4)
					Article 14
						I. General features/purpose
						II. Commentary
							1. Article 14(1)
							2. Article 14(2)
							3. Article 14(3)
							4. Article 14(4)
								a) Appropriateness of the durable medium
								b) Option to choose
							5. Article 14(5)
								a) Appropriateness of the durable medium
								b) Option to choose
								c) Notification of a webside
								d) Constant accessibility on the website, capable of being downloaded and stored in a durable medium
			Chapter III Market monitoring and product intervention powers
				Article 15
				Article 16
				Article 17
				Article 18
			Chapter IV Complaints, redress; cooperation and supervision
				Article 19
				Article 20
				Article 21
					I. General features
					II. Commentary
			Chapter V Administrative penalties and other measures
				Article 22
				Article 23
				Article 24
				Article 25
				Article 26
				Article 27
				Article 28
				Article 29
					Commentary
			Chapter VI Final provisions
				Article 30
				Article 31
				Article 32
				Article 33
				Article 34
					Commentary
	Transparency Directive (TD)
		Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market (OJ L 390, 31.12.2004, p. 38-57)
			Chapter I General provisions
				Article 1 Subject matter and scope
					I. General features
						1. Purpose
						2. Background
						3. Context
						4. Legislative history
					II. Commentary
					III. Opt-out possibilities
				Article 2 Definitions
					I. Purpose
					II. Definitions
					III. Delegated lawmaking powers
				Article 3 Integration of securities markets
					I. General features
						1. Purpose
						2. Background
						3. Structure
					II. Obligations by home Member State
						1. Issuers’ obligations
						2. Shareholder obligations
						3. Notification requirement
					III. Obligations by host Member State
			Chapter II Periodic information
				Article 4 Annual financial reports
					I. General features
						1. Purpose
						2. Background
						3. Context
					II. Annual financial report
						1. Addressee
						2. Components
							a) Financial statements
							b) Management report
							c) Responsibility statements
							d) Additional elements
						3. Publication
						4. Enforcement
					III. Delegated lawmaking powers
					IV. Single Electronic Reporting Format
				Article 5 Half-yearly financial reports
					I. General features
						1. Purpose
						2. Background
					II. Half-yearly financial report
						1. Addressee
						2. Reporting period
						3. Components
							a) Condensed Financial Statements
							b) Interim management report
							c) Responsibility statements
							d) Additional elements
						4. Audit
						5. Publication
						6. Enforcement
					III. Delegated lawmaking powers
					IV. Quarterly reporting
						1. Abolishment 2013
						2. Exceptions
					V. Voluntary reporting
				Article 6 Report on payments to governments
					I. General features
						1. Purpose
						2. Background and context
						3. Context
						4. Former versions of Article 6
					II. Government payments report
						1. Addressee
						2. Reporting period
						3. Components
						4. Publication
						5. Enforcement
				Article 7 Responsibility and liability
					I. General features
						1. Purpose
						2. Context
					II. Responsibility and liability
						1. Information covered
						2. Responsibility
						3. Liability
					III. Private international law
				Article 8 Exemptions
					I. General features
						1. Purpose
						2. Background
						3. Context
					II. Commentary
						1. Sovereign and public debt issuers
						2. Debt issuers
						3. Discretionary exemptions
							a) Debt issued by small credit institutions
							b) Guaranteed debt securities
			Chapter III Ongoing information
				Section I Information about major holdings
					Article 9 Notification of the acquisition or disposal of major holdings
						I. General features
							1. Purpose
							2. Background
							3. Context
						II. Notification obligation
							1. Triggering situation
							2. Addressees
							3. Voting rights thresholds
								a) Thresholds specified in the TD
								b) Additional thresholds set by Member States
								c) Additional thresholds set by issuers
								d) Calculation
							4. Notification content and procedure
						III. Exceptions
							1. Clearing and settlement
							2. Custodians
							3. Market makers
							4. Voting rights held in a trading book
							5. Stabilisation
							6. Other exceptions
						IV. Enforcement
						V. Delegated lawmaking powers
					Article 10 Acquisition or disposal of major proportions of voting rights
						I. General features
							1. Purpose
							2. Background
						II. Cases of attribution
							1. Acting in concert, lit. a
								a) Requirements
								b) Implementation
								c) Impact of regulation and reform
							2. Temporary voting right transfer, lit. b
							3. Voting rights as part of collateral, lit. c
							4. Life interest, lit. d
							5. Voting rights held by controlled undertaking, lit. e
							6. Deposited shares, lit. f
							7. Voting rights held ‘on behalf’, lit. g
							8. Voting rights exercised by proxy, lit. h
							9. Additional situations
						III. Consequences of attribution
					Article 11 Annual financial reports
						I. General features
							1. Purpose
							2. Background
						II. Commentary
						III. Exceptions
					Article 12 Procedures on the notification and disclosure of major holdings
						I. General features
							1. Purpose
							2. Background
							3. Context
							4. Structure
						II. Notification procedure
							1. Contents
							2. Timing
							3. Exemptions for groups
							4. Specific groups
						III. Publication
						IV. Delegated lawmaking powers
						V. Annex: Intention disclosure
					Article 13
						I. General features
							1. Purpose
							2. Background
							3. Context
						II. Disclosure of financial instruments
							1. Addressee
							2. Holding type
							3. Financial instruments
								a) Financial instruments type (a)
								b) Financial instruments type (b)
						III. Thresholds and calculation
							1. Thresholds
							2. Aggregation
							3. Delta adjustment
							4. Reference to basket or index
						IV. Notification
						V. Exemptions
						VI. Delegated lawmaking powers
						VII. Annex: Empty voting
					Article 13 a Aggregation
						I. General features
							1. Purpose
							2. Background
							3. Context
						II. Aggregation
						III. Notification
					Article 14
						I. General features
							1. Purpose
							2. Background and context
						II. Disclosure requirements
						III. Disclosure procedure
						IV. Disclosure and enforcement
						V. Delegated lawmaking powers
					Article 15
						I. General features
							1. Purpose
							2. Context
						II. Commentary
					Article 16 Additional information
						I. General features
							1. Purpose
							2. Background
							3. Context
						II. Disclosure requirements
						III. Disclosure and enforcement
				Section II Information for holders of securities admitted to trading on a regulated market
					Article 17 Information requirements for issuers whose shares are admitted to trading on a regulated market
						I. General features
							1. Purpose
							2. Background
							3. Context
							4. Former modification plans
						II. Requirements for share issuers
							1. Equal treatment of shareholders
							2. Information requirements
								a) Meeting-related information
								b) Proxy facilitation
								c) Information circulation
							3. Electronic communication
						III. Exemption
					Article 18 Information requirements for issuers whose debt securities are admitted to trading on a regulated market
						I. General features
							1. Purpose
							2. Background
							3. Context
						II. Requirements for debt issuers
							1. Equal treatment of debtholders
							2. Information requirements
								a) Meeting-related information
								b) Proxy facilitation
							3. Flexibility for issuers of large denomination debt
							4. Electronic communication
						III. Exemption
			Chapter IV General obligations
				Article 19 Home Member State control
					I. General features
						1. Purpose
						2. Background
						3. Context
					II. Home Member State control
						1. Disclosed information
						2. Notifications on major holdings
					III. Delegated lawmaking powers
				Article 20 Languages
					I. General features
						1. Purpose
						2. Background
						3. Context
					II. Language requirements under the TD
						1. Disclosure of regulated information
							a) Only in the home Member State
							b) In home and host Member States
							c) Only in host Member State(s)
							d) Exception for wholesale offers
						2. Notifications of major holdings
						3. Translation in court proceedings
				Article 21 Access to regulated information
					I. General features
						1. Purpose
						2. Level 2 and 3 measures
					II. Disclosure requirements
						1. Disclosure and dissemination
							a) Geographical dissemination
							b) Form
							c) Integrity and verification
							d) Use of service providers
						2. Availability to OAMs
					III. Only one host Member State
					IV. Delegated lawmaking powers, Article 21(4)
				Article 21 a European electronic access point
					I. General features
						1. Purpose
						2. Background
						3. Context
					II. The EEAP
				Article 22 Access to regulated information at Union level
					I. General features
					II. Delegated lawmaking powers
				Article 23 Third countries
					I. General features
						1. Purpose
						2. Background
						3. Level 2 and 3 measures
					II. Exemptions
						1. Discretionary exemption
						2. Automatic exemptions
					III. Delegated lawmaking powers
			Chapter V Competent authorities
				Article 24 Competent authorities and their powers
					I. General features
						1. Purpose
						2. Background
						3. Context
					II. National competent authority
						1. Designation and role
						2. Delegation of powers
						3. Individual powers
					III. Caveats
				Article 25 Professional secrecy and cooperation between Member States
					I. General features
						1. Purpose
					II. Professional secrecy
					III. International cooperation
				Article 26 Precautionary measures
					I. General features
						1. Purpose
						2. Background
						3. Context
					II. The precautionary principle
			Chapter VI Delegated acts and implementing measures
				Article 27 Committee procedure
					I. General features
						1. Purpose
						2. Background
						3. Context
					II. Committee support
					III. Delegated lawmaking powers
						1. Implementing measures
						2. Delegated acts
					IV. Review clause
				Article 27 a Revocation of the delegation
					I. Purpose
					II. Revocation of delegation
				Article 27 b Objections to delegated acts
					I. Purpose
					II. Objection right
					III. Objections after three months
			Chapter VIA Sanctions and measures
				Article 28 Administrative measures and sanctions
					I. General features
						1. Purpose
						2. Background
						3. Context
					II. Basic principles
					III. Personal scope
				Article 28 a Breaches
					I. Purpose
					II. Breaches included
				Article 28 b Sanctioning powers
					I. Purpose
					II. Sanctioning powers for serious breaches
					III. Suspension of voting rights
				Article 28 c Exercise of sanctioning powers
					I. Purpose
					II. Sanctioning criteria
					III. Data protection
			Chapter VIB Publication of decisions
				Article 29 Publication of decisions
					I. General features
						1. Purpose
						2. Background
						3. Context
					II. Publication of decisions
						1. Type of decision
						2. Breach
						3. Substance of publication
						4. Time of publication
			Chapter VII Transitional and final provisions
				Article 30 Transitional provisions
					Transitional exemptions
				Article 31 Transposition
					Implementation of the Directive
				Article 32 Amendments
				Article 33 Review
					I. General features
						1. Purpose
						2. Context
					II. Report on the operation of the TD
					III. The Article 30(4) exemption
				Article 34 Entry into force
					TD entering into Force
				Article 35 Addressees
					Addressee of the TD
	Credit Rating Agency Regulation (CRAR)
		Regulation (EC) No 1060/2009 of the European Parliament and the Council of 16 September 2009 on credit rating agencies (OJ L 302, 17.11.2009, p. 1-31)
			Title I Subject matter, scope and definitions
				Article 1 Subject matter
					I. General features
						1. Overview
						2. Background
						3. Recitals
				Article 2 Scope
					I. General features
						1. Purpose
						2. Overview
						3. Recitals; level 3 measures
					II. Commentary
				Article 3 Definitions
					I. General features
						1. Purpose
						2. Recitals; level 3 measures
					II. Commentary
						1. Rating/rating category/unsolicited credit rating
						2. Rating agency
						3. Home Member State
						4. Rated entity
						5. Rating outlook
						6. Regulated market
				Article 4 Use of credit ratings
					I. General features
						1. Overview/purpose
						2. Background/context
						3. Recitals; level 3 measures
					II. Commentary
				Article 5 Equivalence and certification based on equivalence
					I. General features
						1. Overview/purpose
						2. Recitals, level 2, and level 3 measures
					II. Commentary
				Article 5 a Over-reliance on credit ratings by financial institutions
				Article 5 b Reliance on credit ratings by the European Supervisory Authorities and the European Systemic Risk Board
				Article 5 c Over-reliance on credit ratings in Union law
					I. General features
						1. Purpose
						2. Context
						3. Recitals
					II. Commentary
						1. Article 5 a
						2. Article 5 b
						3. Article 5 c
			Title II Issuing of credit ratings
				Article 6 Independence and avoidance of conflicts of interest
					I. General features
						1. Overview/purpose
						2. Context
						3. Recitals, level 3 measures
					II. Commentary
				Article 6 a Conflicts of interest concerning investments in credit rating agencies
					I. General features
						1. Overview/purpose
						2. Recitals, level 3 measures
					II. Commentary
				Article 6 b Maximum duration of the contractual relationship with a credit rating agency
					I. General features
						1. Overview/purpose
						2. Recitals
					II. Commentary
				Article 7 Rating analysts, employees and other persons involved in the issuing of credit ratings
					I. General features
						1. Overview/purpose
						2. Recitals; level 3 measures
					II. Commentary
				Article 8 Methodologies, models and key rating assumptions
					I. General features
						1. Overview/purpose
						2. Recitals, level 2, level 3 measures
					II. Commentary
				Article 8 a Sovereign ratings
					I. General features
						1. Overview
						2. Background
						3. Recitals, level 3 measures
					II. Commentary
				Article 8 b Information on structured finance instruments
					I. General features
						1. Overview/purpose
						2. Level 2 measures
					II. Commentary
				Article 8 c Double credit rating of structured finance instruments
					I. General features
						1. Background/context
						2. Recitals
					II. Commentary
				Article 8 d Use of multiple credit rating agencies
					I. General features
						1. Overview/purpose
						2. Recitals, level 3 measures
					II. Commentary
				Article 9 Outsourcing
					I. General features
						1. Overview/purpose
						2. Recitals, level 3 measures
					II. Commentary
				Article 10 Disclosure and presentation of credit ratings
					I. General features
						1. Overview/purpose
						2. Recitals, level 3 measures
					II. Commentary
				Article 11 General and periodic disclosures
					I. General features
						1. Purpose
						2. Recitals, level 2 measures
					II. Commentary
				Article 11 a European rating platform
					I. General features
						1. Overview/purpose
						2. Recitals, Level 2 measures
					II. Commentary
				Article 12 Transparency report
					I. General overview
						1. Purpose
						2. Recitals
					II. Commentary
				Article 13 Public disclosure fees
			Title III Surveillance of credit rating activities
				Chapter I Registration procedure
					Articles 14 to 20
						I. General overview
							1. Purpose
							2. Recitals, level 2, level 3 measures
						II. Commentary
				Chapter II Supervision by ESMA
					Articles 21 to 25 a
						I. General overview
							1. Purpose
							2. Recitals, level 2, level 3 measures
						II. Commentary
				Chapter III Cooperation between ESMA, competent authorities and sectoral competent authorities
					Articles 26 to 32
						I. General overview
							1. Purpose
							2. Recitals, level 2 measures
						II. Commentary
				Chapter IV Cooperation with third countries
					Articles 34 to 35
						I. General overview
							1. Purpose
							2. Recitals; level 3 measures
						II. Commentary
			Title IIIA Civil liability of credit rating agencies
				Article 35 a Civil Liability
					I. General features
						1. Overview/purpose
						2. Background/context
						3. Recitals
					II. Commentary
						1. General
						2. Infringement
						3. Financial damage
						4. Causality
						5. Restriction for issuers
						6. Burden of proof
						7. Intent and gross negligence
					III. Limitations of liability
					IV. Private international law
			Title IV Penalties, committee procedure, reporting and transitional and final provisions Penalties, reportings, final provisions
				Chapter I Penalties, committee procedure and reporting
					Articles 36 to 39
						I. General overview
							1. Purpose
							2. Recitals, level 2, level 3 measures
						II. Commentary
				Chapter II Transnational and final provisions
					Articles 40 to 41
4. Funds
	Undertakings for Collective Investments in Transferable Securities Directive (UCITSD)
		Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32-96)
			Chapter I Subject matter, scope and definitions
				Article 1 Scope and UCITS definition
					I. General features
						1. Purpose
						2. Context
						3. Legislative history
						4. Level 2 and 3 measures
					II. Commentary
				Article 2 Definitions
					I. General features
						1. Purpose
						2. Level 2 and 3 measures
					II. Commentary
				Article 3 Exclusions from the scope
					I. Purpose
					II. Commentary
				Article 4 Home member state assumption
					I. Purpose
					II. Commentary
			Chapter II Authorisation of UCITS
				Article 5 Authorisation requirement for the fund
					I. Purpose
					II. Commentary
			Chapter III Obligations regarding management companies
				Section 1 Conditions for taking up business
					Article 6 Authorisation requirement for management company
						I. Purpose
						II. Commentary
					Article 7 Conditions for authorisation
						I. Purpose
						II. Commentary
					Article 8 Related parties
						I. Purpose
						II. Commentary
				Section 2 Relations with third countries
					Article 9 Third country relations
						I. Purpose
						II. Overview
				Section 3 Operating conditions
					Article 10 Conditions for taking up business
						I. Purpose
						II. Commentary
					Article 11 Qualifying holdings
						I. Purpose
						II. Overview
					Article 12 Prudential regulation
						I. General features
							1. Purpose
							2. Level 2 and 3 measures
						II. Commentary
					Article 13 Delegation
						I. Purpose
						II. Overview
					Article 14 Conduct of business rules
						I. General features
							1. Purpose
							2. Level 2 and 3 measures
						II. Commentary
					Article 14 a Remuneration policy
						I. General features
							1. Purpose
							2. Level 2 and 3 measures
						II. Overview
					Article 14 b Details and proportionality of remuneration policy
						I. General features
							1. Purpose
							2. Level 2 and 3 measures
						II. Commentary
					Article 15 Cross-border set up, investor complaints mechanism
						I. Purpose
						II. Overview
				Section 4 Freedom of establishment and freedom to provide services
					Article 16 Freedom to provide services on a cross-border basis
					Article 17 Cross-border services by virtue of a branch
					Article 18 Notification for cross-border services
					Article 19 Notification for cross-border services by virtue of a branch
					Article 20 Home member state supervision
					Article 21 Host member state supervision in case of a branch
						I. General features
							1. Purpose
							2. Level 2 and 3 measures
						II. Commentary
			Chapter IV Obligations regarding the depositary
				Article 22 Mandatory depositary; appointment and duties of depositary
					I. General features
						1. Purpose
						2. Level 2 and 3 measures
						3. Legislative history
					II. Commentary
				Article 22 a Delegation by depositary
					I. Purpose
					II. Level 2 and 3 measures
					III. Overview
				Article 23 Registered office, qualification and organisation of depositary
					I. Purpose
					II. Commentary
				Article 24 Liability of depositary towards UCITS and unit-holders
					I. General feaures
						1. Purpose
						2. Level 2 and 3 measures
					II. Commentary
				Article 25 Inability to function as management company and depositary; conflicts of interests
					I. General features
						1. Purpose
						2. Level 2 and 3 measures
					II. Commentary
				Article 26 Replacement of depositary
					I. General features
						1. Purpose
						2. Level 2 and 3 measures
					II. Commentary
				Article 26 a Information exchange with and among national competent authorities of depositary, UCITS and management company
					I. Purpose
					II. Commentary
				Article 26 b Implementing acts
					I. Purpose
					II. Level 2 and 3 measures
					III. Overview
			Chapter V Obligations regarding investment companies
				Section 1 Conditions for taking up business
					Article 27 Authorisation, legal form, registered office
					Article 28 Limited scope of activities
					Article 29 Minimum capital, organisation, key people, authorisation and withdrawal of authorisation
						I. General features
							1. Purpose
							2. Legislative history
						II. Commentary
				Section 2 Operating conditions
					Article 30 Internally managed investment companies, restrictions on third-party portfolio management
						I. Purpose
						II. Commentary
					Article 31 Prudential and conduct of business rules, organisational requirements for internally managed investment companies
						I. Purpose
						II. Overview
				Section 3 Obligations regarding the depositary
			Chapter VI Mergers of UCITS
				Section 1 Principle, authorisation and approval
					Article 37 Extension to investment compartments/sub funds
					Article 38 Enabling of cross-border mergers
					Article 39 Authorisation by merging UCITS’ national competent authority; information exchange with receiving UCITS’ national competent authority
					Article 40 Common draft terms of merger
				Section 2 Third-party control, information of unit-holders and other rights of unit-holders
					Article 41 Verification by depositary of merging and receicing UCITS
					Article 42 Validation of valuation, merger-related payments, exchange ratio
					Article 43 Disclosures to unit-holders after merger authorisation
					Article 44 Consent by unit-holder voting
					Article 45 Extraordinary redemption right
				Section 3 Costs and entry into effect
					Article 46 Ban to impose merger costs on UCITS
					Article 47 Date of merger effect
					Article 48 Consequences of merger
						I. General features
							1. Purpose
							2. Level 2 and 3 measures
						II. Commentary
			Chapter VII Obligations concerning the investment policies of UCITS
				Article 49 Compartments deemed UCITS
					I. Purpose
					II. Overview
				Article 50 Eligible assets
					General features
						1. Purpose
						2. Level 2 and 3 measures
					II. Commentary
				Article 50 a Investment in securitisation positions
					I. Purpose
					II. Overview
				Article 51 Risk management, exposure limits, reliance on credit rating agencies
					I. General features
						1. Purpose
						2. Level 2 and 3 measures
					II. Commentary
				Article 52 Diversification
					I. General features
						1. Purpose
						2. Level 2 and 3 measures
					II. Commentary
				Article 53 Investment limits for diversified target investments
					I. Purpose
					II. Level 2 and 3 measures
					III. Overview
				Article 54 Investment limits for state-backed target investments
					I. Purpose
					II. Level 2 and 3 measures
					III. Overview
				Article 55 Investment limits for UCI target investments
					I. Purpose
					II. Level 2 and 3 measures
					III. Overview
				Article 56 Prohibition of controlling stakes
					I. General features
						1. Purpose
						2. Level 2 and 3 measures
					II. Commentary
				Article 57 Exemptions from Art 52, 56 in certain cases
					I. Purpose
					II. Overview
			Chapter VIII Master-feeder structures
				Section 1 Scope and approval
					Article 58 Definitions, investment limits, exemptions
						I. Purpose
						II. Overview
					Article 59 Exemption procedure regarding feeder’s investments into master
						I. Purpose
						II. Overview
				Section 2 Common provisions for feeder and master UCITS
					Article 60 Relationship between feeder and master
						I. Purpose
						II. Level 2 and 3 measures
						III. Overview
				Section 3 Depositaries and auditors
					Article 61 Communication between feeder’s and master’s depositary
						I. Purpose
						II. Level 2 and 3 measures
						III. Overview
					Article 62 Communication between feeder’s and master’s auditors
						I. Purpose
						II. Level 2 and 3 measures
						III. Overview
				Section 4 Compulsory information and marketing communications by the feeder UCITS
					Article 63 Additional disclosures to investors and feeder’s competent authority
						I. Purpose
						II. Overview
				Section 5 Conversion of existing UCITS into feeder UCITS and change of master UCITS
					Article 64 Conversion disclosures and procedures
						I. Purpose
						II. Level 2 and 3 measures
						III. Overview
				Section 6 Obligations and competent authorities
					Article 65 Feeder’s monitoring obligation; attribution of fees and benefits to feeder
						I. Purpose
						II. Commentary
					Article 66 Additional tasks vis-à-vis master’s competent authority
						I. Purpose
						II. Commentary
					Article 67 Duties of competent authority in case of non-compliance by master
						I. Purpose
						II. Overview
			Chapter IX Obligations concerning information to be provided to investors
				Section 1 Publication of a prospectus and periodical reports
					Article 68 Mandatory disclosure instruments
						I. General features
							1. Purpose
							2. Level 2 and 3 measures
						II. Commentary
					Article 69 Minimum content of mandatory disclosures
						I. General features
							1. Purpose
							2. Level 2 and 3 measures
						II. Commentary
					Article 70 Disclosures on categories and volatility of assets, risk management
						I. Purpose
						II. Commentary
					Article 71 Disclosure of fund rules, instruments of incorporation
						I. General feaatures
							1. Purpose
							2. Level 2 and 3 measures
						II. Commentary
					Article 72 Obligation to keep prospectus up to date
						I. Purpose
						II. Overview
					Article 73 Audited accounting information, reproduction of auditors’ statement in annual report
						I. Purpose
						II. Overview
					Article 74 Submission of prospectus, annual and bi-annual reports to competent authority of UCITS and management company
						I. Purpose
						II. Commentary
					Article 75 Format and availability of prospectus, annual and bi-annual reports to investors
						I. General features
							1. Purpose
							2. Level 2 and 3 measures
						II. Commentary
				Section 2 Publication of other information
					Article 76 Publication of unit prices
						I. Purpose
						II. Overview
					Article 77 Marketing communications
						I. Purpose
						II. Overview
				Section 3 Key investor information
					Article 78 Mandatory key investor information document for each UCITS; format and content of key investor information document
						I. General features
							1. Purpose
							2. Level 2 and 3 measures
						II. Commentary
					Article 79 Consistency of key investor and regulated information; liability for key investor information disclosures
						I. General features
							1. Purpose
							2. Level 2 and 3 easures
						II. Commentary
					Article 80 Use of key investor information documents when directly and indirectly marketing UCITS
						I. Purpose
						II. Commentary
					Article 81 Availability of key investor information
						I. General featurs
							1. Purpose
							2. Level 2 and 3 measures
						II. Commentary
					Article 82 Submission of key investor information to UCITS competent authority; duty to keep key investor information up to date
						I. General features
							1. Purpose
							2. Level 2 and 3 measures
						II. Commentary
			Chapter X General obligations of UCITS
				Article 83 Borrowing limits
					I. Purpose
					II. Overview
				Article 84 Unit-holders’ redemption rights
					I. General features
						1. Purpose
						2. Level 2 and 3 measures
					II. Commentary
				Article 85 Valuation rules
					I. Purpose
					II. Overview
				Article 86 Distribution and reinvestments of income
					I. Purpose
					II. Overview
				Article 87 Issue of unit equivalent to net asset value
					I. Purpose
					II. Overview
				Article 88 Prohibition to guarantee loans
					I. General features
						1. Purpose
						2. Level 2 and 3 measures
					II. Commentary
				Article 89 Prohibition of naked short sales
					I. Purpose
					II. Overview
				Article 90 Fees
					I. Purpose
					II. Overview
			Chapter XI Special provisions applicable to UCITS, which market their units in member states other than those in which they are established Special provisions
				Article 91 Enabling of marketing in host member states
					I. General features
						1. Purpose
						2. Level 2 and 3 measures
					II. Commentary
				Article 92 Access point in host member state
					I. General features
						1. Purpose
						2. Level 2 and 3 measures
					II. Commentary
				Article 93 Notification procedure
					I. General features
						1. Purpose
						2. Level 2 and 3 measures
					II. Commentary
				Article 94 Same disclosures as in UCITS home state
					I. Purpose
					II. Commentary
				Article 95 Implementing legislation
					I. Purpose
					II. Level 2 and 3 measures
					III. Overview
				Article 96 Consistency on legal form
					I. Purpose
					II. Overview
			Chapter XII Provisions concerning the authorities responsible for authorisation and supervision Provisions concerning authorisation authorities
				Article 97 Appointment and qualifications of competent authorities
					I. Purpose
					II. Commentary
				Article 98 Powers of competent authorities; inquiry rights
					I. Purpose
					II. Commentary
				Article 99 Sanctioning powers of competent authorities; minimum sanctions
				Article 99 a Minimum sanctioning
				Article 99 b Name and shame
				Article 99 c Factors to be taken into account when sanctioning
				Article 99 d Protection of whistleblowers
					I. Purpose
					II. Overview
				Article 99 e Reporting of penalties to ESMA
					I. General features
						1. Purpose
						2. Level 2 and 3 measures
					II. Commentary
				Article 100 Consumer complaints and alternative dispute resolution
					I. Purpose
					II. Commentary
				Article 101 Cooperation and information exchange of competent authorities and ESMA; on-site visits; ESMA’s dispute resolution powers
					I. General features
						1. Purpose
						2. Level 2 and 3 measures
					II. Commentary
				Article 102 Professional secrecy and confidentiality; supervisory cooperation and information exchange
				Article 103 Information exchange in certain cases
				Article 104 Information exchange with monetary authorities, clearing houses; legislators
					I. Purpose
					II. Commentary
				Article 104 a Data protection
					I. Purpose
					II. Overview
				Article 105 Implementing legislation
					I. Purpose
					II. Level 2 and 3 measures
					III. Overview
				Article 106 Reporting of auditors to competent authorities
					I. Purpose
					II. Commentary
				Article 107 Reasoning of negative decisions; standing to sue of consumer protection agencies
					I. Purpose
					II. Commentary
				Article 108 Delineation of supervisory powers
					I. General features
						1. Purpose
						2. Level 2 and 3 measures
					II. Commentary
				Article 109 Cross-border provision of services; collaboration
					I. Purpose
					II. Commentary
				Article 110 Cross-border services through a branch; on-site inspections
					I. Purpose
					II. Commentary
			Chapter XIII Delegated acts and powers of execution
				Article 111 Technical amendments by European Commission
				Article 112 Involvement of European Securities Committee
				Article 112 a Implementing legislation by European Commission
	Alternative Investment Fund Managers Directive (AIFMD)
		Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on alternative investment fund managers (OJ L 174, 1.7.2011, p. 1-73)
			Introduction
			Chapter I General provisions
				Article 1 Subject matter
					I. General features
					II. Commentary
				Article 2 Scope
					I. General features
					II. Commentary
				Article 3 Exemptions
					I. General features
					II. Commentary
				Article 4 Definitions
					I. General features
					II. Commentary
				Article 5 Determination of the AIFM
					I. General features
					II. Commentary
			Chapter II Authorisation of AIFMs
				Article 6 Conditions for taking up activities as AIFM
					I. General features
					II. Commentary
				Article 7 Application for authorisation
					I. General features
					II. Commentary
				Article 8 Conditions for granting authorisation
					I. General features
					II. Commentary
				Article 9 Initial capital and own funds
					I. General features
					II. Commentary
				Article 10 Changes in the scope of the authorisation
					I. General features
					II. Commentary
				Article 11 Withdrawal of the authorisation
					I. General features
					II. Commentary
			Chapter III Operating conditions for AIFMs
				Section 1 General requirements
					Article 12 General principles
						I. General features
						II. Commentary
					Article 13 Remuneration
						I. General features
						II. Commentary
					Article 14 Conflicts of interest
						I. General features
						II. Commentary
					Article 15 Risk management
						I. General features
						II. Commentary
					Article 16 Liquidity management
						I. General features
						II. Commentary
					Article 17 Investment in securitisation positions
						I. General features
						II. Commentary
				Section 2 Organisational requirements
					Article 18 General principles
						I. General features
						II. Commentary
					Article 19 Valuation
						I. General features
						II. Commentary
				Section 3 Delegation of AIFM functions
					Article 20 Delegation
						I. General features
						II. Commentary
				Section 4 Depositary
					Article 21 Depositary
						I. General features
						II. Commentary
			Chapter IV Transparency requirements
				Article 22 Annual report
					I. General features
					II. Commentary
				Article 23 Disclosure to investors
					I. General features
					II. Commentary
				Article 24 Reporting obligations to competent authorities
					I. General features
					II. Commentary
			Chapter V AIFMs managing specific types of AIF
				Section 1 AIFMs managing leveraged AIFs
					Article 25 Use of information by competent authorities, supervisory cooperation and limits to leverage
						I. General features
						II. Commentary
				Section 2 Obligations for AIFMs managing AIFs which acquire control of non-listed companies and issuers
					Article 26 Scope
						I. General features
						II. Commentary
					Article 27 Notification of the acquisition of major holdings and control of non-listed companies
						I. General features
						II. Commentary
					Article 28 Disclosure in case of acquisition of control
						I. General features
						II. Commentary
					Article 29 Specific provisions regarding the annual report of AIFs exercising control of non-listed companies
						I. General features
						II. Commentary
					Article 30 Asset stripping
						I. General features
						II. Commentary
			Chapter VI Rights of EU AIFMs to market and manage EU AIFs in the Union Rights of EU AIFMs
				Article 31 Marketing of units or shares of EU AIFs in the home Member State of the AIFM
					I. General features
					II. Commentary
				Article 32 Marketing of units or shares of EU AIFs in Member States other than in the home Member State of the AIFM
					I. General features
					II. Commentary
				Article 33 Conditions for managing EU AIFs established in other Member States and for providing services in other Member States
					I. General features
					II. Commentary
			Chapter VII Specific rules in relation to third countries Rules in relation to third countries
				Article 34 Conditions for EU AIFMs which manage non-EU AIFs which are not marketed in Member States
					I. General features
					II. Commentary
				Article 35 Conditions for the marketing in the Union with a passport of a non-EU AIF managed by an EU AIFM
					I. General features
					II. Commentary
				Article 36 Conditions for the marketing in Member States without a passport of non-EU AIFs managed by an EU AIFM
					I. General features
					II. Commentary
				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
					I. General features
					II. Commentary
				Article 38 Peer review of authorisation and supervision of non-EU AIFMs
					I. General features
					II. Commentary
				Article 39 Conditions for the marketing in the Union with a passport of EU AIFs managed by a non-EU AIFM
					I. General features
					II. Commentary
				Article 40 Conditions for the marketing in the Union with a passport of non-EU AIFs managed by a non-EU AIFM
					I. General features
					II. Commentary
				Article 41 Conditions for managing AIFs established in Member States other than the Member State of reference by non-EU AIFMs
					I. General features
					II. Commentary
				Article 42 Conditions for the marketing in Member States without a passport of AIFs managed by a non-EU AIFM
					I. General features
					II. Commentary
			Chapter VIII Marketing to retail investors
				Article 43 Marketing of AIFs by AIFMs to retail investors
					I. General features
					II. Commentary
5. Securities Clearing and Settlement
	European Markets Infrastructure Regulation (EMIR)
		Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (OJ L 201, 27.7.2012, p. 1-59)Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories [2012] OJ L176/1.
			Introduction
				1. Overview of the Regulation
				2. Genesis
				3. Structure
				4. Distributed Ledger Technology and post-trading processes: possible scenarios
				5. Critical thinking
				6. EMIR review
			Title I Subject Matter, Scope and Definitions
				Article 1 Subject matter and scope
				Article 2 Definitions
				Article 2 a Equivalence decisions for the purposes of the definition of OTC derivatives
				Article 3 Intragroup transactions
					I. General features
						1. Purpose
						2. Level 2 measures
					II. Commentary
						1. Material scope
						2. Perimeter
							a) Object
							b) Subjects
							c) Exemptions
							d) Equivalence decisions for the purpose of the OTC derivatives (Art. 2 a)
			Title II Clearing, Reporting and Risk Mitigation of OTC Derivates Clearing and Reporting of OTC Derivates
				Article 4 Clearing obligation
					I. General features
						1. Purpose
						2. Level 2 measures
					II. Commentary
						1. Clearing obligation
							a) Defining “clearing”
							b) Scope of the clearing obligation
							c) Third countries
							d) Date of application
							e) Clearing access models
							f) Small financial counterparties under suggested reforms
				Article 5 Clearing obligation procedure
					I. General features
						1. Purpose
						2. Level 2 measures
					II. Commentary
						1. Classes of derivatives subject to the clearing obligation
							a) The bottom-up approach (Article 5(1) and (2) EMIR)
							b) The top-down approach (Art 5(3) EMIR)
						2. Criteria for determining the class of derivatives and the entry into force of the clearing obligation (Art 5(4) and (5) EMIR)
						3. Termination of the clearing obligation (Article 5(6) EMIR)
						4. Reform proposal: suspension of clearing obligation (new Articles 6 a and 6 b)
				Article 6 Public register
					1. Overview
					2. Reform proposal
				Article 7 Access to a CCP
				Article 8 Access to a trading venue
					I. General features
					II. Commentary
						1. Non-discriminatory and transparent access
							a) Access of Trading Venues to CCPs (Article 7)
							b) Access of CCPs to trade feeds of trading venues (Article 8 EMIR)
				Article 9 Reporting obligation
					I. General features
						1. Purpose
						2. Level 2 measures
					II. Commentary
						1. Reporting obligation
							a) Material scope
							b) Report’s format and content
							c) Duplication of data: combination of derivatives, cleared trades and collateralisation
							d) Reform proposal
				Article 10 Non-financial counterparties
					I. General features
						1. Purpose
						2. Level 2 measures
					II. Commentary
						1. Clearing obligation for non-financial counterparties
						2. Clearing threshold
						3. Proposal for reform
				Article 11 Risk-mitigation techniques for OTC derivative contracts not cleared by a CCP
					I. General features
						1. Purpose
						2. Level 2 measures
					II. Commentary
						1. The risk mitigation obligation for non-CCP-cleared derivatives for financial counterparties and non-financial counterparties below the clearing threshold (Article 11 (1))
							a) Timely confirmation of the contract’s terms
							b) Portfolio reconciliation
							c) Portfolio compression
							d) Dispute settlement
						2. The risk mitigation obligation for non-CCP-cleared derivatives for financial counterparties and non-financial counterparties above the clearing threshold
							a) Mark-to-market
							b) Exchange of collateral
						3. Third countries
						4. Reform proposal
				Article 12 Penalties
				Article 13 Mechanism to avoid duplicative or conflicting rules
					Overview
			Title III Authorisation and supervision of CCPs
				Chapter 1 Conditions and procedures for the authorisation of a CCP
					Article 14 Authorisation of a CCP
					Article 15 Extension of activities and services
					Article 16 Capital requirements
					Article 17 Procedure for granting and refusing authorisation
					Article 18 College
					Article 19 Opinion of the college
					Article 20 Withdrawal of authorisation
					Article 21 Review and evaluation
						I. General features
						II. Commentary
							1. CCP authorization process
								a) Competence and procedure
								b) Activities covered by the authorisation
								c) Capital requirements
								d) College of supervisors
								e) Withdrawal of authorisation
							2. Review and evaluation
							3. Reform proposals
				Chapter 2 Supervision and oversight of CCPs
					Article 22 Competent authority
						I. General features
						II. Commentary
				Chapter 3 Cooperation
					Article 23 Cooperation between authorities
					Article 24 Emergency situations
						1. Overview: CCPs supervision through coordination among authorities
						2. Reform proposal
				Chapter 4 Relations with third countries
					Article 25 Recognition of a third-country CCP
						I. General features
							1. Purpose
							2. Level 2 measures
						II. Commentary
							1. Equivalence mechanism and recognition regime
							2. Reform Proposal: sliding scale of additional supervisory requirements
								a) Classification between non-systematically important third-country CCPs (Tier 1 CCPs) and systematically important third-country CCPs (Tier 2 CCPs)
								b) ESMA and the relevant central bank(s) supervision of third-country CCPs post-recognition.
			Title IV Requirements for CCPs
				I. General features
				Chapter 1 Organisational requirements
					Article 26 General provisions
					Article 27 Senior management and the board
					Article 28 Risk committee
					Article 29 Record keeping
					Article 30 Shareholders and members with qualifying holdings
					Article 31 Information to competent authorities
					Article 32 Assessment
					Article 33 Conflicts of interest
					Article 34 Business continuity
					Article 35 Outsourcing
					I. General features
					II. Commentary
						1. CCP organisational requirements
							a) General provisions
							b) CCP’s corporate governance
							c) Business continuity
				Chapter 2 Conduct of business rules
					Article 36 General provisions
					Article 37 Participation requirements
					Article 38 Transparency
					Article 39 Segregation and portability
					I. General features
					II. Commentary
						1. Participation requirements
							a) Membership criteria
							b) Client clearing
							c) Indirect clearing
							d) Limitations of access arrangements
						2. Transparency requirements
						3. Segregation and portability: omnibus client segregation and individual client segregation
							a) Proposal reform
				Chapter 3 Prudential requirements
					Article 40 Exposure management
					Article 41 Margin requirements
					Article 42 Default fund
					Article 43 Other financial resources
					Article 44 Liquidity risk controls
					Article 45 Default waterfall
					Article 46 Collateral requirements
					Article 47 Investment policy
					Article 48 Default procedures
					Article 49 Review of models, stress testing and back testing
					Article 50 Settlement
					I. General features
					II. Commentary
						1. Risk assessment, liquidity risks control and the review of models, stress testing and back testing
						2. Margin requirements
						3. Default fund and other financial resources
						4. Default waterfall
						5. Collateral requirements
						6. Default procedures
				Chapter 4 Calculations and reporting for the purposes of Regulation (EU) No 575/2013
			Title V Interoperability arrangements
				Article 51 Interoperability arrangements
				Article 52 Risk management
				Article 53 Provision of margins among CCPs
				Article 54 Approval of interoperability arrangements
					I. General features
						1. Purpose
						2. Material scope
						3. Access rights to trading venues under MiFIR
						4. Benefits and threats from a systemic risk perspective.
					II. Commentary
						1. Risk management rules
						2. Margins among CCPs
						3. Approval of interoperability arrangements
			Title VI Registration and supervision of trade repositories
				Chapter 1 Conditions and procedures for registration of a trade repository
					Article 55 Registration of a trade repository
					Article 56 Application for registration
					Article 57 Notification of and consultation with competent authorities prior to registration
					Article 58 Examination of the application
					Article 59 Notification of ESMA decisions relating to registration
						I. General features
							1. Purpose
							2. Level 2 measures
						II. Commentary
							1. ESMA’s competence and effect of registration
							2. Registration procedure
					Article 60 Exercise of the powers referred to in Articles 61 to 63
					Article 61 Request for information
					Article 62 General investigations
					Article 63 On-site inspections
					Article 64 Procedural rules for taking supervisory measures and imposing fines
					Article 65 Fines
					Article 66 Periodic penalty payments
					Article 67 Hearing of the persons concerned
					Article 68 Disclosure, nature, enforcement and allocation of fines and periodic penalty payments
					Article 69 Review by the Court of Justice
					Article 70 Amendments to Annex II
					Article 71 Withdrawal of registration
					Article 72 Supervisory fees
					Article 73 Supervisory measures by ESMA
					Article 74 Delegation of tasks by ESMA to competent authorities
						I. General features
							1. Purpose
							2. Level 2 measures
						II. Commentary
							1. Supervisory powers: request for information and on-site inspections (Articles 60-63)
							2. Supervisory measures in case of infringements
							3. Supervisory fees
				Chapter 2 Relations with third countries
					Article 75 Equivalence and international agreements
					Article 76 Cooperation arrangements
					Article 77 Recognition of trade repositories
						I. Purpose
						II. Commentary
						III. Proposal for reform
			Title VII Requirements for trade repositories
				Article 78 General requirements
				Article 79 Operational reliability
				Article 80 Safeguarding and recording
				Article 81 Transparency and data availability
				Article 82 Exercise of the delegation
					I. General features.
						1. Purpose
						2. Level 2 measures
					II. Commentary
						1. Trade repositories’ operational requirements
						2. Non-discrimination
						3. Data to be made available by trade repositories
				Articles 83 to 91
	Settlement Finality Directive (SFD)
		Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45-50)
			Section I Scope and definitions
				Article 1
					I. General features
						1. Purpose
						2. Background
					II. Commentary
				Article 2
					I. Purpose
					II. Commentary
						1. Systems
						2. Participants
						3. Other definitions
			Section II Netting and transfer orders
				Article 3
					I. General features
						1. Purpose
						2. Context
					II. Commentary
						1. Orders prior to insolvency proceedings
						2. Orders after the opening of insolvency proceedings
						3. Other issues
				Article 4
				Article 5
					I. Purpose
					II. Commentary
						1. The need for irrevocability
						2. The time of irrevocability
			Section III Provisions concerning insolvency proceedings
				Article 6
					I. General features
						1. Purpose
						2. Legislative history
					II. Commentary
				Article 7
					I. General features
						1. Purpose
						2. Background
					II. Commentary
				Article 8
					I. General features
						1. Purpose
						2. Background
						3. Context
					II. Commentary
			Section IV Insulation of the rights of holders of collateral security from the effects of the insolvency of the provider Insulation of the rights of holders
				Article 9
					I. General features
						1. Purpose
						2. Background
						3. Context
					II. Commentary
						1. Art 9(1) – Insulation of collateral
						2. Art 9(2) – Law applicable to collateral security
			Section V Final provisions
				Article 10
				Article 10 a
					I. General features
						1. Purpose
						2. Context and legislative history
					II. Commentary
				Article 11
				Article 12
				Article 13
				Article 14
	Financial Collateral Directive (FCD)
		Directive 2002/47/EC of the European Parliament and of the Council of 6 June 2002 on financial collateral arrangements (OJ L 168, 27.6.2002, p. 43-50)
			Introduction
			Article 1 Subject matter and scope
				I. Purpose
				II. Commentary
					1. Parties (personal scope)
					2. Financial collateral (material scope)
					3. Relevant financial obligations
					4. Forms of financial collateral
					5. Further requirements for privileged financial collateral
			Article 2 Definitions
			Article 3 Formal requirements
				I. General features
					1. Purpose
					2. Legislative history
				II. Commentary
			Article 4 Enforcement of financial collateral arrangements
				I. Purpose and context
				II. Commentary
					1. Scope
					2. Enforcement of financial collateral
					3. General provisions
			Article 5 Right of use of financial collateral under security financial collateral arrangements
				I. Purpose
				II. Commentary
					1. Scope
					2. Consequences
					3. Limitations
			Article 6 Recognition of title transfer financial collateral arrangements
				I. Purpose
				II. Commentary
			Article 7 Recognition of close-out netting provisions
				I. General features
					1. Purpose
					2. Context
				II. Commentary
					1. Scope
					2. Obligation to recognise
			Article 8 Certain insolvency provisions disapplied
				I. General features
					1. Purpose
					2. Context
				II. Commentary
					1. Retroactive effects
					2. Good faith protection
					3. Top-up collateral and substitution collateral
					4. General rules
			Article 9 Conflict of laws
				I. General features
					1. Overview
					2. Background, context and scope
				II. Commentary
					1. Applicable law
					2. Material scope
			Article 9 a Directives 2008/48/EC and 2014/59/EU
			Article 10 Report by the Commission
			Article 11 Implementation
			Article 12 Entry into force
			Article 13 Addressees
6. Payments
	Single European Payment Area Regulation (SEPAR)
		Regulation (EU) No 260/2012 of the European Parliament and of the Council of 14 March 2012 establishing technical and business requirements for credit transfers and direct debits in Euro (OJ L 94, 30.3.2012, p. 22-37)
			Article 1 Subject matter and scope
				I. Overview of the Regulation
					1. Genesis
					2. EU competence
					3. Context
					4. Objectives
				II. Scope of application
					1. Material scope
					2. Personal scope
					3. Geographical scope
			Article 2 Definitions
				I. Introduction
				II. Commentary
			Article 3 Reachability
				I. Introduction
				II. Commentary
					1. Principle of equal reachability
					2. Payment Service Providers Covered by Art 3
			Article 4 Interoperability
				I. Introduction
				II. Commentary
					1. General requirements for payment schemes
					2. Interoperability by standardisation
					3. New entrant retail payment schemes
					4. Effectiveness of Article 4
			Article 5 Requirements for credit transfer and direct debit transactions
				I. Introduction
				II. Commentary
					1. Structure of Art 5(1-3)
					2. General rules for both credit transfers and direct debits
					3. Additional requirements for credit transfers
					4. Additional requirements for direct debits
					5. Legal relationship between payer and payee
					6. Legal relationship between payer and its payment service provider
					7. IBAN-only rule
					8. Fees
			Article 6 End-dates
				I. Introduction
				II. Commentary
					1. General rule
					2. Specifications
					3. Derogation
			Article 7 Validity of mandates and right to a refund
				I. Introduction
				II. Commentary
					1. Continued validity of pre-existing mandates
					2. Scope ratione temporis
					3. Rights to a Refund
			Article 8 Interchange fees for direct debit transactions
				I. Introduction
				II. Commentary
					1. General rule
					2. Exception for R-transaction fees
					3. Extension to further interchange fees
			Article 9 Payment accessibility
				I. Introduction
				II. Commentary
					1. General Rule
					2. Location of a payment account
					3. Legal relationship between payer and payee
			Article 10 Competent authorities
				I. Introduction
				II. Commentary
					1. List of competent authorities
					2. Duties of the competent authorities
			Article 11 Penalties
				I. Introduction
				II. Commentary
					1. Law enforcement by penalties
					2. Exception for consumers
			Article 12 Out-of-court complaint and redress procedures
				I. Introduction
				II. Commentary
					1. Adequate and effective procedures
					2. List of competent bodies
			Article 13 Delegation of power
				I. Systematic and teleological classification
				II. Commentary
					1. Objectives of delegated acts
					2. Annex as non-essential element
			Article 14 Exercise of the delegation
				I. Introduction
				II. Commentary
			Article 15 Review
			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.
				I. Introduction
				II. Commentary
					1. General rules for all Member States
					2. Additional options for Member States outside the Eurozone
			Article 17 Amendments to Regulation (EC) No 924/2009
				I. Introduction
				II. Commentary
					1. Principle of equal charges
					2. IBAN-only rule
					3. Further adjustments
			Article 18 Entry into force
Index