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Patrick Waldecker - Ad-hoc-Pflichten im deutschen Profifußball

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Patrick Waldecker

Ad-hoc-Pflichten im deutschen Profifußball

Series: Studien zum Bank- und Kapitalmarktrecht

Volume 20 2021

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

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

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

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

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

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

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

„… Systematik des Art. 17 Abs. 4 UAbs. 1 MAR entgegen, nach der prinzipiell lit. b und lit. c das Markt- bzw …” „… durch Art. 17 Abs. 4 UAbs. 1 lit. b oder lit. c MAR geschützte Marktteilnehmer schützt.320 …” „… unsubstantiiert sind.358 Zudem dient Art. 17 Abs. 4 UAbs. 1 lit. b MAR dem Schutz der Marktteilnehmer. Für diese …”

§ 8 Pflicht zur unverzüglichen Bekanntmachung S. 118-125

„… ; Klöhn/Klöhn, Art. 17, Rn. 193; M/R/V/Veil/Brüggemeier, § 10, Rn. 135; S/Z/Kumpan/F.Schmidt, MAR, Art. 17, Rn …” „… ; S/Z/Kumpan/F.Schmidt, MAR, Art. 17, Rn. 184; Lutter/ Krieger/Verse, Rn. 307, 534; Retsch, NZG 2016, 1201, 1206. A …” „… vorzugswürdig, die Ad-hoc-Pflicht objektiv entstehen zu lassen.483 Dafür spricht der Wortlaut des Art. 17 MAR …”

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

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

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

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

§ 20 Mergers & Acquisitions S. 278-307

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

Titelei/Inhaltsverzeichnis S. 1-26

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

§ 22 Rückkäufe eigener Aktien S. 320-323

„… unmittelbar.1263 Schließlich handeln ihre Organe. Die Ad-hoc- Pflicht des Art. 17 Abs. 1 MAR ist für sie also …” „… ebenfalls als mögliche Insiderinformationen betrachtend: A/S/M/Assmann, MAR, Art. 17, Rn. 225f.; K/R/S/Kuthe …” „… . 5.1057; Langenbucher, § 9, Rn. 72; zu § 71 Abs. 1 Nr. 8 AktG: A/S/M/Assmann, MAR, Art. 17, Rn. 36 …”

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

„… Fußballgesellschaft stellt sich die Frage, ob für sie die Ad-hoc-Pflicht des Art. 17 Abs. 1 MAR eingreift, wenn bei …” „… . J/V/R/B/Voß, § 15, Rn. 153; Klöhn/Klöhn, Art. 17, Rn. 423; S/Z/Kumpan/Misterek, MAR, Art. 7, Rn. 298. 822 …” „… die Ad-hoc-Pflicht des Art. 17 Abs. 1 MAR begründen.826 Wenn der Fußballgesellschaft die …”

§ 13 Erkrankungen und Verletzungen S. 191-198

„… Fußballgesellschaft gemäß Art. 17 Abs. 1 MAR ad-hoc-pflichtig ist. Art. 17 Abs. 1 MAR bei Erkrankungen oder …” „… Vorstandsmitgliedern); speziell zu Fußballspielern: A/S/M/Assmann, MAR, Art. 17, Rn. 228 (auch zur Verletzung …” „… : A/S/M/Assmann, MAR, Art. 17, Rn. 232. Ebenso der Ansicht, dass eine schwere Erkrankung eine Insiderinformation …”

§ 18 Finanzielle Krisen S. 235-256

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

§ 17 Rechtsstreitigkeiten S. 226-234

„… . Sportgerichtsbarkeit für Profifußballklubs 229 Art. 17 Abs. 1 MAR bei Rechtsstreitigkeiten Staatliche und …” „… . insgesamt allgemein: A/S/M/Assmann, MAR, Art. 17, Rn. 45, 237f.; Teigelack, BB 2016, 1604, 1608 (für …” „… – 22 O 101/16 –, juris, Rn. 303; FMA, S. 65; A/S/M/Assmann, MAR, Art. 17, Rn. 45, 238; J/V/R/B/Voß, …”

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

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

§ 25 Schuldtitel S. 328-336

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

§ 23 Auskunftsverlangen in Hauptversammlungen S. 324-326

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

§ 11 Personalveränderungen S. 142-186

„… gemäß Art. 17 Abs. 1 MAR ad-hoc-pflichtig ist. Personalveränderungen betreffen einen Fußballklub als …” „… möglich haltend: A/S/M/Assmann, MAR, Art. 17, Rn. 228; J/V/R/B/Voß, § 15, Rn. 149; Klöhn/Klöhn, Art. 7, Rn …” „… . 592 A/S/M/Assmann, MAR, Art. 17, Rn. 230; Fuchs/Pfüller, § 15, Rn. 272; Lebherz, S. 61. 593 Vgl …”

§ 21 Kapitalmaßnahmen S. 308-319

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

Einleitung S. 27-29

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

Fazit und Schlussfolgerungen für die Praxis S. 337-342

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

§ 15 Lizenzen S. 205-211

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

Literaturverzeichnis S. 343-364

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

§ 14 Vermarktungsverträge S. 199-204

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

§ 12 Vertragsverlängerungen S. 187-190

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

§ 24 Änderungen der Börsenzulassungen S. 327

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

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

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

§ 10 Zwischenfazit zum zweiten Kapitel S. 140

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

doi.org/10.5771/9783748927235

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

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Helene Maskow

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

Series: Schriften zum europäischen, internationalen und vergleichenden Unternehmensrecht

Volume 25 2024

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

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

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

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

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

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

D. Endfazit S. 317-320

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

Titelei/Inhaltsverzeichnis S. 1-26

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

Literaturverzeichnis S. 321-339

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

doi.org/10.5771/9783748919735

Matthias Lehmann, Christoph Kumpan - European Financial Services Law

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

European Financial Services Law

Series: Kooperationswerke Beck - Hart – Nomos

Volume 2019

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

„… ), § 19 margin no 1. Art. 17 MAR 2. Market Behaviour 782 Wolf-Georg Ringe 1 2 reflected in the prices …” „… ’, Directive 2014/65/EU, Art 4(1)(30). Art. 17 MAR 2. Market Behaviour 778 Carsten Gerner-Beuerle 12 13 by …” „… information is no longer ensured. Art. 17 MAR 2. Market Behaviour 780 Wolf-Georg Ringe (8) Where an issuer …”

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

„… , from dealing on own account; Art. 30 MAR 2. Market Behaviour 852 Jörn Axel Kämmerer (h) maximum …” „… manipulation (market abuse) – Presidency compromise (11183/12, 11 June 2012), Art. 26(1) point (j). Art. 30 MAR …” „… 1/1 a point k/j (para 37). Art. 30 MAR 2. Market Behaviour 862 Jörn Axel Kämmerer 23 24 not always …”

Article 19 Managers’ transactions S. 808-824

„… competent authority of the home Member State in accordance with Art. 19 MAR 2. Market Behaviour 808 …” „… Banking and Finance 1915. Art. 19 MAR 2. Market Behaviour 812 Wolf-Georg Ringe 1 2 3 4 Background MAD …” „… See also recital 49. Art. 19 MAR 2. Market Behaviour 814 Wolf-Georg Ringe 11 12 13 14 15 Article 19 …”

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

„… based on that of the Market Abuse Regulation. As under Art 8(1) of MAR, insider dealing occurs when a …” „… are discussed in detail in the Market Abuse Regulation, see → MAR Art 7 mn 5-29. 6 Ibid, mn 30-31. 7 …” „… Ibid, mn 32. 8 Ibid, mn 33. 9 Discussed in Market Abuse Regulation, → MAR Art 8 mn 16-22. 10 The …”

Article 7 Inside information S. 673-692

„… set of CESR guidance and information, ibid, paras 3.1-3.17. Art. 7 MAR 2. Market Behaviour 676 …” „… in stock market transactions.54 49 Art 17(4) and ESMA, MAR Guidelines: Delay in the disclosure of …” „… Schwark and Kruse in: Schwark and Zimmer § 13 margin no 11-12. Art. 7 MAR 2. Market Behaviour 680 …”

Article 20 Investment recommendations and statistics S. 824-833

„… March 2018) Q 8.7. Art. 20 MAR 2. Market Behaviour 826 Wolf-Georg Ringe 5 6 7 8 9 10 11 search, the …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 6. 82 See Article 38 lit. (c). Art. 20 MAR 2. Market Behaviour 824 Wolf-Georg Ringe 76 77 III …” „… market manipulation, Art 20 forms part of MAR’s efforts to regulate dissemination of information. Article …”

Article 18 Entry into force S. 1784-1785

„… 17 98 – context MAR 17 7 et seq. – contrast with market expectations MAR 17 77 – delaying disclosure …” „… from previous MAR 17 75 – most relevant market MAR 17 110 – MREL MAR 17 90 – not misleading the …” „… interest MiFIR 9 11 Active personality principle MAD 10 3 Ad hoc disclosure MAR 17 1 et seq., 90 …”

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

„… supervisory frameworks of third countries, Art 17(2) SSR refers to the requirements of MiFID II,2 MAR3 and the …” „… Transparency Directive.4 The exemption of stabilisation measures in Art 17(4) SSR refers to MAR and Delegated …” „… (MAR). As provided by Art 37 MAR the reference in Art 17(2) SSR to Directive 2003/6/EC shall be …”

Article 18 Insider lists S. 799-808

„… requirements Art. 18 MAR Wolf-Georg Ringe 803 15 16 17 18 19 20 21 22 knowledge of inside information. This …” „… , or any other persons acting on their behalf or on their account. 1. Art. 18 MAR 2. Market …” „… persons have gained 1. a) 17 See City of London Law Society, Market Abuse Regulation (EU MAR) Q&A (updated …”

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

„… be otherwise completed without creating a disorderly market’, FCA MAR 1.4.4A. 38 Art 17 refers to Art …” „… 121. 4 See Schwark and Kruse, ibid, margin no 43 for references. Art. 10 MAR 2. Market Behaviour …” „… public in accordance with Art 17 of MAR.38 In this case, disclosure to journalists is only justified if …”

Article 11 Market soundings S. 718-730

„… Inside information, insider dealing, market manipulation Art. 11 MAR Carsten Gerner-Beuerle 727 17 18 19 …” „… to keep the information confidential. Art. 11 MAR 2. Market Behaviour 718 Carsten Gerner-Beuerle …” „… dealing, market manipulation Art. 11 MAR Carsten Gerner-Beuerle 719 (c) the records that such persons are …”

Article 8 Insider dealing S. 692-705

„… Schütze, § 8 margin no 148. However, this interpre- Art. 8 MAR 2. Market Behaviour 698 Carsten …” „… manipulation Art. 8 MAR Carsten Gerner-Beuerle 701 17 18 19 is essentially correct, but it should also be …” „… of the 2003 Market Abuse Directive. Art. 8 MAR 2. Market Behaviour 694 Carsten Gerner-Beuerle 3 4 …”

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

„… Regulation, Art 3(1)(17). 14 ESMA, Final Report on Draft technical standards, para 16. Art. 5 MAR 2 …” „… 596/2014 on market abuse (MAR), 30 May 2017, ESMA70-145-103. 17 For instructions on how to operate the …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Art. 5 MAR 2. Market Behaviour 662 Carsten Gerner-Beuerle I. General features Purpose and …”

Article 12 Market manipulation S. 730-756

„… : Schwark and Zimmer, § 20 a margin no 13-18. Art. 12 MAR 2. Market Behaviour 748 Carsten Gerner-Beuerle …” „… ; Worms in Assmann and Schütze, § 10 margin no 86. Art. 12 MAR 2. Market Behaviour 750 Carsten …” „… subparagraph. Art. 12 MAR 2. Market Behaviour 730 Carsten Gerner-Beuerle (d) transmitting false or …”

Article 13 Accepted market practices S. 756-767

„… Schwark in: Schwark and Zimmer, § 20 a margin no 55. 16 Ibid. Art. 13 MAR 2. Market Behaviour 760 …” „… acceptance. Chapter 2 Inside information, insider dealing, market manipulation Art. 13 MAR Carsten …” „… determination of what is an accepted practice 1. 1 Moloney, VIII.8.3.1. Art. 13 MAR 2. Market Behaviour 758 …”

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

„… ’, Directive 2014/65/EU, Art 4(1)(30). Art. 17 MAR 2. Market Behaviour 778 Carsten Gerner-Beuerle 12 13 …” „… , recital 1. Chapter 2 Inside information, insider dealing, market manipulation Art. 16 MAR Carsten …” „… . Art. 16 MAR 2. Market Behaviour 774 Carsten Gerner-Beuerle 2 3 thority upon request, including …”

Introduction S. 644-650

„… 8 through 11 and 14, and the disclosure obligations pursuant to Art 17 of the Regulation. Market …” „… ) [2014] OJ L173/179. Art. 2 MAR 2. Market Behaviour 650 Carsten Gerner-Beuerle 1 2 …” „… COM/70/600 final, OJ 1970 C124/1. 27 Art 82(1)-(4). Intro MAR Carsten Gerner-Beuerle 647 4 chase and …”

Article 2 Scope S. 650-654

„… managers in the shares or debt instruments issued by their company (see → Arts 17 through 19). The Market …” „… ) [2014] OJ L173/179. Art. 2 MAR 2. Market Behaviour 650 Carsten Gerner-Beuerle 1 2 (b) financial …” „… ). 11 Market Abuse Regulation, recital (37). Art. 2 MAR 2. Market Behaviour 652 Carsten …”

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

„… information, insider dealing, market manipulation Art. 14 MAR Carsten Gerner-Beuerle 767 1 2 Level 2 and 3 …” „… → Art 10 mn 7. Chapter 2 Inside information, insider dealing, market manipulation Art. 14 MAR Carsten …” „… 6 above. Art. 15 MAR 2. Market Behaviour 770 Carsten Gerner-Beuerle 1 …”

Article 9 Legitimate behaviour S. 705-711

„… stake-building. Chapter 2 Inside information, insider dealing, market manipulation Art. 9 MAR Carsten …” „… financial instruments). 4 Spector Photo Group, paras 55-60. 5 Moloney, VIII.6.3.4. Art. 9 MAR 2. Market …” „… information, insider dealing, market manipulation Art. 9 MAR Carsten Gerner-Beuerle 707 5 6 instruments to …”

Article 26 Cooperation with third countries S. 846-849

„… to carry out their duties under this Regulation. Art. 26 MAR 2. Market Behaviour 846 Jörn Axel …” „… European Union, OJ No. C 364/1, 18 December 2000. Art. 26 MAR 2. Market Behaviour 848 Jörn Axel Kämmerer …” „… between them. 1. 2. 3. 1 Recital 67 MAR. Chapter 4 ESMA and competent authorities Art. 26 MAR Jörn Axel …”

Article 3 Definitions S. 1236-1242

„… access to inside information pursuant to Art 18(1)(a) MAR. However, in this context, Art 17(8) MAR …” „… 1239 10 11 12 13 14 tion is prohibited under Arts 14(c) and 10 MAR.19 However, the disclosure of inside …” „… information in the normal course of business or performance of duties is lawful under Art 10(1) MAR. The …”

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

„… subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010. Art. 4 MAR 2. Market Behaviour …” „… (EU) 2016/378, Art 2. Art. 4 MAR 2. Market Behaviour 660 Carsten Gerner-Beuerle 3 4 5 admitted to …” „… to trad- Chapter 1 General provisions Art. 4 MAR Carsten Gerner-Beuerle 657 1 ing is known and was …”

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

„… of the other Member States and ESMA. 6. 16 Art 53(6) subpara 2 sent 1 MiFID II. 17 Art 53(6) subpara …” „… identical. 1. 2. 16 Art 82(2) of the Commission Delegated Regulation (EU) 2017/565. 17 Art 82(3) of the …” „… members and participants managed by a market operator (Art 53(7) MiFID II) To ensure transparency with …”

Article 70 Sanctions for infringements S. 362-368

„… 71 mn 1; → MAR Art 30 mn 16). Moreover, each Member State must give its national competent authority …” „… commentary on Article 30 of MAR (see → MAR Art 30 mn 22 et seq.) – the lack of predictability of caps and the …” „… MAR (see → MAR Art 30 mn 25) – leaves it at the Member State’s discretion to declare the higher amount …”

Article 17 S. 588-590

„… margin no 3. 3 Cf. Gebhardt, § 41 BörsG margin no 20; Heidelbach, § 41 BörsG margin no 14. Art. 17 CARD …” „… newer ‘naming and shaming’ provisions in Art 71 MiFID II,2 Art 34 of Market Abuse Regulation (MAR),3 Art …” „… of Art 17 (‘without prejudice to any other action or penalties’), Member States are free to provide …”

Article 15 Prohibition of market manipulation S. 770-772

„… 6 above. Art. 15 MAR 2. Market Behaviour 770 Carsten Gerner-Beuerle 1 they are so qualified, the …” „… the supply or demand function or of prices. Art. 16 MAR 2. Market Behaviour 772 Carsten …” „… in nature3 or, if 1. 17→ Art 10 mn 1. 1 National laws must comply with the minimum requirements …”

Article 34 Publication of decisions S. 869-874

„… ) Compliance Officer Bulletin 1, 12. Art. 34 MAR 2. Market Behaviour 870 Jörn Axel Kämmerer 1 Legislative …” „… . Chapter 5 Administrative measures and sanctions Art. 34 MAR Jörn Axel Kämmerer 869 1 2 lication shall …” „… sanctions Art. 34 MAR Jörn Axel Kämmerer 871 2 3 4 5 of investment firms if the administrative or criminal …”

Index S. 1785-1803

„… 17 98 – context MAR 17 7 et seq. – contrast with market expectations MAR 17 77 – delaying disclosure …” „… from previous MAR 17 75 – most relevant market MAR 17 110 – MREL MAR 17 90 – not misleading the …” „… . – market participants MAR 17 47 et seq., 51 Empty voting TD 13 37 et seq. Enron scandal MAR 20 2 Equity …”

Article 20 Languages S. 1189-1193

„… . 3. Chapter IV General obligations Art. 21 TD Wolf-Georg Ringe 1193 15 16 17 …” „… detail → Art 2 mn 26 et seq. 6 The text officially refers to the original Market Abuse Directive 2003/6 …” „… ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Art. 20 TD 3. Market Transparency 1190 Wolf-Georg Ringe d) Exception for wholesale offers …”

Article 3 Definitions S. 654-657

„… : Market Abuse: European Commission proposes new EU regime, October 2011, p. 2. Art. 3 MAR 2. Market …” „… or for the public. Art. 3 MAR 2. Market Behaviour 656 Carsten Gerner-Beuerle 2. For the purposes …” „… provisions Art. 3 MAR Carsten Gerner-Beuerle 655 (26) ‘person closely associated’ means: (a) a spouse, or a …”

Article 23 Powers of competent authorities S. 838-843

„… , Oxford 2005), 260. 2 Recital 63 MAR. Art. 23 MAR 2. Market Behaviour 840 Jörn Axel Kämmerer 2 3 4 5 6 …” „… ), margin no 137. Chapter 4 ESMA and competent authorities Art. 23 MAR Jörn Axel Kämmerer 841 7 8 9 …” „… Republic of Germany. Art. 23 MAR 2. Market Behaviour 842 Jörn Axel Kämmerer 10 11 12 Effectiveness …”

Article 32 Reporting of infringements S. 865-868

„… Abuse Regulation (ESMA/2015/224, 3 February 2015), paras164 et seq. Art. 32 MAR 2. Market Behaviour …” „… Gesellschaftsrecht 492, 494 et seq. Art. 33 MAR 2. Market Behaviour 868 Jörn Axel Kämmerer 10 11 …” „… basic rules regarding whistleblowing. 1. Chapter 5 Administrative measures and sanctions Art. 32 MAR …”

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

„… the non-disclosure of inside information in violation of Art 17 of MAR.16 An exception applies when a …” „… information in violation of Art 17 MAR.20 Suspension or removal is not required when it would cause …” „… 52(2) subpara 2 MiFID II. 17 See commentary at → mn 6. 18 Art 52(2) subparas 3 and 4 MiFID II. 19 For …”

Article 19 Home Member State control S. 1187-1189

„… obligations Art. 19 TD Wolf-Georg Ringe 1187 17 18 19 home Member State under paragraph 1 or 3, respectively …” „… Transparency Rule Changes, Consultation Paper CP15/11 (March 2015) paras 3.30 et seq. Art. 19 TD 3. Market …” „… Article 37, this reference is now to be construed as referring to MAR. 7 See above, → Art 12 mn 31 et seq …”

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

„… management and of central banks in third countries. 64 See also ibid, para 57. Art. 6 MAR 2. Market …” „… Regulation (EU) 2016/522, Art 3. Art. 6 MAR 2. Market Behaviour 672 Carsten Gerner-Beuerle 3 4 5 mechanism …” „… . Chapter 1 General provisions Art. 6 MAR Carsten Gerner-Beuerle 671 1 2 ment with the EU pursuant to …”

Article 10 Jurisdiction Jörn Axel Kämmerer S. 640-644

„… it (see e.g. → MAR Art 15 and 13). “Extraterritorial” jurisdiction over behavior considered lawful in …” „… , Judgment, I.C.J. Reports 1986, p. 14 (108), para 205. Art. 10 MAD 2. Market Behaviour 642 Jörn Axel …” „… Market Abuse Regulation (MAR) Regulation (EU) No 596/2014 of the European Parliament and of the Council …”

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

„… account; Art. 30 MAR 2. Market Behaviour 852 Jörn Axel Kämmerer …” „… circumstances where derogating from the requirements of the previous article is allowed. Article 29 of MAR …” „… Article 29(3). (b) The transfer must be necessary for the purpose of MAR. (c) The third country must not …”

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

„… market abuse, a take-over bid or the non-disclosure of inside information in violation of Art 17 MAR.20 …” „… information in violation of Art 17 of MAR.16 An exception applies when a suspension or removal from trading …” „… authorised under Directive 2013/36/EU and other persons who: 16 Art 52(2) subpara 2 MiFID II. 17 See …”

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

„… the fighting of market abuse, MAR and MAD, have their own enforcement regime.1 Art 24 MiFIR explicitly …” „… recital 31, Art 1(9)(a), Art 9(5)(d) subpara 2 (ii), Art 17(2), Art 18(7), Art 20(2) and Art 21(4) subpara …” „… See → MAR Art 30 et seq.; → MAD Art 10. Title IV Transaction reporting Art. 24 MiFIR Matthias …”

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

„… included by the 2013 reform. 54 See Market Abuse Regulation 596/2014 (MAR) Article 3(2)(d). 55 See → Art 11 …” „… . 201. Art. 9 TD 3. Market Transparency 1140 Wolf-Georg Ringe (6 a) This Article shall not apply to …” „… market authority publishes the information. See below, → Art 12 mn 32. 4 See recital 18 for some basic …”

Article 3 Integration of securities markets S. 1114-1118

„… (MAR). See → MAR Art 17 mn 4 et seq. Chapter I General provisions Art. 3 TD Wolf-Georg Ringe 1117 14 …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1 OJ L 142, 30.4.2004, p. 12. Art. 3 TD 3. Market Transparency 1114 Wolf-Georg Ringe 3 …” „… European Commission Staff working document, para 12; Working Document, paras 22-26. Art. 3 TD 3. Market …”

Article 1 Subject matter and scope S. 1099-1104

„… , in particular, → MAR Art 17 and 19. 13 Former Directive 2009/101/EC, now broadly corresponding to …” „… companies [2007] OJ L184/17. See in particular → Art 17 and → Art 18. 8 TD Articles 4 to 7 concern financial …” „… details see → Art 2 mn 3 below. Chapter I General provisions Art. 1 TD Wolf-Georg Ringe 1103 15 16 17 …”

Article 44 Authorisation and applicable law S. 247-252

„… regulated market governing private contracts concluded on regulated markets.17 2. 3. 4. 11 Art 44(2) MiFID …” „… . Title III Regulated Markets Art. 44 MiFID II Christoph Kumpan and Finn Schmidt 247 4 5 The market …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 1. Authorisation as a regulated market (Art 44(1) MiFID II) . . . . . . . . . . . . . . . . 6 2 …”

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

„… Article 7. In such a case, it may qualify as regulated information under Art 17 MAR. Article 6 Report on …” „… . Art. 6 TD 3. Market Transparency 1132 Wolf-Georg Ringe 1 2 3 4 ments pledged to enact legislation …” „… Directive 2013/34/EU Article 43(1). 16 See in particular Articles 43(2)-(5). Art. 6 TD 3. Market …”

Article 25 Obligation to cooperate S. 844-846

„… European Parliament and of the Council, and the national regu- Art. 25 MAR 2. Market Behaviour 844 Jörn …” „… to carry out their duties under this Regulation. Art. 26 MAR 2. Market Behaviour 846 Jörn Axel …” „… assistance Chapter 4 ESMA and competent authorities Art. 25 MAR Jörn Axel Kämmerer 845 is rejected may …”

Article 2 Definitions S. 1104-1114

„… Article 3(a). Art. 2 TD 3. Market Transparency 1110 Wolf-Georg Ringe 11 12 13 14 15 16 17 the US,22 the …” „… , paras 126 et seq. 32 See on this also recital 4 TD. 33 ESMA, Mapping, para 158. Art. 2 TD 3. Market …” „… shall start on 27 November 2015. Art. 2 TD 3. Market Transparency 1106 Wolf-Georg Ringe An issuer …”

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

„… regulated information under Art 17 MAR. Article 6 Report on payments to governments Member States shall …” „… , Articles 70 et seq. 3 See below → mn 35 et seq. 4 See → Art 2 mn 4. 5 Commission Proposal 2003, 17. 6 See …” „… Directive, CESR/ 05-407 (June 2005), paras 419-421. 16 See → Art 4 mn 12 et seq. 17 ESMA, Mapping, paras …”

Articles 27 to 31 S. 934-937

„… 2. Market Behaviour 934 Klaus Ulrich Schmolke 16 17 18 1 Coordination by ESMA (Art 27) Art 27 SSR …” „… sanctioning regime as provided by MAR1 and CRIM- MAD2.3 Competent authorities (Art 32) Each Member State is …” „… the efficiency of financial markets that is disproportionate to the benefits of the measure (see Art …”

Article 1 Subject matter S. 650

„… managers in the shares or debt instruments issued by their company (see → Arts 17 through 19). The Market …” „… ) [2014] OJ L173/179. Art. 2 MAR 2. Market Behaviour 650 Carsten Gerner-Beuerle 1 2 …” „… (see → Arts 7 through 9), the unlawful disclosure of inside information (see → Art 10) and market …”

Article 5 Market manipulation S. 628-629

„… other means, which gives false or misleading signals as to the supply of, Art. 5 MAD 2. Market …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . 9 3. Market manipulation, Art 5 …” „… insider dealing (Art 3), and market manipulation (Art 5) constitute criminal offences at least in serious …”

Article 21 Access to regulated information S. 1193-1197

„… https://www.esma.europa.eu/access-regulated-information. 20 ESMA, Q&A, Q17. 21 See Article 2(1)(i) and (j). Art. 21 TD 3. Market Transparency 1196 …” „… . 3. Chapter IV General obligations Art. 21 TD Wolf-Georg Ringe 1193 15 16 17 I. General features …” „… → Art 2 mn 26 et seq. Art. 21 TD 3. Market Transparency 1194 Wolf-Georg Ringe 1 2 3 4 5 Disclosure …”

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

„… transfers and direct debits as this mechanism respects the interoperability (recital 17). By virtue of Art …” „… providers for bal- 1 OJ L 267, 10.10.2009, p. 7. 2 OJ L 94, 30.3.2012 p. 22. Art. 17 SEPAR 6. Payments …” „… Ruffert (eds), EUV/AEUV (5th edn, C.H.Beck 2016), margin no 17. 2 Cf. ibid, margin no 18. 1 Commission …”

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

„… Schmidt 1 2 3 Level 2: Commission Delegated Regulation (EU) 2017/568 (RTS 17):1 Art 1 (Transferable …” „… Delegated Regulation (EU) 2017/568. 16 See points 4 to 10 of Section C of Annex I MiFID II. 17 Art 51(2 …” „… October 2016, corrected on 7 August 2017, ESMA/2016/1452, p. 284. Title III Regulated Markets Art. 51 …”

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

„… business hours of regulated markets and at least one hour before their opening”,17 in accordance with Art …” „… 80-199-153, p. 36, margin no 118. Title II Issuing of credit ratings Art. 10 CRAR Christoph Kumpan and …” „… . Market Transparency 1278 Christoph Kumpan and Ronny Grütze 1 2 3 4 vestor-paid rating: according to Art …”

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

„… traded funds for which there is a liquid market as defined in Art 2(1)(17) of MiFIR,96 (b) options and …” „… ) 2017/581. 16 A parallel provision for MTFs can be found in Art 19(5) MiFID II. 17 Güllner, ‘MiFID II: Die …” „… ), Art 17 (Periodic review of business continuity arrangements), Art 18 (Prevention of disorderly trading …”

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

„… financial instrument in breach of Arts 7 and 17 of MAR, the competent authority suspends trading in the …” „… ) 2017/1005. 17 Arts 5(2) and 6(3) of the Commission Implementing Regulation (EU) 2017/1005. 18 Art 5(2) of …” „… the issuer or financial instrument Art. 32 MiFID II 1. Security Markets and Services 212 Christoph …”

Article 33 SME growth markets S. 217-221

„… ) of the Commission Implementing Regulation (EU) 2017/1005. 17 Arts 5(2) and 6(3) of the Commission …” „… additional regulatory burden on SMEs is minimised. 1. Art. 33 MiFID II 1. Security Markets and Services …” „… ), Art 79 (Deregistration as an SME growth market).2 II. Commentary To qualify as an SME growth market …”

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

„… MiFIR refer. Title IV Position limits Art. 57 MiFID II Matthias Lehmann 325 15 16 17 18 19 20 21 at …” „… regulated markets in reports in accordance with Art 65(1)(g) MiFID II and Art 65(2)(g) MiFID II, as well as …” „… developed by ESMA. Art. 57 MiFID II 1. Security Markets and Services 318 Matthias Lehmann (5) Competent …”

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

„… ), 37(1), 47(1)(d), 48(8), 53(1), 57(9) MiFID II, Recital 28, Art 8(3) and (4), 10(2), 17(1) and (2), 18(5 …” „… MiFID II. 8 Art 23 MiFID II. 9 Part IV MiFID II. 10 IHS Markit, ‘Counting the Cost of MiFID’, available …” „… ). Introduction to MiFID II and MiFIR 1. Security Markets and Services 4 Matthias Lehmann 13 14 15 16 17 The …”

Titelei/Inhaltsverzeichnis

„… . 179-189) . . . . . . . . . . . . . . . . . . . . . . . . 623 Market Abuse Regulation (MAR) Regulation (EU …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Article 10 640 Market Abuse Regulation (MAR) Introduction …” „… pivotal texts as MiFID II and MiFIR, MAR and MAD, EMIR, the UCITS-Directive and the AIFMD, to name a few …”

Article 17 Algorithmic trading S. 120-134

„… connected. d) 8. 9. Art. 17 MiFID II 1. Security Markets and Services 120 Dirk Zetzsche 61 62 63 64 The …” „… applied to direct market access; Art. 17 MiFID II 1. Security Markets and Services 122 Dirk Zetzsche (b …” „… ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 4. Algotraders pursuing market making strategies (Art 17(3), (4) MiFID) . . 20 5. Provision of …”

Article 16 Organisational requirements S. 65-120

„… requirements for authorisation, with some additional requirements for algorithmic traders in → Art 17 MiFID …” „… . Art 16, 17 MiFID are the best examples for the Union’s strategy to strengthen European financial …” „… investment firm is engaged in algorithmic trading, additional requirements follow from Art 17 MiFID; – in Art …”

Introduction S. 1563-1574

„… OTC derivatives markets’ (2016) 17 EBOLR 355; Braithwaite J, ‘Legal Perspectives on Client Clearing …” „… perspective of the Legal Theory of Finance, financial market stability and the public good’ (2016) 17 EBOLR 71 …” „… ’ (2017), 17 Journal of Corporate Law Studies 291; Braithwaite J, ‘The dilemma of client clearing in the …”

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

„… providers for bal- 1 OJ L 267, 10.10.2009, p. 7. 2 OJ L 94, 30.3.2012 p. 22. Art. 17 SEPAR 6. Payments …” „… . Commentary Principle of equal charges Art 17(1) implements the repeal of the Directive 2000/46/EC4 by virtue …” „… more than EUR 50 000. IBAN-only rule Art 17(3)(a) of the SEPA Regulation repeals Art 4(2) of Regulation …”

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

„… Commission Delegated Regulation (EU) 2017/577. 17 Regarding flags see the commentary on Art 6 at margin no 10 …” „… ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 18 Art 21(4) subpara 2 MiFIR. 19 The relevant provision in this respect, however, is Art 8(3) of …” „… 17 (Methodology, date of publication and date of application of the transparency calculations), Art …”

Article 17 Access to quotes S. 463-465

„… liquid market when the following conditions are fulfilled: 1. 2. 2 Art 17(2) MiFIR. 3 In accordance with …” „… of Art 16 MiFIR is Art 27(4) MiFID I of 2004. Recitals Recital 21 MiFIR. Article 17 Access to quotes …” „… Transparency for trading OTC Art. 17 MiFIR Christoph Kumpan and Finn Schmidt 463 1 2 3 3. In order to ensure …”

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

„… II. Commentary Access-control-rule (Art 17(1) MiFIR) Article 17(1) MiFIR allows systematic …” „… set out in Art 17 requires clear standards to govern access to quotes. Commercial considerations, such …” „… transactions (Art 17(2) MiFIR) When a single client makes a large number of transactions, a systematic …”

Article 2 Definitions S. 396-403

„… market liquid (in respect of Art 2(1)(17)(b)) in various financial instruments (shares, depositary …” „… Commission Delegated Regulation (EU) 2017/179917 to extend Arts 1(6) and 1(7) MiFIR to the Bank for …” „… the Commission Delegated Regulation (EU) 2017/583. 16 Art 1(7) MiFIR. 17 Commission Delegated …”

Articles 18 to 26 S. 930-934

„… . Arts 27 to 31 SSR 2. Market Behaviour 934 Klaus Ulrich Schmolke 16 17 18 1 …” „… ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 4. Notification to ESMA and other competent authorities (Art 26) . . . . . . . . . 17 Powers in …” „… SSR confer powers of intervention on NCAs which go beyond the standard regime under Arts 5 to 17 SSR …”

Article 15 Execution of client orders S. 458-463

„… justified only where doing so serves similar purposes as those referred to in Art 17(3) MiFIR.25 Marginal …” „… public on their websites the specific publication arrangements (see Art 17(3)(a) MiFIR) used to report …” „… ) 2017/567. 16 Art 13(3) of the Commission Delegated Regulation (EU) 2017/567. 17 As set out in Commission …”

Article 35 a Civil Liability S. 1294-1301

„… by an infringement are within the scope of Art 35 a CRA Regulation.17 An investor bringing a claim …” „… 84. Art. 35 a CRAR 3. Market Transparency 1294 Christoph Kumpan and Ronny Grütze 5. This Article …” „… example OLG Düsseldorf, ZIP 2018, p. 427 (427); Thorn, ‘Art 3 EGBGB’ in Palandt-BGB (2018), margin no 9 a …”

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

„… in Arts 15, 18 and 19 of Delegated Regulation (EU) No 918/2012 discussed above. Article 17 of …” „… examples; also Mülbert & Sajnovits, (2012) ZBB/JBB 266, 278-279. 1 Recital 21 SSR. Art. 4 SSR 2. Market …” „… to € 10 m x 2 – € 20 m x 1 = € 0. According to the mandate stipulated in Art 3(7)(c) SSR, the …”

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

„… Standard market size (Art 14(2) MiFIR) Pursuant to Art 14(2) MiFIR, articles 14 to 17 MiFIR apply to …” „… calculated by dividing the total turnover of a particular financial instrument (as set out in Art 17(4) of …” „… ) subpara 2 of the Commission Delegated Regulation (EU) 2017/587. 17 Art 11(4) of the Commission Delegated …”

Article 4 Waivers for equity instruments S. 408-417

„… facility of the trading venue pending disclosure. 4. 17 While Art 3(3) MiFIR refers to pre-trade data …” „… “single reference price” in Art 2(2)(d) BMR, see ESMA, Q&A on the Benchmarks Regulation (BMR), 17 July …” „… has to be made in accordance with the methodology set out in Art 17(4) of the Commission Delegated …”

Overview of Articles 5-11 S. 894-895

„… positions amounts to € 17 m. As a result, S’s CDS position is ‘covered’. According to Art 16 of Delegated …” „… IV (Arts 16 and 17 SSR) which stipulate certain exemptions from the transparency requirements under …” „… that (Art 5 SSR). The second tier requires a market participant to disclose details of his or her net …”

Article 5 Volume Cap Mechanism S. 417-423

„… markets regulation (3rd edn, Oxford University Press 2014), p. 484. 6 See Art 2(1)(17)(b) MiFIR and the …” „… 17 MiFIR. Level 2: Commission Delegated Regulation (EU) 2017/577 (RTS 3):3 Art 6 (reporting …” „… the usual monthly basis.17 Obligation to establish systems/procedures (Art 5(7) MiFIR) According to …”

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

„… November 2017, ESMA33-5-87, Answer 12 lit. f (p. 17). Title II Issuing of credit ratings Art. 8 CRAR …” „… Agencies’ methodologies, 23 March 2017, ESMA/2016/1575, No 9 p. 5. Art. 8 CRAR 3. Market Transparency …” „… measures referred to in points (a), (b) and (c) of paragraph 6. Art. 8 CRAR 3. Market Transparency 1264 …”

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

„… . Art. 17 TD 3. Market Transparency 1180 Wolf-Georg Ringe 1 2 3 4 5 not only with information to be …” „… Commission Proposal 2003, 20. 15 See Directive 2007/36/EC, Articles 8 and 11. Art. 17 TD 3. Market …” „… Chapter III Ongoing information Art. 17 TD Wolf-Georg Ringe 1179 specify the requirements laid down in …”

Article 5 Requirement for authorisation S. 35-37

„… requirements. Art 16, 17 MiFID identify organisational requirements. Art 16 MiFID stipulates the mandatory …” „… organisation structure for all investment firms, while Art 17 MiFID prescribes additional rules for …” „… MiFIR, the additional authorisation under MiFID for operating a MTF or OTF is only subject to Art 17 to …”

Article 1 Scope S. 6-10

„… EU Financial Markets: MiFID II and MiFIR, margin no 2.15. 6 See Art 4(1)(6) MiFID II and Annex I …” „… also considered to be investment firms since they are executing clients’ orders. Art 1(7) MiFID II …” „… trading.17 According to Art 1(5) MiFID II, the rules of Art 17(1)-(6) MiFID II apply to algorithmic …”

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

„… CRA Regulation. 10 Fuchs, WpHG-Commentary/Fuchs (2016), § 17 margin no 16. Art. 7 CRAR 3. Market …” „… . 17). Title II Issuing of credit ratings Art. 8 CRAR Christoph Kumpan and Ronny Grütze 1263 8 9 10 …” „… , WpHG-Commentary/Fuchs (2016), § 17 margin no 18. 5 Annex I, Section C No 3 CRA Regulation. 6 Annex I, Section C No 4 CRA …”

Article 66 Organisational requirements S. 351-357

„… internalisers (see → Art 18 mn 17). Real time publication to customers MiFID II obliges APAs and CTPs to publish …” „… .23 In 3. 4. 17 Art 64(1), 65(1), (2) MiFID II. 18 See Art 13 MiFIR and the comments there. 19 Moloney …” „… suffered as a result of an infringement of [MiFID II and MiFIR]”. Art. 66 MiFID II 1. Security Markets …”

Articles 14 to 20 S. 1284-1288

„… ), § 17 margin no 47. Title III Surveillance of credit rating activities Arts 14 to 20 CRAR Christoph …” „… competent authority for registering a credit rating agency is ESMA, in accordance with Arts 16 (3) and 17 …” „… /2013/720 of 30 July 2013, p. 5, margin no 10. Arts 14 to 20 CRAR 3. Market Transparency 1286 Christoph …”

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

„… regulation (3rd edn, Oxford University Press 2014), p. 486. 17 Art 5(1) of the Commission Delegated …” „… Kumpan and Finn Schmidt 439 15 16 17 18 19 20 Withdrawal (Art 9(3) MiFIR) A granted waiver can be …” „… regular and predictable basis, according to Art 17(3)(a) MiFID II, does not apply, in accordance with Art …”

Article 2 Exemptions S. 10-18

„… and Reinsurance, OJ L 335, 17.12.2009, p. 1). 4 See Recital 87. 5 See e.g. Art 68(2), 84(2) MiFID II …” „… II. 15 Art 2(1)(d)(ii) MiFID II. 16 Art 20 Delegated Regulation 565/2017. 17 Art 2(1)(d)(iii) MiFID …” „… II. Art. 2 MiFID II 1. Security Markets and Services 10 Matthias Lehmann 14 15 16 ment activities …”

Article 13 S. 1073-1081

„… Art. 13 PRIIPR 3. Market Transparency 1074 Svend Gerhards and Kay Rothenhöfer 1 2 II. Commentary …” „… Art. 13 PRIIPR 3. Market Transparency 1076 Svend Gerhards and Kay Rothenhöfer 9 10 11 ‘know your …” „… considered when determining the extent of the good time criterion”. Art. 13 PRIIPR 3. Market Transparency …”

Overview of Articles 18-31 S. 929-930

„… the standard regime under Arts 5 to 17 SSR and stipulate additional notification and disclosure …” „… ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 4. Notification to ESMA and other competent authorities (Art 26) . . . . . . . . . 17 Powers in …” „… SSR confer powers of intervention on NCAs which go beyond the standard regime under Arts 5 to 17 SSR …”

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

„… above, → Art 17 mn 12 et seq. 8 Commission Proposal 2003, 20. 9 ESMA, Q&A, Q15. 10 ESMA, Q&A, Q15. 11 …” „… obligations Art. 19 TD Wolf-Georg Ringe 1187 17 18 19 …” „… , 26. Art. 18 TD 3. Market Transparency 1184 Wolf-Georg Ringe 1 2 Background Article 18 was part of …”

Introduction and overview S. 874-881

„… guidelines on the exemption for market making activities and primary market operations pursuant to Arts 17 …” „… and restrictions laid down in Chapters II and III (Arts 16-17). Chapter V assigns specific powers of …” „… European Sovereign Credit Default Swap Market’ (2016) 17 EBOR 319 (cited as “Howell, (2016) 17 EBOR 319 …”

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

„… MiFIR. Art. 43 MiFIR 1. Security Markets and Services 554 Matthias Lehmann 16 17 18 Overview The …” „… , 3 MiFIR. 15 Art 43(3) MiFIR. 16 Art 42(4) 1 MiFIR. 17 Art 42(4) 2 MiFIR. 18 Cf. Art 40(6)2, 41(6)2 …” „… ESMA and EBA. For details, see → Art 42 mn 17. Chapter 2 Positions Article 44 Coordination of national …”

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

„… Art 40(6), 41(6) MiFIR. See also → mn 19. 17 Art 40(2) subpara 2, 41(2) subpara 2 MiFIR. 18 See Art …” „… must first monitor the market in line with their obligation under Art 39(1) and (2) MiFIR. If they …” „… competent for that market as well except if it is the same as the one 2. 3. 15 Art 40(1), 41(1) MiFIR. 16 …”

Article 1 Subject matter and scope S. 392-396

„… further information). Exemptions (Arts 1(5 a) to 1(7) MiFIR) Per Art 1(5 a), Title II and Title III of …” „… ) 2017/583. 16 Art 1(7) MiFIR. 17 Commission Delegated Regulation (EU) 2017/1799 of 12 June 2017 …” „… term ‘trading venue’ is the generic term for regulated markets, MTFs and OTFs, see Art 4(1)(24) MiFID …”

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

„… commercial basis), Art 7 (Obligation to provide market data on the basis of cost), Art 8 (Obligation to …” „… provide market data on a nondiscriminatory basis), Art 9 (Obligations in relation to per user fees), Art …” „… 10 (Obligation to keep data unbundled and to disaggregate market data) and Art 11 (Transparency …”

Article 4 Definitions S. 22-34

„… Definitions Art. 4 MiFID II Matthias Lehmann 23 (17) ‘money-market instruments’ means those classes of …” „… II. 2. 8 See Art 1(5) and Art 17(1)-(6) MiFID II. 9 Cf the definition in Art 4(1)(39) MiFID II. 10 …” „… the 3. 1. 15 Recital 61 first sentence MiFID II. 16 Recital 61 last sentence MiFID II. 17 Art 4(1)(40 …”

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

„… . In the latter case, Arts 17, 21, 108-110 of UCITSD split regulation and supervision between the …” „… UCITSD, Arts 16, 18, 20, 108-110. 3 See UCITSD, Arts 17, 19, 20 and 21, 108-110. 4 Cf. UCITSD, Art 19(8 …” „… marketing, Art 16 of UCITSD is particularly meaningful for cross-border fund management, i.e. where the …”

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

„… (EU) 2017/587. 16 Art 15(3)(a) of the Commission Delegated Regulation (EU) 2017/587. 17 Art 15(3)(b …” „… Regulation (EU) 2017/587. Art. 8 MiFIR 1. Security Markets and Services 428 Christoph Kumpan and Finn …” „… , 12 July 2018, ESMA70-872942901-35, p. 13. Art. 8 MiFIR 1. Security Markets and Services 430 …”

Article 1 Scope and UCITS definition S. 1304-1317

„… prospectus. 18 Cf. Moloney, EU Securities and Financial Markets Regulation (2014), 958 et seq. Art. 1 UCITSD …” „… to trading on a regulated market and amending Directive 2001/34/EC; Art 1(2) of Directive 2010/73/EU …” „… whose securities are admitted to trading on a regulated market, OJ L 327, 11.12.2010, 1. Art. 1 UCITSD …”

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

„… Regulation (EU) 2017/581, Art 6-8. 17 Art 35(4) subpara 1 (a), Art 36(4) subpara 1 (a) MiFIR. 18 Art 35(4 …” „… different markets. Art 35 MiFIR gives trading venues access to clearing and settlement services via CCPs.3 …” „… Recital 28 MiFIR. 11 See for the access to CCPs Recital 38 MiFIR. Art. 35-37 MiFIR 1. Security Markets …”

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

„… exemptions laid down in Art 16, 17; cf. above, Overview of Chapter II mn 1. Art. 5 SSR 2. Market Behaviour …” „… Chapter II of the SSR is supplemented by the provision in Chapter IV (Arts 16 and 17 SSR) which stipulate …” „… competent authority’, as the addressee of a notification, is defined in Art 2(j) SSR. Arts 16 and 17 SSR …”

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

„… with regard to the NCAs exercising their powers under Art 42 MiFIR. For further details, see → mn 17 …” „… Market, p. 123-140, margin no 5.57. Title VII Supervisory measures Art. 42 MiFIR Matthias Lehmann 553 …” „… 42(4) 1 MiFIR. 17 Art 42(4) 2 MiFIR. 18 Cf. Art 40(6)2, 41(6)2 MiFIR. Art. 43 MiFIR 1. Security …”

Article 35 Establishment of a branch S. 227-233

„… ) . . . . . . . . . . . . . . 17 9. Implementing legislation (Art 35(11), (12) MiFID …” „… tied agents; 2. 3. 4. 1. 2. Art. 35 MiFID II 1. Security Markets and Services 230 Dirk Zetzsche 2 3 …” „… . Security Markets and Services 232 Dirk Zetzsche 14 15 16 17 18 Article 36 Access to regulated markets 1 …”

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

„… 5 mn 5. This disclosure duty is subject to the exemptions laid down in Art 16 and 17 SSR; see …” „… addressee of the notification, is defined in Art 2(j) SSR. Article 17 SSR provides exemptions from the …” „… Art 17 SSR.6 A notification has to be made to the ‘relevant competent authority’, i.e. the ‘relevantʼ …”

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

„… dark pools may be ex- 5 Art 29(1) and 44(1) MiFID I. Specified by Art 17 and Table 1, Annex II of the …” „… Märkte für Finanzinstrumente’, WM 2006, p. 797. 4 See Art 29 and 44 MiFID I; also, Moloney, EU securities …” „… EU financial markets, 2017, p. 9. 10 The reference price waiver was found in Art 18(1)(a), the …”

Article 31 Portfolio compression S. 517-519

„… measures on product intervention and positions, OJ 2017 L 87/90, Art 17 ff (inter alia under Art 31(4 …” „… EU Financial Market, margin no 15.114. Art. 31 MiFIR 1. Security Markets and Services 518 Matthias …” „… MiFIR. 8 Art 17(2) Commission Delegated Regulation (EU) 2017/567. 9 Art 17(3), (4) Commission Delegated …”

Articles 42 to 48 S. 939-941

„… SSR only with regard to decisions of equivalence under Art 17(2) SSR.7 The other implementing acts …” „… , p. 45. 7 See above, comments on → Art 17 mn 6. 8 Regulation (EU) No 1095/2010 of 24 November 2010 …” „… Overview mn 8. Arts 42 to 48 SSR 2. Market Behaviour 940 Klaus Ulrich Schmolke 2 3 4 5 3. Market …”

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

„… Transparency for trading OTC Art. 23 MiFIR Christoph Kumpan and Finn Schmidt 491 13 14 15 16 17 18 tions on …” „… recital 31, Art 1(9)(a), Art 9(5)(d) subpara 2 (ii), Art 17(2), Art 18(7), Art 20(2) and Art 21(4) subpara …” „… to grow.9 Primary market transactions are not covered by the MiFIR regime and Art 23, therefore, does …”

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

„… admission to trading Art. 17 PD Paola Lucantoni 1013 17 18 I. General features Article 171 sets out the …” „… general rules of the EU passport regime. II. Commentary According to Art 17(1), a prospectus and its …” „… approval of the prospectus. Under Art 17(2), given the competence of the home Member State’s competent …”

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

„… public. 14 Art 17(3)(a)(ii) MiFIR. 15 Art 31(2) MiFIR. 16 See the definition in Art 4(1)(53) MiFID II. 17 …” „… integrity of the market and the interest of its clients. Title V Data reporting services Art. 63 MiFID II …” „… reporting service providers. 1. Art. 63 MiFID II 1. Security Markets and Services 342 Matthias Lehmann 1 …”

Article 30 Indirect clearing arrangements S. 513-517

„… Regulation (EU) 2017/2154. Art. 30 MiFIR 1. Security Markets and Services 516 Matthias Lehmann 14 15 16 17 …” „… Market, margin no 15.41. Art. 30 MiFIR 1. Security Markets and Services 514 Matthias Lehmann 1 2 3 4 5 …” „… EMIR and MiFIR, margin no 22. 5 Art 4(1) subpara 2 Commission Delegated Regulation (EU) 2017/2154. 6 …”

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

„… . 15 See Commission Delegated Regulation (EU) 2017/585. 16 Art 26(1), 27(1) subpara 1 and 2 MiFIR. 17 …” „… MiFIR. Art. 25-27 MiFIR 1. Security Markets and Services 500 Matthias Lehmann 3 4 5 6 7 8 9 regard to …” „… Markets and Services 502 Matthias Lehmann 14 15 16 17 18 19 20 by using an ARM can the firm liberate …”

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

„… commentary on → Art 20 mn 12.17 The applicable rules in respect of Art 21 MiFIR, however, can be found in …” „… ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 18 Art 21(4) subpara 2 MiFIR. 19 The relevant provision in this respect, however, is Art 8(3) of …” „… ability of the markets to establish reliable prices. While Art 20 MiFIR targets post-trade transparency …”

Article 4 Use of credit ratings S. 1242-1246

„… definition of “Regulated Market”, see Art 4(1)(21) MiFID II. Article 4(1)(14) Directive 2004/39/EC, referred …” „… Ratings, ESMA33-5-87 of 20 November 2017, Answer 2 lit. b (p. 7). Art. 4 CRAR 3. Market Transparency …” „… , VII.2.11 (p. 678). Art. 4 CRAR 3. Market Transparency 1244 Christoph Kumpan and Ronny Grütze 1 2 3 …”

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

„… regulation (3rd edn, OUP, Oxford 2014), 340. Art. 25 MiFID II 1. Security Markets and Services 180 Martin …” „… )) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 V. Execution-only (Art 25(4 …” „… . Art. 25 MiFID II 1. Security Markets and Services 184 Martin Brenncke 1 2 3 4 5 ment. These rules …”

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

„… Ratingagenturen’ ZBB 2013, p. 318 (321). Art. 6 CRAR 3. Market Transparency 1252 Christoph Kumpan and Ronny …” „… (2014), § 25 p. 703. 5 Fuchs, WpHG-Commentary/Fuchs (2016), § 17 margin no 10. 6 Schroeter, Ratings …” „… (a) CRA Regulation. Art. 6 CRAR 3. Market Transparency 1254 Christoph Kumpan and Ronny Grütze 3 4 …”

Article 1 Subject matter and scope S. 1711-1720

„… Regulation 64, 67; Devos, 37. Art. 1 FCD Andy Ruzik 1717 15 16 17 18 19 spot sale and agrees simultaneously …” „… Mortgage’ (2008) 2 Law and Financial Markets Review 333, 336. 9 COM(2001) 168 final. Art. 1 FCD 5 …” „… financial markets.17 Finally, credit claims were added to the list of financial collateral by Directive …”

Article 2 Definitions S. 1751-1755

„… defined in Art 2(17) above, is the Universal Financial Industry message scheme (also called ‘UNIFI’). The …” „… community (cf. Art 17(6)), which dealt with the EU-wide reachability of payer’s accounts for the functioning …” „… Law of Banking (14th edn, Lexis Nexis 2014), margin no 25.62 et seq. Art. 2 SEPAR 6. Payments 1754 …”

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

„… 4(1)(a)(v) EMIR. Art. 28 MiFIR 1. Security Markets and Services 508 Matthias Lehmann 13 14 15 16 17 …” „… rules and obligations, JO 2014 L 85/1. 16 See Art 2(1) Commission Delegated Regulation (EU) 2017/579. 17 …” „… and Ferrarini (eds.), Regulation of the EU Financial Market, 4. 5. 18 Art 26(7) subpara 3 MiFIR. 19 …”

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

„… financial instruments in exceptional circumstances (see Art 17 et seq. of the Proposal for the SSR). Article …” „… benchmarks with different maturities (Art 22(1) Delegate Regulation (EU) No 918/2012). 17 See first …” „… . 30 ESMA/2012/228. 31 For further details, see above, → mn 6, 8 to 12. Art. 13 SSR 2. Market …”

Article 16 S. 587-588

„… margin no 3. 3 Cf. Gebhardt, § 41 BörsG margin no 20; Heidelbach, § 41 BörsG margin no 14. Art. 17 CARD …” „… issuer is failing to comply with those obligations. I. General features Article 17 (previously Art 12 …” „… (previously Art 16 LCD) provides that an application for admission relating to certificates representing …”

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

„… Art 58(4) subpara 3(a) MiFID II. 15 See → Art 57 mn 25. 16 See Delegated Regulation 2017/1093. 17 Art …” „… fraud schemes on the market for such allowances.2 Context Art 58 supplements Art 57 MiFID II and stands …” „… investment firms and market operators, OJ 2017 L 158/16 (under Art 58(5) MiFID II) 1. 2. 3. 4. 1 See Recital …”

Chapter 2 Conduct of business rules S. 1637-1643

„… Braithwaite, ‘The dilemma of client clearing in the OTC derivatives markets’ (2016) 17 EBOLR 355 that …” „… members (Art 37(6) EMIR). Membership carries financial burdens in the form of margins and collateral set …” „… derivatives markets’ (2016) 17 EBOLR. 15 See Article 1(a) Commission Delegated Regulation (EU) No 149/2013. 16 …”

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

„… legislation (Art 34 (8), (9) MiFID) . . . . . . . . . . . . . . . . . . . . . . . . . 17 I. General features …” „… (such as marketing materials). 1. 2. 3. 4. 1. Art. 34 MiFID II 1. Security Markets and Services 224 …” „… conditions for investment firms Art. 35 MiFID II Dirk Zetzsche 227 17 …”

Article 32 Trading obligation procedure S. 519-524

„… MiFIR. 8 Art 17(2) Commission Delegated Regulation (EU) 2017/567. 9 Art 17(3), (4) Commission Delegated …” „… 87/189 (under Art 32(1) MiFIR) Commission Delegated Regulation (EU) 2017/2417 of 17 November 2017 …” „… market operators involved must make the operation public in accordance with Art 31(2) MiFIR. This …”

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

„… 1. 1 Article 4(1)(63) CRR Regulation. Previously Art 4(40 a) Directive 2006/48/EC. 2 Recital 17 CRA …” „… , Answer 4 lit. b (p. 10). Art. 6 b CRAR 3. Market Transparency 1258 Christoph Kumpan and Ronny Grütze 4 …” „… model, see the commentary on Art 3 at margin no 16 et seq.). The rotation requirement created by Art 6 b …”

Article 47 Equivalence decision S. 566-571

„… Art. 47 MiFIR 1. Security Markets and Services 566 Dirk Zetzsche comply with the information …” „… ) Art 47(1) MiFIR allows third country companies to access the Single Market without the need for EU …” „… Finanzdienstleistungen (Mohr Siebeck, Tübingen 2018), § 10 p. 315 et seq. 8 Zetzsche and Marte, ‘Art 36-42 AIFMD’ in …”

Article 4 Annual financial reports S. 1118-1124

„… , Q&A, Q 22. Art. 4 TD 3. Market Transparency 1122 Wolf-Georg Ringe 15 16 17 18 19 20 Enforcement …” „… . 12 See Article 8(2), (3). Art. 4 TD 3. Market Transparency 1120 Wolf-Georg Ringe 2 3 4 5 6 …” „… statement to that effect in its report. Art. 5 TD 3. Market Transparency 1124 Wolf-Georg Ringe 27 …”

Article 16 Supplements to the prospectus S. 1009-1013

„… ), 104. Chapter IV Cross-border offers and admission to trading Art. 17 PD Paola Lucantoni 1013 17 18 …” „… Q&A, latest version adopted, 20 October 2017, ESMA-31-62-780. Art. 16 PD 3. Market Transparency …” „… ; whereas Art 15(5) concerns advertising of offers which are exempted from the requirement to publish a …”

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

„… relevant jurisdiction. Implementing legislation (Art 17(7) MiFID) ESMA has proposed, and the Commission has …” „… matched-principal trading (with regard to OTFs) or market-making, within the limits set out in Arts 20(2) and 20(5 …” „… Art. 18 MiFID II Christoph Kumpan and Ronny Grütze 141 17 18 19 20 21 22 with the obligations under …”

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

„… pursuant to Art 14 MiFIR.17 The provided access has to be on reasonable commercial terms and on a …” „… management facility of the trading venue pending disclosure. 4. 17 While Art 3(3) MiFIR refers to pre-trade …” „… trading venue or by a systematic internaliser (OJ EU L 87/387). Art. 3 MiFIR 1. Security Markets and …”

Article 13 S. 1163-1172

„… or when filing information under Article 19(3). Art. 13 TD 3. Market Transparency 1164 Wolf-Georg …” „… Laws’ (2013) 10 European Company and Financial Law Review 1835. Art. 13 TD 3. Market Transparency …” „… , see above, → Art 12 mn 22 et seq. Art. 13 TD 3. Market Transparency 1170 Wolf-Georg Ringe 28 29 30 …”

Article 20 Specific requirements for OTFs S. 145-149

„… non-equity(-like) financial instruments see Art 2(1)(17) MiFIR and Art 13 and Annex III of the Commission Delegated …” „… markets of equity(-like) instruments, see → Art 1 et seq. Commission Delegated Regulation (EU) 2017/567 …” „… and the commentary on → MiFIR Art 2 mn at margin no 7 et seq. 6 ESMA, Q&As on MiFID II and MiFIR …”

Article 2 Definitions S. 1317-1323

„… or dealt in on a regulated market as referred to in points (a) to (d) of Art 50(1) of UCITSD …” „… that component (see Art 2(3) of UCITS EAD). Definition of money market instruments. Arts 3 and 4 of …” „… UCITS EAD set out more details regarding the definition of money market instruments under Art 2(1)(o) of …”

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

„… and which require disclosure of short positions beyond the requirements of Art 6 SSR. Art 16 and 17 …” „… Purpose The disclosure requirement in Art 6 SSR is intended to provide useful information to other market …” „… further details, see Introduction and Overview mn 14. 4 COM(2010) 482 final. Art. 6 SSR 2. Market …”

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

„… , as discussed above. Art. 10 TD 3. Market Transparency 1148 Wolf-Georg Ringe 34 35 36 (d) voting …” „… 1666). 8 For details, see Veil, Disclosure, paras 42-66. Art. 10 TD 3. Market Transparency 1150 …” „… of Article 10(a)-(d) by the controlled undertaking. 3. 4. 5. 17 Mazars and Marccus Partners, 96. 18 …”

Article 20 Post-trade disclosure by investment firms, including systematic internalisers, in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments S. 472-478

„… , see the commentary on → Art 6 mn 10. 17 The date and time specified in the field ´Trading date and …” „… ). Art. 20 MiFIR 1. Security Markets and Services 472 Christoph Kumpan and Finn Schmidt 1 2 3. ESMA …” „… information on CTPs, see the commentary on Arts 59-63 MiFID II at margin no 15, Arts 64-66 MiFID II at margin …”

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

„… Delegated Regulation (EU) 2017/565. 17 Art 82(3) of the Commission Delegated Regulation (EU) 2017/565. 18 …” „… by the trading venue pursuant to Art 25 MiFIR.18 Market operators are obliged to supply the relevant …” „… Regulated Markets Art. 55 MiFID II Christoph Kumpan and Finn Schmidt 315 9 1 2 Recitals Recital 15 MiFID II …”

Introduction to Chapter I S. 34-35

„… requirements. Art 16, 17 MiFID identify organisational requirements. Art 16 MiFID stipulates the mandatory …” „… organisation structure for all investment firms, while Art 17 MiFID prescribes additional rules for …” „… Annex I Section C no (7) MiFID II. Art. 4 MiFID II 1. Security Markets and Services 34 Dirk Zetzsche …”

Article 23 Third countries S. 1200-1204

„… Management Board, Summary of Conclusions, ESMA22-106-467 (13 December 2017). Art. 23 TD 3. Market …” „… Commission Regulation (EC) No 1569/2007. Art. 24 TD 3. Market Transparency 1204 Wolf-Georg Ringe 14 15 16 …” „… of business registers in the company law area under Directive 2012/17.3 The draft RTS were to be …”

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

„… Article 18; and (b) Articles 19 and 20. Commented below, see → Art 21. Article 17 Cross-border services by …” „… communicate the information referred to in paragraph 2 to the Art. 17 UCITSD 4. Funds 1344 Dirk Zetzsche …” „… unproven assumptions underlying Art 14 b of UCITSD, the effectiveness of the promulgated rules is cast in …”

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

„… features Art 42 addresses the marketing of AIF by non-EU AIFM to professional investors under national …” „… placement regimes. Art 42 gives EU Member States discretion to allow the marketing of AIF by non-EU AIFM …” „… subject to certain minimum requirements imposed by the directive. Art 42 only relates to the marketing of …”

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

„… of: (a) Article 17 or Article 18; and (b) Articles 19 and 20. Commented below, see → Art 21. Article …” „… paragraph 2 to the Art. 17 UCITSD 4. Funds 1344 Dirk Zetzsche and Dominik Nast competent authorities of …” „… management companies Art. 17 UCITSD Dirk Zetzsche and Dominik Nast 1345 Power is delegated to the Commission …”

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

„… Directive 2007/14/EC, Article 7(2). 17 See ESMA, Mapping, paras 223 et seq. 18 Ibid. Art. 12 TD 3. Market …” „… particular Article 7. 4 See above, → Art 3 mn 17. 5 See also Directive 2013/50/EU, recital 12. Art. 12 TD 3 …” „… . Art. 12 TD 3. Market Transparency 1156 Wolf-Georg Ringe 6 7 (5) The parent undertaking of an …”

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

„… basis. Where market conditions prevent marking-to-market, a reliable and prudent markingto-model shall …” „… prevent marking-to- market, reliable and prudent marking-to-model shall be used. 3. Financial …” „… ) the market conditions that prevent marking-to-market and the criteria for using marking-to-model …”

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

„… Art. 16 SSR Klaus Ulrich Schmolke 923 6 7 8 9 Article 17 Exemption for market making activities and …” „… . Art. 17 SSR 2. Market Behaviour 924 Klaus Ulrich Schmolke …” „… venue lies within or without the EU. Art. 16 SSR 2. Market Behaviour 922 Klaus Ulrich Schmolke 2 3 4 …”

Article 5 The prospectus S. 974-984

„… Directive. Chapter II Drawing up of the prospectus Art. 5 PD Paola Lucantoni 979 15 16 17 18 19 The …” „… with the International Financial Reporting Standards. Art. 5 PD 3. Market Transparency 976 Paola …” „… ) No 486/2012 [2012] OJ L150/1. Art. 5 PD 3. Market Transparency 980 Paola Lucantoni 20 21 22 23 24 …”

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

„… paragraph 2, shall appoint a depositary that meets those requirements before 18 March 2018. I. Purpose Art …” „… depositaries (see Art → 23(2) of UCITSD and Art 10(1) of Commission Delegated Regulation (EU) 2016/438). The …” „… instruments held in custody in accordance with point (a) of Article 22(5) has been delegated. Art. 24 UCITSD …”

Article 7 Authorisation of deferred publication S. 425-428

„… (EU) 2017/587. 16 Art 15(3)(a) of the Commission Delegated Regulation (EU) 2017/587. 17 Art 15(3)(b …” „… According to Art 6(2) MiFIR market operators and investment firms have to give investment firms that are …” „… , Oxford University Press 2014), p. 484, 485. Art. 7 MiFIR 1. Security Markets and Services 426 …”

Article 21 Review and evaluation S. 1617-1621

„… supervisory outcomes. Title III Authorisation and supervision of CCPs Art. 21 EMIR Paola Lucantoni 1617 For …” „… are 17 CCPs established in the EU and authorised under EMIR to offer clearing services for one or more …” „… 's equivalence provisions and 12 more CCPs from 10 jurisdictions have applied for Art. 21 EMIR 5. Securities …”

Article 15 Risk management S. 1493-1496

„… Regulation (EU) No 231/2013. Art. 17 AIFMD 4. Funds 1496 Christian Schmies 1 2 3 …” „… interest. Art 14 sets out requirements AIFM must observe regarding such conflicts of interest which …” „… companies. The requirements relating to conflicts of interests are specified in more detail in Art 30-37 of …”

Articles 21 to 25 a S. 1288-1291

„… June 2015, ESMA/2015/609. 1. 2. Arts 21 to 25 a CRAR 3. Market Transparency 1288 Christoph Kumpan …” „… (15.6.2018). Arts 21 to 25 a CRAR 3. Market Transparency 1290 Christoph Kumpan and Ronny Grütze 9 10 11 12 …” „… European Securities Regulators (CESR). In accordance with Art 1(2) ESMA Regulation, ESMA is responsible for …”

Article 11 Authorisation of deferred publication S. 442-450

„… ended.9 Pursuant to Art 10(2) MiFIR, access to the arrangements employed by market operators and …” „… 70-872942901-35, p. 13. Art. 11 MiFIR 1. Security Markets and Services 442 Christoph Kumpan and Finn Schmidt 6 …” „… to Art 11(1) MiFIR, market operators and investment firms operating a trading venue may get …”

Article 2 S. 577-580

„… Investment Services Directive (ISD),3 then carried forward in Art 4(1)(18) of the Markets in Financial …” „… : Funding, Exit, Takeovers (Springer 2010), 195; Moloney, II.7.2.2. Art. 2 CARD 1. Security Markets and …” „… , Germany: In order to be traded on the ‘regulierter Markt’ (§§ 32 et seq. BörsG)17, securities require a …”

Article 18 Notification S. 1014-1016

„… . Commentary According to Art 17(1), a prospectus and its supplements, after receiving approval from the …” „… mistakes or inaccuracies come to light after the approval of the prospectus. Under Art 17(2), given the …” „… Financial Market Regulation (3rd edn, Oxford University Press 2014), 112. Art. 18 PD 3. Market …”

Article 9 S. 1702-1706

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 I. General features Purpose The function of Art 9 is twofold. On the one hand, paragraph 1 under …” „… of holders Art. 9 SFD Andy Ruzik 1705 12 13 14 15 16 17 Section V Final provisions Article 10 1 …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 1. Art 9(1) – Insulation of collateral …”

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

„… 19. 12 Marino, 1173. Art. 4 FCD Andy Ruzik 1727 10 11 12 State rules may be subject to subsequent …” „… carefully concludes that Art 3(1), in its current version, is appropriate and complies with the principle of …” „… proportionality.8 Article 3(2) clarifies the relation between Art 3(1) and Art 1(5). It may be confusing that the …”

Article 49 Tick sizes S. 292-296

„… ) 2017/590. 17 Art 3(1) of the Commission Delegated Regulation (EU) 2017/588. 18 Flagged as set out in Table …” „… XII. Identifying algorithmic trading (Art 48(10) MiFID II) Regulated markets must be able to …” „… direct electronic market access’ 2014, p. 16. Art. 49 MiFID II 1. Security Markets and Services 292 …”

Article 50 Synchronisation of business clocks S. 296-299

„… L 87/148). Art. 50 MiFID II 1. Security Markets and Services 296 Christoph Kumpan and Finn …” „… /2016/1452, p. 287. Title III Regulated Markets Art. 50 MiFID II Christoph Kumpan and Finn Schmidt 297 4 5 …” „… , p. 284. Title III Regulated Markets Art. 51 MiFID II Christoph Kumpan and Finn Schmidt 299 11 12 …”

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

„… , 77-78. 2 See above, → Art 2. 3 COM(2010) 482 final, 25-26 (Art 12). Art. 12 SSR 2. Market Behaviour …” „… . Commission, MEMO/12/508, 4. Art. 12 SSR 2. Market Behaviour 912 Klaus Ulrich Schmolke 7 8 9 For a short …” „… ITS. ESMA provided its draft ITS in March 2012.30 The Commission adopted the corresponding ITS in Arts …”

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

„… com- Title III Authorisation and supervision of CCPs Art. 17 EMIR Paola Lucantoni 1613 plete, the …” „… initiative, after having informed the competent authority. Art. 17 EMIR 5. Securities Clearing and …” „… authorisation shall be made in accordance with the procedure set out under Article 17. 2. Where a CCP wishes to …”

Article 16 Obligations of competent authorities S. 463

„… of Art 16 MiFIR is Art 27(4) MiFID I of 2004. Recitals Recital 21 MiFIR. Article 17 Access to quotes …” „… Transparency for trading OTC Art. 17 MiFIR Christoph Kumpan and Finn Schmidt 463 1 2 3 …” „… does not necessarily need to be executed at the current market price; see the commentary on → Art 4 …”

Article 4 S. 1039-1046

„… insurance-based investment products (PRIIPs) [2014] OJ L352. Art. 4 PRIIPR 3. Market Transparency 1040 Svend …” „… payments are based on a fixed mark-up or markdown or directly linked to an established interest rate like …” „… II. Art. 4 PRIIPR 3. Market Transparency 1042 Svend Gerhards and Kay Rothenhöfer 7 8 9 Although …”

Article 27 Committee procedure S. 1211-1214

„… conferred on the Commission [2006] OJ L200/11, as amended. Art. 27 TD 3. Market Transparency 1212 …” „… Powers’ in Commission Staff Working Document. Art. 27 a TD 3. Market Transparency 1214 Wolf-Georg …” „… ), Article 14(2), Article 17(4), Article 18(5), Article 19(4), Article 21(4), Article 23(4), Article 23(5 …”

Article 47 Organisational requirements S. 264-268

„… ) 2017/581. 16 A parallel provision for MTFs can be found in Art 19(5) MiFID II. 17 Güllner, ‘MiFID II: Die …” „… financial markets regulation (3rd edn, Oxford University Press 2014), p. 361, 362, 471. Art. 47 MiFID II 1 …” „… eventually impede the functioning of the financial market. Hence, Art 47 MiFID II obligates Member States to …”

Article 8 Omission of information S. 990-994

„… inappropriate disclosure. Unavailable information According to Art 8(1) of the Prospectus Directive and Art 17 …” „… methods used (Art 17(1)(b)). 2 Question n 1, Prospectus Q&A, latest version adopted, 20 October 2017, ESMA …” „… accordance with paragraph 4. Art. 8 PD 3. Market Transparency 990 Paola Lucantoni Power is conferred on …”

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

„… to a regulated market under specific circumstances enumerated in Arts 44(5)(a) through (e) MiFID II …” „… financial markets regulation (3rd edn, Oxford University Press 2014), p. 469. 19 Art 44(6) MiFID II. Art. 45 …” „… Markets Art. 45 MiFID II Christoph Kumpan and Finn Schmidt 253 6. Member States shall ensure that the …”

Article 16 Additional information S. 1177-1179

„… Chapter III Ongoing information Art. 17 TD Wolf-Georg Ringe 1179 …” „… generally to the issuer. See ESMA, Mapping, paras 191-192. Art. 16 TD 3. Market Transparency 1178 …” „… regulated market Article 17 Information requirements for issuers whose shares are admitted to trading on a …”

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

„… 33(4) subpara 1 MiFIR. 4 Art 33(4) subpara 2 MiFIR. Art. 34 MiFIR 1. Security Markets and Services …” „… adversely affect systemic risk; Art. 35 MiFIR 1. Security Markets and Services 528 Matthias Lehmann (d …” „… equivalence is the same as under Art 51 MiFIR.2 The Commission is obliged to monitor the effective …”

Article 17 S. 1087-1089

„… of an insurance-based investment product, an activity or a practice; Art. 17 PRIIPR 3. Market …” „… and product intervention powers Art. 17 PRIIPR Svend Gerhards and Kay Rothenhöfer 1087 (d) the …” „… practice provides. Article 17 1. A competent authority may prohibit or restrict the following in or from …”

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

„… 2007/14/EC, Articles 13-22. 17 Commission Regulation (EC) No 1569/2007. Art. 24 TD 3. Market …” „… , Article 31. 2 See, for example, Directive 2001/34/EC, Article 105. Art. 24 TD 3. Market Transparency …” „… - 1 OJ L 331, 15.12.2010, p. 1. Art. 25 TD 3. Market Transparency 1208 Wolf-Georg Ringe …”

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

„… verifications or investigations. I. Purpose Art 98 of UCITSD lists the minimum powers that must be available to …” „… competent authority cannot ask under the inquiry right under Art 98(2) of UCITSD. The UCITS V amendment has …” „… shall be effective, proportionate and dissuasive. 1 See UCITSD V, Recitals 33, 34. Art. 99 UCITSD 4 …”

Article 11 General and periodic disclosures S. 1280-1281

„… “after the close of business hours of regulated markets and at least one hour before their opening”,17 in …” „… , Q&As on Credit Ratings, 20 November 2017, ESMA33-5-87, Answer 10 (p. 14). Art. 11 CRAR 3. Market …” „… accordance with Art 10(2) and Annex I, Section D, Part III, No 3 CRA Regulation. Likewise, ratings of …”

Article 1 Subject matter and scope S. 1745-1751

„… into force, according to its Art 18, on 31 March 2012. EU competence The EU legislative bodies base …” „… functioning internal market.10 The EU may legislate, under Art 114 of the TFEU “in particular where …” „… (eds), Paget’s Law of Banking (14th edn, Lexis Nexis 2014), margin no 25.68 et seq. Art. 1 SEPAR …”

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

„… for the system of interconnection of business registers established by Directive 2012/17/EU of the …” „… (13 December 2017). 1 OJ L 156, 16.6.2012, p. 1. 2 See → Art 21 a above. Chapter IV General …” „… obligations Art. 22 TD Wolf-Georg Ringe 1199 9 1 II. Delegated lawmaking powers ESMA is empowered to adopt …”

Article 2 S. 1684-1691

„… institutions, Art 1(b) provides that the directive primarily applies to such participants. The term participant …” „… , which shall be explained in more detail under Art 2, includes all players who act for the system itself …” „… , such as a central counterparty or a clearinghouse. Thus, the function of Art 1(a) is just to elaborate …”

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

„… information at Union level, 2. Art. 21 a TD 3. Market Transparency 1198 Wolf-Georg Ringe 2 3 4 5 6 7 8 The …” „… Mechanisms [OAMs], Article 21(2)). The EEAP is to be operating by 2018 at the latest. 1. 22 ESMA, Q&A, Q17 …” „… 267/16. 25 See → Art 21 a. Chapter IV General obligations Art. 21 a TD Wolf-Georg Ringe 1197 23 24 25 …”

Article 2 Definitions S. 958-965

„… . Chapter I General provisions Art. 2 PD Paola Lucantoni 963 13 14 15 16 17 18 vestment schemes, pension …” „… operators of regulated markets, Union legislation and recommendations as well as economic developments. Art …” „… adopted, 20 October 2017, ESMA-31-62-780. Art. 2 PD 3. Market Transparency 962 Paola Lucantoni 7 8 9 10 …”

Article 6 S. 1048-1051

„… Recital no. 13 PRIIP Regulation. Art. 6 PRIIPR 3. Market Transparency 1048 Svend Gerhards and Kay …” „… Article 6(4)(b) PRIIP Regulation. Art. 6 PRIIPR 3. Market Transparency 1050 Svend Gerhards and Kay …” „… Art 24 mn 15. 6 Recital no. 22 PRIIP Regulation. 7 Second sentence of Article 6(2) PRIIP Regulation. 8 …”

Article 54 Approval of interoperability arrangements S. 1655-1658

„… Article 17 shall apply. 2. The competent authorities shall grant approval of the interoperability …” „… arrangement only where the CCPs involved have been authorised to clear under Article 17 or recognised under …” „… . Title V Interoperability arrangements Art. 54 EMIR Paola Lucantoni 1655 1 2 IOSCO Principles for …”

Article 8 S. 1054-1063

„… . Chapter II Key information document Art. 8 PRIIPR Svend Gerhards and Kay Rothenhöfer 1061 16 17 Both …” „… :// www.eurexchange.com/exchange-en/resources/regulations/eu-regulations/priips-kids; 28.5.2018). Art. 8 PRIIPR 3. Market Transparency 1058 Svend Gerhards and Kay Rothenhöfer 5 6 7 …” „… 4(b) PRIIP Delegated Regulation. 34 Article 8(3)(f) PRIIP Regulation. Art. 8 PRIIPR 3. Market …”

Article 15 Review S. 1778

„… Ruffert (eds), EUV/AEUV (5th edn, C.H.Beck 2016), margin no 17. 2 Cf. ibid, margin no 18. 1 Commission …” „… the report required by the second sentence of Art 14(2), the automatic extension of the duration is …” „… not affected. Arts 14(3) and (5) above implement the two conditions mentioned in Art 290(2) of the …”

Article 11 Penalties S. 1773-1774

„… , para 17; cf. ECJ, Case C-271/91 Marshall v Southampton and South West Hampshire Area Health Authority …” „… competent authorities While Art 10(3) above addresses the Member States, Art 10(4) directly regulates the …” „… competent authorities within the Member States (cf. Art 288 of the TFEU). By virtue of Art 10(4), competent …”

Article 3 Reachability S. 1755-1756

„… 8 of Regulation (EC) No 924/2009 on cross-border payments in the community (cf. Art 17(6)), which …” „… technical basis to achieve an integrated EU-wide market for electronic payments in euros. Finally, Art 9 of …” „… authorised by the payer in accordance with Art 64 of the PSD2. Mandate is the expression of authorisation for …”

Article 14 Authorisation of a CCP S. 1612-1613

„… com- Title III Authorisation and supervision of CCPs Art. 17 EMIR Paola Lucantoni 1613 …” „… CCP’s competent authority), in accordance with the procedure set out in Article 17. 2. Once …” „… authorisation has been granted in accordance with Article 17, it shall be effective for the entire territory of …”

Article 12 General principles S. 1488-1489

„… more specific operating requirements in Art 13-17 and the organisational requirements of Art 18-21. II …” „… European Markets in Financial Instruments Directive (“MiFID”) as well as UCITS management companies. Art …” „… I. General features Art 11 addresses the circumstances under which competent authorities may …”

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

„… from 21 July 2019). 1. 2. 3. 1 See e.g. already Case C-222/84 Johnston ECLI:EU:C:1986:206, margin no 17 …” „… : cancellation: change by stockholders’ (1993) ICCLR C77 et seq. Art. 20-41 CARD 1. Security Markets and …” „… right to an effective remedy, which has long been recognised by the CJEU1 and is now set out in Art …”

Article 110 S. 621

„… ] OJ L 55/13. 1 See Council Directive 80/390/EEC of 17 March 1980 coordinating the requirements for the …” „… the reference in Art 109(2) to Arts 5 through 8 of the Council Decision 1999/468/EC2 has to be read …” „… as a reference to Arts 5, 8, 10 and 11 of the Comitology Regulation3 (cf. Art 13(1)(c)-(e) of the …”

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

„… Journal 404, 407. Art. 27 MiFID II 1. Security Markets and Services 198 Martin Brenncke 3 4 tained, but …” „… topics, 10 July 2017, ESMA35-43-349, 1.4. Art. 27 MiFID II 1. Security Markets and Services 200 Martin …” „… conditions for investment firms Art. 27 MiFID II Martin Brenncke 195 5. The order execution policy shall …”

Article 2 S. 1036-1038

„… , slide 5; paragraph 12 Commission Guidelines. 17 The PRIIP Regulation is marked as EEA relevant by the EU …” „… ’) [2017] OJ C218/11. 20 Paragraph 10 Commission Guidelines. Art. 2 PRIIPR 3. Market Transparency 1036 …” „… and insurance-based investment products (PRIIPs) [2014] OJ L352. Art. 3 PRIIPR 3. Market …”

Article 99 a Minimum sanctioning S. 1442-1444

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

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

„… 33(4) subpara 1 MiFIR. 4 Art 33(4) subpara 2 MiFIR. Art. 34 MiFIR 1. Security Markets and Services …” „… equivalence is the same as under Art 51 MiFIR.2 The Commission is obliged to monitor the effective …” „… of the EU law is to suspend the obligations under Art 28 and 29 MiFIR where derivatives are entered …”

Article 111 S. 621-622

„… ] OJ L 55/13. 1 See Council Directive 80/390/EEC of 17 March 1980 coordinating the requirements for the …” „… the reference in Art 109(2) to Arts 5 through 8 of the Council Decision 1999/468/EC2 has to be read …” „… as a reference to Arts 5, 8, 10 and 11 of the Comitology Regulation3 (cf. Art 13(1)(c)-(e) of the …”

Article 109 S. 620-621

„… ) governs the procedure for adjusting the minimum market capitalisation laid down in Art 43(1). Since an …” „… of the foreseeable market capitalisation that is required by Art 43(1) may be adjusted in light of …” „… . 109 CARD 1. Security Markets and Services 620 Jessica Schmidt 1 2 3 the reference in Art 109(2) to …”

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

„… , para 17; cf. ECJ, Case C-271/91 Marshall v Southampton and South West Hampshire Area Health Authority …” „… Art 11(1) above is consistent with similar provisions in the Payment Services Directives (see Art 81 …” „… of PSD1 and Art 103 of PSD2). Subject to diverging objectives of the different legislative acts …”

Article 14 Exercise of the delegation S. 1777-1778

„… Christian Calliess and Matthias Ruffert (eds), EUV/AEUV (5th edn, C.H.Beck 2016), margin no 17. 2 Cf. ibid …” „… the Annex are non-essential within the meaning of Art 290 TFEU. The fundamental guidelines are set by …” „… Art 5, while the Annex solely amends the technical details. Article 14 Exercise of the delegation 1 …”

Article 64 S. 614-615

„… non-compliance With respect to sanctions for non-compliance with post-admission obligations, see above → Art 17 …” „… 50(1)2). Art. 64 CARD 1. Security Markets and Services 614 Jessica Schmidt 3 4 1 Art 49(1) that …” „… certificates issued by a Member State or its regional or local authorities, Art 63(1)1 establishes the ‘home …”

Article 41 Granting of the authorisation S. 240-242

„… . 2. 3. 4. Art. 41 MiFID II 1. Security Markets and Services 240 Dirk Zetzsche 1 2 3 4 5 Member …” „… investment services to that client. 3. Art. 42 MiFID II 1. Security Markets and Services 242 Dirk Zetzsche …” „… I. General features Purpose Art 40 sets out the disclosure requirements of Third Country …”

Article 106 S. 617-618

„… ) and Art 17 (with respect to ‘naming and shaming’), Art 18 (with respect to suspension and …” „… the general duty of the Member States to ensure the effet utile of the CARD (see above → Art 5 mn 1 …” „… ). The CARD already specifies certain powers which NCAs must or may have in Arts 11 through 15 (with …”

Article 29 S. 1093-1095

„… ) PRIIP Regulation. 3 Article 24(2)(c) PRIIP Regulation. Art. 29 PRIIPR 3. Market Transparency 1094 …” „… Administrative penalties and other measures Art. 29 PRIIPR Svend Gerhards and Kay Rothenhöfer 1093 (b) publish …” „… delegated acts referred to in Article 8(4), Article 16(8) and Article 17(7) shall be conferred on the …”

Article 1 Subject matter S. 1231-1234

„… Art. 1 CRAR 3. Market Transparency 1232 Christoph Kumpan and Ronny Grütze ratings and rules on the …” „… 2013 (OJ EU L146/1). Art. 2 CRAR 3. Market Transparency 1234 Christoph Kumpan and Ronny Grütze 5 …” „… the Council of 16 September 2009 on credit rating agencies (OJ L 302, 17.11.2009, p. 1-31 …”

Article 7 S. 1051-1054

„… of the PRIIP, including: 2. Art. 8 PRIIPR 3. Market Transparency 1054 Svend Gerhards and Kay …” „… features of individual types of product’.17 Article 8 PRIIP Regulation provides further details. The PRIIP …” „… insurance-based product (‘PRIIP’) is distributed. 1. 17 Recital no. 15 PRIIP Regulation. 18 Article 6(4)(c) PRIIP …”

Article 15 Initial capital endowment S. 64-65

„… compensation scheme subject to Art 2 Directive 97/9/EC. Those schemes tend to cover the operational risks of …” „… investment firms up to at least 20.000 EUR (see Art 4 Directive 97/9/EC). Since structured deposits are …” „… somewhere in between financial instruments and deposits, Art 14 second para MiFID allows for risks relating …”

Article 105 S. 616-617

„… official listing), Art 16 (with respect to information requests) and Art 17 (with respect to ‘naming and …” „… Markets 162 et seq. Art. 105 CARD 1. Security Markets and Services 616 Jessica Schmidt 1 2 3 4 thority …” „… pertains to the national competent authorities (NCAs). Article 105(1) (previously Art 9(1) LCD) governs …”

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

„… obligations, see above → Art 17 mn 1 et seq. Articles 65-104 Articles 65-104 were transferred into the …” „… margin no 7. Title IV Obligations relating to securities Art. 65-104 CARD Jessica Schmidt 615 2 3 4 5 …” „… Markets 162 et seq. Art. 105 CARD 1. Security Markets and Services 616 Jessica Schmidt 1 2 3 4 …”

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

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

Article 25 Obligation to maintain records S. 494-495

„… context of the duties of the managerial body. 4 See Art 17 Regulation (EU) 1095/10 of the European …” „… the duty to provide information (Art 25(6) MiFID II) or to not discriminate with regard to market …” „… . Consequences of violation Art 24 MiFIR is addressed to supervisory authorities, not to market participants …”

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

„… sovereign CDS, as referred to in Art 4 SSR.4 Article 17 SSR stipulates an exemption from the prohibition for …” „… already above, → mn 3. For further details, see above, → mn 5, 7. Art. 14 SSR 2. Market Behaviour 918 …” „… Art 14(1) SSR might have a negative impact on the sovereign CDS market. An NCA must base its …”

Article 21 Depositary S. 1504-1512

„… non-EU AIF is to be marketed. Art 21(4) contains incompatibility provisions disqualifying certain …” „… Special requirements apply under Art 20 (2), (5) to the delegation of the portfolio management or …” „… order to potentially acquire control over such companies in accordance with Ar- Art. 21 AIFMD 4 …”

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

„… that of the EU. As a consequence, the 1. Art. 33 MiFIR 1. Security Markets and Services 524 Matthias …” „… market to function efficiently. The provision can more directly be compared to Art 28(4) MiFIR, which …” „… 33(4) subpara 1 MiFIR. 4 Art 33(4) subpara 2 MiFIR. Art. 34 MiFIR 1. Security Markets and Services …”

Article 11 S. 1067-1072

„… investment products (PRIIPs) [2014] OJ L352; see recital no. 22 PRIIP Regulation. Art. 11 PRIIPR 3. Market …” „… securities (UCITS) [2009] OJ L302/32. 10 Article 6(4) PRIIP Regulation. Art. 11 PRIIPR 3. Market …” „… . Art. 12 PRIIPR 3. Market Transparency 1072 Svend Gerhards and Kay Rothenhöfer 18 19 1 2 …”

Article 19 S. 591-592

„… Johnston ECLI:EU:C:1986:206, margin no 17 et seq.; Case C-222/86 Unectef ECLI:EU:C:1987:442, margin no 14 …” „… . Discontinuance of listing Pursuant to Art 18(2), an NCA may decide to discontinue the listing of a security where …” „… official listing.10 Like under Art 18(1), an NCA, in exercising its discretion,11 has to consider the …”

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

„… paragraph 2, shall appoint a depositary that meets those requirements before 18 March 2018. I. Purpose Art …” „… II. Level 2 and 3 measures Commission Delegated Regulation (EU) 2016/438 of 17 December 2015 …” „… parties (Arts 22(1) of UCITSD), the depositaries may rely on third parties for safekeeping (see Arts 22 (5 …”

Articles 40 to 41 S. 1303-1304

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

Article 108 Delineation of supervisory powers S. 1460-1462

„… UCITSD) or by a branch (cf. Arts 16, 17, 19, 20, 21 of UCITSD) in the home Member State; in the latter …” „… lack of expertise, Art 107(3) of UCITSD ensures that consumer protection agencies can act against …” „… State; or Art. 108 UCITSD 4. Funds 1460 Dirk Zetzsche and Dominik Nast 3 (b) if necessary, refer the …”

Article 16 S. 1086-1087

„… and product intervention powers Art. 17 PRIIPR Svend Gerhards and Kay Rothenhöfer 1087 …” „… prohibition or restriction Art. 16 PRIIPR 3. Market Transparency 1086 Svend Gerhards and Kay Rothenhöfer …” „… monitor the market for insurance-based investment products which are marketed, distributed or sold in or …”

Article 37 Authorisation of non-EU AIFMs intending to manage EU AIFs and/or market AIFs managed by them in the Union in accordance with Article 39 or 40 S. 1541-1550

„… third countries Art. 37 AIFMD Christian Schmies 1541 (c) if the non-EU AIFM intends to market only one …” „… countries Art. 37 AIFMD Christian Schmies 1545 market units or shares of AIFs managed by it in Member …” „… the functioning of the financial markets with a view to facilitating the Art. 37 AIFMD 4. Funds …”

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

„… professional investors. I. General features Art 35 deals with the marketing of non-EU AIF managed by a EU AIFM …” „… the marketing of EU AIF in the home Member State of the AIFM. Art 35(5)-(9) also outlines the …” „… under Art 32 for the marketing of EU AIF in an EU Member State other than the AIFM’s home state. Article …”

Article 41 EBA temporary intervention powers S. 544-545

„… referred to in paragraph 2(a). Art. 41 MiFIR 1. Security Markets and Services 544 Matthias Lehmann Those …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 4. Practical application …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 I. General features Purpose Art 40 and 41 MiFIR provide powers for two European Supervisory …”

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

„… data within the meaning of Article 2(a) of Directive 95/46/EC. By 17 February 2013, the Member States …” „… Derivates Art. 13 EMIR Paola Lucantoni 1611 been adopted, of the requirements equivalent to those laid down …” „… procedure set out in Article 17. 2. Once authorisation has been granted in accordance with Article 17, it …”

Article 19 Uses of languages S. 1016-1018

„… language(s). 1. Art. 19 PD 3. Market Transparency 1016 Paola Lucantoni 1 Legislative history Under the …” „… the 2017 Prospectus Regulation. Art. 20 PD 3. Market Transparency 1018 Paola Lucantoni 1 2 3 4 …” „… summary be drawn up in their official language(s). I. General features Purpose The purpose of Art 19 of …”

Article 22 Annual report S. 1512-1514

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

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

„… derogation from Articles 52 to 55 for receiving UCITS. Commented below, see → Art 48. Article 40 Common draft …” „… Mergers of UCITS Art. 40 UCITSD Dirk Zetzsche and Dominik Nast 1373 The competent authorities shall not …” „… . Commented below, see → Art 48. Section 2 Third-party control, information of unit-holders and other rights …”

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

„… MiFIR are coordinated by ESMA and EBA. For details, see → Art 42 mn 17. Chapter 2 Positions Article 44 …” „… can enter into, and the reasons therefor. Art. 45 MiFIR 1. Security Markets and Services 556 …” „… the information duties with regard to regulators for energy and agricultural markets in Art 45(3 …”

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

„… Fuchs, WpHG-Commentary/Fuchs (2016), § 17 margin no 13. Title II Issuing of credit ratings Art. 8 c …” „… viewed at least every six months, in accordance with Art 8(5) subpara 2 CRA Regulation. Deviations …” „… necessary to fulfil an obligation set out in Arts 8(2), 10(1) and 11(1) CRA Regulation.10 Since a timely …”

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

„… . To improve market efficiency, liquidity, and to reduce financing costs for creditors, Art 5 grants a …” „… , 43. 11 Marino, 1169. 12 Devos, 43; Ruzik, 511. 13 Devos, 43. 14 Recitals 5 and 14. Art. 5 FCD 5 …” „… enforcement of a security interest, would, however, be tantamount to approval by court under Art 4(4)(b …”

Article 28 b Sanctioning powers S. 1219-1222

„… , 6.11.2013, p. 13. Art. 28 b TD 3. Market Transparency 1220 Wolf-Georg Ringe 1 2 3 the breach. It is a …” „… income 1 Directive 2013/50/EU recital 16. Chapter VIA Sanctions and measures Art. 28 b TD Wolf-Georg …” „… BT-Drs. 17/9940 and BT-Plenarprotokoll 17/184, p. 22097. 7 WpHG § 44. 8 See Engsig Sørensen and Neville …”

Article 30 S. 1095-1096

„… to in Article 8(4), Article 16(8) and Article 17(7) shall be conferred on the Commission for a period …” „… delegation of power referred to in Article 8(4), Article 16(8) and Article 17(7) may be revoked at any time …” „… . 5. A delegated act adopted pursuant to Article 8(4), Article 16(8) or Article 17(7) shall enter into …”

Article 20 Issuers incorporated in third countries S. 1018-1020

„… regis- 1. 2. 3. 1 Art 28 in the 2017 Prospectus Regulation. Art. 20 PD 3. Market Transparency 1018 …” „… trading on a regulated market in a Member State other than a home Member State as provided by Art 20(2 …” „… financial intermediaries Art. 21 PD 3. Market Transparency 1020 Paola Lucantoni …”

Article 22 a Delegation by depositary S. 1357-1359

„… stock they hold unless the UCITS deal with derivatives. Art 22(7) of UCITSD shall not prevent the …” „… holds in custody, provided that (i) the four conditions under Art 22(7)(a) to (d) of UCITSD are complied …” „… Obligations regarding the depositary Art. 22 a UCITSD Dirk Zetzsche and Dominik Nast 1357 13 14 15 3. The …”

Article 3 Optional exemptions S. 18-22

„… depositories [2014] OJ L 257/1. Art. 3 MiFID II 1. Security Markets and Services 18 Matthias Lehmann 26 27 …” „… Moloney, EU Securities and Financial Markets Regulation (3rd edn, Oxford University Press 2014) 351. Art …” „… Moloney, EU Securities and Financial Markets Regulation, p. 351 (footnote 183). 6 Ibid 351. 7 See Art 3(f …”

Article 69 Supervisory powers S. 358-362

„… 1996), para 47. Saunders v UK App No 19187/91 (ECtHR, 17 December Art. 69 MiFID II 1. Security …” „… Financial Markets – MiFID II and MiFIR (OUP 2017). Title VI Competent authorities Art. 69 MiFID II Jörn …” „… ; (f) require the temporary prohibition of professional activity; Art. 69 MiFID II 1. Security …”

Introduction S. 574-576

„… Journal of International Law 1, 5 et seq. 2 Council Directive 80/390/EEC of 17 March 1980 coordinating the …” „… services) to the EEA Agreement [2002] OJ L 154/22. Art. 1 CARD 1. Security Markets and Services 576 …” „… acts: the rules on prospectuses (Arts 20 through 41 of the original version of the CARD) were …”

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

„… ments/consumer-financial-services/financial-dispute-resolution-network-fin-net/fin-net-network/memb ers-fin-net-country_en. Chapter XII Provisions concerning authorisation authorities Art. 101 …” „… in accordance with Article 17 of that Regulation in those cases. 9. In order to ensure uniform …” „… Regulation (EU) No 1095/2010. Art. 101 UCITSD 4. Funds 1450 Dirk Zetzsche and Dominik Nast I. General …”

Article 13 Remuneration S. 1489-1492

„… more specific operating requirements in Art 13-17 and the organisational requirements of Art 18-21. II …” „… European Markets in Financial Instruments Directive (“MiFID”) as well as UCITS management companies. Art …” „… features Art 12-21 impose requirements for the operating conditions of AIFM. Art 12 imposes general …”

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

„… III Regulation. 2 Recital 28 CRA III Regulation. 3 Fuchs, WpHG-Commentary/Fuchs (2016), § 17 margin no …” „… 6 b CRA Regulation and Art 8c(1) CRA Regulation, read together, require that a person obtaining a …” „… simultaneously, while Art 6 b requires that each must be rotated at least every 4 years.3 1. 2. 1 Recital 28 CRA …”

Article 20 S. 1089-1090

„… Regulation. 3 Article 19(b) PRIIP Regulation. Art. 22 PRIIPR 3. Market Transparency 1090 Svend Gerhards …” „… competent authorities under Article 17. In particular EIOPA shall ensure that action taken by a competent …” „… competent authorities. 2. After receiving notification under Article 17 of any action that is to be imposed …”

Article 9 Conflict of laws S. 1739-1743

„… Financial Collateral Directive. 1 COM(2006) 833 final. Art. 10 FCD Andy Ruzik 1743 17 18 1 1 2 …” „… accounts run by financial intermediaries. For this purpose, Art 9 refers to the law of the country where …” „… the intermediary administers the account in which the collateral was registered. The goal of Art 9 is …”

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

„… November 2017, ESMA33-5-87. 1. 2. 32 Fuchs, WpHG-Commentary/Fuchs (2016), § 17 margin no 11. 1 For details …” „… , Answer 4 lit. b (p. 10). Art. 6 b CRAR 3. Market Transparency 1258 Christoph Kumpan and Ronny Grütze 4 …” „… requirement regarding the neutrality and independence of rating analysts is reiterated in Art 7. In …”

Article 4 Clearing obligation S. 1584-1588

„… . Art. 4 EMIR 5. Securities Clearing and Settlement 1584 Paola Lucantoni 16 17 essary or appropriate …” „… unnecessary. The group definition in Art 3(3) EMIR refers to either consolidation under IFRS or under the …” „… equivalence test benefit from this exception (see Art 3(1) EMIR). Art 3(2) EMIR provides a specific list of …”

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

„… Authorisation and operating conditions for investment firms Art. 24 MiFID II Martin Brenncke 167 17 Further …” „… should be disclosed, including mark-ups and mark-downs.40 Under Arts 24(4) and (5), information must be …” „… nature such that they could not Art. 24 MiFID II 1. Security Markets and Services 158 Martin Brenncke …”

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

„… exemption to the credit rating agency referred to in paragraph 1. Art. 5 CRAR 3. Market Transparency 1246 …” „… , 17, 18, 23, 48, 49 and 68 CRA Regulation. 1. 2. 1 Recital 13 CRA-Regulation. Title I Subject matter …” „… , scope and definitions Art. 5 CRAR Christoph Kumpan and Ronny Grütze 1247 1 2 Level 2: Commission …”

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

„… 2 shall be readily returned to the providing CCP. Art. 53 EMIR 5. Securities Clearing and …” „… procedure under Article 17 shall apply. 2. The competent authorities shall grant approval of the …” „… interoperability arrangement only where the CCPs involved have been authorised to clear under Article 17 or …”

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

„… MiFIR are coordinated by ESMA and EBA. For details, see → Art 42 mn 17. Chapter 2 Positions Article 44 …” „… Overview The provision clarifies that the actions of national competent authorities under Art 42 …” „… Union; Title VII Supervisory measures Art. 45 MiFIR Matthias Lehmann 555 1 …”

Article 23 Conflicts of interest S. 151-155

„… II (OUP, Oxford 2017), para 7.11. Art. 23 MiFID II 1. Security Markets and Services 152 Martin …” „… . Art. 23 MiFID II 1. Security Markets and Services 154 Martin Brenncke 7 insufficient if a firm were …” „… operating conditions for investment firms Art. 23 MiFID II Martin Brenncke 151 2 3. The disclosure referred …”

Article 35 Conditions for the marketing in the Union with a passport of a non-EU AIF managed by an EU AIFM S. 1536-1539

„… managed and marketed by the AIFM be marketed only to professional investors. I. General features Art 35 …” „… with the notification procedure provided for under Art 31 for the marketing of EU AIF in the home …” „… procedure is aligned with the notification procedure provided for under Art 32 for the marketing of EU AIF …”

Article 8 Certain insolvency provisions disapplied S. 1734-1739

„… mark-to-market valuation). The most common feature of top-up agreements is that when the collateral value falls …” „… same time refusing to pay obligations due from the insolvent party.8 With that content, Art 7 is a …” „… close-out netting (Art 7(1)(b)).10 That means that a close-out netting provision can take effect no matter …”

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

„… marketed only to professional investors. I. General features Art 40 frames the conditions for marketing of …” „… is marketed. Art 40(3)-(4) addresses the marketing notification that is required for the marketing of …” „… I. General features Art 39 applies to the marketing of EU AIF managed by a non-EU AIFM to …”

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

„… conditions … Foreword to Arts 24 to 30 MiFID II Martin Brenncke 155 8 1 2 to the protections for investors …” „… investment firms Art. 24 MiFID II Martin Brenncke 157 …” „… , Arts 34(4) and (5) of the MiFID II Delegated Regulation favour ex-ante procedural controls over …”

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

„… four years from 17 September 2014. The power to adopt the delegated acts referred to in Article 50 a …” „… months at the initiative of the European Parliament or of the Council. The provisions of Arts 113-119 of …” „… UCITSD are not reproduced and commented. Chapter XIII Delegated acts and powers of execution Art. 112 …”

Article 7 Responsibility and liability S. 1135-1137

„… obligations (Rome II) [2007] OJ L199/40. Art. 7 TD 3. Market Transparency 1136 Wolf-Georg Ringe 6 7 8 9 10 …” „… Chapter VIA (→ Art 28-28 c). Context Article 7 was drafted in close alignment with corresponding …” „… payments report in Article 6. 1. 2. 1. 1 See above, → Art 1 mn 9. Chapter II Periodic information Art. 7 …”

Article 26 Precautionary measures S. 1210-1211

„… 24 et seq. 2 See → Art 19. Art. 26 TD 3. Market Transparency 1210 Wolf-Georg Ringe 8 9 1 2 3 ESMA …” „… , 971-972. 6 See also Regulation (EU) No 1095/2010, Articles 21 and 35. 1 For the definition, see → Art 2 mn …” „… 14(2), Article 17(4), Article 18(5), Article 19(4), Article 21(4), Article 23(4), Article 23(5) and …”

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

„… the competent authorities in the home Member State of the UCITS in accordance with Art 20 of UCITSD.8 …” „… rules or the instruments of incorporation; 6 Cf. UCITSD, Art 21. 7 See ESMA34-43-392, Q&A on the …” „… Directive, Section IV – Q7. Chapter IV Obligations regarding the depositary Art. 22 UCITSD Dirk Zetzsche …”

Article 2 Definitions S. 883-888

„… purpose to Art. 2 SSR 2. Market Behaviour 884 Klaus Ulrich Schmolke mobilise funding and provide …” „… CRR. 6 See above, Introduction and Overview, mn 1 and 3. Art. 2 SSR 2. Market Behaviour 886 Klaus …” „… . Art. 3 SSR 2. Market Behaviour 888 Klaus Ulrich Schmolke …”

Article 1 S. 1033-1036

„… undertakings for collective investment in transferable securities (UCITS) [2009] OJ L302/32. Art. 1 PRIIPR 3 …” „… and definitions Art. 1 PRIIPR Svend Gerhards and Kay Rothenhöfer 1035 5 6 7 8 9 10 11 vestors after …” „… the EU within its scope.17 Manufacturers in third countries would also be in the scope of the PRIIP …”

Article 9 Management body S. 43-50

„… investment firms Art. 9 MiFID II Dirk Zetzsche 49 17 Notification re management and changes (Art 9(5) MiFID …” „… /EU of the European Parliament and of the Council. 1. 2. Art. 9 MiFID II 1. Security Markets and …” „… Markets and Services 48 Dirk Zetzsche 14 15 16 Art 9(4) MiFID Art 91 CRD IV Joint Guidelines sufficient …”

Article 20 Home member state supervision S. 1348-1350

„… this Directive. Commented below, see → Art 21. Article 20 Home member state supervision 1. Without …” „… documentation: Art. 20 UCITSD 4. Funds 1348 Dirk Zetzsche and Dominik Nast (a) the written contract with the …” „… documentation referred to in paragraph 1 and, based on the attestation referred to in Articles 17 and 18, as to …”

Article 29 Publication of decisions S. 1223-1226

„… Reform Proposal 2011, 9. 3 See above, → Art 28 b mn 3. Art. 29 TD 3. Market Transparency 1224 …” „… 2016/679 is the successor to Directive 95/46/EC. Chapter VIB Publication of decisions Art. 29 TD …” „… objective is confirmed by Recital 17: ‘In order to ensure that decisions imposing an administrative measure …”

Article 13 Approval of the prospectus S. 999-1004

„… . Chapter III Arrangements for approval and publication Art. 13 PD Paola Lucantoni 1003 12 13 14 15 16 17 …” „… market has a registered office (see the discussion under → Art 2 above for information regarding the …” „… Directive. 1. Art. 13 PD 3. Market Transparency 1000 Paola Lucantoni 1 Legislative history Under the …”

Article 37 Non-discriminatory access to and obligation to licence benchmarks S. 531-532

„… : Title VI Non-discriminatory clearing access Art. 37 MiFIR Matthias Lehmann 531 (a) to prevent any …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 5. Timing …” „… therefore imposes in Art 35-37 MiFIR an obligation to grant nondiscriminatory and speedy access on fair …”

Introduction S. 1466-1467

„… International, Vol. 17, no 1 (2016), p. 41-58; Commission Delegated Regulation (EU) No 231/2013 of 19 December …” „… investment funds (AIFs) in the Union. I. General features Art 1 AIFMD sets out the subject matter of the …” „… scope of AIFMD is even a bit broader than indicated in Art 1 AIFMD as AIFMD also contains provisions …”

Article 3 Intragroup transactions S. 1579-1584

„… Decision (EU) 2016/2273. Art. 4 EMIR 5. Securities Clearing and Settlement 1584 Paola Lucantoni 16 17 …” „… I),1 and now Art 4(1)(21) of the Market in Financial Instruments Directive of 2014 (MiFID II):2 …” „… (Art. 2 a) Any derivative contract executed on a third country market that has not been deemed …”

Article 1 Purpose and scope S. 951-958

„… 2017, ESMA-31-62-780. Chapter I General provisions Art. 1 PD Paola Lucantoni 955 14 15 16 17 18 19 …” „… Article 2(1)(m). 3 Rec (1) and (10). Art. 1 PD 3. Market Transparency 952 Paola Lucantoni 1 2 ments …” „… by its Art 2(1)(d), and trading on “regulated markets”, as described in Art 4(1)(14) of MiFID. For a …”

Article 82 Exercise of the delegation S. 1678-1679

„… ). 1. 2. 1. Art. 82 EMIR 5. Securities Clearing and Settlement 1678 Paola Lucantoni 1 2 3 …” „… required under Art 81(5) have been adopted as Commission Delegated Regulation (EU) No 151/2013.2 The text …” „… and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014) [2016] OJ L171/1. 2 …”

Article 1 S. 1680-1684

„… have a retroactive effect on the rights and obligations of participants in a system; (17) Whereas, in …” „… of their function as central banks. I. General features Purpose Art 1 defines and at the same time …” „… the Doctrine of Specifity (Springer 2009), 23. Section I Scope and definitions Art. 1 SFD Andy …”

Article 15 Extension of activities and services S. 1613

„… com- Title III Authorisation and supervision of CCPs Art. 17 EMIR Paola Lucantoni 1613 …” „… authorisation shall be made in accordance with the procedure set out under Article 17. 2. Where a CCP wishes to …” „… accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010. Article 17 Procedure for granting and …”

Article 16 Capital requirements S. 1613

„… com- Title III Authorisation and supervision of CCPs Art. 17 EMIR Paola Lucantoni 1613 …” „… authorisation shall be made in accordance with the procedure set out under Article 17. 2. Where a CCP wishes to …” „… accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010. Article 17 Procedure for granting and …”

Article 22 Competent authority S. 1621-1623

„… authorisation referred to in Article 17, (ii) applications for recognition under Article 25, and (iii) annual …” „… supervision of CCPs Art. 22 EMIR Paola Lucantoni 1621 12 13 14 15 16 2. Each Member State shall ensure that …” „… – Finansinspektionen (FI) United Kingdom – Bank of England Art. 22 EMIR 5. Securities Clearing and Settlement 1622 …”

Article 81 Exchange of information S. 381-383

„… 600/2014. Art. 81 MiFID II 1. Security Markets and Services 382 Jörn Axel Kämmerer Article 82 Binding …” „… information required for the purposes of carrying out the duties Title VI Competent authorities Art. 81 …” „… Directive and to the possibility of ESMA acting in accordance with Article 17 of Regulation (EU) No …”

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

„… Article 17 EMIR. TITLE VI REGISTRATION AND SUPERVISION OF TRADE REPOSITORIES Chapter 1 Conditions and …” „… interoperability’ (2012) Reserve Bank of Australia Bulletin June 59. Art. 55 EMIR 5. Securities Clearing and …” „… Registration and supervision of trade repositories Art. 58 EMIR Paola Lucantoni 1659 …”

Article 5 S. 1046-1048

„… (PRIIPs) (‘Commission Guidelines’) [2017] OJ C218/11. Art. 5 PRIIPR 3. Market Transparency 1046 Svend …” „… . Art. 6 PRIIPR 3. Market Transparency 1048 Svend Gerhards and Kay Rothenhöfer 1 …” „… ) PRIIP Regulation. 3 Recital no. 12 PRIIP Regulation. 4 Paragraph 17 of the Communication from the …”

Article 1 Subject matter and scope S. 1574-1576

„… , 2016/0360 (COD.9.). Art. 1 EMIR 5. Securities Clearing and Settlement 1574 Paola Lucantoni 26 27 3. Title …” „… amend the list set out in paragraph 4 of this Article. To that end, by 17 November 2012 the Commission …” „… Matter, Scope and Definitions Art. 1 EMIR Paola Lucantoni 1575 Article 2 Definitions For the purposes of …”

Article 15 S. 1176-1177

„… 20. 1 WpHG § 41(1). Art. 15 TD 3. Market Transparency 1176 Wolf-Georg Ringe 10 1 2 3 4 5 6 7 …” „… (Articles 17-18). Together, Articles 16-18 impose various disclosure obligations that are oriented towards …” „… information Art. 16 TD Wolf-Georg Ringe 1177 1 2 3 4 …”

Article 14 S. 1081-1086

„… be provided in alternative ways. Art. 14 PRIIPR 3. Market Transparency 1082 Svend Gerhards and Kay …” „… ) b) 5. 9 Article 14(4)(b) PRIIP Regulation. Art. 14 PRIIPR 3. Market Transparency 1084 Svend …” „… notice shall specify details of the prohibition or restriction Art. 16 PRIIPR 3. Market Transparency …”

Article 26 Obligation to report transactions S. 495-498

„… risk of data corruption and unauthorised access and Art. 26 MiFIR 1. Security Markets and Services …” „… quantity, the dates and times of execu- Title IV Transaction reporting Art. 26 MiFIR Matthias Lehmann …” „… Articles 12, 13 and 17 of that Regulation. For transactions not carried out on a trading venue, the reports …”

Article 18 S. 1089

„… competent authorities under Article 17. In particular EIOPA shall ensure that action taken by a competent …” „… competent authorities. 2. After receiving notification under Article 17 of any action that is to be imposed …” „… under this Regulation. Chapter IV Complaints, redress; cooperation and supervision Art. 20 PRIIPR …”

Article 19 S. 1089

„… competent authorities under Article 17. In particular EIOPA shall ensure that action taken by a competent …” „… competent authorities. 2. After receiving notification under Article 17 of any action that is to be imposed …” „… under this Regulation. Chapter IV Complaints, redress; cooperation and supervision Art. 20 PRIIPR …”

Article 2 Definitions S. 1576-1578

„… solely and exclusively in their interest; Art. 2 EMIR 5. Securities Clearing and Settlement 1576 Paola …” „… undertakings referred to in Article 3(1) and Article 80(7) and (8) of Directive 2006/48/EC; (17) ‘financial …” „… Art. 2 EMIR Paola Lucantoni 1577 tions regarding aggregation thereof laid down in Article 12(4) and (5 …”

Article 84 Consultation prior to authorisation S. 383-384

„… 17 of Regulation (EU) No 1095/2010. Article 83 Refusal to cooperate A competent authority may refuse …” „… institution or insurance undertaking authorised in the Union; Title VI Competent authorities Art. 84 MiFID …” „… because such measures prove inadequate, the investment firm persists in Art. 86 MiFID II 1. Security …”

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

„… Powers’ in Commission Staff Working Document. Art. 27 a TD 3. Market Transparency 1214 Wolf-Georg …” „… ), Article 17(4), Article 18(5), Article 19(4) Article 21(4), Article 23(4), Article 23(5) and Article 23(7 …” „… under the ESMA Regulation. Chapter VI Delegated acts and implementing measures Art. 27 b TD …”

Article 33 S. 1096-1097

„… products, and shall assess whether the exemption of products from the scope of this Regulation should Art …” „… ), Article 16(8) and Article 17(7) as well as to create regulatory technical standards1 pursuant to Article …” „… Article 27 of Directive 2009/65/EC. Chapter VI Final provisions Art. 34 PRIIPR Svend Gerhards and Kay …”

Articles 83 to 91 S. 1679-1680

„… regulatory technical standards required under Art 81(5) have been adopted as Commission Delegated Regulation …” „… of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 …” „… repositories Arts 83 to 91 EMIR Paola Lucantoni 1679 4 5 6 1 Settlement Finality Directive (SFD) Directive …”

Chapter 3 Prudential requirements S. 1643-1653

„… lifecycle of the contract in relation to the changes of the mark-to-market value of the clearing member’s …” „… its margins to reflect current market conditions taking into account any potentially procyclical …” „… between margin collections, market liquidity and the possibility of changes over the duration of the …”

Article 35 Addressees S. 1230-1231

„… therefore does not create any direct rights or obligations for the market participants. Art. 35 TD 3 …” „… 302, 17.11.2009, p. 1-31) Bibliography: Achleitner A-K and Everling O (eds), Handbuch Ratingpraxis …” „… Article 4(3) of the Credit Rating Agencies Regulation of 17 November 2017, ESMA33-9-205; ESMA, Guidelines …”

Article 34 S. 1097-1099

„… regards the date of its application [2016] OJ L354/35. Art. 34 PRIIPR 3. Market Transparency 1098 Svend …” „… referred to in Article 8(4), Article 16(8) and Article 17(7) as well as to create regulatory technical …” „… the meaning of Article 27 of Directive 2009/65/EC. Chapter VI Final provisions Art. 34 PRIIPR Svend …”

Introduction S. 941-951

„… zum Urteil des EuGH vom 17.9.2014, Az. C-441/12 – Zur Frage der Prospektpflicht bei der …” „… Wirtschaftsrecht 301; Kumpan C, ‘Market-based financing in the Capital Markets Union: The European Commission’s …” „… and publication of such prospectuses and dissemination of advertisements [2006] OJ L337/17. Commission …”

Article 82 Binding mediation S. 383

„… 17 of Regulation (EU) No 1095/2010. Article 83 Refusal to cooperate A competent authority may refuse …” „… institution or insurance undertaking authorised in the Union; Title VI Competent authorities Art. 84 MiFID …” „… market operator or credit institution authorised in another Member State; (b) a subsidiary of the parent …”

Article 83 Refusal to cooperate S. 383

„… 17 of Regulation (EU) No 1095/2010. Article 83 Refusal to cooperate A competent authority may refuse …” „… institution or insurance undertaking authorised in the Union; Title VI Competent authorities Art. 84 MiFID …” „… market operator or credit institution authorised in another Member State; (b) a subsidiary of the parent …”

Article 15 S. 1086

„… prohibition or restriction Art. 16 PRIIPR 3. Market Transparency 1086 Svend Gerhards and Kay Rothenhöfer …” „… monitor the market for insurance-based investment products which are marketed, distributed or sold in or …” „… 17, EIOPA may take any of the measures referred to in paragraph 1 of this Article without issuing the …”

Article 12 Penalties S. 1611

„… data within the meaning of Article 2(a) of Directive 95/46/EC. By 17 February 2013, the Member States …” „… Derivates Art. 13 EMIR Paola Lucantoni 1611 …” „… such disclosure would seriously jeopardise the financial markets or cause disproportionate damage to …”

doi.org/10.5771/9783845279893

Konrad Roth - Kartellrechtliche Leniency Programmes und Ad-hoc-Publizität nach MAR

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Konrad Roth

Kartellrechtliche Leniency Programmes und Ad-hoc-Publizität nach MAR

Series: Schriften zum europäischen, internationalen und vergleichenden Unternehmensrecht

Volume 20 2021

Results in this title

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

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

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

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

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

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

Titelei/Inhaltsverzeichnis S. 1-50

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

§ 1 Einführung S. 51-66

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

Literaturverzeichnis S. 975-1027

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

§ 3 Kartellrechtliche leniency programmes S. 593-860

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

doi.org/10.5771/9783748911951

Kilian Krötz - Das Verhältnis von Kapitalmarkt- und Gesellschaftsrecht am Beispiel der Ad-hoc-Publizität bei Compliance-Sachverhalten

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Kilian Krötz

Das Verhältnis von Kapitalmarkt- und Gesellschaftsrecht am Beispiel der Ad-hoc-Publizität bei Compliance-Sachverhalten

Series: Studien zum Handels-, Arbeits- und Wirtschaftsrecht

Volume 202 2022

Results in this title

Kapitel 3: Die Pflicht zur Ad-hoc-Veröffentlichung der Insiderinformation S. 124-206

„… : Assmann/Schneider/Mülbert (Hrsg.), WpHR, Art.17 MAR Rn.50ff.; Veil/Brüggemeier, in: HdB Marktmissbrauchsrecht, §10 Rn.17 …” „… „Formalismus zwischen zwei Wissenden“ genauso auf Art.17 Abs.1 MARübertragen. Art.19 Abs.1 MAR ist eine eigene …” „… Wissenselements in Art.17 Abs.1 MAR. Sofern keine Irreführung des Marktes zu befürchten ist, sollte die …”

Kapitel 5: Das berechtigte Interesse des Emittenten am Aufschub der Mitteilungspflicht S. 259-301

„… , 1411, 1413; Veil/Brüggemeier, in: HdB Marktmissbrauchsrecht, §10 Rn.97. 968 Klöhn, in: MAR, Art.17 Rn …” „… - und Marktinteresse bedarf. Art.17 Abs.4 MAR nennt als Voraussetzungen für den Aufschub einerseits in …” „… berechtigte Interesse des Emittenten in Art.17 Abs.4 lit.a) MAR ist also weder das Interesse des Marktes, noch …”

Kapitel 4: Auswirkung der europarechtskonformen Auslegung auf die Ad-hoc-Pflicht in der Einzelgesellschaft und bei Unternehmensverbindungen S. 207-258

„… . Art.17 Abs.1 MAR ggü. dem Kapitalmarkt. Die Grenze dieser Informationsverantwortung liegt …” „… zwischen europäischen Kapitalmarktrecht in Form von Art.17 Abs.1 MAR und dem nationalen Gesellschaftsrecht …” „… besteht dabei insbesondere dort, wo der Informationsverantwortung nach Art.17 Abs.1 MAR rechtliche Grenzen …”

Kapitel 6: Abschließende Zusammenfassung in Thesen S. 302-310

„… Veröffentlichungspflicht bei related-party-transactions nach §111c Abs.3 AktG ist trotz Harmonisierung mit Art.17 Abs.1 MAR …” „… „Compliance-Sachverhalt“ nach Art.17 Abs.4 lit.c) MAR und befreit bei guter Geheimhaltung nicht von der 1153 …” „… Insiderinformation des Art.7 MAR frühzeitig einsetzende Ad-hoc-Publizitätspflicht des Art.17 Abs.1 MAR hat zu einer …”

Kapitel 2: Das Entstehen der Insiderinformation S. 48-123

„… offizielle Überschrift von Art. 17 MAR „Veröffentlichung von Insiderinformationen“ und die Erwägungsgründe …” „… . 18/10936, S.230, 251. 157 Klöhn, in: MAR, Art.17 Rn.17; Assmann, in: Assmann/Schneider/Mülbert (Hrsg …” „… .), WpHR, Art.17 MAR Rn.2. 158 So und im Folgenden EuGH, Urt. v. 28.6.2012, Az. C-19/11, Rn.24 (Geltl …”

Titelei/Inhaltsverzeichnis S. 1-20

„… Kapitel 3: Die Pflicht zur Ad-hoc-Veröffentlichung der Insiderinformation 124 A.Art.17 Abs.1 MAR als …” „… . Zurechnung von Wissen in Art.17 Abs.1 MAR 128 a) Wissensnormen nach deutschem Recht 129 b) Grundlagen der …” „… Art.17 Abs.4 MAR 152 a) Art.17 Abs.4 MAR als Legalausnahme 152 b) Art.17 Abs.4 MAR als aktive …”

Einführung S. 21-24

„… untersuchende Ad-hoc-Publizitätspflicht in Art.17 Abs.1 MAR trifft dabei den Emittenten, also eine juristische …” „… Ad-hoc-Publizitätspflicht des Art.17 Abs.1 MAR zum nationalen Gesellschaftsrecht verhält. Den bisherigen Höhepunkt dieses …” „… Ad-hoc-Publizitätspflicht des Emittenten nach Art.17 Abs.1 MAR. Dabei werden die zur Frage des Zeitpunkts des Eintritts der …”

Kapitel 1: Die Ziele der Marktmissbrauchsverordnung und ihre Grundlagenmodelle S. 25-47

„… versorgen kann. Hier trifft ihn daher die Ad-hoc-Publizitätspflicht des Art.17 Abs.1 MAR. Daneben bestehen …” „… Schutzgesetzeigenschaft von Art.17 Abs.1 MAR und damit einen individuellen Schadensersatzanspruch nach §823 Abs.2 BGB zu …” „… explizit aufgegriffen wurde. 100 Klöhn, ZHR 2013, 349, 383; Klöhn, in: MAR, Art.17 Rn.5; Oulds, in: K/M/F/S …”

Literaturverzeichnis S. 311-339

„… Unternehmung, 17.Aufl., München 2017. Peters, Marc, Aktuelle Fragen der Ad-hoc-Publizität nach Art.17 MAR, in …” „… . Biermann, Friedrich G., Wissenszurechnung im Fall der Ad-hoc-Publizität nach Art.17 MAR, Halle (Saale) 2019 …” „… (zitiert: Biermann, Wissenszurechnung nach Art.17 MAR). Bingel, Adrian, Die „Insiderinformation” in …”

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