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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

Results in this title

Article 20 Investment recommendations and statistics S. 824-833

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 6. 82 See Article 38 lit. (c). Art. 20 MAR 2. Market Behaviour 824 Wolf-Georg Ringe 76 77 III …” „… . 20 MAR 2. Market Behaviour 828 Wolf-Georg Ringe 18 19 20 21 22 Crucially, Art 20 applies not only …” „… March 2018) Q 8.7. Art. 20 MAR 2. Market Behaviour 826 Wolf-Georg Ringe 5 6 7 8 9 10 11 search, the …”

Article 19 Managers’ transactions S. 808-824

„… Reinsurance (Solvency II) [2009] OJ L335/1). Art. 19 MAR 2. Market Behaviour 816 Wolf-Georg Ringe 21 22 23 …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 6. 82 See Article 38 lit. (c). Art. 20 MAR 2. Market Behaviour 824 Wolf-Georg Ringe 76 77 …” „… competent authority of the home Member State in accordance with Art. 19 MAR 2. Market Behaviour 808 …”

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

„… MAD 2003, recital 44. 2 MAD 2003, Article 1(2)(c). 3 See → Art 20 mn 54. Art. 21 MAR 2. Market …” „… Article 20(3) subparagraph 4. Chapter 3 Disclosure requirements Art. 21 MAR Wolf-Georg Ringe 833 50 51 …” „… & Management 459. Chapter 4 ESMA and competent authorities Art. 21 MAR Jörn Axel Kämmerer 835 9 10 11 12 …”

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

„… Ihrig, ibid. Art. 17 MAR 2. Market Behaviour 786 Wolf-Georg Ringe 20 21 22 23 24 25 26 27 Thus, for …” „… ), § 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 …”

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

„… . When information becomes public is discussed in Market Abuse Regulation, → MAR Art 7 mn 19-21. 29 Spot …” „… based on that of the Market Abuse Regulation. As under Art 8(1) of MAR, insider dealing occurs when a …” „… information relates (Art 3(2)), as well as the can- 2. 1. 3 Market Abuse Directive, recitals 20-21. 4 Ibid …”

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

„… ‘market making activities’ is specified in Art 2(1)(k) SSR. According to Art 2(1)(k) SSR, ‘market making …” „… referred to in Art 2(1)(l) MiFID7 that is a member of a trading venue or of a market in a third country …” „… repealed by Art 37 MAR and has been replaced by Delegated Regulation (EU) 2016/1052 of 8 March 2016 …”

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

„… 121. 4 See Schwark and Kruse, ibid, margin no 43 for references. Art. 10 MAR 2. Market Behaviour …” „… , insider dealing, market manipulation Art. 10 MAR Carsten Gerner-Beuerle 711 1 Legislative history Under …” „… Market Abuse Directive of 2003,2 and MAR prohibits any insider within the meaning of Art 8(4) from …”

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

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Art. 5 MAR 2. Market Behaviour 662 Carsten Gerner-Beuerle I. General features Purpose and …” „… ), Art 21(1)(a). 16 ESMA, Final Report on Draft technical standards, para 24. 17 Arts 5(3) Market Abuse …” „… (Edward Elgar 2016), para 3.36. 33 Market Abuse Regulation, Art 3(2)(a). 34 Ibid, Art 3(2)(b). Art. 5 MAR …”

Article 2 Scope S. 650-654

„… ) [2014] OJ L173/179. Art. 2 MAR 2. Market Behaviour 650 Carsten Gerner-Beuerle 1 2 (b) financial …” „… ) Pursuant to Arts 2(1)(a) through (c), the Market Abuse Regulation applies to financial instruments as …” „… most OTC trades, Regulation (EU) No 600/2014 (MiFIR), Arts 20-21. 9 Market Abuse Regulation, recital 10 …”

Article 7 Inside information S. 673-692

„… Inside information, insider dealing, market manipulation Art. 7 MAR Carsten Gerner-Beuerle 685 19 20 21 …” „… Schwark and Kruse in: Schwark and Zimmer § 13 margin no 11-12. Art. 7 MAR 2. Market Behaviour 680 …” „… Kruse, in: Schwark and Zimmer, § 13 margin no 50. Art. 7 MAR 2. Market Behaviour 688 Carsten …”

Article 18 Insider lists S. 799-808

„… 2(1). Art. 18 MAR 2. Market Behaviour 804 Wolf-Georg Ringe 23 24 25 26 27 28 29 30 have access to …” „… 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 …”

Article 11 Market soundings S. 718-730

„… Ibid, paras 28-30. Art. 11 MAR 2. Market Behaviour 728 Carsten Gerner-Beuerle 20 21 chronological …” „… 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 2 Definitions S. 624-627

„… defined in point (21) of Article 3(1) of Regulation (EU) No 596/2014. Art. 2 MAD 2. Market Behaviour …” „… securities or associated instruments as defined in Art 3(2) of MAR. The exemptions of the Market Abuse …” „… MAR. 2. 8 For further examples, see comment on → MAR Art 2 mn 2. 9 ‘Regulated market’ for purposes of …”

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 22 Competent authorities S. 835-838

„… & Management 459. Chapter 4 ESMA and competent authorities Art. 21 MAR Jörn Axel Kämmerer 835 9 10 11 12 …” „… , margin no 16 et seq. (62nd edn, C.H.Beck 2017). Art. 22 MAR 2. Market Behaviour 836 Jörn Axel Kämmerer …” „… under Art 21 do not apply if: (a) the persons concerned, or persons closely associated with them, derive …”

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

„… Administrative measures and sanctions Art. 30 MAR Jörn Axel Kämmerer 861 21 22 will show that dual truncation …” „… , 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 …”

Article 8 Insider dealing S. 692-705

„… dealing, market manipulation Art. 8 MAR Carsten Gerner-Beuerle 703 21 22 inside information because the …” „… Schütze, § 8 margin no 148. However, this interpre- Art. 8 MAR 2. Market Behaviour 698 Carsten …” „… of the 2003 Market Abuse Directive. Art. 8 MAR 2. Market Behaviour 694 Carsten Gerner-Beuerle 3 4 …”

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 3 Definitions S. 1236-1242

„… definition of “Regulated Market”, see Art 4(1)(21) MiFID II. Article 4(1)(14) Directive 2004/39/EC, referred …” „… rating”. However, reading Art 3(1)(x) CRA Regulation in context, and in light of recital 21 CRA …” „… 1239 10 11 12 13 14 tion is prohibited under Arts 14(c) and 10 MAR.19 However, the disclosure of inside …”

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 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 …” „… 2012. The second subparagraph repeats declaratory Art 288 TFEU. Art. 18 SEPAR 6. Payments 1784 …”

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 3 Definitions S. 654-657

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

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

„… , recital 1. Chapter 2 Inside information, insider dealing, market manipulation Art. 16 MAR Carsten …” „… 134. 3 Market Abuse Regulation, Art 2(1)(d). 4 ESMA, para 139. Pursuant to Commission Delegated …” „… . Art. 16 MAR 2. Market Behaviour 774 Carsten Gerner-Beuerle 2 3 thority upon request, including …”

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 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 …”

Introduction S. 644-650

„… ) [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 …” „… Market Abuse Regulation (MAR) Regulation (EU) No 596/2014 of the European Parliament and of the …”

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 …”

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 19 Home Member State control S. 1187-1189

„… 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 …” „… The text officially refers to the original Market Abuse Directive 2003/6/EC. However, by virtue of MAR …”

Index S. 1785-1803

„… mergers, market soundings MAR 11 6 – time of disclosure and trading MAR 7 21 – tippee, insider dealing …” „… AIFMD 31 3 Mark-to-market EMIR 11 12 Matched principal trading MiFIR 23 21 Material market in terms of …” „… et seq. – litigation TD 20 17 – transmission to OAM TD 21 18 Regulated market MAR 22 6; TD 2 5 et …”

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

„… 5(2)(a) to (c) of the Commission Delegated Regulation (EU) 2017/568. 21 Art 51(3) subpara 1 MiFID II …” „… 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 …”

Articles 27 to 31 S. 934-937

„… Arts 18 to 21 and 23 SSR must publish its decision to do so on its website, and include the details of …” „… to 21, or 23 SSR shall not take effect before such publication (see Art 25(3) SSR). Notification to …” „… proposed measures under Art 18 to 21 SSR (Art 27(2) SSR). These opinions must be published on ESMA’s …”

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

„… ), p. 468. Art. 23 MiFIR 1. Security Markets and Services 492 Matthias Lehmann 19 20 21 22 de …” „… 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 …”

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 …” „… considers to be a tax haven. See → Art 32. 21 Decreto Legislativo n. 58 (Testo Unico della Finanza – TUF …” „… . 201. Art. 9 TD 3. Market Transparency 1140 Wolf-Georg Ringe (6 a) This Article shall not apply to …”

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 …” „… Regulation (EU) 2017/1005. 20 Art 52(2) subpara 5 MiFID II. 21 Art 52(2) subpara 6 MiFID II. 22 Art 52(2 …”

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 …” „… Working Paper 2002. Art. 1 TD 3. Market Transparency 1100 Wolf-Georg Ringe 1 2 3 In this spirit, the TD …” „… obligations under other instruments, such as the Market Abuse Regulation (MAR).12 (4) Finally, the TD is also …”

Article 2 Definitions S. 1104-1114

„… 2003, 22. Art. 2 TD 3. Market Transparency 1112 Wolf-Georg Ringe 23 24 25 26 27 28 29 30 31 32 2(1 …” „… , 21-22. Chapter I General provisions Art. 2 TD Wolf-Georg Ringe 1109 5 6 7 8 9 10 12(1)(b) extend the …” „… as “ESMA, Q&A”). Chapter I General provisions Art. 2 TD Wolf-Georg Ringe 1111 18 19 20 21 22 For …”

Article 3 Integration of securities markets S. 1114-1118

„… Directive 2013/50/EU, recital 12. 16 For the definition, see Article 2(1)(j) and above, → Art 2 mn 24 et seq …” „… (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 …”

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 …”

Articles 32 to 41 S. 937-939

„… sanctioning regime as provided by MAR1 and CRIM- MAD2.3 Competent authorities (Art 32) Each Member State is …” „… . 1 See comment on → MAR. 2 Directive 2014/57/EU of 16 April 2014 on criminal sanctions for market …” „… regulation (Art 99 Regulation (EU) 2018/1725). Arts 32 to 41 SSR 2. Market Behaviour 938 Klaus Ulrich …”

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

„… , Mapping, para 337. 23 ESMA, Q&A, Q2. Art. 5 TD 3. Market Transparency 1128 Wolf-Georg Ringe 20 21 22 23 …” „… See on this → Art 4 mn 14. 21 Bulgaria, Greece, Lithuania and Poland. 22 For further detail, see ESMA …” „… regulated information under Art 17 MAR. Article 6 Report on payments to governments Member States shall …”

Article 44 Authorisation and applicable law S. 247-252

„… country regulates markets independently. Background The term “regulated market”, as defined in Art 4(1)(21 …” „… . 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 12 Prospectuses consisting of separate documents S. 997-999

„… conjunction with the following: Arts 5 and 7 of the Prospectus Directive and Arts 1(2), 2(1), 3, 4 a, 22, and …” „… approved by the competent authority of a Member State can be considered as ap- 2. Art. 12 PD 3. Market …” „… information into prospectuses by reference, are discussed in the comment to → Art 5, comparing them with …”

Article 21 Access to regulated information S. 1193-1197

„… → Art 2 mn 26 et seq. Art. 21 TD 3. Market Transparency 1194 Wolf-Georg Ringe 1 2 3 4 5 Disclosure …” „… 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 …”

Article 11 Incorporation by reference S. 995-997

„… : Arts 5 and 7 of the Prospectus Directive and Arts 1(2), 2(1), 3, 4 a, 22, and 23 of the 2004 Prospectus …” „… 2017, ESMA-31-62-780. Art. 11 PD 3. Market Transparency 996 Paola Lucantoni 1 2 3 4 The above …” „… it is completed and updated by any supplement required under Art 16. Article 9(4) refers to Art 5(3 …”

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

„… 2 of the Commission Delegated Regulation (EU) 2017/568. 6 See Art 2(1)(a) to (c) of the Commission …” „… 5(2)(a) to (c) of the Commission Delegated Regulation (EU) 2017/568. 21 Art 51(3) subpara 1 MiFID II …” „… October 2016, corrected on 7 August 2017, ESMA/2016/1452, p. 284. Title III Regulated Markets Art. 51 …”

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

„… activity is considered to be ancillary to the main business, OJ 2017 L 87/492 (under Art 2(1)(j) MiFID II …” „… interplay between MiFID II and MiFIR.31 The heart of the definition is to be found in Art 2(1) no 30 MiFIR …” „… 4(1) no 50 MiFID II refers to Art 2(1) no 30 MiFIR, which refers to Annex I C no 5, 6, 7 and 10 MiFID …”

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

„… conditions), Art 19 (Mechanisms to manage volatility), Art 20 (Pre-trade and post-trade controls), Art 21 …” „… Regulation (EU) 2017/584. 20 Art 4(2) subpara 1 of the Commission Delegated Regulation (EU) 2017/584. 21 Art …” „… (EU) 2017/584. 64 Art 3(2)(c) of the Commission Delegated Regulation (EU) 2017/584. 65 Art 2(1) of the …”

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

„… 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 …” „… business hours of regulated markets and at least one hour before their opening”,17 in accordance with Art …”

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

„… threads. 3 See Recital 2 MiFID I. 4 See Recital 2 MiFID I. 5 Art 25 MiFID II. 6 Art 3-21 MiFIR. 7 Art 27 …” „… application. 1 Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets …” „… MiFID II. 8 Art 23 MiFID II. 9 Part IV MiFID II. 10 IHS Markit, ‘Counting the Cost of MiFID’, available …”

Article 33 SME growth markets S. 217-221

„… 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 …” „… . 596/2014, MAR).8 Finally, SME growth markets must ensure some information required to be published under …”

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 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 …” „… the issuer or financial instrument Art. 32 MiFID II 1. Security Markets and Services 212 Christoph …” „… ´ interests and the orderly functioning of the market), and Art 82 (Circumstances where a conduct indicating …”

Article 17 Algorithmic trading S. 120-134

„… direct electronic access to trading venue (Art 17(5) MiFID) 21 6. General clearing member (Art 17(6 …” „… 2018, ESMA70-872942901-38, in particular on the scope of Art 17 (p. 18), on Art 17(2) (p. 21, 23-24 …” „… . Such systems and controls include (cf. Art 17(5), first para MiFID and Art 19 to 21 Commission …”

Article 16 Organisational requirements S. 65-120

„… Delegated Directive (EU) 2017/593. Art. 16 MiFID II 1. Security Markets and Services 90 Dirk Zetzsche 21 …” „… implementing legislation, in Art 21 et seq. of Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 …” „… course of that business (e.g. Art 21(1), 22(2), (4), 34(1), 37(2)(c) Commission Delegated Regulation (EU …”

Introduction S. 1563-1574

„… Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and …” „… Clearing and Settlement 1572 Paola Lucantoni 19 20 21 22 CB), the European Securities Markets Authority …” „… , Intermediation and the Blockchain – An Inevitable Choice between Liquidity and Legal certainty?’ (2016) 21 …”

Article 2 Exemptions S. 10-18

„… exempted from MiFID II. Art 2(1)(j)(ii) first indent includes them into the Directive’s scope.33 Market …” „… Insurances Art 2(1)(a) MiFID II exempts insurance and reinsurances from the scope of the Directive. This is …” „… other members of the group are excluded from the Directive under Art 2(1)(b) MiFID II. This “intra-group …”

Articles 18 to 26 S. 930-934

„… (Art 21) . . . . . . . . . . . . . . . . . . . . 8 f) Measures by other competent authorities (Art 22 …” „… case of exceptional circumstances (Arts 18 to 22 and 24) In exceptional circumstances, Arts 18 to 21 …” „… . The powers in Arts 18 to 21 SSR are intended to allow NCAs to prevent a disorderly decline in the …”

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

„… MiFID II and MiFIR transparency topics, 12 July 2018, ESMA70-872942901-35, p. 21. 44 Ibid. Art. 21 MiFIR …” „… for equity(-like) financial instruments, Art 21 MiFIR targets non-equity financial instruments. 1. 1 …” „… information on APAs, see comment on Art 59-66 MiFID II. Title III Transparency for trading OTC Art. 21 …”

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

„… ‘trading venue’ provided in Article 2(1)(l) SSR. 8 Therefore, see for further details the comments on → Art …” „… notification thresholds in its Art 21. 1. 2. 3. 4. 1 Recital 8 SSR. 2 For further details, see the comments on …” „… complied by stipulating Art 21 of Delegated Regulation (EU) No 918/2012, which lays down the following …”

Article 3 Optional exemptions S. 18-22

„… Persons giving free advice Art 2(1)(k) MiFID II exempts persons that provide investment advice in the …” „… not falling under the Directive, they are not subject to MiFID II. In contrast to Art 2(1)(c) MiFID II …” „… There are two exemptions specific to Denmark, Finland and Italy in Art 2(1)(l) and (m) MiFID II.39 …”

Article 2 Definitions S. 958-965

„… . Market Transparency 964 Paola Lucantoni 19 20 21 Host Member State Under Art 2(1)(n), the host Member …” „… Prospectus Directive contained in Art 1. The distinction between equity and non-equity securities in Arts 2(1 …” „… relation with the different classes of securities provided by Arts 2(1)(m) and (n), is relevant to Art 13 …”

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

„… Ibid. Art. 21 MiFIR 1. Security Markets and Services 478 Christoph Kumpan and Finn Schmidt 19 20 …” „… ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 2. Third-country trading venues (Arts 20 and 21 MiFIR) . . . . . . . . . . . . . . . . . . . 14 3 …” „… instruments, Art 21 MiFIR targets non-equity financial instruments. 1. 1 Art 4(1)(52) MiFID II. For more …”

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 …” „… the CRA Regulation. The CRA II Regulation2 has significantly amended Arts 21 et seq. CRA Regulation …”

Article 2 Definitions S. 883-888

„… to all financial instruments as defined by Art 2(1)(a) SSR and Appendix I, Section C of MiFID II.14 …” „… Commission to adopt delegated acts in order to specify the definitions laid down in Art 2(1) SSR. Context …” „… 918/20126 specifying the meaning of ‘short sale’ as defined in Art 2(1)(b) SSR and the term ‘ownership’ in …”

Article 1 Subject matter and scope S. 1711-1720

„… collateral.13 The term ‘cash’ is defined in Art 2(1)(d) as money credited to an account in any currency, or …” „… Financial instruments are defined in Art 2(1)(e) and are intended to cover all debt and equity instruments …” „… it maintains a broad definition, as seen in Art 2(1)(e), and may apply to new developments in the …”

Article 2 Definitions S. 1317-1323

„… UCITS EAD set out more details regarding the definition of money market instruments under Art 2(1)(o) of …” „… Art 4(2) of UCITS EAD, the definition of money markets instruments in given in Art 2(1)(o) of UCITSD …” „… which are normally dealt in on a money market for the purposes of Art 2(1)(o) of UCITSD, and which are …”

Overview of Articles 18-31 S. 929-930

„… 20) . . . . . . . . . . 7 e) Restrictions on sovereign CDS transactions (Art 21 …” „… case of exceptional circumstances (Arts 18 to 22 and 24) In exceptional circumstances, Arts 18 to 21 …” „… . The powers in Arts 18 to 21 SSR are intended to allow NCAs to prevent a disorderly decline in the …”

Articles 14 to 20 S. 1284-1288

„… submitted by Credit Rating Agencies, 23 June 2015, ESMA/2015/609. 1. 2. Arts 21 to 25 a CRAR 3. Market …” „… /2013/720 of 30 July 2013, p. 5, margin no 10. Arts 14 to 20 CRAR 3. Market Transparency 1286 Christoph …” „… (EU) 272/2012, ibid. 21 Art 19(1) CRA Regulation. 22 Art 7(1) Delegated Regulation (EU) 272/2012. 23 …”

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

„… ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 18 Art 21(4) subpara 2 MiFIR. 19 The relevant provision in this respect, however, is Art 8(3) of …” „… transparency, the trading obligation regime under Arts 3 through 11, 14 through 21 and 32 MiFIR, and for …” „… 21 MiFIR. See Art 4(1)(52) MiFID II. 6 CTP (consolidated tape provider) means a person authorised …”

Article 21 Depositary S. 1504-1512

„… non-EU AIF is to be marketed. Art 21(4) contains incompatibility provisions disqualifying certain …” „… order to potentially acquire control over such companies in accordance with Ar- Art. 21 AIFMD 4 …” „… conditions for AIFMs Art. 21 AIFMD Christian Schmies 1505 accordance with the powers conferred on it under …”

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

„… , in so far as necessary, to prevent that management company from initiating any further Art. 21 UCITSD …” „… features Purpose Arts 16-21 of UCITSD set out further details on the management company passport in order …” „… 326/49 (consolidated version). Chapter III Obligations regarding management companies Art. 21 UCITSD …”

Article 1 Scope S. 881-883

„… instruments in the meaning of point (a) of Art 2(1) SSR which, in turn, refers to the list of instruments in …” „… are admitted to trading on a ‘trading venue’ in the EU.7 According to point (l) of Art 2(1) SSR …” „… points (21) and (22), respectively, of Art 4(1) MiFID II. As a consequence, and in contrast to the …”

Article 21 Powers S. 1020-1023

„… admission to trading on a regulated market, as well as financial intermediaries Art. 21 PD 3. Market …” „… exchange or market participant.2 II. Commentary As required under Art 21(1), each Member State may have …” „… regulated market (in particular, see Art 21(4)), which each designated national competent authority must …”

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

„… . 4. 1 Art 3-20, 21, 26 MiFIR. 2 See Art 22 MiFIR and comment there. 3 Art 55-74 EMIR (Regulation (EU …” „… instruments) and Art 21 MiFIR (non-equity instruments) available to the public.13 APA can also be used in …” „… definition in Art 4(1)(52) MiFID II. 13 See Art 20(1) second sentence, Art 21(1), second sentence, and Art …”

Article 2 S. 577-580

„… . Commentary Scope of the CARD (Art 2(1)) Pursuant to its Art 2(1), the CARD shall apply to securities which …” „… (75) 686, 7. 21 Cf. COM(75) 686, 6. Title I Definitions and scope of application Art. 2 CARD …” „… Investment Services Directive (ISD),3 then carried forward in Art 4(1)(18) of the Markets in Financial …”

Introduction and overview S. 874-881

„… with regard to Arts 2(1), 3(2) to (5), 4(1), 7(2), 13(3), 23(5) and Arts 18-21, 27 and 28(2)(a) SSR …” „… financial instruments within the meaning of point (a) of Article 2(1). I. General features Purpose Art 1 …” „… selling and credit default swaps, last update 21 December 2018 (cited as ESMA, List of market makers and …”

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

„… Host Member State Under Art 2(1)(n), the host Member State is the state where an offer to the …” „… of information which must be included in prospectuses under Art 5(2). Article 2(1)(s) defines ‘key …” „… Prospectus Directive. Context For the definition of ‘qualified investors’, see above under → Art 2(1)(e). For …”

Article 30 Indirect clearing arrangements S. 513-517

„… Market, margin no 15.41. Art. 30 MiFIR 1. Security Markets and Services 514 Matthias Lehmann 1 2 3 4 5 …” „… Regulation (EU) 2017/2154. 3 Art 2(1)(a), 6(1)(a) and 7(1)(a) Commission Delegated Regulation (EU) 2017/2154 …” „… Art 2(1)(b) Commission Delegated Regulation (EU) 2017/2154. 7 Art 2(1)(c) Commission Delegated …”

Article 2 Definitions S. 396-403

„… assets/underlyings for EFPs.20 Package orders,21 as defined in Art 2(1)(49) MiFIR (added by the “Quick fix …” „… USA. Art. 2 MiFIR 1. Security Markets and Services 396 Christoph Kumpan and Finn Schmidt 11 12 (9 …” „… framework for capital markets. Legislative history Articles 2(1)(48), (49), and (50) MiFIR were added by Art …”

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

„… competent authorities.21 These are the authorities designated by each Member State in accordance with Art 67 …” „… Art 26(7) subpara 4 MiFIR. 20 Art 26(7) subpara 8 MiFIR. 21 See Art 26(1), 27(1) MiFIR. 22 See Art …” „… ) MiFIR. Title V Derivatives Art. 25-27 MiFIR Matthias Lehmann 503 21 22 23 24 (Oxford University Press …”

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

„… ’ within the meaning of Art 2(1)(b) SSR.2 Legislative history The related provision introduced by the …” „… provides three different sets of conditions under which a ‘short sale’ of shares, as defined in Art 2(1)(b …” „… Art 2(1)(b) SSR, because someone else is the ultimate beneficial owner, cf. Art 3(1) Delegate …”

Article 3 Short and long positions S. 888-892

„… , (2012) ZBB/JBB 266, 278-279. 1 Recital 21 SSR. Art. 4 SSR 2. Market Behaviour 892 Klaus Ulrich …” „… . Issued share capital (referred to generally as shares) is defined by Art 2(1)(h) SSR as the total of …” „… Art 2(1)(g) SSR, issued sovereign debt means the total of sovereign debt issued by a sovereign issuer …”

Article 13 Approval of the prospectus S. 999-1004

„… relevant Member State in which it must seek approval in accordance with Art 2(1) (m)(ii) of the Prospectus …” „… regulated as non-equity securities,2 Art 2(1)(m)(ii) allows the issuer the choice of the home Member State …” „… State where the issuer has its registered office, in accordance with Art 2(1)(m)(i). Base prospectus …”

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 4 Definitions S. 22-34

„… Article 2(1) of Regulation (EU) No 648/2012; Title I Scope and Definitions Art. 4 MiFID II Matthias …” „… ) MiFID II. 18 Art 19 Delegated Regulation (EU) 2017/565. 19 Recital 62 para 1 MiFID II. 20 See Art (2)(1 …” „… )(d) and (j) MiFID II. 21 See e.g. Art 17(2) last subpara MiFID II. 22 Baker and Dellaert, ‘Regulating …”

Article 1 Scope S. 6-10

„… (Art 44-56) MiFID II. 12 Art 4(1)(18) MiFID II. 13 On the notion 'regulated market' see Art 4(1)(21 …” „… related and own business.7 However, Art 2(1)(d) MiFID II provides an important exception, which in …” „… EU Financial Markets: MiFID II and MiFIR, margin no 2.15. 6 See Art 4(1)(6) MiFID II and Annex I …”

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

„… Purpose Article 21 of MiFID II aims to safeguard effective supervision of investment firms. 1. Art. 21 …” „… States under MiFID I, provided that the methods were suitable for effective supervision. Under Art 21 of …” „… ‘material’ is not answered by Art 21. Under MiFID I, whether a change would be considered material was …”

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

„… Package orders,21 as defined in Art 2(1)(49) MiFIR (added by the “Quick fix” Regulation), can be composed …” „… MiFIR, as well as Arts 6, 8, 10, 11, 14, 18, 20, 21, 23, 26, 27 and 32 MiFIR. The underlying idea is …” „… trading venue or by a systematic internaliser (OJ EU L 87/387). Art. 3 MiFIR 1. Security Markets and …”

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

„… except for Art 21, i.e. the depositary requirements. Given that Art 36 only deals with the marketing by …” „… ” according to which only certain AIFMD depositary requirements, namely the requirements of Art 21 (7)-(9 …” „… professional investors. I. General features Art 35 deals with the marketing of non-EU AIF managed by a EU AIFM …”

Article 1 Scope and UCITS definition S. 1304-1317

„… (‘Competent Authorities’, as defined in Art 2(1)(h) of UCITSD) supervise European investment funds and their …” „… , scope and definitions Art. 1 UCITSD Dirk Zetzsche and Dominik Nast 1311 19 20 21 Today, European …” „… Parliament and of the Council of 21 April 2004 on takeover bids, OJ L 142, 30 April 2004, 12. Art 1(2) of …”

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

„… ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 9. Temporary suspension (Art 9(4) MiFIR …” „… 70-872942901-35, p. 40. 19 Art 8(4) MiFIR. 20 See commentary at → mn 11. 21 ESMA, Q&A on MiFID II and MiFIR …” „… , ESMA70-872942901-21. 31 ESMA has to develop, pursuant to Art 9(6) MiFIR, draft regulatory technical …”

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 …” „… emphasises the requirement of Art 21(1) of UCITSD and establishes the principle of joint information …” „… Third, services could be provided and products could be offered on a cross-border basis (cf. Arts …”

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

„… ). Chapter III Ongoing information Art. 12 TD Wolf-Georg Ringe 1161 21 22 23 24 25 26 27 dertaking of such …” „… ). 29 For the definition, see Article 2(1)(l). 30 See below, → Art 23 mn 6 et seq. 31 See above, → mn 15 …” „… . Art. 12 TD 3. Market Transparency 1156 Wolf-Georg Ringe 6 7 (5) The parent undertaking of an …”

Article 11 Authorisation of deferred publication S. 442-450

„… non-equity(-like) instruments pursuant to Art 21 MiFIR. Trading venues must make available their arrangements for …” „… 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 …”

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

„… ), p. 468. Art. 23 MiFIR 1. Security Markets and Services 492 Matthias Lehmann 19 20 21 22 …” „… the Commission Delegated Regulation (EU) 2017/587. 21 As defined in Art 2(1)(b) of Directive 2009/65 …” „… recital 31, Art 1(9)(a), Art 9(5)(d) subpara 2 (ii), Art 17(2), Art 18(7), Art 20(2) and Art 21(4) subpara …”

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

„… financial intermediaries Art. 21 PD 3. Market Transparency 1020 Paola Lucantoni …” „… registered office in a third country. Context Article 20 should be read in combination with Art 2(1)(m)(iii …” „… definition of home Member State for third-country-issuers provided by Art 2(1) (m)(iii) was revised by the …”

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

„… . 5. 18 Art 26(7) subpara 3 MiFIR. 19 Art 26(7) subpara 4 MiFIR. 20 Art 26(7) subpara 8 MiFIR. 21 See …” „… MiFIR. Art. 25-27 MiFIR 1. Security Markets and Services 500 Matthias Lehmann 3 4 5 6 7 8 9 regard to …” „… determination of the most relevant market in terms of liquidity, see Art 16 Delegated Regulation (EU) 2017/590 …”

Article 1 Subject matter and scope S. 392-396

„… ; Art 21 for post-trade disclosure regarding bonds, structured products, emission allowances and …” „… transactions from the requirements set out in Arts 8, 10, 18 and 21 MiFIR when the counterparty to a …” „… term ‘trading venue’ is the generic term for regulated markets, MTFs and OTFs, see Art 4(1)(24) MiFID …”

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

„… ) and (i)). Regarding admission to trading in a regulated market, most importantly, Art 21(4) empowers …” „… provisions. The powers of a national competent authority listed under Arts 21(3)(d) through (g) include the …” „… the public that an issuer is failing to comply with its obligations (see particulars in Arts 21(3)(h …”

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

„… defined in Art 2(1)(c), and not to all financial collateral, which includes ‘title transfer financial …” „… collateral’ as defined in Art 2(1)(b).2 The reason is simple: Because the result of a title transfer is that …” „… occurrence of an enforcement event. Enforcement event is defined in Art 2(1)(l) as an event on the occurrence …”

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 …” „… 267/16. 25 See → Art 21 a. Chapter IV General obligations Art. 21 a TD Wolf-Georg Ringe 1197 23 24 25 …” „… , 16.6.2012, p. 1. 2 See → Art 21 a above. Chapter IV General obligations Art. 22 TD Wolf-Georg Ringe 1199 …”

Article 2 Definitions S. 1751-1755

„… 2(1) above is the same as in Art 4(24) of the PSD2. A credit transfer is characterized as a …” „… , and is also situational. An ‘R-transaction’ within the meaning given in Art 2(21) above can, inter …” „… Law of Banking (14th edn, Lexis Nexis 2014), margin no 25.62 et seq. Art. 2 SEPAR 6. Payments 1754 …”

Article 2 Scope S. 1234-1236

„… Art 2(1) CRA Regulation, the regulation applies to all ratings issued in the EU. The scope of …” „… .2 In addition to the exemption, private ratings do not meet the general requirements under Art 2(1 …” „… ) CRA Regulation. Specifically, Art 2(1) CRA Regulation states that the regulation applies only to …”

Article 49 Tick sizes S. 292-296

„… underlying.25 However, tick sizes do not need to 3. 13 Art 2(1)(a) of the Commission Delegated Regulation (EU …” „… ) 2017/587. 14 Art 2(1)(b) of the Commission Delegated Regulation (EU) 2017/588. 15 Art 2(2) of the …” „… ) 2017/588. 20 Art 3(2)(b) of the Commission Delegated Regulation (EU) 2017/588. 21 Art 3(3) of the …”

Article 15 Execution of client orders S. 458-463

„… firms execute orders on terms most favourable to their clients (best execution).21 Nevertheless, Art 17 …” „… Commission Delegated Regulation (EU) 2017/567. 20 Art 15(2) subpara 1 MiFIR. 21 Lutter, Bayer and Schmidt …” „… of Art 16 MiFIR is Art 27(4) MiFID I of 2004. Recitals Recital 21 MiFIR. Article 17 Access to quotes …”

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

„… 35(3) 5, 36(3) 5 MiFIR. Art. 35-37 MiFIR 1. Security Markets and Services 536 Matthias Lehmann 20 21 …” „… Regulation (EU) 2017/581, Art 9. 21 Delegated Regulation (EU) 2017/581, Art 10(3) and 11(2). 22 Delegated …” „… different markets. Art 35 MiFIR gives trading venues access to clearing and settlement services via CCPs.3 …”

Article 5 The prospectus S. 974-984

„… ) No 486/2012 [2012] OJ L150/1. Art. 5 PD 3. Market Transparency 980 Paola Lucantoni 20 21 22 23 24 …” „… address the minimum information required to be included in a prospectus (Arts 1(2), 2(1), 3, 4 a, 22 and …” „… ’ understanding of the prospectus and its overall effect. According to Art 2(1)(r) of the Prospectus Directive …”

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

„… 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 …” „… ition’ may be determined in accordance with Art 3(1), (2) and (4) SSR, and is further specified in …”

Article 59 S. 610-612

„… Heidelbach, § 38 BörsG margin no 21. 2 Cf. Heinze, 69. Art. 61 CARD 1. Security Markets and Services 612 …” „… of coherency in EU Capital Markets Law – be interpreted in the sense of the definition in Art 4(1)(21 …” „… . 5 § 40(1) no. 2 BörseG requires 250,000 EUR. 6 Cf. Heinze, 67. Art. 59 CARD 1. Security Markets …”

Article 2 S. 1684-1691

„… and Compliance 154, 160; Vereecken, 119; Ruzik, 158. 21 Vereecken, 117; Ruzik, 160. Art. 2 SFD 5 …” „… 4(1)(1) of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets …” „… institutions, Art 1(b) provides that the directive primarily applies to such participants. The term participant …”

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

„… made pursuant to Art 13(1)(b) and (c) SSR.21 Article 14 Restrictions on uncovered sovereign credit …” „… 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 1 Purpose and scope S. 951-958

„… 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 …” „… regulation. Art. 1 PD 3. Market Transparency 954 Paola Lucantoni 9 10 11 12 13 antee scheme under …”

Article 4 Annual financial reports S. 1118-1124

„… December 2017). Chapter II Periodic information Art. 4 TD Wolf-Georg Ringe 1123 21 22 23 24 25 26 – The …” „… . 12 See Article 8(2), (3). Art. 4 TD 3. Market Transparency 1120 Wolf-Georg Ringe 2 3 4 5 6 …” „… , Q&A, Q 22. Art. 4 TD 3. Market Transparency 1122 Wolf-Georg Ringe 15 16 17 18 19 20 Enforcement …”

Article 1 S. 576-577

„… features Article 2(1) CARD sets out the scope of the CARD, and Art 2(2) CARD sets out two optional …” „… exceptions. The provision correlates with former Art 1 LCD.1 II. Commentary Scope of the CARD (Art 2(1 …” „… )) Pursuant to its Art 2(1), the CARD shall apply to securities which are admitted to official listing or are …”

Article 50 Synchronisation of business clocks S. 296-299

„… acknowledgement is sent from the gateway, Art 2(1) subpara 2 of the Commission Delegated Regulation (EU) 2017/574 …” „… . 18 Art 2(1) of the Commission Delegated Regulation (EU) 2017/574. 19 In accordance with Art 4(1)(b …” „… Commission Delegated Regulation (EU) 2017/574. 21 Art 3(1) of the Commission Delegated Regulation (EU …”

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

„… positary (→ Art 21) and the annual report (→ Art 22) with respect to such non-EU AIF. By contrast …” „… Art 21 and 22, the management of non-EU AIF by EU AIFM is only permissible if appropriate cooperation …” „… managed and marketed by the AIFM be marketed only to professional investors. I. General features Art 35 …”

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

„… 18(1) MiFIR will apply.21 2. 12 For the definition see Art 2(1)(50) MiFIR. 13 ESMA, Q&A on MiFID II and …” „… OTC Art. 19 MiFIR Christoph Kumpan and Finn Schmidt 471 19 20 21 22 …” „… package order separately. Art. 18 MiFIR 1. Security Markets and Services 466 Christoph Kumpan and Finn …”

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

„… , ETFs, certificates etc. 29 Art 18 MiFIR for pre-trade transparency; Art 21 for post-trade disclosure …” „… of the Council of 21 April 2004 on markets in financial instruments amending Council Directives …” „… Märkte für Finanzinstrumente’, WM 2006, p. 797. 4 See Art 29 and 44 MiFID I; also, Moloney, EU securities …”

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

„… 190 Martin Brenncke 21 22 distribution channels. In particular, Art 25(4) has removed structured UCITs …” „… regulation (3rd edn, OUP, Oxford 2014), 340. Art. 25 MiFID II 1. Security Markets and Services 180 Martin …” „… )) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 VI. Client agreements (Art 25(5 …”

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

„… Regulation (EU) 2017/583 (RTS 2):1 Art 7 (post-trade transparency obligations). Commission Delegated …” „… non-equity(-like) instruments pursuant to Art 21 MiFIR. Trading venues must make available their arrangements for …” „… ended.9 Pursuant to Art 10(2) MiFIR, access to the arrangements employed by market operators and …”

Article 20 Specific requirements for OTFs S. 145-149

„… of 15 May 2014 on markets in financial instruments (MiFIR). 21 Güllner, WM 2017, p. 938 (941). Art …” „… 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 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 48 Consequences of merger S. 1377-1380

„… , see → Art 48. Article 47 Date of merger effect 1. For domestic mergers, the laws of the Member States …” „… . Commented below, see Art → 48. Article 48 Consequences of merger 1. A merger effected in accordance with …” „… point (p)(i) of Article 2(1) shall have the following consequences: (a) all the assets and liabilities …”

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

„… is defined in Art 2(1)(m) as the right of the collateral taker to use and dispose of financial …” „… is due. This liability is clarified by the definition of equivalent collateral in Art 2(1)(i), which …” „… . As a result, the definition in Art 2(1)(m) also does not include credit claims provided as collateral …”

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

„… . 21 See → mn 14. 22 Art 40(4), 41(4) MiFIR. Art. 40, 41 MiFIR 1. Security Markets and Services 548 …” „… 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. 1745-1751

„… cross-border payments in the Community.21 II. Scope of application Material scope Art 1 of the SEPA Regulation …” „… payment services, credit transfers and direct debits, are defined in Art 2(1) and (2). Payment …” „… therefore governs such transactions. Direct debit and credit transfer are defined in Arts 2(1) and (2). In …”

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

„… for the European System of Central Banks (ESCB) in Article 11. 21 Veil, Disclosure, para 69. Art. 10 …” „… , 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 …”

Article 21 Review and evaluation S. 1617-1621

„… supervisory outcomes. Title III Authorisation and supervision of CCPs Art. 21 EMIR Paola Lucantoni 1617 For …” „… 's equivalence provisions and 12 more CCPs from 10 jurisdictions have applied for Art. 21 EMIR 5. Securities …” „… III Authorisation and supervision of CCPs Art. 21 EMIR Paola Lucantoni 1619 2 3 4 5 …”

Article 19 Uses of languages S. 1016-1018

„… . Context Article 20 should be read in combination with Art 2(1)(m)(iii), which provides the definition of …” „… for third-country-issuers provided by Art 2(1) (m)(iii) was revised by the 2013 Amending Transparency …” „… the debt-securities exemption under Art 2(1)(m)(ii) and that have their regis- 1. 2. 3. 1 Art 28 in …”

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

„… short positions in sovereign debt as set out in Art 7 SSR and further specified in Art 21 of Delegated …” „… of the notification thresholds laid down in Art 21 of Delegated Regulation (EU) No 918/2012 also …” „… European Parliament, see Juurikkala, (2012) 9 ECFR 307, 323-324. Art. 8 SSR 2. Market Behaviour 902 …”

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

„… Agencies’ methodologies, 23 March 2017, ESMA/2016/1575, No 9 p. 5. Art. 8 CRAR 3. Market Transparency …” „… whether an error affects the rating agencies’ outstanding ratings.21 Errors include those mentioned in Art …” „… measures referred to in points (a), (b) and (c) of paragraph 6. Art. 8 CRAR 3. Market Transparency 1264 …”

Article 23 Conflicts of interest S. 151-155

„… for effective supervision. Under Art 21 of MiFID II, investment firms contribute to effective …” „… authorisation. When such a change is considered ‘material’ is not answered by Art 21. Under MiFID I, whether a …” „… II (OUP, Oxford 2017), para 7.11. Art. 23 MiFID II 1. Security Markets and Services 152 Martin …”

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

„… it is also prohibited to use an undersized font with the intention to save space. Arts 7-21 of …” „… . 10 Art 20 of Commission Regulation (EU) No 583/2010. 11 Art 21 of Commission Regulation (EU) No …” „… Commission Regulation (EU) No 583/2010 describe in detail the content of the sections set out in Arts …”

Article 12 General principles S. 1488-1489

„… features Art 12-21 impose requirements for the operating conditions of AIFM. Art 12 imposes general …” „… 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 …”

Article 4 Definitions S. 1471-1477

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

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

„… underlying assets, in accordance Art 2(1) Directive 2013/14/EU. Here, too, a national competent authority …” „… Ratingagenturen’ ZBB 2013, p. 318 (321). Art. 6 CRAR 3. Market Transparency 1252 Christoph Kumpan and Ronny …” „… matter, scope and definitions Art. 5 a-5 c CRAR Christoph Kumpan and Ronny Grütze 1249 1 Context The aim …”

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

„… (→ Art 21) and the annual report (→ Art 22) with respect to such non-EU AIF. By contrast, EU AIFM must …” „… in the European Union. In addition to compliance with the AIFMD requirements except Art 21 and 22 …” „… requirements established in this Directive except for Article 21 and 22 in respect of those AIFs; and (b …”

Article 4 Waivers for equity instruments S. 408-417

„… .21 Negotiated trade waiver (Art 4(1)(b), (3) MiFIR) Article 4(1)(b) MiFIR establishes the possibility …” „… Commission Delegated Regulation (EU) 2017/587.41 In regard to shares 3. 33 As defined in Art 2(1)(b) of …” „… publication arrangements (Art 3(3) MiFIR) To encourage broad distribution of data, market operators and …”

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

„… matched-principal trading (with regard to OTFs) or market-making, within the limits set out in Arts 20(2) and 20(5 …” „… systems. 21 Art 18(2) MiFID II. 22 Art 18(8) MiFID II. 23 Art 18(3) MiFID II. 24 ESMA, Q&As on MiFID II …” „… Implementing Regulation (EU) 2016/824. 36 Art 2(1) of the Commission Implementing Regulation (EU) 2016/824. 37 …”

Articles 26 to 32 S. 1291-1293

„… Regulation. 20 Art 24(1)(a) CRA Regulation. 21 Art 24(1)(b) CRA Regulation. 22 Art 24(1)(c) CRA Regulation …” „… among the three European financial market supervisory authorities EBA, ESMA and EIOPA. Vertically, Art …” „… Moloney, EU Securities and Financial Markets Regulation (2014), VII.2.10 (p. 671). Arts 26 to 32 CRAR 3 …”

Article 23 Third countries S. 1200-1204

„… Management Board, Summary of Conclusions, ESMA22-106-467 (13 December 2017). Art. 23 TD 3. Market …” „… market [2007] OJ L69/27. 3 Commission Regulation (EC) No 1569/2007 of 21 December 2007 establishing a …” „… Commission Regulation (EC) No 1569/2007. Art. 24 TD 3. Market Transparency 1204 Wolf-Georg Ringe 14 15 16 …”

Article 8 S. 1054-1063

„… [2014] OJ L173/349; see also → MiFID II Art 25 mn 21. Chapter II Key information document Art. 8 …” „… :// 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 …” „… market for financial products under the MiFID II.21 ‘risk-reward profile, summary risk indicator and …”

Article 66 Organisational requirements S. 351-357

„… (EU) 2017/565. 21 Art 85(2) Commission Delegated Regulation (EU) 2017/565. 22 Art 64(1), 65(1) subpara …” „… suffered as a result of an infringement of [MiFID II and MiFIR]”. Art. 66 MiFID II 1. Security Markets …” „… ) MiFIR. 16 Art 66(1) MiFID II. Art. 66 MiFID II 1. Security Markets and Services 354 Matthias Lehmann …”

Article 17 Access to quotes S. 463-465

„… of Art 16 MiFIR is Art 27(4) MiFID I of 2004. Recitals Recital 21 MiFIR. Article 17 Access to quotes …” „… are Arts 27(5) to (6) MiFID I of 2004. Recitals; level 2 measures Recitals 21 and 46 MiFIR. Level 2 …” „… does not necessarily need to be executed at the current market price; see the commentary on → Art 4 …”

Article 31 Portfolio compression S. 517-519

„… EU Financial Market, margin no 15.114. Art. 31 MiFIR 1. Security Markets and Services 518 Matthias …” „… , may consult third-country competent authorities. 2. 3. 6 Art 27 MiFID II. 7 Art 8, 10, 18, 21, 28 …” „… market risk of the portfolios.1 Art 31 MiFIR contains a number of exceptions from general rules the …”

Article 7 Application for authorisation S. 1480-1482

„… depositaries for these AIFs in accordance with Art 21. In order to to be transparent regarding authorisations …” „… Art 6(5) includes some additional restrictions with respect to the authorisation of external AIFM …” „… license as AIFM only for the ancillary services pursuant to Art 6 (4). Art 6(8) must be read in connection …”

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

„… Councilof 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6 …” „… AIFM can delegate functions to third parties in accordance with Art 20. However, the AIFM will always …” „… by AIFMs. Art. 6 AIFMD 4. Funds 1478 Christian Schmies 3 4 7. Member States shall require that the …”

Article 35 a Civil Liability S. 1294-1301

„… 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 …” „… . Art. 35 a CRAR 3. Market Transparency 1296 Christoph Kumpan and Ronny Grütze 3 4 5 6 Infringement A …”

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

„… examples; also Mülbert & Sajnovits, (2012) ZBB/JBB 266, 278-279. 1 Recital 21 SSR. Art. 4 SSR 2. Market …” „… accordance with Recital 21 SSR, Art 14 of Delegated Regulation (EU) No 918/2012 clarifies with regard to …” „… to € 10 m x 2 – € 20 m x 1 = € 0. According to the mandate stipulated in Art 3(7)(c) SSR, the …”

Article 7 Recognition of close-out netting provisions S. 1732-1734

„… netting provision’. The term is defined broadly in Art 2(1)(n). Included in its definition are provisions …” „… of a broader arrangement between the parties. This prerequisite follows not only from Art 2(1)(n …” „… is not mentioned in Arts 4 and 5 because it is not necessary to define the owner’s right to use …”

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

„… third country. The principal trading venue is defined in Art 2(1)(m) SSR as the venue for the trading of …” „… details, see comments on → Art 1. 8 According to Art 2(1)(q) SSR which refers to point (9) of Art 2 …” „… venue lies within or without the EU. Art. 16 SSR 2. Market Behaviour 922 Klaus Ulrich Schmolke 2 3 4 …”

Article 47 S. 599-600

„… BörsG margin no 21. 1 Cf. Explanatory Notes, BT-Drs 72/87, 74; Gebhardt, § 9 BörsZulV margin no 1 …” „… ; Heinze, 60. Art. 48 CARD 1. Security Markets and Services 600 Jessica Schmidt 1 1 2 …” „… from Arts 46(2) and (3), that shares which are not fully paid up and shares which may be acquired only …”

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

„… for effective supervision. Under Art 21 of MiFID II, investment firms contribute to effective …” „… authorisation. When such a change is considered ‘material’ is not answered by Art 21. Under MiFID I, whether a …” „… operating conditions for investment firms Art. 23 MiFID II Martin Brenncke 151 2 …”

Article 4 S. 1039-1046

„… Art. 4 PRIIPR Svend Gerhards and Kay Rothenhöfer 1045 19 20 21 Chapter II Key information document …” „… 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 …”

Article 20 Home member state supervision S. 1348-1350

„… this Directive. Commented below, see → Art 21. Article 20 Home member state supervision 1. Without …” „… accordance with Article 15 of Regulation (EU) No 1095/2010. Commented below, see → Art 21. Chapter III …” „… Obligations regarding management companies Art. 20 UCITSD Dirk Zetzsche and Dominik Nast 1349 Article 21 Host …”

Overview of Articles 1-4 S. 881

„… that is effective in all Member States.46 Furthermore, the scope of the short-term ban under Art 23 SSR …” „… 1-4 Chapter I of the SSR consists of Arts 1 to 4 containing ‘general provisions’. Whereas Art 1 SSR …” „… clarifies the scope of the regulation, Arts 2 to 4 SSR define certain central terms and concepts used in the …”

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

„… (13 December 2017). 1 OJ L 156, 16.6.2012, p. 1. 2 See → Art 21 a above. Chapter IV General …” „… technologies used by the mechanisms referred to in Article 21(2); (b) the technical requirements for the …” „… to in Article 21(2); (d) the common format for the delivery of regulated information by the …”

Article 3 Intragroup transactions S. 1579-1584

„… I),1 and now Art 4(1)(21) of the Market in Financial Instruments Directive of 2014 (MiFID II):2 …” „… the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611 …” „… (Art. 2 a) Any derivative contract executed on a third country market that has not been deemed …”

Article 8 Conditions for granting authorisation S. 1482-1485

„… depositaries for these AIFs in accordance with Art 21. In order to to be transparent regarding authorisations …” „… Art 7(2) lists the information to be filed by the AIFM applying for its authorisation with respect …” „… shareholders holding directly or indirectly qualifying holdings in the AIFM. While Art 7(2) lit. a-b AIFMD deal …”

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

„… space. Arts 7-21 of Commission Regulation (EU) No 583/2010 describe in detail the content of the …” „… 583/2010. 11 Art 21 of Commission Regulation (EU) No 583/2010. 12 Arts 26, 27, 31-35 of Commission …” „… , by means of delegated acts in accordance with Article 112 a, measures which define the following: Art …”

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

„… topics, 12 July 2018, ESMA70-872942901-35, p. 28, 29. 21 Art 14(3) sent 2 MiFIR. 22 Art 14(3) sent 3 …” „… market size. Legislative history The predecessor of Arts 14(1) through (5) MiFIR is Art 27(1) MiFID I …” „… for the publication of a firm quote), Art 10 (Prices reflecting prevailing market conditions) and Art …”

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 9 S. 1702-1706

„… same is also provided for in Art 21(1) of the Credit Institutions Winding Up Directive. Within the …” „… ), 2(1)(c) Hague Convention on Intermediated Securities. Art. 9 SFD 5. Securities Clearing and …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 1. Art 9(1) – Insulation of collateral …”

Article 26 Right of appeal S. 1030-1031

„… authority designated by a Member State to carry out the obligations provided in Art 21 of the Prospectus …” „… parties involved. Member States’ legislation may comply with Art 25 by providing administrative liability …” „… Directive and the Prospectus Directive. A Report to the Financial Services Committee (2007). Art. 26 PD 3 …”

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

„… Level 2: Commission Delegated Regulation (EU) No 449/2012 of 21 March 2012 supplementing Regulation …” „… financial markets (Art 5(1)(d) CRA Regulation), must be made in accordance with Arts 26 et seq. Delegated …” „… Regulation, VII.2.11 (p. 679). 3 Recital 9 Commission Delegated Regulation (EU) No 449/2012 of 21 March 2012 …”

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

„… Regulation (EU) 2017/587. Art. 8 MiFIR 1. Security Markets and Services 428 Christoph Kumpan and Finn …” „… transparency topics, 12 July 2018, ESMA70-872942901-35, p. 21. 6 Moloney, EU securities and financial markets …” „… , 12 July 2018, ESMA70-872942901-35, p. 13. Art. 8 MiFIR 1. Security Markets and Services 430 …”

Article 50 Eligible assets S. 1381-1385

„… than those dealt in on a regulated market, which fall under Article 2(1)(o), if the issue or issuer of …” „… Art 50(2)(a) of UCITSD only allows investments in transferable securities and money market instruments …” „… Market Funds. Chapter VII Obligations concerning the investment policies of UCITS Art. 50 a UCITSD …”

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

„… with third parties to be made pursuant to Art 13(1)(b) and (c) SSR.21 Article 14 Restrictions on …” „… , Annex IV. 21 See already above, → mn 3. For further details, see above, → mn 5, 7. Art. 14 SSR 2 …” „… . 30 ESMA/2012/228. 31 For further details, see above, → mn 6, 8 to 12. Art. 13 SSR 2. Market …”

Introduction S. 574-576

„… market, and repealing Directive 2003/71/EC) as from 21 July 2019. 7 Directive 2004/109/EC of the European …” „… services) to the EEA Agreement [2002] OJ L 154/22. Art. 1 CARD 1. Security Markets and Services 576 …” „… to official stock exchange listing [1979] OJ L 66/21. See on this: Lutter, Europäisches …”

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

„… ) and (3) MiFID II. On the notions “MTF” and “OTF” see Art 4(1)(22) and (23) MiFID II. 21 Art 58(3 …” „… 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 …”

Article 64 Organisational requirements S. 347-349

„… (Art 59(3) subpara 2 MiFID II). The goal is to enhance the transparency in the market for data …” „… possibility that a market operator or an APA also operates a consolidated tape. 27 Art 62(a) MiFID II. 28 Art …” „… Articles 10 to 14 of Regulation (EU) No 1095/2010. Art. 64 MiFID II 1. Security Markets and Services 348 …”

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 …” „… merger pursuant to point (p)(ii) of Article 2(1) and, where applicable, point (p)(iii) of Article 2(1 …” „… Mergers of UCITS Art. 40 UCITSD Dirk Zetzsche and Dominik Nast 1373 The competent authorities shall not …”

Chapter 2 Conduct of business rules S. 1637-1643

„… members (Art 37(6) EMIR). Membership carries financial burdens in the form of margins and collateral set …” „… clearing members. Title IV Requirements for CCPs Art. 37 EMIR Paola Lucantoni 1637 Article 38 …” „… positions from the assets and positions held for the account of its clients at the CCP. Art. 39 EMIR 5 …”

Article 13 Remuneration S. 1489-1492

„… features Art 12-21 impose requirements for the operating conditions of AIFM. Art 12 imposes general …” „… 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 …”

Article 23 Precautionary measures S. 1025-1027

„… I Directive: (i) Art 21(1 a) and (1 b) requiring national competent authorities to cooperate with …” „… trading on a regulated market, it shall refer 2. Chapter VI Competent authorities Art. 23 PD Paola …” „… step allows for direct action against one or more market participants. According to Art 23(1), in case …”

Article 26 Precautionary measures S. 1210-1211

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

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

„… artificial disparity between prices of a derivative and those in the underlying market”. 6 See Art 21 …” „… (2) Delegated Regulation (EU) 2017/567. 7 Art 21(2)(o) Delegated Regulation (EU) 2017/567. 8 Art 42(2)(b) MiFIR …” „… Market, p. 123-140, margin no 5.57. Title VII Supervisory measures Art. 42 MiFIR Matthias Lehmann 553 …”

Article 27 Committee procedure S. 1211-1214

„… Article 2(1)(j). Chapter VI Delegated acts and implementing measures Art. 27 TD Wolf-Georg Ringe 1211 4 …” „… 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 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 …” „… , ‘Unternehmensrecht zu Beginn des 21. Jahrhunderts’, in: Festschrift für Eberhard Schwark zum 70. Geburtstag (Munich …”

Article 14 S. 1174-1176

„… company law [2017] OJ 169/46, Article 60(1). Art. 14 TD 3. Market Transparency 1174 Wolf-Georg Ringe 6 …” „… ‘regulated market’, see → Art 2 mn 5 et seq. 4 Directive 2017/1132/EU, Article 60(1). 5 Commission Directive …” „… , Article 7. 7 Commission Directive 2007/14/EC, Article 20. 1 WpHG § 41(1). Art. 15 TD 3. Market …”

Article 13 S. 1073-1081

„… information document Art. 13 PRIIPR Svend Gerhards and Kay Rothenhöfer 1079 19 20 21 22 If a KID exists for a …” „… Art. 13 PRIIPR 3. Market Transparency 1074 Svend Gerhards and Kay Rothenhöfer 1 2 II. Commentary …” „… Regulation. 11 Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets …”

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 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 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 …” „… Delegated Regulation (EU) No 449/2012 of 21 March 2012 supplementing Regulation (EC) No 1060/2009 of the …” „… .2.11 (p. 679). 3 Recital 9 Commission Delegated Regulation (EU) No 449/2012 of 21 March 2012 …”

Article 14 Publication of the prospectus S. 1004-1007

„… or and admission to trading on a regulated market takes place in Germany (according to Article 2.1 m …” „… adopted, 20 October 2017, ESMA-31-62-780. Art. 14 PD 3. Market Transparency 1006 Paola Lucantoni 2 3 4 …” „… State set in article 2.1 m) of the Prospectus Directive should apply to this situation. For the specific …”

Article 5 Volume Cap Mechanism S. 417-423

„… have in place systems and procedures to: Art. 5 MiFIR 1. Security Markets and Services 418 Christoph …” „… liquid market6 and that are dealt within a percentage of a suitable reference price as referred to in Art …” „… that are subject to conditions other than the current market price in accordance with Art 4(1)(b)(iii …”

Article 22 Competent authority S. 1621-1623

„… authorisation. The Commission7 has proposed to amend Article 21 in order to provide that the competent authority …” „… introduction on new Articles 21 a, 21 b and 21 c. The main aim is to maintain the national competent …” „… supervision of CCPs Art. 22 EMIR Paola Lucantoni 1621 12 13 14 15 16 2. Each Member State shall ensure that …”

Article 8 Exemptions S. 1137-1140

„… issuer. 1 OJ L 177, 30.6.2006, p. 201. Art. 9 TD 3. Market Transparency 1140 Wolf-Georg Ringe …” „… ibid 54. Chapter II Periodic information Art. 8 TD Wolf-Georg Ringe 1137 I. General features …” „… according to Article 21. They also remain required to ensure equal treatment of holders of debt securities …”

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

„… , → Art 2 mn 4. 4 Commission Proposal 2003, 21. 5 Directive 2001/34/EC, Articles 78(1) and 83(1). 6 …” „… , 26. Art. 18 TD 3. Market Transparency 1184 Wolf-Georg Ringe 1 2 Background Article 18 was part of …” „… → Art 2 mn 7 et seq., for the definition of ‘regulated market’, see → Art 2 mn 5 et seq. 3 See above …”

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

„… Regulation (EU) No 1095/2010. Commented below, see → Art 21. Article 19 Notification for cross-border …” „… cases expressly referred to in this Directive. Commented below, see → Art 21. Article 20 Home member …” „… and shares; Chapter III Obligations regarding management companies Art. 19 UCITSD Dirk Zetzsche and …”

Article 60 S. 612

„… 5. See also Heidelbach, § 38 BörsG margin no 21. 2 Cf. Heinze, 69. Art. 61 CARD 1. Security …” „… functioning of the market. As to the meaning of the term ‘freely negotiable’, see above → Art 54 mn 2. In …” „… laid down in Art 59(1) if the relevant NCAs are satisfied that the holders have at their disposal all …”

Article 61 S. 612-613

„… 5. See also Heidelbach, § 38 BörsG margin no 21. 2 Cf. Heinze, 69. Art. 61 CARD 1. Security …” „… functioning of the market. As to the meaning of the term ‘freely negotiable’, see above → Art 54 mn 2. In …” „… significance in modern markets (see already with respect to Art 50, 57 above → Art 50 mn 1, → Art 57 mn 1 …”

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 5 Clearing obligation procedure S. 1588-1593

„… – May 2017. 5 This new Article is inserted by Article 1(3) of the proposal. Art. 5 EMIR 5. Securities …” „… Derivates Art. 5 EMIR Paola Lucantoni 1589 (a) the expected volume of the relevant class of OTC derivatives …” „… top-down approach (Art 5(3) EMIR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 2 …”

Article 3 Reachability S. 1755-1756

„… . An ‘R-transaction’ within the meaning given in Art 2(21) above can, inter alia, be the result of a …” „… 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 17 Amendments to Regulation (EC) No 924/2009 S. 1782-1784

„… of Art 21 of Directive 2009/110/EC5 without causing a significant change in content. By virtue of Art …” „… accordance with the SEPA Regulation. Art 16(8) also contains an exception which prolongs, automatically, the …” „… interoperability in Art 4(5) and to comply with the technical requirements in Arts 6(1) and (2) are replaced by a …”

Article 25 Sanctions S. 1029-1030

„… provided in Art 21 of the Prospectus Directive. Administrative sanctions applied as a result of a breach of …” „… referred to in Art 1(4), Art 2(4), Art 3(4), the fifth paragraph of Art 4(1), Art 5(5), Art 7(1), Art 8(4 …” „… ), Art 11(3), Art 13(7), Art 14(8), Art 15(7) and the first paragraph of Art 20(3). Delegations of power …”

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 …” „… subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010. Commented below, see → Art 21 …” „… paragraph 2 to the Art. 17 UCITSD 4. Funds 1344 Dirk Zetzsche and Dominik Nast competent authorities of …”

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 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 …” „… Regulation. 20 Art 27(1) subpara 3, Recital 93 MiFID II. 21 Art 64(3) MiFID II Delegated Regulation; Recital …” „… topics, 10 July 2017, ESMA35-43-349, 1.4. Art. 27 MiFID II 1. Security Markets and Services 200 Martin …”

Article 109 S. 620-621

„… Committee shall adopt its rules of procedure. I. General features Article 109 (previously Art 21 LCD …” „… ) 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 …”

Article 9 Third country relations S. 1332-1333

„… down in Articles 10, 10 a and 10 b of Directive 2004/39/EC. 1 Cf. UCITSD, Art 2(1)(c). Chapter III …” „… . Purpose Art 9 of UCITSD is currently the central and only norm of UCITSD that deals with Third Country …” „… the Member States. II. Overview The reference to Art 15 of MiFID I ensures that the Commission and …”

Article 56 S. 607-608

„… margin no 21. 1 Cf. Gebhardt, § 7 BörsZulV margin no 1. 2 ‘muss sich auf alle Schuldverschreibungen ein …” „… been issued,2 it has hardly any practical significance in modern markets.3 When Art 3 of the CSDR4 …” „… in the European Union and on central securities depositories. Art. 57 CARD 1. Security Markets and …”

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

„… (EU) No 462/2013, see Art 2 fn 4. 21 Recital 25 CRA III Regulation. 22 Annex I, Section A, No 2 CRA …” „… Ratingagenturen’ ZBB 2013, p. 318 (321). Art. 6 CRAR 3. Market Transparency 1252 Christoph Kumpan and Ronny …” „… (a) CRA Regulation. Art. 6 CRAR 3. Market Transparency 1254 Christoph Kumpan and Ronny Grütze 3 4 …”

Article 6 Scope of authorisation S. 37-38

„… . Art 2(1)(j) MiFID). 1. 2. 1. Title II Authorisation and operating conditions for investment firms …” „… under MiFID, 31 March 2017, ESMA35-36-794. II. Commentary Scope of authorisation (Art 6 (1) MiFID) Art …” „… (EU) No 1095/2010. 2. 3. 1 See http://www.efta.int/eea-lex. Art. 7 MiFID II 1. Security Markets and …”

Article 19 Monitoring by ESMA S. 471-472

„… commercial basis, the same rules apply as in the case of market operators and investment firms under Art 13 …” „… set out in Art 27 MiFID II.34 The prices should reflect prevailing market conditions in relation to …” „… 20 21 22 firm, and the degree to which the quotes reflect prevailing market conditions in relation to …”

Article 55 S. 606-607

„… and thus ultimately the functioning of the market.1 The provision corresponds with Arts 46(1) and (2 …” „… margin no 1; Heidelbach, § 5 BörsZulV margin no 1; Heinze, 65; Kalss, Oppitz and Zollner, 13.63. 2 Art …” „… . 3 Cf. Kalss, Oppitz and Zollner, 13.66. Art. 55 CARD 1. Security Markets and Services 606 Jessica …”

Articles 36 to 39 S. 1301-1303

„… temporal provisions, 16 October 2012 (OJ EU L 282/23). 4 Art 2(1) through (3) and Art 3(4) and (5 …” „… . Market Transparency 1302 Christoph Kumpan and Ronny Grütze 4 5 6 7 In accordance with Art 6(1) Commission …” „… Rome II Regulation: if no law has been chosen pursuant to Art 14 Rome II Regulation, then Art 4(1) Rome …”

Article 13 Public disclosure fees S. 1283-1284

„… Union L 90, p. 6. Commission Delegated Regulation (EU) No 449/2012 of 21 March 2012 supplementing …” „… Markets Regulation (2014), VII.2.6 (p. 657). Arts 14 to 20 CRAR 3. Market Transparency 1284 Christoph …” „… be disclosed under Arts 8 through 12 of the CRA Regulation. That information includes information …”

Article 107 S. 618-620

„… its rules of procedure. I. General features Article 109 (previously Art 21 LCD) governs the procedure …” „… . Art. 107 CARD 1. Security Markets and Services 618 Jessica Schmidt 2 3 4 1 2 ter the termination of …” „… for adjusting the minimum market capitalisation laid down in Art 43(1). Since an amendment by way of …”

Article 5 Requirement for authorisation S. 35-37

„… authorisation requirement. However, MiFID exempts certain ancillary activities (cf. Art 2(1)(j) MiFID). 1. 2. 1 …” „… market operators (Art 5(2) MiFID) Art 5(2) MiFID provides a partial exemption from Art 5(1) MiFID because …” „… market operators (cf. → Art 4(1)(18)) are already regulated by Title II MiFiR (cf. → MiFIR Art 1(2 …”

Article 7 S. 1051-1054

„… of the PRIIP, including: 2. Art. 8 PRIIPR 3. Market Transparency 1054 Svend Gerhards and Kay …” „… obscure the text.21 This will limit the size of the corporate branding or logo as well as its use as a …” „… Regulation. 19 Recital no. 14 PRIIP Regulation. 20 Article 6(5) PRIIP Regulation. 21 Article 6(6) PRIIP …”

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

„… the exception that a ‘naming-and-shaming’ is disproportionate (Art 99 b of UCITSD); and f) reporting …” „… of penalties to ESMA (→ Art 99 e of UCITSD). See comments there. Article 99 e Reporting of penalties …” „… with Article 15 of Regulation (EU) No 1095/2010. I. General features Purpose See purpose above Art …”

Article 14 S. 586-587

„… : Heidelbach, § 32 BörsG margin no 62. Art. 14 CARD 1. Security Markets and Services 586 Jessica Schmidt 1 2 …” „… Directive 2003/71/EC) as from 21 July 2019. 1 Cf. Heidelbach, § 12 BörsZulV margin no 2. Title II General …” „… another Member State, or will be made in the near future. I. General features Article 13 (previously Art …”

Article 108 S. 620

„… Committee shall adopt its rules of procedure. I. General features Article 109 (previously Art 21 LCD …” „… ) 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 …”

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

„… 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 …” „… 2017, ESMA35-43-620. Art. 24 MiFID II 1. Security Markets and Services 164 Martin Brenncke 10 11 12 …”

Article 65 Organisational requirements S. 349-351

„… regulatory technical standards specifying: Art. 65 MiFID II 1. Security Markets and Services 350 Matthias …” „… and arrangements in place to collect the information made public in accordance with Articles 10 and 21 …” „… ) the price notation of the transaction; Title V Data reporting services Art. 65 MiFID II Matthias …”

Article 46 S. 598-599

„… margin no 1; Heinze, 60; Kalss, Oppitz and Zollner, 13.63. Art. 46 CARD 1. Security Markets and …” „… disturb the market. I. General features As the second condition relating to the shares, Art 46 …” „… the first condition relating to the shares for which admission is sought, Art 45 (previously Annex …”

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

„… ’ is defined in Art 2(1)(13) MiFIR in conjunction with Art 4(2)(21) MiFID II. 3 Stegeman and Berket, in …” „… traded on a regulated market. Art 29(2) MiFIR concerns the “how” of the clearing procedure by obliging …” „… ), whereas all derivatives traded on a regulated market must be cleared under Art 29(1) MiFIR. The second is …”

Article 8 Withdrawal of authorisations S. 41-43

„… stated in MiFID and MiFIR, in particular those of Title II, Ch. II MiIFD (Art 21-33) and Title III-V …” „… II 1. Security Markets and Services 42 Dirk Zetzsche 5 6 7 8 son, Art 5(4), last para MiFID …” „… . II. Commentary Passivity (Art 8(a) MiFID) If an investment firm does not use its license within a …”

Article 19 S. 591-592

„… . 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 …” „… the courts provided for in paragraph 1. I. General Features Article 19 (previously Art 15 LCD) grants …”

Article 39 Authorisation by merging UCITS’ national competent authority; information exchange with receiving UCITS’ national competent authority S. 1372-1373

„… provided to the unit-holders of the receiving UCITS within 20 working days of being notified thereof. Art …” „… receiving UCITS. Commented below, see → Art 48. Article 40 Common draft terms of merger 1. Member States …” „… (p)(ii) of Article 2(1) and, where applicable, point (p)(iii) of Article 2(1), the fund rules or …”

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

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

Article 3 Formal requirements S. 1722-1724

„… . While formal acts must not be required for the cre- 1. 2. 1 Ruzik, 466. 2 See note 21 under Art 1. 3 …” „… Recitals 10 and 12. 4 Marino, 1164; Schlaegel, 70. 5 COM(2001) 168 final. Art. 3 FCD Andy Ruzik 1723 1 2 3 …” „… 2013), 122. Art. 3 FCD 5. Securities Clearing and Settlement 1722 Andy Ruzik 1 2 (i) their rights of …”

Article 48 S. 600-601

„… 72/87, 74; Gebhardt, § 9 BörsZulV margin no 1; Heinze, 60. Art. 48 CARD 1. Security Markets and …” „… § 38 BörsG margin no 5. See also Heidelbach, § 38 BörsG margin no 21. 1 Cf. Explanatory Notes, BT-Drs …” „… one or more Member States not later than the time of admission. Pursuant to Art 48(5), a sufficient …”

Overview of Articles 12-15 S. 908-910

„… restrictions in Art 12 SSR apply to (uncovered) ‘short sales’ within the meaning of Art 2(1)(b) SSR.2 …” „… 2. Market Behaviour 908 Klaus Ulrich Schmolke 4 5 6 1 Art 12, sovereign debt in its Art 13, and a …” „… the exemption for market making activities which also refers to Art 12-14 SSR, cf. ESMA70-145-386, 8 …”

Articles 42 to 48 S. 939-941

„… Overview mn 8. Arts 42 to 48 SSR 2. Market Behaviour 940 Klaus Ulrich Schmolke 2 3 4 5 3. Market …” „… individuals with regard to the processing of personal data by the Union institutions (see Arts 39(1) and 40 …” „… SSR).8 Art 40 SSR stresses that NCAs must assess that the conditions laid down in Chapter V of …”

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

„… thresholds laid down in Art 21 of Delegated Regulation (EU) No 918/2012 also apply to Art 8 SSR.7 II …” „… Implementing Regulation (EU) No 827/2012. Art. 9 SSR 2. Market Behaviour 904 Klaus Ulrich Schmolke 1 2 3 4 5 …” „… to financial stability or to market confidence in 1. 2. 1 Cf. Recital 16 SSR. 2 See above, → Art 1 mn …”

Article 15 S. 587

„… Directive 2003/71/EC) as from 21 July 2019. 1 Cf. Heidelbach, § 12 BörsZulV margin no 2. Title II General …” „… (previously Art 16 LCD) provides that an application for admission relating to certificates representing …” „… – like that of the closely related provision in Art 6(3) (see above → Art 6 mn 2) – is to ensure that the …”

Article 11 a European rating platform S. 1281-1283

„… supervision by the European Securities and Markets Authority, 6 January 2015 (OJ EU L 2/1). Title II Issuing …” „… available to the European Securities and Markets Authority, 6 January 2015 (OJ EU L 2/24). Art. 11 a CRAR 3 …” „… of credit ratings Art. 11 a CRAR Christoph Kumpan and Ronny Grütze 1281 2 3 4 I. General features …”

Article 50 S. 602-604

„… Schlitt (eds), Unternehmensfinanzierung am Kapitalmarkt (3rd ed, C.H.Beck 2013), margin no 21. 4 See …” „… extended.1 1 Cf. Heinze, 62. 1 Cf. Heinze, 64 et seq. Art. 52 CARD 1. Security Markets and Services 604 …” „… unjustifiably high prices.2 II. Commentary Principle of whole class of shares to be listed Pursuant to Art 49(1 …”

Article 16 S. 587-588

„… Directive 2003/71/EC) as from 21 July 2019. 1 Cf. Heidelbach, § 12 BörsZulV margin no 2. Title II General …” „… margin no 3. 3 Cf. Gebhardt, § 41 BörsG margin no 20; Heidelbach, § 41 BörsG margin no 14. Art. 17 CARD …” „… (previously Art 16 LCD) provides that an application for admission relating to certificates representing …”

Article 2 Scope S. 1467-1469

„… manage and/or market alternative investment funds (AIFs) in the Union. I. General features Art 1 AIFMD …” „… outside of the EU. In fact, the scope of AIFMD is even a bit broader than indicated in Art 1 AIFMD as …” „… authorised entities re- Chapter I General provisions Art. 2 AIFMD Christian Schmies 1467 1 2 sponsible for …”

Article 29 Obligations of investment firms when appointing tied agents S. 205-207

„… Art. 29 MiFID II Martin Brenncke 205 6 Member States shall ensure that tied agents are only admitted …” „… for investment firms Art. 30 MiFID II Martin Brenncke 207 3 …” „… investment firm or to any particular client.7 IV. Client limit orders (Art 28(2)) Article 28(2) introduces a …”

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

„… management companies. I. Purpose Art 6 of UCITSD lays down a preventive ban with an authorisation option …” „… . Chapter III Obligations regarding management companies Art. 6 UCITSD Dirk Zetzsche and Dominik Nast …” „… 1327 1 II. Commentary Art 6(1) of UCITSD is the core provision for the Directive’s manager regulation …”

Article 7 Conditions for authorisation S. 1328-1331

„… II. Commentary Art 6(1) of UCITSD is the core provision for the Directive’s manager regulation …” „… management (as defined in Annex I) is a regulated activity. Art 6(2) of UCITSD ensures that fund management …” „… have more assets under management than most MiFID firms. Arts 6(3) and (4) of UCITSD establish …”

Article 12 Prudential regulation S. 1334-1336

„… widely harmonised by Arts 4-21 of Commission Directive 2010/43/EU. 1. 2. Chapter III Obligations …” „… the third subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010. I. Purpose Art …” „… 11 of the UCTISD refers to qualifying holdings in Arts 10-10 b of MiFID I (now Arts 10-13 of MiFID II …”

Article 43 Withdrawal of authorisations S. 246-247

„… . Security Markets and Services 246 Dirk Zetzsche 1 2 3 Other regulatory texts See → MiFIR Art 46. II …” „… allocated between the regulated market and the market operator. 4. Title III Regulated Markets Art. 44 …” „… we find in a similar context for instance in Art 69(2) (s) and (t) MiFID would support a view that …”

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

„… those holdings. 5. 6. Art. 10 MiFID II 1. Security Markets and Services 50 Dirk Zetzsche 18 19 20 21 …” „… vicinity of money laundering, drug trafficking or 2. Art. 10 MiFID II 1. Security Markets and Services …” „… Notification re management and changes (Art 9(5) MiFID) The initial information on the management …”

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 …” „… does not necessarily need to be executed at the current market price; see the commentary on → Art 4 …” „… Transparency for trading OTC Art. 17 MiFIR Christoph Kumpan and Finn Schmidt 463 1 2 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 26 Provision of services through the medium of another investment firm S. 193-195

„… intermediaries topics, 10 July 2017, ESMA35-43-349, 2.3. 47 Ibid, 2.1, 2.5. 48 Ibid, 2.8. 49 Art 54(12) subpara 3 …” „… , Baden-Baden 2008) 453 for Art 19(7) MiFID I. Art. 26 MiFID II 1. Security Markets and Services 194 Martin …” „… Art. 26 MiFID II Martin Brenncke 193 29 The investment firm which receives an instruction to undertake …”

Article 18 Notification S. 1014-1016

„… Financial Market Regulation (3rd edn, Oxford University Press 2014), 112. Art. 18 PD 3. Market …” „… Member States and European financial markets. II. Commentary As stated under Art 18(1), at the request …” „… . Commentary According to Art 17(1), a prospectus and its supplements, after receiving approval from the …”

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

„… marketing of EU AIF in EU Member States other than the home Member State of the AIFM, Art 33 addresses the …” „… Rights of EU AIFMs Art. 33 AIFMD Christian Schmies 1533 If a planned change is implemented …” „… Regulation (EU) No 1095/2010. I. General features Whereas Art 32 provides for a “product passport” for the …”

Article 28 Client order handling rules S. 202-205

„… MiFID II Delegated Regulation. Art. 28 MiFID II 1. Security Markets and Services 202 Martin Brenncke …” „… , para 7.8. Art. 28 MiFID II 1. Security Markets and Services 204 Martin Brenncke 4 5 will be …” „… defined in Art 4(1)(16). 9 Commission, MiFID I proposal, 19 November 2002, COM(2002) 625 final, 21. Title …”

Article 43 S. 594-597

„… (3rd ed, C.H.Beck 2013), margin no 14. Art. 43 CARD 1. Security Markets and Services 594 Jessica …” „… – be interpreted in the sense of the definition in Art 4(1)(21) MiFID II.13 A Member State which has …” „… market capitalisation of at least 1 million EUR As a general rule, Art 43(1) requires a foreseeable …”

Article 30 Transitional provision S. 1031-1032

„… with Article 21(1) by 31 December 2008. Chapter VIII Transitional and final provisions Art. 30 PD …” „… trading on a regulated market shall choose their competent authority in accordance with Article 2(1 …” „… European Union. Article 33 Addressees This Directive is addressed to the Member States. Art. 33 PD 3 …”

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

„… lenient regulator, i.e. the jurisdiction where the regulatory costs are lowest. Art 99e(2) of UCITSD aims …” „… providers. To a certain extent, Art 99e(2) of UCITSD contradicts the objective of Art 99e(1) of UCITSD …” „… cross-border disputes. I. Purpose Art 100 of UCITSD seeks to enhance private enforcement by non-formal …”

Article 23 Disclosure to investors S. 1514-1517

„… requirements Art. 23 AIFMD Christian Schmies 1515 5. AIFMs managing EU AIFs employing leverage or marketing in …” „… for each EU AIF they manage and for each non-EU AIF they market in the European Union. Art 23 has the …” „… II. Commentary Art 22 requires AIFM to publish an annual report for each of the EU-AIF it manages …”

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

„… 2014), 112. Art. 18 PD 3. Market Transparency 1014 Paola Lucantoni 1 2 3 4 5 …” „… rights The publication of a prospectus supplement triggers the investors’ withdrawal rights under Art …” „… admission to trading Art. 17 PD Paola Lucantoni 1013 17 18 I. General features Article 171 sets out the …”

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 …” „… unproven assumptions underlying Art 14 b of UCITSD, the effectiveness of the promulgated rules is cast in …” „… competent authorities of the UCITS home Member State. I. Purpose Art 15 of UCITSD opens investor protection …”

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 …” „… 2(1)(b) of Regulation (EU) No 236/2012 in respect of any shares and sovereign debt within the scope of …”

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

„… risk in the financial system, market disruptions or risks to economic growth. Art 24(2) obliges the …” „… . Chapter V AIFMs managing specific types of AIF Art. 25 AIFMD Christian Schmies 1519 6. After receiving …” „… the use of leverage by AIF may pose systemic risks to the financial system. Art 25 acknowledges this …”

Article 8 a Sovereign ratings S. 1269-1271

„… tailored to sovereign countries.1 This culminated in the CRA III Regulation, which implemented Art 8 a CRA …” „… .). Title II Issuing of credit ratings Art. 8 a CRAR Christoph Kumpan and Ronny Grütze 1269 1 2 3 Level 3 …” „… likely to improve as a result.4 Furthermore, Art 8a(2) CRA Regulation aims to protect sensitive …”

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

„… Money Market Funds. Chapter VII Obligations concerning the investment policies of UCITS Art. 50 a …” „… In turn, paragraphs 20-22 of the CESR guidelines7 specify Arts 5, 8 and 9 of the UCITS EAD. The …” „… effective on 21 July 2018. Article 50 a Investment in securitisation positions In order to ensure …”

Article 2 Definitions S. 1576-1578

„… responsible for managing such an institution and acting on its behalf as referred to in Article 2(1) of that …” „… solely and exclusively in their interest; Art. 2 EMIR 5. Securities Clearing and Settlement 1576 Paola …” „… Art. 2 EMIR Paola Lucantoni 1577 tions regarding aggregation thereof laid down in Article 12(4) and (5 …”

Article 49 Withdrawal of registration S. 572-574

„… country rules) against commitments engaged in 1. 2. Art. 49 MiFIR 1. Security Markets and Services 572 …” „… Recitals 40-44 MiFIR. Other regulatory texts See Art 46 MiFIR. II. Commentary ESMA can revoke the …” „… of a revocation justify that ESMA informs the European Commission about a revokal (Art 49(2) MiFIR …”

Article 32 Trading obligation procedure S. 519-524

„… , may consult third-country competent authorities. 2. 3. 6 Art 27 MiFID II. 7 Art 8, 10, 18, 21, 28 …” „… market operators involved must make the operation public in accordance with Art 31(2) MiFIR. This …” „… .11 The investment firms and market operators must also keep records of the service, Art 31(3) MiFIR …”

Article 7 Minimum information S. 987-990

„… . Art. 7 PD 3. Market Transparency 988 Paola Lucantoni 1 2 3 4 building blocks.4 In accordance with …” „… paragraph 4. Art. 8 PD 3. Market Transparency 990 Paola Lucantoni …” „… Commission in accordance with paragraph 1. Chapter II Drawing up of the prospectus Art. 7 PD Paola …”

Article 20 S. 1089-1090

„… Regulation. 3 Article 19(b) PRIIP Regulation. Art. 22 PRIIPR 3. Market Transparency 1090 Svend Gerhards …” „… under this Regulation. Chapter IV Complaints, redress; cooperation and supervision Art. 20 PRIIPR …” „… Svend Gerhards and Kay Rothenhöfer 1089 1 Article 21 1. Member States shall apply Directive 95/46/EC to …”

Article 11 General and periodic disclosures S. 1280-1281

„… 2/1). Title II Issuing of credit ratings Art. 11 a CRAR Christoph Kumpan and Ronny Grütze 1281 2 3 …” „… , 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 22 S. 1090-1091

„… . Art. 22 PRIIPR 3. Market Transparency 1090 Svend Gerhards and Kay Rothenhöfer 1 2 Member States may …” „… Article 21 1. Member States shall apply Directive 95/46/EC to the processing of personal data …” „… the processing of personal data carried out by the ESAs. I. General features Articles 19 through 21 …”

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 14 S. 1709-1710

„… relevant securities account needed to apply Art 9(2).2 However, some issues have been highlighted that …” „… , for instance, the not fully clarified application to insolvency-like proceedings (see above, → Art 2 …” „… mn 12) or the problem of direct notification of insolvency proceedings to ESMA (see above, → Art 6 mn …”

Article 4 Exemptions from the obligation to publish a prospectus S. 969-974

„… regarding the third-country market concerned. 3. Chapter I General provisions Art. 4 PD Paola Lucantoni …” „… dividends paid out in the form of shares of the same class as the Art. 4 PD 3. Market Transparency 970 …” „… regulated markets. The content of Art 4 is strongly influenced by the 2010 Prospectus Amending Directive …”

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

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

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

„… a specific securities note’ (Art 15(1)). Currently, the Commission is consulting ESMA (which will …” „… whether to invest in such securities. The summary shall contain a clear warning to that effect. Art. 6 PD …” „… paragraph of Art 6(2), regarding the civil liability attaching to persons responsible for the prospectus …”

Article 9 Management body S. 43-50

„… /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 …” „… qualifying holdings and the amounts of those holdings. 5. 6. Art. 10 MiFID II 1. Security Markets and …”

Article 10 S. 1065-1067

„… Recital no. 21 PRIIP Regulation. 3 Commission Delegated Regulation (EU) 2017/653 of 8 March 2017 …” „… PRIIP Delegated Regulation. 10 Article 15(3) PRIIP Delegated Regulation. Art. 10 PRIIPR 3. Market …” „… above, → Art 1 mn 7 on the legislative process of the PRIIP Delegated Regulation. Chapter II Key …”

Article 33 S. 1096-1097

„… defined in Article 2(1)(b) of Directive 2009/65/EC, investment companies as referred to in Article 27 …” „… products, and shall assess whether the exemption of products from the scope of this Regulation should Art …” „… documents [2017] OJ L100/3. 2 In the meaning of Article 2(1)(b) of Directive 2009/65/EC. 3 In the meaning of …”

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

„… , 971-972. 6 See also Regulation (EU) No 1095/2010, Articles 21 and 35. 1 For the definition, see → Art 2 mn …” „… agreement of the competent au- 1 OJ L 331, 15.12.2010, p. 1. Art. 25 TD 3. Market Transparency 1208 …” „… 24 et seq. 2 See → Art 19. Art. 26 TD 3. Market Transparency 1210 Wolf-Georg Ringe 8 9 1 2 3 …”

Article 2 S. 1036-1038

„… ’) [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 …” „… . Commentary Article 2(1). To enhance investor protection and achieve increased transparency, the PRIIP …”

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

„… the financial instrument reference data pursuant to paragraph 1; Art. 27 MiFIR 1. Security Markets …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 5. Form and time …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 I. General features Purpose Art 25-27 MiFIR introduce record keeping and transaction reporting …”

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 …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 III. Transitional provisions …” „… therefore imposes in Art 35-37 MiFIR an obligation to grant nondiscriminatory and speedy access on fair …”

Article 6 Public register S. 1593-1594

„… transparency to stakeholders and the public as a whole, Article 2(1) of the Commission Proposal for a second …” „… Art. 6 EMIR Paola Lucantoni 1593 1 2 Article 7 Access to a CCP 1. A CCP that has been authorised to …” „… . See comment below → Art 8. Article 8 Access to a trading venue 1. A trading venue shall provide trade …”

Article 16 Additional information S. 1177-1179

„… generally to the issuer. See ESMA, Mapping, paras 191-192. Art. 16 TD 3. Market Transparency 1178 …” „… Article 3(1). Chapter III Ongoing information Art. 16 TD Wolf-Georg Ringe 1177 1 2 3 4 II. Disclosure …” „… governed by Article 21. According to Article 7, Member States need to ensure that the responsibility for …”

Article 1 S. 1680-1684

„… indirectly through it, should be determined solely under the law of that Member State; (21) Whereas the …” „… 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 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 …” „… the notional amount of derivatives, such as: (i) Article 2(1)(j) and 2(4) MiFID regarding the …” „… required under Art 81(5) have been adopted as Commission Delegated Regulation (EU) No 151/2013.2 The text …”

Article 9 S. 1063-1065

„… . a) Chapter II Key information document Art. 9 PRIIPR Svend Gerhards and Kay Rothenhöfer 1063 1 2 …” „… communications“. 2 For definition “PRIIP manufacturer” see Article 4(4) PRIIP Regulation. Art. 9 PRIIPR 3 …” „… definition in Article 4(4) PRIIP Regulation. 2 Recital no. 21 PRIIP Regulation. 3 Commission Delegated …”

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 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 …” „… accordance with Article 21 of Regulation (EU) No 1095/2010. 3. ESMA shall develop draft regulatory technical …” „… information required for the purposes of carrying out the duties Title VI Competent authorities Art. 81 …”

Article 9 Reporting obligation S. 1596-1600

„… . b) 1 Commission Delegated Regulation (EU) No 149/2013. Art. 9 EMIR 5. Securities Clearing and …” „… Derivates Art. 9 EMIR Paola Lucantoni 1597 1 2 3 II. Commentary Reporting obligation Material scope …” „… characteristics of the derivative contract, see Art 5(5) 2 EMIR. Two Commission Delegated Regulations set out more …”

Article 79 Obligation to cooperate S. 379-381

„… Art. 79 MiFID II Jörn Axel Kämmerer 379 fied competent authority shall take appropriate action. It …” „… those draft implementing technical standards to the Commission by 3 January 2016. Art. 79 MiFID II 1 …” „… authorities in accordance with Article 21 of Regulation (EU) No 1095/2010. 3. ESMA shall develop draft …”

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

„… of the Council of 21 April 2004 on markets in financial instruments amending Council Directives …” „… Märkte für Finanzinstrumente’, WM 2006, p. 797. 4 See Art 29 and 44 MiFID I; also, Moloney, EU securities …” „… European Parliament and of the Council OJ L 148/16. Title VI Competent authorities Art. 88 MiFID II Jörn …”

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 …” „… of securities to the public’ in Article 2(1)(d) of 1. a) 1 Regulation (EU) No. 1286/2014 of 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 …” „… Matter, Scope and Definitions Art. 1 EMIR Paola Lucantoni 1575 Article 2 Definitions For the purposes of …” „… and acting on its behalf as referred to in Article 2(1) of that Directive as well as any legal entity …”

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 27 Amendments S. 1031

„… with Article 21(1) by 31 December 2008. Chapter VIII Transitional and final provisions Art. 30 PD …” „… trading on a regulated market shall choose their competent authority in accordance with Article 2(1 …”

Article 28 Repeal S. 1031

„… with Article 21(1) by 31 December 2008. Chapter VIII Transitional and final provisions Art. 30 PD …” „… trading on a regulated market shall choose their competent authority in accordance with Article 2(1 …”

Article 29 Transposition S. 1031

„… with Article 21(1) by 31 December 2008. Chapter VIII Transitional and final provisions Art. 30 PD …” „… trading on a regulated market shall choose their competent authority in accordance with Article 2(1 …”

Article 69 Supervisory powers S. 358-362

„… 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 …” „… VI Competent authorities Art. 69 MiFID II Jörn Axel Kämmerer 359 I. General features Purpose …”

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 21 S. 1090

„… . Art. 22 PRIIPR 3. Market Transparency 1090 Svend Gerhards and Kay Rothenhöfer 1 2 …” „… Article 21 1. Member States shall apply Directive 95/46/EC to the processing of personal data …” „… the processing of personal data carried out by the ESAs. I. General features Articles 19 through 21 …”

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

„… shall be conferred on the Commission for a period of four years from 21 July 2011. The power to adopt …” „… 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 1 Subject matter and scope S. 623-624

„… ’ means an issuer as defined in point (21) of Article 3(1) of Regulation (EU) No 596/2014. Art. 2 MAD 2 …” „… 596/2014; (9) ‘regulated market’ means a regulated market as defined in point (21) of Article 4(1) of …” „… (EU) No 596/2014; (3) ‘buy-back programme’ means trading in own shares in accordance with Articles 21 …”

Article 30 S. 1095-1096

„… Regulation. Chapter VI Final provisions Art. 30 PRIIPR Svend Gerhards and Kay Rothenhöfer 1095 3 4 5 …” „… defined in Article 2(1)(b) of Directive 2009/65/EC, investment companies as referred to in Article 27 …” „… products, and shall assess whether the exemption of products from the scope of this Regulation should Art …”

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

„… in which that holding subsists; (21) ‘parent undertaking’ means a parent undertaking as described in …” „… - Art. 2 a EMIR 5. Securities Clearing and Settlement 1578 Paola Lucantoni quirements which are …” „… consolidation on a full basis and they are subject to an Title I Subject Matter, Scope and Definitions Art. 3 …”

Articles 83 to 91 S. 1679-1680

„… based on the measurement of the notional amount of derivatives, such as: (i) Article 2(1)(j) and 2(4 …” „… regulatory technical standards required under Art 81(5) have been adopted as Commission Delegated Regulation …” „… repositories Arts 83 to 91 EMIR Paola Lucantoni 1679 4 5 6 1 Settlement Finality Directive (SFD) Directive …”

Article 34 S. 1097-1099

„… regards the date of its application [2016] OJ L354/35. Art. 34 PRIIPR 3. Market Transparency 1098 Svend …” „… provide such documents [2017] OJ L100/3. 2 In the meaning of Article 2(1)(b) of Directive 2009/65/EC. 3 In …” „… the meaning of Article 27 of Directive 2009/65/EC. Chapter VI Final provisions Art. 34 PRIIPR Svend …”

Introduction S. 1710-1711

„… Council of 21 April 2004 on markets in financial instruments; (iii) a financial institution as defined in …” „… Arrangements’ (2006) 21 Journal of International Banking Law and Regulation 203 (cited as “Löber and Klima …” „… . Art. 1 FCD Andy Ruzik 1711 …”

Introduction S. 941-951

„… 621/2013 of 21 March 2013 [2013] OJ L177/14 correcting the Polish version of the Prospectus Regulation as …” „… /eu-prospectus-regulation-some-out -box-thinking (2016). Intro PD 3. Market Transparency 950 Paola Lucantoni 19 20 21 Chapter I …” „… : The Standard Life Flotation’ (2007) 4 European Company and Financial Law Review 21; Ferran E and Chan …”

Article 80 Cooperation between competent authorities in supervisory activities, for on-site verifications or investigations S. 381

„… accordance with Article 21 of Regulation (EU) No 1095/2010. 3. ESMA shall develop draft regulatory technical …” „… information required for the purposes of carrying out the duties Title VI Competent authorities Art. 81 …” „… investigation. In the case of investment firms that are remote members or participants of a regulated market the …”

Article 31 S. 1096

„… defined in Article 2(1)(b) of Directive 2009/65/EC, investment companies as referred to in Article 27 …” „… products, and shall assess whether the exemption of products from the scope of this Regulation should Art …” „… market for retail investment products and the feasibility, costs and possible benefits of introducing a …”

Article 32 S. 1096

„… defined in Article 2(1)(b) of Directive 2009/65/EC, investment companies as referred to in Article 27 …” „… products, and shall assess whether the exemption of products from the scope of this Regulation should Art …” „… market for retail investment products and the feasibility, costs and possible benefits of introducing a …”

Article 35 Addressees S. 1230-1231

„… therefore does not create any direct rights or obligations for the market participants. Art. 35 TD 3 …” „… , 2009-2016; Bachmann G, ‘Unternehmensrecht zu Beginn des 21. Jahrhunderts’, in: Festschrift für Eberhard …” „… . Market Transparency 1230 Wolf-Georg Ringe 1 Credit Rating Agency Regulation (CRAR) Regulation (EC) No …”

doi.org/10.5771/9783845279893

Laura Frömel - Maßnahmen von Unternehmen gegen unberechtigte Short-Sell-Attacken

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Laura Frömel

Maßnahmen von Unternehmen gegen unberechtigte Short-Sell-Attacken

Series: Schriften des Augsburg Center for Global Economic Law and Regulation - Arbeiten zum Internationalen Wirtschaftsrecht und zur Wirtschaftsregulierung

Volume 80 2020

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§ 2 Leerverkaufsattacken und Europäisches Marktmissbrauchsrecht S. 57-102

„… Marktmissbrauchsrecht – Hintergrund, Inhalt und praktische Bedeutung von Art. 21 MAR, WM 2016, 2241. 310 Charta der …” „… Sonderregelung für Journalisten gem. Art. 21 MAR einschlägig ist210, welche bei Vorliegen den Tatbestand der …” „… : Assmann/Schneider, Kommentar zum WpHG, 6. Aufl. 2012, § 20 a Rn. 30. 210 Der Ausnahmetatbestand von Art. 21 MAR …”

Titelei/Inhaltsverzeichnis S. 1-28

„… oder offenlegen 2. 99 Ausnahme nach Art. 21 MAR3. 100 Eigennütziger Zweck gem. Art. 21 lit. a) MARa …” „… Informationsgestützte Marktmanipulation gem. Art. 12 Abs. 1 lit. c) MAR II. 67 Verbreiten falscher oder irreführender …” „… Zwischenergebnis3. 74 Handels- und Handlungsgestützte Marktmanipulation gem. Art. 12 Abs. 1 lit. a) (i), b) MAR III …”

§ 4 Maßnahmen der Zielgesellschaft nach einer Leerverkaufsattacke S. 130-207

„… größere Marktrelevanz als den in Art. 19 Abs. 11 MAR vorgeschriebenen Finanzberichten zu520, da es sich …” „… der Ratio des Art. 19 MAR, wonach gerade mehr Marktransparenz mithilfe bestimmter Publizitätspflichten …” „… Insiderhandels- (Art. 14 MAR) und Marktmanipulationsverbot (Art. 15 MAR) nahe. Denn als Geschäftsführungsmaßnahme …”

Zusammenfassung der Thesen S. 274-278

„… werden nicht zu „journalistischen Zwecken“ i.S.v. Art. 21 MAR verbreitet, da es sich bei ihnen um keine …” „… Tatbestandseinschränkung von Art. 21 MAR nicht. Die Verbreitung falscher Unternehmensbewertungen erfolgt sowohl aus …” „… Marktmanipulation gem. Art. 12 Abs. 1 lit. b), c), Abs. 2 lit. d), Art. 15 MAR und ist somit illegal. 3. Die …”

§ 5 Effektive Präventivmaßnahmen S. 208-269

„… Marktmanipulation gem. Art. 12 Abs. 1 lit. a) (ii) MAR erfüllen, auf welchen im Rahmen der Arbeit mangels Relevanz …” „… Insiderhandels gem. Art. 14 lit. b), Art. 7, Art. 8 Abs. 2 lit. a) MAR strafbar machen, indem sie durch die …” „… ), Art. 7 MAR kommt in Betracht. Die künftigen Pläne und Absichten (innere Tatsachen) des Vorstands bzw …”

§ 3 Öffentlicher Rechtsschutz in Deutschland gegen Short-Sell-Angriffe S. 103-129

„… gegen das Marktmanipulationsrecht i.S.v. Art. 12, 15 MAR zugleich als Ordnungswidrigkeit (§ 120 Abs. 15 …” „… überwachen, als auch einen mutmaßlichen379 Marktmanipulationsverstoß nach Art. 15 MAR (§ 6 Abs. 2 S. 1 WpHG …” „… vorsätzlich eine Marktmanipulation nach Art. 15 MAR begeht. Kommt es zu einem Strafverfahren, bereitet es der …”

Einführung und Problemaufriss S. 29-32

„… Marktmissbrauchsverordnung (EU) Nr. 596/201412 (MAR) vor allem im Hinblick auf die Marktmanipulation nach Art. 15, 12 MAR und …” „… die Anlageberichterstattung in den Medien nach Art. 20, 21 MAR untersucht werden. Dieses Ergebnis ist …” „… , Zweifelhafte Studien bewegen Kurse, FAZ v. 21.4.2016, abrufbar unter …”

Literaturverzeichnis S. 279-298

„… , Finanzjournalismus und neues Marktmissbrauchsrecht – Hintergrund, Inhalt und praktische Bedeutung von Art. 21 MAR, WM …” „… , Marthe-Marie, Die Haftung von Ratingagenturen gegenüber fehlerhaft bewerteten Staaten und Unternehmen, BKR 2012 …” „… Führungskräften nach Art. 19 der Marktmissbrauchsverordnung (EU) Nr. 596/2014, Stand 23.11.2018, abrufbar unter …”

§ 1 Entwicklung der Regulierung von Leerverkäufen S. 33-56

„… geregelter Markt (Art 4 Nr. 21 Richtlinie 2014/65/EU), ein multilaterales (MTF) (Art. 4 Nr. 22 Richtlinie …” „… Allgemeinverfügungen der BaFin vom 21. September 2008, 17. Dezember 2008, 30. März 2009 und 29. Mai 2009. 79 Zur …” „… durch die Melde- und Veröffentlichungspflichten (Art. 5-7 LVVO) die Markttransparenz gesteigert werden …”

Anhang S. 301-319

„… Biotech-Unternehmen mit ca. 200 Millionen US-Dollar Market Cap. Anhang 311 Vorwürfe – Muddy Waters v. 21 …” „… innerhalb der Kreditkartenorganisationsnetzwerke zu umgehen. Wirecard legt die Art der vom Unternehmen …” „… SE & Co.KGaA Vorwürfe – Muddy Waters v. 21.4.20161093 Detaillierte Stellungnahme – Ströer v …”

doi.org/10.5771/9783748908821

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

„… EU L 173 v. 12.7.2014, L 287/320, L 287/323 sowie EG 49 S. 5 MAR. 105 Vgl. Art. 3 Abs. 1 Nr. 21 MAR …” „… ; K/O/T/W/Hössl-Neumann/Torggler, MAR, Art. 7, Rn. 21; M/R/V/H.Krause, § 6, Rn. 70; Park/Hilgendorf/Kusche, Kap. 7.3, Rn. 45 …” „… , MAR, Art. 12, Rn. 177; G/J/W/Diversy/Köpferl, WpHG, § 38, Rn. 52; M/G/Hohn, § 21, Rn. 51 …”

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

„… ; A/S/M/Assmann, MAR, Art. 10, Rn. 15; K/M/F/S/Meyer, Rn. 12.289; M/G/Hohn, § 21, Rn. 87; S/Z/Kumpan/Grütze, MAR …” „… , vgl. A/R/R/Trüg, Teil 10, Kap. 2, Rn. 92 („sehr restriktiv“); A/S/M/Assmann, MAR, Art. 10, Rn. 21f …” „… , MAR, Art. 7, Rn. 35; M/G/Hohn, § 21, Rn. 53; Eichner, S. 55; Fürsich, S. 142. Picciau (V/M, B.7.36 …”

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

„… informationsgestützte Marktmanipulation der Art. 12 Abs. 1 lit. b und lit. c MAR einschlägig sein.517 Mögliche Täter …” „… , 442. Hingegen lit. b als handelsgestützte Marktmanipulation betrachtend: A/S/M/Mülbert, MAR, Art. 12 …” „… verpflichtet, die Marktmanipulation der Art. 12, 15 MAR mit als Höchstmaß mindestens vier Jahren Haftstrafe zu …”

§ 20 Mergers & Acquisitions S. 278-307

„… : M/J/Herfs, § 21, Rn. 75. A. Art. 17 Abs. 1 MAR bei M&A-Transaktionen 293 Öffentliche Übernahmen Bei einer …” „… , Art. 7, Rn. 41; M/J/Herfs, § 21, Rn. 95; Speier, S. 367; Cahn, FS Bergmann, 111, 123f …” „… .; Lebherz, a.a.O.; Meyer/Kiesewetter, WM 2009, 340, 341. 1104 Vgl. BaFin, S. 18; A/S/M/Assmann, MAR, Art. 17 …”

§ 8 Pflicht zur unverzüglichen Bekanntmachung S. 118-125

„… ; E/B/J/S/Poelzig, MAR, Art. 17, Rn. 17; Happ/Bohlken, 7.30, Rn. 5.1; M/J/Herfs, § 21, Rn. 51; Lebherz, S. 89ff …” „… System i.S.v. Art. 17 Abs. 1 UAbs. 2 S. 1 Hs. 2 MAR i.V.m. Art. 21 TransparenzRL: BT-Drs. 18/10936, S …” „… ; Klöhn/Klöhn, Art. 17, Rn. 193; M/R/V/Veil/Brüggemeier, § 10, Rn. 135; S/Z/Kumpan/F.Schmidt, MAR, Art. 17, Rn …”

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

„… Organisationspflichten, Art. 4 Abs. 1 lit. c MAR jedoch nicht als abschließend betrachtend, vgl. M/J/Herfs, § 21, Rn. 82 …” „… Marktmissbrauchsregime aus Art. 4 Abs. 1 lit. c i), ii) DVO-MAR. Keine Voraussetzung mehr ist unter der MAR die Pflicht …” „… Systematik des Art. 17 Abs. 4 UAbs. 1 MAR entgegen, nach der prinzipiell lit. b und lit. c das Markt- bzw …”

Titelei/Inhaltsverzeichnis S. 1-26

„… Stoffwechselerkrankung im Jahr 2017II. 198 § 14 Vermarktungsverträge 199 Art. 17 Abs. 1 MAR beim MarketingA. 200 …” „… Marktmanipulations-Konkretisierungsverordnung MAR Verordnung (EU) Nr. 596/2014 (Marktmissbrauchsverordnung) MiFID-II Richtlinie 2014/65/EU über …” „… FinanzmarktaufsichtsbehördenII. 47 ZwischenfazitIII. 49 § 5 Allgemeine Ad-hoc-Pflicht des Art. 17 Abs. 1 MAR 50 Rechtshistorie …”

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

„… die Markterwartung alleine kann kein tauglicher Umstand i.S.v. Art. 7 Abs. 2 S. 1 MAR sein …” „… . 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 …”

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

„… . So auch, vgl. K/O/T/W/Kalss/Hasenauer, MAR, Art. 17, Rn. 21. § 4 Rechtliche Grundlagen der …” „… Ad-hoc-Pflicht in Art. 17 MAR geregelt. Als Verordnung gilt die MAR unmittelbar und verbindlich in jedem …” „… ; S/Z/Kumpan/Misterek, MAR, Art. 1, Rn. 34; von Buttlar, BB 2014, 451, 453. 37 Hierzu insgesamt: M/R/V/Veil, § 3, Rn. 20 …”

§ 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 …”

§ 25 Schuldtitel S. 328-336

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

§ 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 …” „… . 1 Nr. 5 AktG bis zur Ad-hoc-Veröffentlichung zu.1288 1287 Vgl. B/H/Kumpan, MAR, Art. 10, Rn. 6 …”

§ 18 Finanzielle Krisen S. 235-256

„… § 18 Finanzielle Krisen Die allgemeine Ad-hoc-Pflicht des Art. 17 Abs. 1 MAR kommt für eine ihre …” „… . insgesamt: Fuchs/Pfüller, § 15, Rn. 262f.; M/R/V/H.Krause, § 6, Rn. 162ff.; S/Z/Kumpan/Misterek, MAR, Art. 7 …” „… , § 31, Rn. 20; J/V/R/B/Voß, § 15, Rn. 146; Klöhn/Klöhn, Art. 7, Rn. 429; S/Z/Kumpan/Misterek, MAR, Art …”

§ 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 …” „… ausscheidenden Person oder aufgrund ihres Alters mög- 589 Vgl. S/Z/Kumpan/Misterek, MAR, Art. 7, Rn. 296; Petsch …”

§ 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 …”

Literaturverzeichnis S. 343-364

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

doi.org/10.5771/9783748927235

Natalia Ilyevich - Delisting - Parallele zum Übernahmerecht

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Natalia Ilyevich

Delisting - Parallele zum Übernahmerecht

Series: Studien zum Bank-, Börsen- und Kapitalmarktrecht

Volume 73 2019

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D. Der Anwendungsbereich der neuen Regelung S. 53-121

„… stellt auch die Regelung zu der Marktsondierung (market soundings) in Art. 11 MAR als Ausnahme von dem in …” „… vom 21.12.2016, S. 83. 504 Musterbelehrung der BaFin nach Art. 18 Abs. 2 MAR, abrufbar unter …” „… der BaFin vom 21.7.2016 zur Ad-hoc-Publizität; FAQ der BaFin zu Art. 17 MAR, S. 6. 520 DVO (EU …”

Literaturverzeichnis S. 259-276

„… : https://www.bafin.de/SharedDocs/Downloads/DE/Formular/WA/fo_ Art_18MAR_WA25__doc.html, zuletzt abgerufen am 17.2.2019 (zitiert: Musterbelehrung der BaFin nach …” „… Art. 18 Abs. 2 MAR) Baumbach, Adolf / Hopt, Klaus J. (Hrsg.): Kommentar zum Börsengesetz, 38. Auflage …” „… , DStR 2003, 985 ff. FAQ der BaFin zu Art. 17 MAR: Veröffentlichung von Insiderinformationen, Stand …”

C. Überblick über die gesetzliche Regelung zum regulären Delisting/Downlisting S. 41-52

„… . FMFG) eingeführt179, welches gemäß Art. 30 S. 1 3. FMFG am 1. April 1998 in Kraft trat180. § 43 BörsG …” „… BörsG a.F. ist am Ende § 38 BörsG a.F. geworden187. Gemäß Art. 23 S. 1 des Vierten …” „… Änderung kam mit dem Finanzmarktrichtlinie-Umsetzungsgesetz vom 16. Juli 2007, welches nach dessen Art. 14 …”

B. Grundlagen S. 24-40

„… Anlehnung an die Terminologie der MAR der Begriff „Handelsplatz“. Diese verweist nämlich in ihrem Art. 3 Abs …” „… BaFin zu Art. 17 MAR: Veröffentlichung von Insiderinformationen, Stand: 31.1.2019, S. 3, abrufbar unter …” „… . Geregelt wird das Ganze von den Markbetreibern46. Die wichtigsten Marktsegmente des regulierten Marktes an …”

E. Voraussetzungen für ein Delisting nach der aktuellen Gesetzeslage S. 122-201

„… . 21; ders., bereits früher in: AG 2014, 633 (645); Seibt, Stellungnahme vom 3.9.2015 für den …” „… . 785 Bayer, NZG 2015, 1169 (1173); Drygala, VGR Bd. 21 (2016), 75 (78 f.). 786 Beschlussempfehlung und …” „… Müller-Michaels in: Hölters, Handbuch Unternehmenskauf, Rz. 13.7. 790 Drygala, VGR Bd. 21(2016), 75 (79); Groß, AG …”

F. Rechtsschutz S. 202-251

„… ); Drygala, VGR Bd. 21 (2016), S. 75 (91); Gegler, BKR 2016, 273 (278); Groß, AG 2015, 812 (819, 820); ders …” „… . Drygala, VGR Bd. 21 (2016), S. 75 (91). 1314 Brellochs, Stellungnahme vom 3.9.2015 im Rahmen der Anhörung …” „… 179 (2015), 1 (6). Die Auslegung des WpÜG durch die BaFin als mit Art. 19 Abs. 4 GG unvereinbar: Anm …”

doi.org/10.5771/9783748900368

Marcel Vollmerhausen - Das Verbot der Marktmanipulation am Beispiel von aktivistischen Leerverkäufern

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Marcel Vollmerhausen

Das Verbot der Marktmanipulation am Beispiel von aktivistischen Leerverkäufern

Series: Mannheimer Schriften zum Unternehmensrecht

Volume 61 2022

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4. Kapitel: Marktmanipulation durch Leerverkaufsattacken S. 109-237

„… Schwark/Zimmer, Art. 12 MAR Rn. 16; Hohn, in Momsen/Grützner, Wirtschafts- und SteuerstrafR, § 21 Rn. 152: auf …” „… 564 – nicht als Marktmanipulation im Sinne des Art. 12 Abs. 1 lit. a i MAR anzusehen.Massenhaft …” „… den weiten Tatbestand des Art. 12 Abs. 1 lit. a MAR.618 Hierunter fallen etwa Marktgepflogenheiten …”

3. Kapitel: Überblick über den Rechtsrahmen für Leerverkaufsattacken im europäischen Kapitalmarktaufsichtsrecht S. 82-108

„… 2019, 2754, 2756; Commandeur, AG 2020, 575 Rn. 15; Schockenhoff, WM 2020, 1349, 1352.375 Zu Art. 21 MAR …” „… Anlageempfehlung nach Art. 20 MAR aufzugreifen (§ 9) und schließlich das Verbot der Marktmanipulation im Überblick …” „… Schutzzweck des Art. 20 MAR umfasst.363I.359 Rothenhöfer, in Meyer/Veil/Rönnau, HdB Marktmissbrauchsrecht …”

5. Kapitel: Thesenartige Zusammenfassung der Untersuchungsergebnisse S. 238-256

„… verbreitet.VI. Art. 21 MAR ordnet unter anderem für die informationsgestützte Marktmanipulation an, dass bei der …” „… handelsgestützten Marktmanipulation gemäß Art. 12 Abs. 1 lit. a MAR.I. Als Anknüpfungspunkt im Tatbestand der …” „… handelsgestützten Marktmanipulation gemäß Art. 12 Abs. 1 lit. a MAR kommt nur die Leerverkaufstransaktion in …”

1. Kapitel: Einführung S. 15-31

„… , die eine Marktmanipulation darstellen. Die Tatbestände in Art. 12 Abs. 1 lit. a bis lit. d MAR lassen …” „… Tatbestandsausschluss gemäß Art. 21 MAR wegen freier Meinungsäußerung zu berücksichtigen.Verstoßen die Leerverkäufer …” „… according to Art 12 MAR.”4 Vgl. Teigelack, in Meyer/Veil/Rönnau, HdB Marktmissbrauchsrecht, § 12 Rn. 1.5 Ein …”

Titelei/Inhaltsverzeichnis S. 1-14

„… zulässiger MarktpraxisV.140Ergebnis der Prüfung zu Art. 12 Abs. 1 lit. a MARB. 141Marktmanipulation durch die …” „… ÜberblickA. 97Regelungstechnik des Manipulationsverbotes (Artt. 12, 15 MAR)B. 98Basistatbestände in Art. 12 …” „… gemäß Art. 21 MARV. 180Hintergrund der Regelung1. 180Tatbestandsvoraussetzungen2. 181Verbreitung von …”

Literaturverzeichnis S. 257-282

„… Bedeutung von Art. 21 MAR -, WM 2016, 2241–2248Knauth, Oliver / Käsler, Corina, § 20a WpHG und die …” „… : Kapitalmarktrecht, JuS 2003, 217–224Merwald, Maximilian, Das Verbot der Marktmanipulation gem. Art. 15, 12 MAR …” „… Marktmanipulation nach dem neuen Marktmissbrauchsregime: Ziele, Kennzeichen und Problemlagen der Neuregelung in Art …”

2. Kapitel: Grundlagen S. 32-81

„… der Marktmanipulation, etwa in Art. 12 Abs. 1 MAR, definiert ihn jedoch nicht näher. In Art. 12 Abs …” „… Handelsplätze unterfallen. Dies stellt Art. 2 Abs. 1 MAR ausdrücklich fest.MarktakteureNur den Kapitalmarkt als …” „… , Short-Selling-Regulierung, S. 45; Eichelberger, Marktmanipulation, S. 31; Schmolke, in Klöhn, vor Art. 12 Rn. 21, 36 …”

doi.org/10.5771/9783748933205

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