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Hans-Holger Herrnfeld, Dominik Brodowski, Christoph Burchard

European Public Prosecutor's Office

2021

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Dominik Brodowski Article 109 Transparency S. 650-652

„… Transparency 1. Regulation (EC) No 1049/2001 of the European Parliament and of the Council1) shall apply to …” „… governance (Article 15 TFEU), the EPPO is bound, as a body of the Union, to strive for transparency in its …” „… (EC) No 1049/2001). While these grounds may be used regularly to refuse transparency if a request …”

Hans-Holger Herrnfeld Article 47 Principles relating to processing of personal data S. 461-470

„… “fairness” essentially covers more than the principle of transparency.8 Different from Article 5(1) GDPR9 …” „… , but following Article 4(1)(a) DPD, the provision of Article 47(1)(a) does not address “transparency …” „… criminal investigations and does not highlight the transparency principle. Recital 26 of the DPD …”

Dominik Brodowski Article 108 Confidentiality and professional secrecy S. 648-650

„… goal of transparency in the EPPO’s activities (Article 109, → Article 109 mn. 1 ff.). Paragraph 1 …” „… transparency, Article 109), or information he/she may or 2 Regulation No 31 (EEC), 11 (EAEC), laying down the …” „… applicable national law. Article 109 Transparency 1. Regulation (EC) No 1049/2001 of the European Parliament …”

Dominik Brodowski Article 117 Notifications S. 667-671

„… ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 E. Transparency (Article 117 sentence 4 …” „… requirement for transparency with regard to at least some of these notifications (infra → mn. 11). B …” „… . Transparency (Article 117 sentence 4) Sentence 4 sets out a transparency obligation towards the EPPO that “the …”

Dominik Brodowski Article 118 Review of the rules relating to the protection of natural persons with regard to the processing of personal data by the EPPO S. 671-672

„… violation of its duties under Articles 30, 117 of this Regulation. E. Transparency (Article 117 sentence 4 …” „… ) Sentence 4 sets out a transparency obligation towards the EPPO that “the information received through these …”

Dominik Brodowski Article 112 Administrative inquiries S. 655-656

„… subject to such inquires (including decisions taken in relation to transparency under Article 8 Regulation …”

Dominik Brodowski Article 111 Rules on the protection of sensitive non-classified and classified information S. 654-655

„… ff.); however, there is a need to balance the secrecy with the goal of transparency in the EPPO’s …”

Christoph Burchard Article 12 The European Prosecutors S. 89-98

„… transparency. The internal rules of procedure could also concretise when a substitution becomes obligatory …” „… necessary for reasons of effectiveness and transparency. The substitute European Prosecutor may fulfil any …”

Dominik Brodowski Article 114 Implementing rules and programme documents S. 661-663

„… application of Regulation (EC) No 1049/2001” (lit. d) address the transparency of the EPPO’s activities. This …”

Christoph Burchard Article 15 Appointment and dismissal of the Deputy European Chief Prosecutors S. 115-117

„… is an internal mode of self-governance, achieving external transparency, publicity and accountability …”

Dominik Brodowski Article 107 Language arrangements S. 646-648

„… .), and may need to be balanced with the goal of transparency in the EPPO’s activities (Article 109 …”

Dominik Brodowski Article 110 OLAF and the Court of Auditors S. 652-654

„… transparency in the EPPO’s activities (Article 109, → Article 109 mn. 1 ff.). Article 111 sets out a …”

Christoph Burchard Article 119 Review clause S. 672-676

„… transparency). The means of making the findings of the evaluation public are not determined by the Regulation …”

Hans-Holger Herrnfeld Article 20 Provisional administrative arrangements of the EPPO S. 134-138

„… u/transparency/regexpert/index.cfm?do=groupDetail.groupDetail&groupID=3578&news=1, 1.4.2020). SECTION 2 Appointment and dismissal of the members of the EPPO Art. 20 …”

Dominik Brodowski Article 113 General regime of liability S. 656-661

„… → mn. 3) are subject to such inquires (including decisions taken in relation to transparency under …”

Christoph Burchard Article 16 Appointment and dismissal of the European Prosecutors S. 117-123

„… self-governance, achieving external transparency, publicity and accountability is not of utmost concern. II …”

DIRECTIVE (EU) 2017/1371 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL S. 771-798

„… . – transparency 47 4 – verification of quality 52 1 ff. Data Protection Directive 41 53 – implementation by …” „… Transparency 7 1 ff., 109 1 ff., 114 7, 117 1, 11 – data protection 47 4 Trial – court 36 21 – procedings …”

Titelei/Inhaltsverzeichnis

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Article 108 648 Transparency …”

Christoph Burchard Article 14 Appointment and dismissal of the European Chief Prosecutor S. 104-115

„… . Both of these arrangements are to increase the transparency of the selection procedure, and hence to …”

Dominik Brodowski Article 101 Relations with OLAF S. 595-611

„… transparency and democratic legitimacy of working arrangements voiced by Anne Weyembergh and Chloé Brière, ‘The …”

Hans-Holger Herrnfeld Article 24 Reporting, registration and verification of information S. 178-195

„… important that the Council eventually decided to have Regulation (EC) No 1049/200126 (transparency) also …”

COUNCIL REGULATION (EU) 2017/1939 S. 683-771

„… transparency that apply to Union agencies should also apply to the EPPO but only with regard to documents other …” „… operational activity should not be covered by the rules of transparency. (120) The European Data Protection …”

doi.org/10.5771/9783845290768

Marc Bungenberg, August Reinisch - CETA Investment Law

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Marc Bungenberg (ed.), August Reinisch (ed.)

CETA Investment Law

2022

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N. Jansen Calamita Article 8.36 Transparency of proceedings S. 787-807

„… these drivers towards increased transparencyare briefly noted here.52 The UNCITRAL Transparency Rules in …” „… additional discussion of transparency in ISDS, see Calamita, ‘Dispute Settlement Transparencyin Europe’s …” „… TransparencyRules and Mauritius Convention’ (2016) Austrian YB Int’l Arb., 271.6 See, e.g., UNCTAD, Transparency …”

Marc Bungenberg, Andrés E. Alvarado Garzón Article 8.17 Formal requirements S. 417-433

„… Corporate TransparencyPursuant to Article 8.17 CETA, investors must provide routine information oftheir …” „… , ‘Transparency in International Economic Relationsand the Role of the WTO’ in Padideh Ala’i and Robert G Vaughn …” „… (eds), Research Handbook onTransparency (Edward Elgar 2014), 368; Eugene Beaulieu and Dylan Klemen …”

Güneş Ünüvar Article 8.38 Non-disputing Party S. 813-825

„… consti-tute the more general rules applicable to transparency-related issues. CETA provisions,2 Article 4(1 …” „… inpreparation for the incorporation of the then-prospective UNCITRAL TransparencyRules, refers to the …” „… on ‘Rules on Transparency’,but this was evidently ultimately scrapped and the UNCITRAL Rules …”

Marc Bungenberg, Angshuman Hazarika Article 8.1 Definitions S. 43-113

„… Investor-State Arbitration (‘UNCITRAL Rules’ or ‘TransparencyRules’), which are also mentioned in Article 8.36(1 …” „… Trade Law; andUNCITRAL Transparency Rules means the UNCITRAL Rules on Transparency inTreaty-based …” „… ) (Springer Nature Switzerland, Cham 2019), 1; Thierry Ausburger, ‘Article 7.Exceptions to transparency’ in …”

Index S. 979-994

„… of internal requirements andprocedures 8.44 32 ff.– rules of procedure 8.44 16 f.– transparency …” „… )8.19 35 ff.– transparency 8.36 21Computer Reservation System 8.1 64 ff.– airline reservations 8.1 72 …” „… 8.1 86Good governance– transparency 8.36 9 ff.Governmental activity– in competition with other …”

Marc Bungenberg, August Reinisch Article 8.29 Establishment of a multilateral investment tribunal and appellate mechanism S. 633-653

„… of costs and length of procedures.81TransparencyFor the purposes of transparency, it is advisable to …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30d) Transparency …” „… adopt the UNCITRAL Ruleson Transparency.82 The requirements of the UNCITRAL Transparency Rules andthe …”

N. Jansen Calamita Article 8.37 Information sharing S. 808-812

„… havea foundation in the UNCITRAL Rules on Transparency in Treaty-based Investor-StateArbitration (2014 …” „… draft UNCITRAL text on trans-parency’.8 Accordingly, as the UNCITRAL text on transparency then under …” „… UNCITRAL Rules on Transparency in Treaty-based Investor-StateArbitration does not contain provisions …”

Marc Bungenberg, August Reinisch An Overview of the CETA – Investment Chapter (Chapter 8) S. 1-42

„… disputesettlement mechanism, providing for transparency, independence of arbitrators and predictability ofthe …” „… in the ‘Corruption Perceptions Index 2020’(CPI) of Transparency International, some of the EU Member …” „… Transparency International’s ‘Corruption Perceptions Index 2020’, available at …”

Patrick Dumberry Article 8.10 Treatment of investors and of covered investments S. 256-276

„… failure of natural justice in judicial proceedings or a complete lack of transparency and31 Dumberry, ‘The …” „… (referring to ‘gross’ unfairness, ‘complete’ lack of trans-parency and candor in an administrative process …” „… 8.10(2)(b) CETA is the reference to ‘fundamentalbreach of transparency’ as one situation in violation of …”

Herman Verbist Article 8.20 Mediation S. 485-519

„… 2016; IBA, ‘Consistency, efficiency and transparency in investment treaty arbitration’, A report bythe …” „… of a mediator; (b) confidentiality and transparency; (c)third Parties; (d) authority to settle. A …”

DECISION No 1/2021 OF THE CETA JOINT COMMITTEE S. 961-964

„… (Transparency of proceedings)1, 8.38 (Non-disputing Party), 8.39 (Finalaward) and 8.40 (Indemnification or other …” „… 3(1) of the UNCITRAL Transparency Rules. CETA Rules setting out the Appellate Tribunal963Article 4 …”

DECISION No 1/2021 OF THE COMMITTEE ON SERVICES AND INVESTMENT S. 965-969

„… , award or parts thereof prior toits publication in accordance with the transparency provisions of Article …” „… 8.36(Transparency of proceedings) of the Agreement.3. Members or former Members shall not disclose any …”

Christina Binder Article 8.5 Performance requirements S. 175-193

„… transparency(publication, provision of information) enshrined in Chapter 27 of the CETA, general-ly also apply to the …” „… prohibition of performance requirements:‘Chapter 27: TransparencyArticle 27.1 Publication 1. Each Party shall …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42G. Transparency and other requirements …”

Markus Burgstaller Article 8.23 Submission of a claim to the Tribunal S. 543-552

„… communication and publication requirements thereby ensuring a high levelof transparency.Art. 8.23 Submission of …” „… transparency inISDS.3937 Walter and Andrisani, ʿResolution of Investment Disputesʾ in Moïse Mbengue and …”

Lori Di Pierdomenico Article 8.15 Reservations and exceptions S. 374-394

„… should not frustrate the overall transparency-enhancingand policy-guiding objectives of the agreement …” „… set out in its Schedule to Annexes Iand II, also achieve greater transparency for investors, as the …” „… by the reservation.’57 ‘[I]dentifies, for transparency purposes, existing measures that apply to the …”

Lukas Stifter Article 8.44 Committee on Services and Investment S. 945-954

„… on transparency. These rules andamendments are binding on the Tribunal established under this …” „… settlement rules and it may amend theapplicable rules on transparency.43Preparatory WorkThe Committee on …”

Frank Hoffmeister, Mattijs Kempynck Article 8.28 Appellate Tribunal S. 610-632

„… transposing ISDS systems to the European level.Among them were not only the improvement of transparency and …” „… .71 In order to ensure full trans-parency about the process and the outcome of a CETA investment case …” „… (transparency) and8.38 (non-disputing parties). As per its broad power under Article 8.27(7)(b), the …”

August Reinisch Article 8.7 Most-favoured-nation treatment S. 216-230

„… 8.10 CETA (suchas full transparency or broader stability and respect of legitimate expectations …” „… fulfilled if a CETA Party not only promises more transparency, broader stability orrespect of legitimate …”

Katia Fach Gómez Article 8.30 Ethics S. 654-703

„… amatter of law, measures to enhance the transparency of the proceedings, etc.16 Never-theless, new …” „… , full transparency of proceedings, a ban on forum shopping, governmental control of interpretationof the …”

Markus Burgstaller Article 8.22 Procedural and other requirements for the submission of a claim to the Tribunal S. 534-542

„… , including the composition of the Tribunal, applicablelaw, transparency, remedies and allocation of costs …”

Titelei/Inhaltsverzeichnis

„… 8.35 779Transparency of proceedings .......................................................Article …”

Lars Markert Article 8.25 Consent to the settlement of the dispute by the Tribunal S. 566-583

„… ), discontinuance (Article 8.35), transparency of proceedings (Article8.36) and information sharing (Article 8.37 …”

Irmgard Marboe Article 8.40 Indemnification or other compensation S. 856-875

„… related to the lack of transparency and comparability are discussed byKantor, ‘Are You in Good Hands With …”

Lukas Stifter Article 8.32 Claims manifestly without legal merit S. 738-756

„… measures of protection), 8.35 (Discontinuance), 8.36 (Transparency of proceedings), 8.38(Non-disputing …”

Patricia Nacimiento Article 8.13 Transfers S. 337-359

„… administrativeproceedings; fundamental breaches of due process, including a fundamental breachof transparency, in judicial …”

Julian Scheu Article 8.31 Applicable law and interpretation S. 704-737

Marc Bungenberg, Afolabi Adekemi Article 8.18 CETA (Scope) S. 434-484

„… if information on these activities are available. Therefore trans-parency on the part of governments …”

doi.org/10.5771/9783748902133

Branko Mitrovic´ - Materialist Philosophy of History

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Branko Mitrovic´

Materialist Philosophy of History

2020

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9 Transparency S. 189-208

doi.org/10.5771/9781793620019

Matthias Lehmann, Christoph Kumpan - European Financial Services Law

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

European Financial Services Law

Series: Kooperationswerke Beck - Hart – Nomos

Volume 2019

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Article 12 Transparency report S. 1283

„… Regulation 2015/2 as of 1 January 2016.5 Article 12 Transparency report A credit rating agency shall publish …” „… annually a transparency report which includes information on matters set out in Part III of Section E of …” „… Annex I. The credit rating agency shall publish its transparency report at the latest three months after …”

Article 81 Transparency and data availability S. 1676-1678

„… repository for commercial purposes. Article 81 Transparency and data availability 1. A trade repository shall …” „… transparency and (iii) access requirements. Level 2 measures Article 81(5): Commission Delegated Regulation (EU …”

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

„… (15.6.2018). Foreword: The new transparency regime under MiFIR I. Transparency under MiFID I Before the …” „… governing market transparency, including pre- and post-trade transparency requirements had already been …” „… introduced in EU law by MiFID I in 2004.3 Pre-trade transparency requirements applied uniformly to regulated …”

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

„… of transparency and other calculations 1. In order to carry out calculations for determining the …” „… requirements for the pretrade and post-trade transparency and the trading obligation regimes imposed by …” „… transparency, the trading obligation regime under Arts 3 through 11, 14 through 21 and 32 MiFIR, and for …”

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

„… market in terms of liquidity.18 Chapter II Transparency for non-equity instruments Article 8 Pre-trade …” „… transparency requirements for trading venues in respect of bonds, structured finance products, emission …” „… Schmidt 9 10 11 2. The transparency requirements referred to in paragraph 1 shall be calibrated for …”

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

„… Article 10 Post-trade transparency requirements for trading venues in respect of bonds, structured …” „… 10 MiFIR contains the post-trade transparency requirements for non-equity financial instruments …” „… Regulation (EU) 2017/583 (RTS 2):1 Art 7 (post-trade transparency obligations). Commission Delegated …”

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

„… include primary market transactions.22 Pretrade transparency obligations only apply at the package-order …” „… TRANSPARENCY FOR TRADING VENUES Chapter I Transparency for equity instruments Article 3 Pre-trade transparency …” „… through their systems for shares, depositary receipts, 20 ESMA, Q&A on MiFID II and MiFIR transparency …”

Article 6 Post-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments S. 423-425

„… other transparency requirements.24 Article 6 Post-trade transparency requirements for trading venues in …” „… post-trade transparency for equity(-like) instruments to enable informed price formation that takes into …” „… (post-trade transparency obligations) and Art 14 (real time publication of transactions). 1. 2. 3. 24 Gomber …”

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

„… Regulation (EU) 2017/583. 17 ESMA, Q&A on MiFID II and MiFIR transparency topics, 12 July 2018, ESMA …” „… subparagraphs. Title II Transparency for trading venues Art. 9 MiFIR Christoph Kumpan and Finn Schmidt 433 5 …” „… ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 I. General features Purpose Corresponding to the new pre-trade transparency regime for non-equity …”

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

„… scheme implemented by MiFIR aims to improve post-trade transparency as well as to consolidate trading …” „… establish reliable prices.2 While Art 20 MiFIR targets post-trade transparency of equity(-like) financial …” „… no 7 et seq. Title III Transparency for trading OTC Art. 20 MiFIR Christoph Kumpan and Finn …”

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

„… ) 2017/567. 7 Art 15(3) of the Commission Delegated Regulation (EU) 2017/567. Title III Transparency for …” „… unbundled and to disaggregate market data), Art 11 (Transparency obligation) and Art 16 (Size specific to …” „… the instrument). Level 3: ESMA, Q&A on MiFID II and MiFIR transparency topics, 12 July 2018, ESMA …”

Article 4 Waivers for equity instruments S. 408-417

„… non-equity(-like) instruments and Arts 6(2) and 10(2) regulate MiFIR post-trade transparency data. 18 ESMA, Q&A on …” „… MiFID II and MiFIR transparency topics, 12 July 2018, ESMA70-872942901-35, p. 13. Art. 4 MiFIR 1 …” „… competent authorities of such withdrawal providing full reasons for their decision. Title II Transparency …”

Article 1 Subject matter and scope S. 392-396

„… vary to suit each type of instrument. In regard to “trading venues”,24 the transparency regime was …” „… still acknowledged. MiFID I provided four exceptions from pre-trade transparency (called the ‘waiver …” „… introduced volume cap may affect waivers.27 Additionally, under MiFID I, pre-trade transparency obligations …”

Article 1 Subject matter and scope S. 1099-1104

„… Transparency Directive (TD) Directive 2004/109/EC of the European Parliament and of the Council of …” „… 15 December 2004 on the harmonisation of transparency requirements in relation to information about …” „… , ‘Cash-Settled Derivatives as a Takeover Instrument and the Reform of the EU Transparency Directive’, in Birkmose …”

Article 2 Definitions S. 396-403

„… transparency requirements (OJ EU L 259/11). 18 Reserve Bank of Australia, Central Bank of Brazil, Bank of …” „… regard to definitions, transparency, portfolio compression and supervisory measures on product …” „… transparency topics, 12 July 2018, ESMA70-872942901-35; ESMA, FAQs on MiFID II – Transitional Transparency …”

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

„… transparency regime applicable to the investment firm.44 Article 21 Post-trade disclosure by investment firms …” „… and MiFIR transparency topics, 12 July 2018, ESMA70-872942901-35, p. 30. 42 Ibid. 43 ESMA, Q&A on …” „… MiFID II and MiFIR transparency topics, 12 July 2018, ESMA70-872942901-35, p. 21. 44 Ibid. Art. 21 MiFIR …”

Article 11 Authorisation of deferred publication S. 442-450

„… Delegated Regulation (EU) 2017/583; For further information concerning post-transparency flags see ESMA, Q&A …” „… on MiFID II and MiFIR transparency topics, 12 July 2018, ESMA70-872942901-35, p. 13-18. 6 Art 7(3) of …” „… Regulation (EU) 2017/583. 10 ESMA, Q&A on MiFID II and MiFIR transparency topics, 12 July 2018, ESMA …”

Article 5 Volume Cap Mechanism S. 417-423

„… If there are no transparency calculations published by ESMA or a relevant competent authority …” „… According to ESMA, Q&A on MiFID II and MiFIR transparency topics, 12 July 2018, ESMA70-872942901-35, p. 28 …” „… transparency topics, 12 July 2018, ESMA70-872942901-35, p. 37. Title II Transparency for trading venues Art …”

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

„… 10 (Obligation to keep data unbundled and to disaggregate market data) and Art 11 (Transparency …” „… obligation). Level 3: ESMA, Q&A on MiFID II and MiFIR transparency topics, 12 July 2018, ESMA70-872942901-35 …” „… , transparency, portfolio compression and supervisory measures on product intervention and positions (OJ EU L …”

Article 13 S. 1163-1172

„… sees limited role of the TD in requiring transparency of the degree of influence a shareholder or other …” „… or when filing information under Article 19(3). Art. 13 TD 3. Market Transparency 1164 Wolf-Georg …” „… and Transparency: When Should Substance Prevail?’, in Grundmann et al. (eds), Festschrift für Klaus J …”

Overview of Articles 5-11 S. 894-895

„… , provided the general conditions are met.14 Chapter II Transparency of net short positions Overview of …” „… Articles 5-11 Chapter II of the SSR comprises its Arts 5 to 11 and contains a transparency regime applying …” „… swaps.1 With regard to net short positions in shares, the transparency regime has two tiers: The first …”

Article 7 Authorisation of deferred publication S. 425-428

„… , Q&A on MiFID II and MiFIR transparency topics, 12 July 2018, ESMA70-872942901-35, p. 13-18. 12 Art …” „… same for APAs and CTPs under Art 64 et seq. MiFID II. 15 ESMA, Q&A on MiFID II and MiFIR transparency …” „… topics, 12 July 2018, ESMA70-872942901-35, p. 13. Title II Transparency for trading venues Art. 7 …”

Article 34 S. 1097-1099

„… regards the date of its application [2016] OJ L354/35. Art. 34 PRIIPR 3. Market Transparency 1098 Svend …” „… Gerhards and Kay Rothenhöfer 3 4 5 Transparency Directive (TD) Directive 2004/109/EC of the European …” „… Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in …”

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

„… instruments subject to notification requirements under the revised Transparency Directive, ESMA/2014/1187 (29 …” „… , as discussed above. Art. 10 TD 3. Market Transparency 1148 Wolf-Georg Ringe 34 35 36 (d) voting …” „… The cases of attribution were found in a similar form already in the first Transparency Directive 1988 …”

Titelei/Inhaltsverzeichnis

„… behaviour, (3) market transparency, (4) funds, (5) securities clearing and settlement, and (6) payments …” „… , p. 1-24) . . . . . . . . . 874 3. Market Transparency Prospectus Directive (PD) Directive 2003/71 …” „… ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1033 Transparency Directive (TD) Directive 2004/109/EC of the European Parliament and of the Council of …”

Article 13 Public disclosure fees S. 1283-1284

„… Regulation 2015/2 as of 1 January 2016.5 Article 12 Transparency report A credit rating agency shall publish …” „… annually a transparency report which includes information on matters set out in Part III of Section E of …” „… Annex I. The credit rating agency shall publish its transparency report at the latest three months after …”

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

„… . 201. Art. 9 TD 3. Market Transparency 1140 Wolf-Georg Ringe (6 a) This Article shall not apply to …” „… I. General features Purpose Article 9 is the most important provision for transparency of major …” „… to market integrity and the functionality of the securities market. Thirdly, transparency of holdings …”

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

„… transparency data separately. 2. ESMA shall develop draft regulatory technical standards to specify the …” „… offering of pre-trade and post-trade transparency data, including the level of disaggregation of the data …” „… post-trade transparency data) and its recitals 1 through 4. II. Commentary Article 12(1) MiFIR specifies the …”

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

„… . The transparency requirements set out in Arts 5 to 8 SSR apply to persons regardless of whether they …” „… information on net short positions reported to them to ESMA (Art 11 SSR). The transparency regime laid down in …” „… certain exemptions from the transparency requirements under Arts 5 to 7 SSR. The two-tier transparency …”

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

„… redistribution of historical data that is considered an added-value service.25 TITLE III TRANSPARENCY FOR …” „… with regard Title III Transparency for trading OTC Art. 14 MiFIR Christoph Kumpan and Finn Schmidt …” „… 455 1 2 3 4 Level 3: ESMA, Q&A on MiFID II and MiFIR transparency topics, 12 July 2018, ESMA …”

Article 28 b Sanctioning powers S. 1219-1222

„… the harmonisation of transparency requirements in relation to information about issuers whose …” „… , 6.11.2013, p. 13. Art. 28 b TD 3. Market Transparency 1220 Wolf-Georg Ringe 1 2 3 the breach. It is a …” „… amending the Transparency Directive 2004/109/EC (13 December 2011) para 4.2, available at http://ww …”

Article 11 a European rating platform S. 1281-1283

„… . Market Transparency 1282 Christoph Kumpan and Ronny Grütze 1 2 3 4 5 6 set out in Delegated Regulations …” „… Article 12 Transparency report A credit rating agency shall publish annually a transparency report which …” „… publish its transparency report at the latest three months after the end of each financial year and shall …”

Article 15 Execution of client orders S. 458-463

„… market for the financial instruments included in the class.28 If no transparency calculations are …” „… transparency topics, 12 July 2018, ESMA70-872942901-35, p. 28, 29. 30 Art 14(6) sent 1 MiFIR. 31 Art 14(6) sent …” „… client orders by systematic internalisers. 1. Title III Transparency for trading OTC Art. 15 MiFIR …”

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

„… (15.6.2018). Foreword: The new transparency regime under MiFIR I. Transparency under MiFID I Before the …” „… governing market transparency, including pre- and post-trade transparency requirements had already been …” „… introduced in EU law by MiFID I in 2004.3 Pre-trade transparency requirements applied uniformly to regulated …”

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

„… framework for corporate reporting. It has the potential to bring about radical improvements in transparency …” „… statement to that effect in its report. Art. 5 TD 3. Market Transparency 1124 Wolf-Georg Ringe 27 (6) The …” „… requirements is to ensure appropriate transparency for investors through a regular flow of information about …”

Article 3 Integration of securities markets S. 1114-1118

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1 OJ L 142, 30.4.2004, p. 12. Art. 3 TD 3. Market Transparency 1114 Wolf-Georg Ringe 3 …” „… beyond what the TD requires. 1. 2. 3. 1. 2 Fleischer and Schmolke, ‘The Reform of the Transparency …” „… /EC on the harmonisation of transparency requirements in relation to information about issuers whose …”

Article 2 Definitions S. 1104-1114

„… 2004/39/EC of the European Parliament and of the Council of 21 April 26 ESMA, Mapping of the Transparency …” „… Transparency 1104 Wolf-Georg Ringe 23 24 25 26 27 28 2004 on markets in financial instruments1 with the …” „… shall start on 27 November 2015. Art. 2 TD 3. Market Transparency 1106 Wolf-Georg Ringe An issuer …”

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

„… into the Directive’s scope of application; (3) increased pre- and post-trade transparency requirements …” „… may affect trading. Pre- and post-trade transparency rules improve the information supplied to …” „… that is pervasive in MiFID II and MiFIR is that of transparency.13 This principle is related to …”

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

„… ) 2017/587. Title III Transparency for trading OTC Art. 23 MiFIR Christoph Kumpan and Finn Schmidt 487 18 …” „… transparency topics, 12 July 2018, ESMA70-872942901-35. II. Commentary Trading obligation for investment firms …” „… instruments with regard to regulatory technical standards on transparency requirements for trading venues and …”

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

„… Extractive Industry Transparency Initiative (EITI), an international organisation launched 2003 in London.3 …” „… . Art. 6 TD 3. Market Transparency 1132 Wolf-Georg Ringe 1 2 3 4 ments pledged to enact legislation …” „… governments’.7 The ultimate goal of increased transparency in this field is to improve accountability of …”

Index S. 1785-1803

„… – transparency requirements EMIR 36-39 9 – waterfall EMIR 40-50 10 Emission allowances MAR 2 3, 7 32, 8 10, 11 …” „… Industry Transparency Initiative TD 6 3 Extraterritorial jurisdiction MAD 10 5, 9 Failure to cooperate …” „… seq. – disclosure under Transparency Directive TD 13 7 et seq. – process of suspension MiFID II 32 8 …”

Introduction S. 941-951

„… 3. Market Transparency Prospectus Directive (PD) Directive 2003/71/EC of the European Parliament …” „… transparency requirements in relation to information about issuers whose securities are admitted to trading on …” „… the Council on the harmonisation of transparency requirements in relation to information about issuers …”

Article 3 Definitions S. 1236-1242

„… . 7. Art. 3 CRAR 3. Market Transparency 1236 Christoph Kumpan and Ronny Grütze 7 8 (x) ‘unsolicited …” „… Review 113 (2008), p. 533 (535). Art. 3 CRAR 3. Market Transparency 1238 Christoph Kumpan and Ronny …” „… Schroeter, Ratings (2014), § 2 p. 36 et seq. Art. 3 CRAR 3. Market Transparency 1240 Christoph Kumpan and …”

Article 33 Review S. 1228-1229

„… Article 6(3) required the Commission to provide a report by 20 January 2010 on the transparency of …” „… /EC on the harmonisation of transparency requirements in relation to information about issuers whose …” „… : emerging issues, SEC(2010)611 (27 May 2010). Art. 33 TD 3. Market Transparency 1228 Wolf-Georg Ringe 3 4 …”

Article 8 Exemptions S. 1137-1140

„… transparency regime than other issuers, in particular since investor protection is a less urgent concern.1 …” „… . Market Transparency 1138 Wolf-Georg Ringe 1 2 3 4 5 6 TD is calibrated to the wholesale bond market, and …” „… market transparency.7 Guaranteed debt securities Member States as home Member States may also choose not …”

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

„… information improves market transparency generally, and thus strengthens the functionality of the capital …” „… by the general disclosure system set out in EU capital markets law, primarily in the Transparency …” „… Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in …”

Article 19 Managers’ transactions S. 808-824

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76 I. General features Purpose Article 19 provides for a system of transparency around so-called …” „… , greater transparency of managerial transactions is seen as a preventive measure against market abuse …” „… important factor in determining the price.4 Thirdly, transparency of managerial transactions is a …”

Article 16 Additional information S. 1177-1179

„… that are oriented towards improving transparency for securities holders (so-called good-conduct …” „… operation of the capital market through increased transparency. Article 16 is a minimum harmonisation …” „… also Directive 2013/50/EU, recital 24. 3 Clifford Chance, Amendments to Transparency Directive become …”

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

„… reporting services are an important source of such information. These services increase market transparency …” „… market as a whole. Transparency is not created where information is exclusive to a certain group or …” „… transparency and the transaction reporting obligations of market operators, investment firms and systematic …”

Introduction S. 1563-1574

„… and of the Council of 25 November 2015 on transparency of securities financing transactions and of …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Overview of the Regulation EMIR aims at improving homogeneous and non-discriminatory transparency …” „… transparency, as information concerning the transaction is usually only available to the contracting parties …”

Article 19 Uses of languages S. 1016-1018

„… language(s). 1. Art. 19 PD 3. Market Transparency 1016 Paola Lucantoni 1 Legislative history Under the …” „… passporting prospectuses, and to provide transparency for market participants in relation to the use of …” „… for third-country-issuers provided by Art 2(1) (m)(iii) was revised by the 2013 Amending Transparency …”

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

„… 2013 Amending Transparency Directive. II. Commentary Article 201 sets out rules regarding prospectuses …” „… regis- 1. 2. 3. 1 Art 28 in the 2017 Prospectus Regulation. Art. 20 PD 3. Market Transparency 1018 …” „… the entry into force of the 2013 Transparency Amending Directive. 3 ESMA Legal Opinion ESMA/2013/317 …”

Article 32 Amendments S. 1228

„… Article 6(3) required the Commission to provide a report by 20 January 2010 on the transparency of …” „… /EC on the harmonisation of transparency requirements in relation to information about issuers whose …” „… : emerging issues, SEC(2010)611 (27 May 2010). Art. 33 TD 3. Market Transparency 1228 Wolf-Georg Ringe 3 4 …”

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

„… . Art. 12 TD 3. Market Transparency 1156 Wolf-Georg Ringe 6 7 (5) The parent undertaking of an …” „… . Market Transparency 1158 Wolf-Georg Ringe 1 2 3 4 cle 12(6) and (7) require publication of the …” „… the issue of transparency of holdings of cash settled derivatives (November 2009) throughout. Among …”

Article 2 Definitions S. 958-965

„… PD 3. Market Transparency 958 Paola Lucantoni and/or class, in a continuous or repeated manner …” „… the harmonisation of transparency requirements in relation to information about issuers whose …” „… Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in …”

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

„… Chapter II Transparency of net short positions Overview of Articles 5-11 Chapter II of the SSR comprises …” „… its Arts 5 to 11 and contains a transparency regime applying to net short positions in shares …” „… positions in shares, the transparency regime has two tiers: The first tier requires such a position to be …”

Article 11 S. 1067-1072

„… Transparency 1068 Svend Gerhards and Kay Rothenhöfer 1 2 3 4 The liability for a KID presenting misleading …” „… Compliance Function and Additional Requirements Governing Rules of Conduct, Organisation and Transparency …” „… and Transparency pursuant to Sections 63 et seq. of the Securities Trading Act …”

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

„… the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to …” „… requirements ensuring a high level of investor protection; and iv. market transparency and integrity are …” „… dividends paid out in the form of shares of the same class as the Art. 4 PD 3. Market Transparency 970 …”

Article 4 Annual financial reports S. 1118-1124

„… 3. Market Transparency 1118 Wolf-Georg Ringe 22 (6) The Commission shall, in accordance with 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 31 Transposition S. 1227-1228

„… Commission to provide a report by 20 January 2010 on the transparency of quarterly financial reporting and …” „… the Committee of the Regions – Operation of Directive 2004/109/EC on the harmonisation of transparency …” „… . 33 TD 3. Market Transparency 1228 Wolf-Georg Ringe 3 4 1 2 3 …”

Article 15 S. 1176-1177

„… 20. 1 WpHG § 41(1). Art. 15 TD 3. Market Transparency 1176 Wolf-Georg Ringe 10 1 2 3 4 5 6 7 …” „… improving transparency for securities holders (so-called good-conduct obligations). More generally …” „… through increased transparency. Article 16 is a minimum harmonisation requirement, and Member States are …”

Introduction S. 1466-1467

„… exemptions, general operating conditions, depositaries, leverage, transparency and supervision, OJ 2013, L …” „… as well as transparency requirements, in particular in the form of mandatory information to be …” „… transparency of the managers of alternative investment funds (AIFMs) which manage and/or market alternative …”

Article 10 S. 583-584

„… Transparency Directive).6 Chapter III Derogations Article 9 Any derogations from the conditions for the …” „… December 2004 on the harmonisation of transparency requirements in relation to information about issuers …” „… ) and (3) is obsolete because these provisions have been deleted by the Transparency Directive, which …”

Article 19 Monitoring by ESMA S. 471-472

„… Regulation (EU) 2017/567. 31 For further explanation see ESMA, Q&A on MiFID II and MiFIR transparency topics …” „… , 12 July 2018, ESMA70-872942901-35, p. 57. 32 Ibid. 33 ESMA, Q&A on MiFID II and MiFIR transparency …” „… MiFIR. Title III Transparency for trading OTC Art. 19 MiFIR Christoph Kumpan and Finn Schmidt 471 19 …”

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

„… Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in …” „… investor protection; and (d) market transparency and integrity are ensured by preventing market abuse in …” „… Transparency Directive.4 The exemption of stabilisation measures in Art 17(4) SSR refers to MAR and Delegated …”

Article 4 Use of credit ratings S. 1242-1246

„… apply to rating outlooks with regard to quality, transparency and independence. Regulated market For the …” „… 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 1 Subject matter S. 1231-1234

„… This Regulation introduces a common regulatory approach in order to enhance the integrity, transparency …” „… Art. 1 CRAR 3. Market Transparency 1232 Christoph Kumpan and Ronny Grütze ratings and rules on the …” „… the integrity, transparency and independence of credit rating activities. The general purpose and …”

Article 23 Third countries S. 1200-1204

„… Transparency 1200 Wolf-Georg Ringe 2 3 4 Community is disclosed in accordance with Articles 20 and 21, even if …” „… implementation of certain provisions of Directive 2004/109/EC on the harmonisation of transparency requirements …” „… . Market Transparency 1202 Wolf-Georg Ringe 1 2 3 4 to the same requirements as EU issuers: Article 2(i …”

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

„… transparency requirements, price, and volume limitations as safeguards against abusive behaviour. The character …” „… , provided the transparency and trading conditions of the trading venue are met.38 Likewise, in the case of a …” „… imposed by Regulation 2016/1052 go beyond the transparency regime otherwise required by virtue of the …”

Article 19 Home Member State control S. 1187-1189

„… , Implementation of the Transparency Directive Amending Directive (2013/50/EU) and other Disclosure Rule and …” „… Transparency Rule Changes, Consultation Paper CP15/11 (March 2015) paras 3.30 et seq. Art. 19 TD 3. Market …” „… Transparency 1188 Wolf-Georg Ringe 1 2 3 4 5 6 7 menting measures) or under MAR. Additionally, this also …”

Article 31 Portfolio compression S. 517-519

„… obligation in Article 27 of Directive 2014/65/EU, the transparency obligations in Articles 8, 10, 18 and 21 …” „… Parliament and of the Council with regard to definitions, transparency, portfolio compression and supervisory …” „… , of the obligation of best execution under MiFID II6 as well as the transparency and the trading …”

Article 17 Access to quotes S. 463-465

„… Transparency for trading OTC Art. 17 MiFIR Christoph Kumpan and Finn Schmidt 463 1 2 3 3. In order to ensure …” „… European Parliament and of the Council with regard to definitions, transparency, portfolio compression and …” „… Delegated Regulation (EU) 2017/567. Title III Transparency for trading OTC Art. 18 MiFIR Christoph Kumpan …”

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

„… . The goal is to increase the transparency of the market for these products. Transparency in the …” „… impose appropriate position limits (see → Art 57 MiFID II). Transparency in the trading of emission …” „… complete transparency of the market and for the efficient setting of position limits. The addressee for …”

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

„… agreement of the competent au- 1 OJ L 331, 15.12.2010, p. 1. Art. 25 TD 3. Market Transparency 1208 …” „… between NCAs of different Member States. Such cooperation is essential if a common transparency framework …” „… 24 et seq. 2 See → Art 19. Art. 26 TD 3. Market Transparency 1210 Wolf-Georg Ringe 8 9 1 2 3 …”

Article 13 a Aggregation S. 1172-1174

„… . Market Transparency 1172 Wolf-Georg Ringe 39 40 I. General features Purpose Article 13 a mandates …” „… financial instruments, should improve legal certainty, enhance transparency and reduce the administrative …” „… . Market Transparency 1174 Wolf-Georg Ringe 6 7 8 1 2 …”

Article 5 The prospectus S. 974-984

„… 3. Market Transparency 974 Paola Lucantoni 3. The issuer, offeror or person asking for the …” „… with the International Financial Reporting Standards. Art. 5 PD 3. Market Transparency 976 Paola …” „… 3. Market Transparency 978 Paola Lucantoni 9 10 11 12 13 14 The base prospectus There is a third …”

Article 2 S. 1036-1038

„… ’) [2017] OJ C218/11. 20 Paragraph 10 Commission Guidelines. Art. 2 PRIIPR 3. Market Transparency 1036 …” „… . Commentary Article 2(1). To enhance investor protection and achieve increased transparency, the PRIIP …” „… Transparency 1038 Svend Gerhards and Kay Rothenhöfer 6 7 1 …”

Article 28 Administrative measures and sanctions S. 1216-1219

„… Article 27a(3). Art. 28 TD 3. Market Transparency 1216 Wolf-Georg Ringe 3 4 5 6 I. General features …” „… Transparency Directive (TD), CESR/09-058 (1 July 2009). 5 Commission Reform Proposal 2011, 4. Chapter VIA …” „… ), and the principle of equivalence. Art. 28 TD 3. Market Transparency 1218 Wolf-Georg Ringe 7 8 9 10 …”

Article 47 Equivalence decision S. 566-571

„… appropriate conduct of business rules; (e) it ensures market transparency and integrity by preventing market …” „… of business rules, and fifth, market transparency / anti-market abuse rules must be implemented and …” „… regulatory goals and standards set out by the G-20 in September 2009 of improving transparency in the …”

Article 8 S. 1054-1063

„… . Market Transparency 1054 Svend Gerhards and Kay Rothenhöfer 12 13 (i) the type of the PRIIP; (ii) its …” „… 3. Market Transparency 1056 Svend Gerhards and Kay Rothenhöfer I. General features …” „… :// 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 …”

Article 29 Publication of decisions S. 1223-1226

„… that publication of sanctions improves both compliance and transparency, and that it more generally …” „… Reform Proposal 2011, 9. 3 See above, → Art 28 b mn 3. Art. 29 TD 3. Market Transparency 1224 …” „… TD 3. Market Transparency 1226 Wolf-Georg Ringe 13 14 15 16 …”

Chapter 2 Conduct of business rules S. 1637-1643

„… Transparency 1. A CCP and its clearing members shall publicly disclose the prices and fees associated with the …” „… 37(5) EMIR). Transparency requirements CCPs and clearing members must meet stringent transparency …” „… contained in the first set of EMIR review21 to the requirements concerning CCP’s transparency aim to provide …”

Article 27 Committee procedure S. 1211-1214

„… amending Directive 2004/109/EC on the harmonisation of transparency requirements in relation to information …” „… 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 9 Method of notification and disclosure S. 903-906

„… & Sajnovits, (2012) ZBB/JBB 266, 282. 9 For details, see the comment on → Art 14. Chapter II Transparency of …” „… . Chapter II Transparency of net short positions Art. 9 SSR Klaus Ulrich Schmolke 905 6 7 8 9 Article 10 …” „… requirements, the transparency regime created by the SSR would be incomplete und would lose much of its …”

Article 13 Accepted market practices S. 756-767

„… a substantial level of transparency to the market; (b) whether the market practice ensures a high …” „… transparency, stability, and European integration of capital markets.14 The latter formulation is a negative …” „… preservation of transparency at all stages of the implementation of an AMP by market participants.30 …”

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

„… . Market Transparency 1278 Christoph Kumpan and Ronny Grütze 1 2 3 4 vestor-paid rating: according to Art …” „… regard to presenting a rating. The provision is intended to increase the transparency of ratings.10 …” „… , 20 November 2017, ESMA33-5-87, Answer 10 (p. 14). Art. 11 CRAR 3. Market Transparency 1280 …”

Article 21 Powers S. 1020-1023

„… Transparency 1020 Paola Lucantoni commissioned to carry out the offer to the public or ask for admission to …” „… approach is no aligned with the related – and recently revised – market abuse and transparency regime. Art …” „… . 21 PD 3. Market Transparency 1022 Paola Lucantoni 1 2 3 4 5 of the issuer, offeror or person …”

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

„… measures referred to in points (a), (b) and (c) of paragraph 6. Art. 8 CRAR 3. Market Transparency 1264 …” „… Agencies’ methodologies, 23 March 2017, ESMA/2016/1575, No 9 p. 5. Art. 8 CRAR 3. Market Transparency …” „… . In particular, it mentioned that transparency and internal guidelines addressing important parts of …”

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 …” „… . Art. 35 a CRAR 3. Market Transparency 1296 Christoph Kumpan and Ronny Grütze 3 4 5 6 Infringement A …” „… ). Art. 35 a CRAR 3. Market Transparency 1298 Christoph Kumpan and Ronny Grütze 11 12 13 14 …”

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 …” „… regulation. Art. 1 PD 3. Market Transparency 954 Paola Lucantoni 9 10 11 12 13 antee scheme under …” „… . Market Transparency 956 Paola Lucantoni 20 21 22 23 24 25 are free to apply national rules, and thus to …”

Article 4 S. 1039-1046

„… insurance-based investment products (PRIIPs) [2014] OJ L352. Art. 4 PRIIPR 3. Market Transparency 1040 Svend …” „… II. Art. 4 PRIIPR 3. Market Transparency 1042 Svend Gerhards and Kay Rothenhöfer 7 8 9 Although …” „… Commission Guidelines. Art. 4 PRIIPR 3. Market Transparency 1044 Svend Gerhards and Kay Rothenhöfer 15 16 …”

Article 15 S. 587

„… sions, but also by other EU legislation (e.g. Transparency Directive2 and Prospectus …” „… the harmonisation of transparency requirements in relation to information about issuers whose …”

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

„… Transparency 1204 Wolf-Georg Ringe 14 15 16 17 18 However, for the purpose of paragraph 4(h) Member States may …” „… , 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 21 Access to regulated information S. 1193-1197

„… provisions of Directive 2004/109/EC on the harmonisation of transparency requirements in relation to …” „… → 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 …”

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

„… , 26. Art. 18 TD 3. Market Transparency 1184 Wolf-Georg Ringe 1 2 Background Article 18 was part of …” „… offered to the public or admitted to trading and 2004/109/EC on the harmonisation of transparency …” „… market [2010] OJ L327/1, Article 2 No 3. Art. 18 TD 3. Market Transparency 1186 Wolf-Georg Ringe 10 11 …”

Article 34 Entry into force S. 1229-1230

„… the Council amending Directive 2004/109/EC on the Harmonisation of Transparency Requirements in …” „… obligations for the market participants. Art. 35 TD 3. Market Transparency 1230 Wolf-Georg Ringe 1 …”

Article 9 S. 583

„… Transparency Directive).6 Chapter III Derogations Article 9 Any derogations from the conditions for the …” „… December 2004 on the harmonisation of transparency requirements in relation to information about issuers …”

Articles 14 to 20 S. 1284-1288

„… Transparency 1284 Christoph Kumpan and Ronny Grütze 1 2 3 4 5 wants to issue ratings within the EU. The …” „… /2013/720 of 30 July 2013, p. 5, margin no 10. Arts 14 to 20 CRAR 3. Market Transparency 1286 Christoph …” „… Transparency 1288 Christoph Kumpan and Ronny Grütze 1 2 3 4 …”

Article 8 Omission of information S. 990-994

„… accordance with paragraph 4. Art. 8 PD 3. Market Transparency 990 Paola Lucantoni Power is conferred on …” „… . Market Transparency 992 Paola Lucantoni 6 7 Disclosure which is not in the public interest, or is …” „… , Prospectus Q&A, latest version adopted, 20 October 2017, ESMA-31-62-780. Art. 9 PD 3. Market Transparency …”

Article 59 Notification of ESMA decisions relating to registration S. 1660-1661

„… enhancing the transparency of derivative markets and reducing risks to financial stability. Articles 55-59 …” „… management conflicts of interest; the information technology resources; and the transparency about access …”

Article 6 Public register S. 1593-1594

„… 1095/2010. Overview The purpose of this provision is to ensure transparency and publicity regarding the …” „… transparency to stakeholders and the public as a whole, Article 2(1) of the Commission Proposal for a second …”

Article 11 Annual financial reports S. 1155-1156

„… harmonisation of transparency requirements 50. Chapter III Ongoing information Art. 11 TD Wolf-Georg Ringe …” „… . Art. 12 TD 3. Market Transparency 1156 Wolf-Georg Ringe 6 7 …”

Article 9 Payment accessibility S. 1770-1771

„… nomically viable. The second subparagraph of Art 8(2) aims to achieve transparency of the cost …” „… , according to recital 22, monitoring the R-transaction fees charged within the Union, the transparency …”

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

„… Transparency Requirements?’ (2017) 14 European Company Law 150). 12 Financial Services and Markets Act 2000 …” „… Transparency 1222 Wolf-Georg Ringe 12 13 14 15 I. Purpose Article 28 c complements the ‘sanctions and measures …”

Article 16 S. 587-588

„… sions, but also by other EU legislation (e.g. Transparency Directive2 and Prospectus …” „… the harmonisation of transparency requirements in relation to information about issuers whose …”

Article 14 S. 586-587

„… 3 1 sions, but also by other EU legislation (e.g. Transparency Directive2 and Prospectus …” „… the harmonisation of transparency requirements in relation to information about issuers whose …”

Article 13 S. 1073-1081

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

Article 14 S. 1081-1086

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

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

„… transparency. Both are particularly important for the conditions of access, in particular price and collateral …” „… . Transparency requires that the terms of access are clearly defined. On Level 2, a list of conditions has been …” „… subject to the principles of non-discrimination and transparency.30 The same applies to other risk …”

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

„… , transparency and supervision, OJ 2013, L 83/1 (“AIFMD Level 2 Regulation”); ESMA, ‘Guidelines on sound …” „… conduct requirements as well as transparency requirements, in particular in the form of mandatory …”

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

„… Ratingagenturen’ ZBB 2013, p. 318 (321). Art. 6 CRAR 3. Market Transparency 1252 Christoph Kumpan and Ronny …” „… (a) CRA Regulation. Art. 6 CRAR 3. Market Transparency 1254 Christoph Kumpan and Ronny Grütze 3 4 …” „… Regulation. Art. 6 CRAR 3. Market Transparency 1256 Christoph Kumpan and Ronny Grütze 9 10 requirement …”

Article 13 Approval of the prospectus S. 999-1004

„… Directive. 1. Art. 13 PD 3. Market Transparency 1000 Paola Lucantoni 1 Legislative history Under the …” „… Transparency 1002 Paola Lucantoni 7 8 9 10 11 Time limits Articles 13(2) and (3) impose time limits on the …” „… . Market Transparency 1004 Paola Lucantoni 18 …”

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

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58 7. Non-discrimination and transparency …” „… Volatility and Agriculture”, which calls for “enhanced transparency in both cash and derivatives markets”.8 …” „… recordkeeping obligations for investment firms, transaction reporting, market transparency, admission of …”

Article 11 Incorporation by reference S. 995-997

„… competent authority or filed in accordance with the 2004 Prospectus Regulation or the Transparency Directive …” „… 2017, ESMA-31-62-780. Art. 11 PD 3. Market Transparency 996 Paola Lucantoni 1 2 3 4 The above …”

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

„… subparagraph of Art 8(2) aims to achieve transparency of the cost elements included in determining allowable …” „… fees charged within the Union, the transparency requirement serves the enforcement of the first …”

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

„… CRAR 3. Market Transparency 1274 Christoph Kumpan and Ronny Grütze 4 5 I. General features …” „… 2016, ESMA/ 2016/1662, p. 4. Art. 9 CRAR 3. Market Transparency 1276 Christoph Kumpan and Ronny …”

Article 2 Scope S. 1234-1236

„… 2013 (OJ EU L146/1). Art. 2 CRAR 3. Market Transparency 1234 Christoph Kumpan and Ronny Grütze 5 I …” „… . 7. Art. 3 CRAR 3. Market Transparency 1236 Christoph Kumpan and Ronny Grütze 7 8 …”

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 …” „… Transparency 1176 Wolf-Georg Ringe 10 1 2 3 4 5 6 7 …”

Article 18 Notification S. 1014-1016

„… Transparency 1014 Paola Lucantoni 1 2 3 4 5 applicable, a hyperlink to those documents published on the website …” „… PD 3. Market Transparency 1016 Paola Lucantoni 1 …”

Article 11 Information to be provided to ESMA S. 906-908

„… requirements, the transparency regime created by the SSR would be incomplete und would lose much of its …” „… Commission Implementing Regulation (EU) No 827/2012. Chapter II Transparency of net short positions Art …”

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 …”

Article 22 Annual report S. 1512-1514

„… possibility for a depositary to discharge its liability. Chapter IV Transparency requirements Article 22 …” „… Transparency requirements Art. 22 AIFMD Christian Schmies 1513 1 II. Commentary Art 22 requires AIFM to …”

Article 8 a Sovereign ratings S. 1269-1271

„… contagion effects among Member States.3 At the same time, the transparency and quality of country ratings is …” „… . Market Transparency 1270 Christoph Kumpan and Ronny Grütze 4 5 6 7 viewed at least every six months, in …”

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 …” „… . Market Transparency 1248 Christoph Kumpan and Ronny Grütze 3 4 5 6 7 …”

Article 8 S. 581-583

„… Transparency Directive).6 Chapter III Derogations Article 9 Any derogations from the conditions for the …” „… December 2004 on the harmonisation of transparency requirements in relation to information about issuers …”

Article 31 Monitoring of compliance with the rules of the MTF or the OTF and with other legal obligations Christoph Kumpan and Ronny Grütze S. 210-212

„… Section 2 Market transparency and integrity Article 31 Monitoring of compliance with the rules of …” „… breakdown of the systems for disseminating pre- and post-trade transparency and other relevant data …”

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

„… Art 5(3) and (4) SSR see above. 14 For comments on → Art 9, see below. Chapter II Transparency of …” „… comments on this provision. Chapter II Transparency of net short positions Art. 7 SSR Klaus Ulrich …”

Introduction S. 574-576

„… transferred into the Transparency Directive.7 The objective of the harmonisation of the rules on the admission …” „… Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in …”

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 …”

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

„… under transparency obligations results in changes to the order-routing decisions of investment firms in …” „… requiring greater transparency of the quality of execution services in different execution venues.4 Level 2 …” „… instrument concerned. Increased transparency is intended to improve compliance with, and the ability to …”

Article 23 Disclosure to investors S. 1514-1517

„… and the risk management systems employed by the AIFM to manage those risks. Chapter IV Transparency …” „… the additional information requirements. Chapter IV Transparency requirements Art. 24 AIFMD …”

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 …”

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

„… , Answer 4 lit. b (p. 10). Art. 6 b CRAR 3. Market Transparency 1258 Christoph Kumpan and Ronny Grütze 4 …” „… 32 CRA Regulation. Art. 6 b CRAR 3. Market Transparency 1260 Christoph Kumpan and Ronny Grütze 2 3 …”

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

„… a-5 c CRAR 3. Market Transparency 1250 Christoph Kumpan and Ronny Grütze 2 3 4 5 ting up …” „… Ratingagenturen’ ZBB 2013, p. 318 (321). Art. 6 CRAR 3. Market Transparency 1252 Christoph Kumpan and Ronny …”

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 …”

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

„… 3. Market Transparency 984 Paola Lucantoni 39 40 I. General features Purpose Article 6 serves two …” „… . Market Transparency 986 Paola Lucantoni 7 8 9 10 11 The 2017 Prospectus Regulation did not introduce any …”

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

„… II Transparency of net short positions Art. 7 SSR Klaus Ulrich Schmolke 899 4 5 6 7 3. The …” „… , below. Chapter II Transparency of net short positions Art. 7 SSR Klaus Ulrich Schmolke 901 5 6 7 8 …”

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

„… of transparency requirements in relation to information about issuers whose securities are admitted …” „… requirements ensuring a high level of investor protection; and (d) market transparency and integrity are …”

Article 7 S. 1051-1054

„… . Market Transparency 1052 Svend Gerhards and Kay Rothenhöfer 2 3 4 5 6 the PRIIP is distributed in the …” „… of the PRIIP, including: 2. Art. 8 PRIIPR 3. Market Transparency 1054 Svend Gerhards and Kay …”

Article 1 S. 1033-1036

„… . Market Transparency 1034 Svend Gerhards and Kay Rothenhöfer 2 3 4 laws.11 The PRIIP Regulation expands …” „… . 2 PRIIPR 3. Market Transparency 1036 Svend Gerhards and Kay Rothenhöfer 12 13 14 …”

Article 20 Languages S. 1189-1193

„… ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Art. 20 TD 3. Market Transparency 1190 Wolf-Georg Ringe d) Exception for wholesale offers …” „… , Mapping, para 542. 7 ESMA, Mapping, paras 539-540. Art. 20 TD 3. Market Transparency 1192 Wolf-Georg …”

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

„… . Art. 17 TD 3. Market Transparency 1180 Wolf-Georg Ringe 1 2 3 4 5 not only with information to be …” „… Transparency 1182 Wolf-Georg Ringe 12 13 14 15 16 17 18 III. Exemption According to Article 1(4), Member …”

Article 14 Publication of the prospectus S. 1004-1007

„… . Market Transparency 1004 Paola Lucantoni 18 e. in electronic form on the website of the competent …” „… adopted, 20 October 2017, ESMA-31-62-780. Art. 14 PD 3. Market Transparency 1006 Paola Lucantoni 2 3 4 …”

Introduction and overview S. 874-881

„… restrictions on short selling according to Art 23 SSR, and (3) the transparency of net short positions and …” „… aiming at more transparency, more effective supervision and less (risk of) circumvention.44 With a view …” „… with regard to the issue of transparency of net short positions and reporting requirements ESMA …”

Article 12 Market manipulation S. 730-756

„… nature of trading platforms with limited transparency.39 Phishing: Executing orders to trade, or a series …” „… broader formulation, arguing that even with no post-trade transparency OTC transactions might have an …” „… : Technical advice, p. 81. 48 MiFIR/MiFID II has extended transparency requirements to cover most OTC trades …”

Article 16 Supplements to the prospectus S. 1009-1013

„… 3. Market Transparency 1010 Paola Lucantoni 1 2 3 4 Example: Is the publication of interim …” „… Q&A, latest version adopted, 20 October 2017, ESMA-31-62-780. Art. 16 PD 3. Market Transparency …”

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

„… Transparency 966 Paola Lucantoni 1 2 3 4 5 Exemptions Qualified investors Article 3(2), as amended by the 2010 …” „… Regulatory Relief and Simplification). Art. 3 PD 3. Market Transparency 968 Paola Lucantoni 9 10 Retail …”

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

„… collective investment undertakings, the distribution of units or shares to the public and the transparency of …” „… ), Transparency Directive (Directive 2004/109/EC), MAR (Regulation (EU) No 596/2014) and MiFIR (Regulation (EU) No …”

Article 5 Clearing obligation procedure S. 1588-1593

„… transparency and publicity regarding the clearing obligation. To this end, ESMA is required to maintain a …” „… 6(4) of EMIR. Reform proposal To improve transparency to stakeholders and the public as a whole …”

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

„… notifications subject to disclosures of significant holdings under the → Transparency Directive (see comments …” „… the national law implementing the → Transparency Directive (see comments there), and those sanctions …”

Article 32 Entry into force S. 1032

„… Addressees This Directive is addressed to the Member States. Art. 33 PD 3. Market Transparency 1032 Paola …”

Article 31 a Staff and resources of ESMA S. 1032

„… Addressees This Directive is addressed to the Member States. Art. 33 PD 3. Market Transparency 1032 Paola …”

Article 31 Review S. 1032

„… Addressees This Directive is addressed to the Member States. Art. 33 PD 3. Market Transparency 1032 Paola …”

Article 16 Obligations of competent authorities S. 463

„… Transparency for trading OTC Art. 17 MiFIR Christoph Kumpan and Finn Schmidt 463 1 2 3 …”

Article 1 Subject matter S. 1467

„… authorisation, ongoing operation and transparency of the managers of alternative investment funds (AIFMs) which …”

Article 10 Application of notification and disclosure requirements S. 906

„… requirements, the transparency regime created by the SSR would be incomplete und would lose much of its …”

Article 80 Safeguarding and recording S. 1676

„… repository for commercial purposes. Article 81 Transparency and data availability 1. A trade repository shall …”

Article 24 b Revocation of the delegation S. 1028

„… . Market Transparency 1028 Paola Lucantoni 1 …”

Article 21 S. 1090

„… . Art. 22 PRIIPR 3. Market Transparency 1090 Svend Gerhards and Kay Rothenhöfer 1 2 …”

Article 60 Exercise of the powers referred to in Articles 61 to 63 S. 1661

„… interest; the information technology resources; and the transparency about access rules and compliance …”

Article 26 S. 1092

„… Transparency 1092 Svend Gerhards and Kay Rothenhöfer …”

Article 25 S. 1092

„… Transparency 1092 Svend Gerhards and Kay Rothenhöfer …”

Article 15 S. 1086

„… prohibition or restriction Art. 16 PRIIPR 3. Market Transparency 1086 Svend Gerhards and Kay Rothenhöfer …”

Overview of Articles 1-4 S. 881

„… traded on a European trading venue.47 Finally and with regard to the issue of transparency of net short …”

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

„… on ESMA’s website. The aim is transparency and effective enforcement. The register is available at …”

Article 32 S. 1096

„… . 33 PRIIPR 3. Market Transparency 1096 Svend Gerhards and Kay Rothenhöfer …”

Article 31 S. 1096

„… . 33 PRIIPR 3. Market Transparency 1096 Svend Gerhards and Kay Rothenhöfer …”

Article 30 Transitional provision S. 1031-1032

„… . Market Transparency 1032 Paola Lucantoni …”

Article 33 Addressees S. 1032-1033

„… Addressees This Directive is addressed to the Member States. Art. 33 PD 3. Market Transparency 1032 Paola …”

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

„… mechanisms required by MAR and the Transparency Directive. Third, if the information is not disclosed with a …” „… 21 Transparency Directive, which requires that the information is made available to the officially …”

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

„… protection; (d) it ensures market transparency and integrity via rules addressing market abuse in the form of …” „… markets, MTF or OTF. It is expected that this will increase the transparency of the derivatives market …”

Article 98 Powers of competent authorities; inquiry rights S. 1439-1440

„… transparency on which authority oversees are enforcing the UCITSD; those could be more than one authority, for …”

Article 97 Appointment and qualifications of competent authorities S. 1438-1439

„… ensures transparency on which authority oversees are enforcing the UCITSD; those could be more than one …”

Article 58 Examination of the application S. 1659-1660

„… maintain the records of derivatives, playing a central role in enhancing the transparency of derivative …”

Article 26 Replacement of depositary S. 1363-1364

„… requires transparency, awareness and conflict management in these cases.1 To comply with the independence …”

Article 25 Inability to function as management company and depositary; conflicts of interests S. 1362-1363

„… transparency, awareness and conflict management in these cases.1 To comply with the independence requirement …”

Article 79 Operational reliability S. 1675-1676

„… Transparency and data availability 1. A trade repository shall regularly, and in an easily accessible way …”

Article 26 Right of appeal S. 1030-1031

„… . Market Transparency 1030 Paola Lucantoni 4 5 6 Chapter VIII Transitional and final provisions Article 27 …”

Article 64 S. 614-615

„… mn 1 et seq. Articles 65-104 Articles 65-104 were transferred into the Transparency Directive. 1. 2 …”

Article 20 S. 1089-1090

„… Regulation. 3 Article 19(b) PRIIP Regulation. Art. 22 PRIIPR 3. Market Transparency 1090 Svend Gerhards …”

Article 48 Register S. 571-572

„… transparency on which a Third Country investment firm is licensed to offer services in the EU/EEA Single Market …”

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

„… ) of UCITSD aims at transparency regarding sanctions against intermediaries. This is important since …”

Articles 34 to 35 S. 1293-1294

„… Programme, ESMA80-199-153 of 8 February 2018, p. 30 margin no 84. Art. 35 a CRAR 3. Market Transparency …”

Article 27 b Objections to delegated acts S. 1215-1216

„… Article 27a(3). Art. 28 TD 3. Market Transparency 1216 Wolf-Georg Ringe 3 4 5 6 …”

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 27 S. 1092-1093

„… Transparency 1092 Svend Gerhards and Kay Rothenhöfer 2. The competent authority shall, on an annual basis …”

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

„… . Market Transparency 1028 Paola Lucantoni 1 II. Commentary As stated under Article 24a(1), the Commission …”

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

„… Transparency 1028 Paola Lucantoni 1 …”

Article 24 S. 1091-1092

„… . Market Transparency 1092 Svend Gerhards and Kay Rothenhöfer …”

Article 22 S. 1090-1091

„… . Art. 22 PRIIPR 3. Market Transparency 1090 Svend Gerhards and Kay Rothenhöfer 1 2 Member States may …”

Article 16 S. 1086-1087

„… prohibition or restriction Art. 16 PRIIPR 3. Market Transparency 1086 Svend Gerhards and Kay Rothenhöfer …”

Article 82 Exercise of the delegation S. 1678-1679

„… governance requirements for trade repositories; (ii) data transparency and (iii) access requirements. Level 2 …”

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

„… at transparency regarding sanctions against intermediaries. This is important since any intermediary …”

Article 61 Request for information S. 1661-1662

„… interest; the information technology resources; and the transparency about access rules and compliance …”

Article 9 Outsourcing S. 1276-1277

„… 2016, ESMA/ 2016/1662, p. 4. Art. 9 CRAR 3. Market Transparency 1276 Christoph Kumpan and Ronny …”

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

„… CRAR 3. Market Transparency 1274 Christoph Kumpan and Ronny Grütze 4 5 …”

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

„… . Market Transparency 1248 Christoph Kumpan and Ronny Grütze 3 4 5 6 7 where appropriate, encourage them to …”

Article 35 Addressees S. 1230-1231

„… . Market Transparency 1230 Wolf-Georg Ringe 1 Credit Rating Agency Regulation (CRAR) Regulation (EC) No …”

Article 30 Transitional provisions S. 1226-1227

„… : Regelungsinhalte der TRL 2013 und Umsetzungsbedarf ’ [2014] ZIP 553. Art. 30 TD 3. Market Transparency 1226 …”

Article 25 Sanctions S. 1029-1030

„… . 26 PD 3. Market Transparency 1030 Paola Lucantoni 4 5 6 …”

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

„… Transparency Directive. 1. 2. 3. 4. 1 Cf. Gebhardt, § 7 BörsZulV margin no 5, § 69 BörsZulV margin no 2 …”

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

„… . Chapter II Transparency of net short positions Art. 9 SSR Klaus Ulrich Schmolke 903 4 5 …”

Article 11 S. 584-585

„… been deleted by the Transparency Directive, which included similar provisions in Art 16(2) and (3 …”

Article 39 Market monitoring S. 541-542

„… Parliament and of the Council with regard to definitions, transparency, portfolio compression and supervisory …”

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

„… , Answer 4 lit. b (p. 10). Art. 6 b CRAR 3. Market Transparency 1258 Christoph Kumpan and Ronny Grütze 4 …”

Article 26 Precautionary measures S. 1210-1211

„… 24 et seq. 2 See → Art 19. Art. 26 TD 3. Market Transparency 1210 Wolf-Georg Ringe 8 9 1 2 3 ESMA …”

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

„… . Market Transparency 1200 Wolf-Georg Ringe 2 3 4 …”

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 …”

Article 12 S. 1072-1073

„… recital no. 22 PRIIP Regulation. Art. 12 PRIIPR 3. Market Transparency 1072 Svend Gerhards and Kay …”

Article 11 General and periodic disclosures S. 1280-1281

„… Transparency 1280 Christoph Kumpan and Ronny Grütze 9 10 1 Recitals, level 2 measures Recitals 39 and 43 CRA …”

Article 33 S. 1096-1097

„… . 33 PRIIPR 3. Market Transparency 1096 Svend Gerhards and Kay Rothenhöfer be maintained, in view of …”

Article 30 S. 1095-1096

„… . 33 PRIIPR 3. Market Transparency 1096 Svend Gerhards and Kay Rothenhöfer …”

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

„… PD 3. Market Transparency 994 Paola Lucantoni 13 14 1 II. Commentary Article 9(1) states that …”

Article 47 S. 599-600

„… recordkeeping obligations for investment firms, transaction reporting, market transparency, admission of …”

Article 46 S. 598-599

„… reporting, market transparency, admission of financial instruments to trading, and defined terms for the …”

Article 3 S. 1038-1039

„… . 3 PRIIPR 3. Market Transparency 1038 Svend Gerhards and Kay Rothenhöfer 6 7 1 rective 2003/71/EC …”

Article 41 Granting of the authorisation S. 240-242

„… (Transparenc requirements for trading venues), – Articles 14 to 26 MiFIR (regarding the transparency for …”

Article 24 Reporting obligations to competent authorities S. 1517-1519

„… Transparency requirements Art. 24 AIFMD Christian Schmies 1517 In exceptional circumstances and where required …”

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

„… ) organisational requirements or conflicts of interest; (ii) operational requirements; (iii) transparency and the …”

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

„… incorporation documents comply with the UCITS investment restrictions, transparency requirements and general …”

Articles 36 to 39 S. 1301-1303

„… . Market Transparency 1302 Christoph Kumpan and Ronny Grütze 4 5 6 7 In accordance with Art 6(1) Commission …”

Articles 26 to 32 S. 1291-1293

„… . Market Transparency 1292 Christoph Kumpan and Ronny Grütze 1 2 3 4 5 al authority as the result of a …”

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

„… . 8 b CRAR 3. Market Transparency 1272 Christoph Kumpan and Ronny Grütze 1 2 3 4 Article 8 c Double …”

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 …”

Article 59 S. 610-612

„… second, to provide transparency with respect to the underlying securities (argumentum e Art 59(2)).3 II …”

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 …”

Article 2 Scope S. 1467-1469

„… authorisation, ongoing operation and transparency of the managers of alternative investment funds (AIFMs) which …”

Article 7 Responsibility and liability S. 1135-1137

„… obligations (Rome II) [2007] OJ L199/40. Art. 7 TD 3. Market Transparency 1136 Wolf-Georg Ringe 6 7 8 9 10 …”

Article 29 S. 1093-1095

„… ) PRIIP Regulation. 3 Article 24(2)(c) PRIIP Regulation. Art. 29 PRIIPR 3. Market Transparency 1094 …”

Article 23 Precautionary measures S. 1025-1027

„… inaccurate or misleading advertisements. Art. 23 PD 3. Market Transparency 1026 Paola Lucantoni 1 2 3 4 …”

Article 17 S. 1087-1089

„… Transparency 1088 Svend Gerhards and Kay Rothenhöfer (c) the leverage a product or practice provides; (d) in …”

Article 9 S. 1063-1065

„… . Market Transparency 1064 Svend Gerhards and Kay Rothenhöfer 4 5 6 7 Article 10 1. The PRIIP manufacturer …”

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

„… on ESMA’s website. The aim is transparency and effective enforcement. The register is available at …”

Article 2 Definitions S. 1576-1578

„… transparency requirements in relation to information about issuers whose securities are admitted to trading on …”

Article 27 Notification of the acquisition of major holdings and control of non-listed companies S. 1522-1524

„… applicable under the European Transparency Directive, Art 27(1) requires AIFM to disclose the acquisition of …”

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

„… cooperation. 1. Art. 22 PD 3. Market Transparency 1024 Paola Lucantoni 1 Context Article 22 should be read …”

Article 15 Advertisements S. 1007-1009

„… States’ (CESR/03/494, December 2003). Art. 15 PD 3. Market Transparency 1008 Paola Lucantoni 1 2 3 4 …”

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

„… Transparency 998 Paola Lucantoni 4 5 6 7 8 9 proved across the EEA. Given the lack of information in the 2017 …”

Article 46 Requirements relating to persons exercising significant influence over the management of the regulated market S. 262-264

„… transparency of the status of a market operators’ management board and ensures that competent authorities have …”

Article 10 S. 1065-1067

„… Transparency 1066 Svend Gerhards and Kay Rothenhöfer 3 4 5 6 Revision As part of the process, a PRIIP …”

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

„… pre-trade transparency requirement related to limit orders8 if the relevant shares are admitted to trading …”

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

„… Transparency 1262 Christoph Kumpan and Ronny Grütze 4 5 6 7 ing agencies to compete and, thus, produce a result …”

Articles 42 to 48 S. 939-941

„… Transparency Prospectus Directive (PD) Directive 2003/71/EC of the European Parliament and of the Council of 4 …”

Article 1 Scope S. 881-883

„… traded on a European trading venue.47 Finally and with regard to the issue of transparency of net short …”

Article 12 Assessment procedures S. 58-61

„… national law implementing the → Transparency Directive (see comments there), and those sanctions which …”

Article 7 Procedures for granting and refusing requests for authorisation S. 38-41

„… European Parliament and of the Council. The maximum assessment period ensures transparency in diffult cases …”

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

„… provider and ensuring transparency as to the competences of the creditor.8 Consequences Article 5(2) lays …”

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

„… non-discriminatory treatment of price-sensitive information.1 The impact of their activities on market transparency …”

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

„… members and participants managed by a market operator (Art 53(7) MiFID II) To ensure transparency with …”

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

„… definitions, transparency, portfolio compression and supervisory measures on product intervention and …”

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

„… on ESMA’s website. The aim is transparency and effective enforcement. The register is available at …”

Article 30 Transactions executed with eligible counterparties S. 207-210

„… II Martin Brenncke 209 3 4 5 6 Section 2 Market transparency and integrity Article 31 Monitoring of …”

Article 28 Client order handling rules S. 202-205

„… transparency requirement related to limit orders8 if the relevant shares are admitted to trading on a regulated …”

Article 50 Synchronisation of business clocks S. 296-299

„… Clock synchronisation aims to promote the clarity and dissemination of post-trade transparency data …”

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

„… (regarding the transparency for systematic internalisers and investment firms trading OTC, as well as the …”

Article 30 Indirect clearing arrangements S. 513-517

„… obligation in Article 27 of Directive 2014/65/EU, the transparency obligations in Articles 8, 10, 18 and 21 …”

Article 1 Scope and UCITS definition S. 1304-1317

„… of transparency requirements in relation to information about issuers whose securities are admitted …” „… 2004/109/EC on the harmonisation of transparency requirements in relation to information about issuers …”

Article 1 S. 1680-1684

„… systems covered by this Directive with a view towards promoting maximum transparency and legal certainty …”

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

„… market operator (Art 53(7) MiFID II) To ensure transparency with regard to the existing members or …”

Article 49 Tick sizes S. 292-296

„… post-trade transparency data. Clock synchronisation is a necessary condition for a timely and accurate …”

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

„… intended to ensure transparency for market participants and facilitate effective market monitoring by the …”

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

„… venue are subject to the MiFIR transparency requirements and to transaction reporting.10 The transaction …”

Article 9 Conflict of laws S. 1739-1743

„… independently from the will of the parties. This approach increases legal certainty and transparency from the …”

Article 2 Scope S. 650-654

„… Market Abuse Regulation, recital 10. 8 MiFIR/MiFID II has extended transparency requirements to cover …”

Article 32 Trading obligation procedure S. 519-524

„… of best execution under MiFID II6 as well as the transparency and the trading obligation under MiFIR …”

Article 20 Specific requirements for OTFs S. 145-149

„… was considered OTC trading, and was associated with significantly less transparency and regulation …”

Article 3 Short and long positions S. 888-892

„… to the two-tier transparency regime set out in Arts 5 to 11 SSR. The notification and disclosure …”

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

„… ), Transparency Directive (Directive 2004/109/EC), MAR (Regulation (EU) No 596/2014) and MiFIR (Regulation (EU) No …”

Article 35 Establishment of a branch S. 227-233

„… 14 to 26 MiFIR (regarding the transparency for systematic internalisers and investment firms trading …”

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

„… malfunction or breakdown of the systems for disseminating pre- and post-trade transparency and other relevant …”

Article 2 Definitions S. 883-888

„… transparency, admission of financial instruments to trading, and defined terms for the purposes of that …”

Article 2 Definitions S. 1317-1323

„… 2004 on the harmonisation of transparency requirements in relation to information about issuers whose …”

Article 46 General provisions S. 560-566

„… transparency and integrity by preventing market abuse in the form of insider dealing and market manipulation 2 …”

Article 66 Organisational requirements S. 351-357

„… is to increase the transparency of the market for everybody, not just for the paying clients. A …”

Article 7 Inside information S. 673-692

„… Regulation on energy market integrity and transparency (REMIT),109 statistical information published by tions …” „… for investment firms, transaction reporting, market transparency, admission of financial instruments …”

Article 21 Depositary S. 1504-1512

„… discharge its liability. Chapter IV Transparency requirements Article 22 Annual report 1. An AIFM shall, for …”

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

„… to transparency, stability, and market integration in the EU.36 A behaviour conforms to an accepted …”

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

„… instruments to trading, trading between members, reporting and, where applicable, transparency obligations.7 …”

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

„… ) 2017/573 (RTS 10):7 Art 1 (Fair and nondiscriminatory co-location services), Art 2 (Transparency when …” „… providing co-location services), Art 3 (Fair and non-discriminatory fees), Art 4 (Transparency of fee …”

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

„… transparency of the status of a market operators’ management board and ensures that competent authorities have …”

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

„… protection; and (iv) market transparency and integrity are ensured by the prevention of market abuse in the …”

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Peter Mankowski (ed.)

Commercial Law

Series: Kooperationswerke Beck - Hart – Nomos

Volume 2018

Results in this title

Martin Schauer, Magdalena Gruber Article 8 Transparency and awareness raising S. 1350

„… this kind can be a national chamber of commerce. Article 8 Transparency and awareness raising 1. Member …” „… States shall ensure transparency regarding the rights and obligations stemming from this Directive …” „… measures, as the Directive only requires minimum harmonisation (see → Art 12 no. 6). II. Transparency …”

Martin Schauer, Magdalena Gruber Article 4 Transactions between undertakings and public authorities S. 1334-1338

„… undertaking, to the transparency requirements laid down in Commission Directive 2006/111/EC of 16 November …” „… 2006 on the transparency of financial relations between Member States and public undertakings as well …” „… as on financial transparency within certain undertakings (1); (b) public entities providing …”

Erik Evtimov, Tetyana Payosova Article 5 Mandatory law S. 1089

„… transparency obligation, both on part of the COTIF Member States and also on part of the OTIF Secretariat. In …”

Martin Schauer, Magdalena Gruber Article 9 Retention of title S. 1351-1352

„… invoicing, penalties for late payment and various transparency measures.3 IV. Prompt payment codes To …”

Wolf Müller-Rostin Introduction S. 1179-1183

„… harmonization of the law, as well as to a loss of transparency of the relevant rules. In order to save the …”

Martin Schauer, Magdalena Gruber Article 7 Unfair contractual terms and practices S. 1342-1349

„… principles of transparency and proportionality.17 Article 7 Unfair contractual terms and practices 1. Member …”

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