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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 10 Application of notification and disclosure requirements S. 906

„… Article 10 Application of notification and disclosure requirements The notification and disclosure …” „… requirements under Articles 5, 6, 7 and 8 apply to natural or legal persons domiciled or established within the …” „… and disclosure requirements under Arts 5 to 8 SSR apply to natural or legal persons regardless of …”

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

„… structures for each service; (c) conditions for accessing the service and IT requirements/operational …” „… liquidity to the market on a regular and predictable basis, where such a requirement is appropriate to the …” „… compliance by investment firms with the requirements of such binding written agreements. The regulated market …”

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

„… assessment standard to be applied by the NCA that reviews the application. Those additional requirements …” „… to the scope and circumstances described in the application that exist at the time of submission and …” „… enables an application directed at the extension of the authorisation’s scope. In most cases, the …”

Article 4 Use of credit ratings S. 1242-1246

„… requirements which are at least as stringent as the requirements set out in Articles 6 to 12 and Annex I, with …” „… credit rating agency established in the third country with the requirements referred to in point (b) is …” „… necessary to enable ESMA to supervise on an ongoing basis the compliance with the requirements of this …”

Article 46 General provisions S. 560-566

„… is subject to effective supervision and enforcement ensuring a full compliance with the requirements …” „… impose any additional requirements on the third-country firm in respect of matters covered by this …” „… firms. 4. The third-country firm referred to in paragraph 1 shall submit its application to ESMA after …”

Article 25 Recognition of a third-country CCP S. 1623-1628

„… supervision and enforcement ensuring full compliance with the prudential requirements applicable in that third …” „… instruments cleared or to be cleared. 4. The CCP referred to in paragraph 1 shall submit its application to …” „… 30 working days of receipt, ESMA shall assess whether the application is complete. If the application …”

Article 14 Authorisation of a CCP S. 1612-1613

„… reveals an insufficient or inconsistent application of the equivalent requirements by third country …” „… been adopted, of the requirements equivalent to those laid down in Articles 4, 9, 10 and 11 and …” „… equivalence is withdrawn, counterparties shall automatically be subject again to all requirements laid down in …”

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

„… supervisory framework of that third country as equivalent to the requirements of this Regulation; (c) the …” „… referred to in paragraph 1 may apply for certification. The application shall be submitted to ESMA in …” „… accordance with the relevant provisions of Article 15. 3. ESMA shall examine and decide on the application …”

Introduction S. 1563-1574

„… Application of Dodd-Frank’s Derivatives and Clearing Rules, the Impact on Global Markets and the Inevitability …” „… the Council of 26 June 2016 on prudential requirements for credit institutions and investment firms …” „… the clearing obligation, the suspension of the clearing obligation, the reporting requirements, the …”

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

„… requirements 1. A CCP shall have a permanent and available initial capital of at least EUR 7,5 million to be …” „… order to ensure consistent application of this Article, EBA shall, in close cooperation with the ESCB …” „… and after consulting ESMA, develop draft regulatory technical standards specifying requirements …”

Article 8 Conditions for granting authorisation S. 1482-1485

„… to the AIFM as such. It is similar to the requirements that other European directives for the …” „… application is the programme of activity, which must contain the organisational structure of the AIFM and …” „… resources. Furthermore, the authorisation application must include the rules or instruments of incorporation …”

Article 6 Scope of authorisation S. 37-38

„… perform. In practice, each additional activity comes with associated organisational requirements and must …” „… be considered in the programme of operations, staff must be allocated to meet the requirements, and …” „… compliance with the applicable law must be ensured by adding said requirements to the internal control system …”

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

„… settlement systems should comply with the relevant operational and commercial requirements for …” „… service and/or activity. Member States shall not impose any additional requirements on such an investment …” „… , without further legal or administrative requirement, allow investment firms and market operators operating …”

Article 1 S. 1033-1036

„… ) (https://ssrn.com/abstract=2942688); Gortsos Ch, ‘Do Callable Corporate Bonds Constitute PRIPs? The Application of Regulation …” „… insurance-based investment products as regards the date of its application (Article 1) [2016] OJ L354/35. 4 …” „… , Communication from the Commission, Guidelines on the application of Regulation (EU) No 1286/2014 of the European …”

Article 41 Granting of the authorisation S. 240-242

„… I. General features Purpose Art 40 sets out the disclosure requirements of Third Country …” „… . Commentary Application for branch set-up (Art 40 MiFID) The list in Art 40 MiFID defines which documents must …” „… application, whether or not the authorisation has been granted. 2. The branch of the third-country firm …”

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

„… standards; b. the information requirements, including information of a financial nature, are equivalent to …” „… the requirements under this Directive. 2. In the case of an offer to the public or admission to …” „… Member State other than the home Member State, the requirements set out in Articles 17, 18 and 19 shall …”

Article 2 Definitions S. 1104-1114

„… developments on financial markets, to specify the requirements and to ensure the uniform application of …” „… ’, which is used throughout the TD and an essential requirement for its scope of application. It refers to …” „… of MiFID II Article 4(1)(21). Trading itself is not a requirement, it suffices that the securities …”

Chapter 3 Prudential requirements S. 1643-1653

„… requirements. 3. In order to ensure consistent application of this Article, ESMA shall, after consulting EBA …” „… Prudential requirements Article 40 Exposure management A CCP shall measure and assess its liquidity and …” „… exposures. This shall be done on a reasonable cost basis. Article 41 Margin requirements 1. A CCP shall …”

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

„… Chapter II Authorisation of UCITS Article 5 Authorisation requirement for the fund 1. No UCITS …” „… authorities of its home Member State have approved the application of the management company to manage that …” „… incorporation and the choice of depositary, and, where relevant, the application of the designated management …”

Index S. 1785-1803

„… – determination of MiFID II 72 1 Adverse events SSR 11 1 AIFMD – authorisation, application AIFMD 7 1 et seq …” „… . – authorisation, scope AIFMD 11 1 – capital requirements AIFMD 9 2 – definitions AIFMD 4 1 et seq. – depositary …” „… – UCITS management companies AIFMD 8 2 Algorithmic trading – application of MiFID II MiFID II 4 11 …”

Article 77 Recognition of trade repositories S. 1673-1675

„… submit to ESMA its application for recognition together with all necessary information, including at …” „… days of receipt of the application, ESMA shall assess whether the application is complete. If the …” „… application is not complete, ESMA shall set a deadline by which the applicant trade repository has to provide …”

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

„… Article 10 Application of notification and disclosure requirements The notification and disclosure …” „… requirements under Articles 5, 6, 7 and 8 apply to natural or legal persons domiciled or established within the …” „… and disclosure requirements under Arts 5 to 8 SSR apply to natural or legal persons regardless of …”

Article 40 Obligation to provide information S. 239-240

„… . Particularly noteworthy are the following authorization requirements: – compliance with FATF recommnedations …” „… requirements for the branch leadership, – a tax information exchange treaty (following the standard of Article …” „… recognised in accordance with Directive 97/9/EC, i.e. a scheme set up within the EU. This requirement is due …”

Article 21 Review and evaluation S. 1617-1621

„… ) has seriously and systematically infringed any of the requirements laid down in this Regulation. 2 …” „… shall cover all the requirements on CCPs laid down in this Regulation. 3. The competent authorities …” „… meet the requirements laid down in this Regulation to take the necessary action or steps at an early …”

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

„… application for authorisation, the competent authorities shall assess whether the determination by the AIFM as …” „… State disagrees with the assessment made on the application of points (a) to (e) and (g) of this …” „… in the first subparagraph, ESMA shall issue advice to the competent authorities about the application …”

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

„… Application of notification and disclosure requirements The notification and disclosure requirements under …” „… that the notification requirement under Art 8 SSR is triggered only if and when the relevant NCA has …” „… . 5. In order to ensure consistent application of this Article, ESMA shall develop draft regulatory …”

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

„… requirements established in this Directive except for Article 21 and 22 in respect of those AIFs; and (b …” „… arrangements with third countries. 3. In order to ensure uniform application of this Article, ESMA shall …” „… develop guidelines to determine the conditions of application of the measures adopted by the Commission …”

Article 11 S. 1067-1072

„… the requirement to review a KID could serve as the thresholds that trigger the requirement to revise a …” „… documents or with the requirements laid down in Article 8. 2. A retail investor who demonstrates loss …” „… the Communication from the Commission, Guidelines on the application of Regulation (EU) No 1286/2014 …”

Article 15 Extension of activities and services S. 1613

„… requirements 1. A CCP shall have a permanent and available initial capital of at least EUR 7,5 million to be …” „… order to ensure consistent application of this Article, EBA shall, in close cooperation with the ESCB …” „… and after consulting ESMA, develop draft regulatory technical standards specifying requirements …”

Article 16 Capital requirements S. 1613

„… requirements 1. A CCP shall have a permanent and available initial capital of at least EUR 7,5 million to be …” „… order to ensure consistent application of this Article, EBA shall, in close cooperation with the ESCB …” „… and after consulting ESMA, develop draft regulatory technical standards specifying requirements …”

Article 48 S. 600-601

„… subscription applications may be submitted. The underlying rationale is to prevent agiotage, i.e. speculative …” „… when the shares in respect of which application for admission has been made are in the hands of the …” „… Article 48 (previously Annex Schedule A(II)(4) LCD) establishes a minimum distribution requirement (‘free …”

Article 23 Third countries S. 1200-1204

„… , including technical requirements for communication technologies used by the OAMs, for the operation of a …” „… submitted by 27 November 2015. ESMA complied with this requirement and submitted its draft RTS to the …” „… country, the competent authority of the home Member State may exempt that issuer from requirements under …”

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

„… ensure consistent application of this Article, ESMA shall develop draft regulatory technical standards …” „… ensure uniform conditions of application of paragraphs 1 and 2 ESMA shall develop draft implementing …” „… disclosure requirements of Arts 5 and 6 SSR, as well as from the re- 1. Chapter IV Exemptions Art. 16 SSR …”

Chapter 1 Organisational requirements S. 1628-1637

„… TITLE IV REQUIREMENTS FOR CCPS I. General features Title IV designs a regulatory framework to …” „… Securities Commissions, which serve as a global benchmark for regulatory requirements for central …” „… counterparties. Chapter 1 Organisational requirements Article 26 General provisions 1. A CCP shall have robust …”

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

„… Member State of the AIFM shall not impose any additional requirements on the AIFM concerned in respect of …” „… order to ensure uniform conditions of application of this Article, ESMA may develop draft implementing …” „… submitted to the competent authorities in the home state of the EU AIFM. The minimum requirements for such …”

Article 44 S. 597-598

„… three financial years preceding the application for official listing. The rationale for this requirement …” „… law for the three financial years preceding the application for official listing. By way of exception …” „… national law for the three financial years preceding the application for official listing. The relevant …”

Article 35 Establishment of a branch S. 227-233

„… . Member States shall not impose any additional requirements save those allowed under paragraph 8, on the …” „… . Application for Notification (Art 35(2) MiFID) . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 3. Tied …” „… Art 49 et seq. TFEU and extends those rights in light of the requirements to protect the financial …”

Article 47 S. 599-600

„… appropriate information is usually achieved through a requirement to state in the prospectus the number of …” „… subscription applications may be submitted. 2. 3. 2 Art 35(1) Commission Regulation (EC) No 1287/2006 of 10 …” „… probably contain a corresponding requirement. 6 Cf. Gebhardt, § 5 BörsZulV margin no 10; Kalss, Oppitz and …”

Article 8 Withdrawal of authorisations S. 41-43

„… pursuant to Art 5(4), last para MiFID. Irregular application (Art 8(b) MiFID) An application cannot be …” „… practical application of the pro- 1. 2. Title II Authorisation and operating conditions for investment …” „… firms Art. 8 MiFID II Dirk Zetzsche 41 1 2 3 4 portionality requirement in Union law,1 minor …”

Article 39 Establishment of a branch S. 237-239

„… management of the branch and they all comply with the requirement laid down in Article 9(1); (e) the third …” „… referred to in paragraph 1 shall submit its application to the competent authority of the Member State …” „… country firms in the EU/EEA is subject to national regimes and requirements. Such third country investment …”

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

„… , EU AIFM must comply with all other AIFMD requirements also for the non-EU AIF they manage and which …” „… are not marketed in the European Union. In addition to compliance with the AIFMD requirements except …” „… the requirements referred to in the second subparagraph of Article 31(1) as soon as the conditions …”

Article 1 Subject matter and scope S. 1099-1104

„… 15 December 2004 on the harmonisation of transparency requirements in relation to information about …” „… Deterrent and Consistent Sanctioning of EU Transparency Requirements?’ (2017) 14 European Company Law …” „… Subject matter and scope (1) This Directive establishes requirements in relation to the disclosure of …”

Article 20 Investment recommendations and statistics S. 824-833

„… requirements Art. 20 MAR Wolf-Georg Ringe 825 1 2 3 4 II. Scope of application Article 20(1) applies to all …” „… European Parliament and to the Council on the application of MAR by 3 July 2019. Inter alia, that report …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 II. Scope of application …”

Article 7 Minimum information S. 987-990

„… Directive 2004/39/EC, which are subject to appropriate ongoing disclosure requirements and rules on market …” „… standards in order to ensure uniform conditions of application of the delegated acts adopted by the …” „… in separate documents). The aim of Art 7 is to harmonise substantive and procedural requirements …”

Introduction to Title VIII Intro Title VIII S. 558-560

„… Law Equivalence Requirements, in Reconceptualising Global Finance and Its Regulation’ in Buckley R …” „… enforcement ensuring a full compliance with the requirements applicable in that third country; (c) cooperation …” „… accordance with this Article, Member States shall not impose any additional requirements on the third-country …”

Article 7 Conditions for authorisation S. 1328-1331

„… other conditions of general application laid down by national law, the competent authorities shall not …” „… delegation; (iii) irrespective of the amount of those requirements, the own funds of the management company …” „… conditions; (c) the application for authorisation is accompanied by a programme of activity setting out, at …”

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

„… AIFs that do not fulfil the requirements referred to in the second subparagraph of Article 31(1 …” „… ), provided that: (a) the AIFM complies with all the requirements established in this Directive with the …” „… cooperation arrangements with third countries. 4. In order to ensure uniform application of this Article, ESMA …”

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

„… get an exemption from the rotation requirements pursuant to Art 6 (3) CRA Regulation and such …” „… Exemptions from the rotation requirement for rating analysts and persons who approve ratings require a waiver …” „… application; (ab) immediately publish on its website the responses to the consultation referred to in …”

Article 4 Home member state assumption S. 1324-1325

„… one or more of the UCITS requirements may be avoided. Examples include the Luxembourg Partie II-Fonds …” „… 1 2 Chapter II Authorisation of UCITS Article 5 Authorisation requirement for the fund 1. No UCITS …” „… authorities of its home Member State have approved the application of the management company to manage that …”

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

„… not covered by appropriate exchange of collateral. 5. The requirement laid down in paragraph 3 of this …” „… requirement laid down in paragraph 3 of this Article, on the basis of a positive decision of both the relevant …” „… a positive decision within 30 calendar days of receipt of the application for exemption, ESMA may …”

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

„… and preparing reports to the European Parliament and to the Council on the international application …” „… duplicative or conflicting requirements on market participants, and recommend possible action. 2. The …” „… a third country: (a) are equivalent to the requirements laid down in this Regulation under Articles …”

Article 7 Application for authorisation S. 1480-1482

„… features Art 7 covers the formal requirements to applications for the authorisation of an AIFM. The …” „… , namely the AIF, and require a license under MiFID. Article 7 Application for authorisation 1. Member …” „… standards to specify the information to be provided to the competent authorities in the application for the …”

Titelei/Inhaltsverzeichnis S. I-XLII

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Article 9 903 Application of notification and disclosure requirements …” „… ), e.g. the Capital Requirements Directive (CRD) IV and the Capital Requirements Regulation (CRR …” „… 15 December 2004 on the harmonisation of transparency requirements in relation to information about …”

Article 43 S. 594-597

„… , recognised open market exists in that State and the requirements for it are equal to or less than those …” „… requirements of the economic situation, see below → Art 109 mn 1 et seq). The market capitalisation must be …” „… assessed by the NCA deciding on the application for admission to official listing. As points of reference …”

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

„… country complies with legally binding requirements which are, for the purpose of the application of the …” „… into account the requirements of Community legislation; c) securities offered, allotted or to be …” „… into account the requirements of Union legislation; d) dividends paid out to existing shareholders in …”

Articles 14 to 20 S. 1284-1288

„… Regulation sets out general requirements for the registration application. The application must contain the …” „… requirements will build market confidence in smaller rating agencies and that this will lead to diversification …” „… key requirements under Art 4 CRA Regulation is registration. However, the apparent reason for Art 14(4 …”

Article 61 S. 612-613

„… ) LCD) lays down the general requirement of free negotiability of the debt securities. The rationale of …” „… requirement of free negotiability for sovereign debt securities (especially not for not fully paid up debt …” „… applications may be submitted. This provision shall not apply where the closing date for subscription is not …”

Article 4 Clearing obligation S. 1584-1588

„… it complies with legally binding requirements that are equivalent to the requirements laid down in …” „… and 48. 4. In order to ensure consistent application of this Article, ESMA shall develop draft …” „… involved; whereas Article 4(1)(b) EMIR concerns the timing of the application. Furthermore, Article 5(2 …”

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

„… body is already an authorisation requirement under → Art 7(2) MiFID (see comments there) and is …” „… information and requirements for the authorisation of investment firms. Art 9(5) MiFID has its own meaning …” „… situation. Such measures may include applications for judicial orders or the imposition of sanctions against …”

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

„… as the conditions laid down in this Article are met. 2. In addition to the requirements in this …” „… application of points (a) and (b) of the first subparagraph by the competent authorities of the Member State …” „… of those cooperation arrangements with third countries. 12. In order to ensure uniform application of …”

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

„… application of the UCITS Directive, Section IV – Q5. 8 See ESMA34-43-392, Q&A on the application of the UCITS …” „… depositaries, OJ 2016 L 78/11. ESMA’s Opinion on asset segregation and application of depositary delegation …” „… rules to CSDs, ESMA34-45-277. ESMA’s Q&A on the application of the UCITS Directive, ESMA34-43-392 …”

Article 42 Conditions for the marketing in Member States without a passport of AIFs managed by a non-EU AIFM S. 1560-1561

„… establishment of those cooperation arrangements with third countries. 4. In order to ensure uniform application …” „… of this Article, ESMA shall develop guidelines to determine the conditions of application of the …” „… States discretion to allow the marketing of AIF by non-EU AIFM subject to certain minimum requirements …”

Article 14 S. 586-587

„… authorities, any application for the admission of a security to official listing on a stock exchange situated …” „… or operating in a Member State must state whether a similar application is being or has been made in …” „… ) requires the NCAs to communicate and collaborate where applications for admission to official listing are …”

Article 31 Transposition S. 1227-1228

„… (b) the third country where the issuer is incorporated has not made mandatory the application of …” „… facilitate the application of the law in light of the underlying EU law. 1 See → Art 34. Chapter VII …” „… immediately notified to the Commission and to the other Member States. The same notification requirement …”

Article 12 Prudential regulation S. 1334-1336

„… application of this Article, ESMA may develop draft implementing technical standards to establish standard …” „… ) of the second subparagraph of paragraph 1 and the structures and organisational requirements to …” „… . In order to ensure uniform conditions of application of this Article, ESMA may develop draft …”

Article 91 Enabling of marketing in host member states S. 1431-1432

„… additional requirements or administrative procedures on UCITS as referred to in paragraph 1 in respect of the …” „… application of the UCITS Directive, ESMA34-43-392. II. Commentary Art 91(1) and (2) of UCITSD is the core …” „… prohibited. This also pertains to registration requirements under tax law, which can be found in some Member …”

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

„… . Those requirements shall not be more stringent than those which the same Member State imposes on …” „… under Article 17 or an application under Article 20 and of any measures taken in accordance with …” „… to provide Arts 49, 54, 56, 62 of the TFEU.1 Level 2 and 3 measures ESMA’s Q&A on the application of …”

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

„… disclosure requirements are a compromise resulting from substantial negotiations over the waiver provisions …” „… requirements established in paragraph 1 and specified in the regulatory technical standards adopted pursuant to …” „… the application of the waivers and submit an annual report to the Commission on how they are applied …”

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

„… requirements, the scope of application for Article 10(c) will be narrow: frequently, an internal agreement …” „… requirement is considered a serious breach according to Article 28a(b), the minimum catalogue of Article 28b(1 …” „… financial markets, (ii) specify the requirements of paragraphs 2, 4 and 5, (iii) specify the ‘short …”

Article 20 Home member state supervision S. 1348-1350

„… ) the disclosure and reporting requirements of the UCITS, including the prospectus, key investor …” „… in a Member State is not subject to any additional requirement established in the UCITS home Member …” „… authorities of the UCITS home Member State may refuse the application of the management company only if: (a …”

Article 10 S. 1065-1067

„… . The revised version shall be made available promptly. 2. In order to ensure consistent application of …” „… necessary, revise and republish a KID. The aim of this requirement is to ensure that KIDs are reliable at …” „… documents and the conditions for fulfilling the requirement to provide such documents [2017] OJ L100/3; see …”

Article 33 SME growth markets S. 217-221

„… an SME growth market if the competent authority receives an application referred to in paragraph 1 …” „… and is satisfied that the requirements in paragraph 3 are complied with in relation to the MTF. 3 …” „… admission document or a prospectus if the requirements laid down in Directive 2003/71/EC are applicable in …”

Article 49 S. 601-602

„… case the purpose of the minimum distribution requirement is also achieved. Where admission to official …” „… rationale is that if there is already a listing, the purpose of the minimum distribution requirement is …” „… ‘class of shares’, see above → Art 43 mn 5. Article 49 1. The application for admission to official …”

Article 32 Marketing of units or shares of EU AIFs in Member States other than in the home Member State of the AIFM S. 1530-1533

„… conditions of application of this Article, ESMA may develop draft implementing technical standards to …” „… . General features Art 31 encompasses the requirements applicable to the marketing of EU AIF managed by a EU …” „… in its home Member State subject to the requirements of Art 31. This implies that even if a EU AIFM …”

Article 55 S. 606-607

„… Annex Schedule B (A)(II)(2) LCD), establishes – subject to some exceptions – the general requirement of …” „… basic requirement that the debt securities must be freely negotiable. Like in the case of shares (see …” „… may be made only after the end of the period during which subscription applications may be submitted …”

Article 92 Access point in host member state S. 1432-1433

„… the application of the UCITS Directive, ESMA34-43-392. II. Commentary Art 91(1) and (2) of UCITSD is …” „… is prohibited. This also pertains to registration requirements under tax law, which can be found in …” „… and does not justify registration requirements ex ante. Art 30 of Commission Directive 2010/44/EU …”

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

„… , ‘Report on the application of Regulation EU n°260/2012 establishing technical and business requirements …” „… and Social Committee, ECB and EBA a report on the application of this Regulation accompanied, if …” „… competent authorities to waive all or some of the requirements referred to in Article 6(1) and (2) for those …”

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

„… tors are expected to search for other loopholes to avoid requirements for large-in-scale trades and …” „… other transparency requirements.24 Article 6 Post-trade transparency requirements for trading venues in …” „… with regard to regulatory technical standards on transparency requirements for trading venues and …”

Article 8 Omission of information S. 990-994

„… equivalent to the required information. If there is no such information, this requirement shall not apply. 3a …” „… developments on financial markets and to specify the requirements laid down in this Article, the Commission …” „… standards to ensure uniform conditions of application of the delegated acts adopted by the Commission in …”

Article 15 S. 587

„… . Article 15 Where an application for admission to official listing relates to certificates representing …” „… shares, the application shall be considered only if the competent authorities are of the opinion that the …” „… (previously Art 16 LCD) provides that an application for admission relating to certificates representing …”

Article 13 S. 1163-1172

„… , a number of stakeholders called for the introduction of a similar requirement on the EU level.38 …” „… notification requirements laid down in Article 9 shall also apply to a natural person or legal entity who holds …” „… notification requirements pursuant to paragraph 1, taking into account technical developments on financial …”

Article 1 Subject matter and scope S. 1745-1751

„… European Parliament and of the Council of 14 March 2012 establishing technical and business requirements …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 II. Scope of application …” „… “Proposal for a Regulation establishing technical requirements for credit transfers and direct debits in …”

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

„… in the application of the equivalent requirements by third-country authorities, the Commission may …” „… Parliament and to the Council on the international application of principles laid down in Articles 28 and 29 …” „… , in particular with regard to potential duplicative or conflicting requirements on market participants …”

Article 34 S. 1097-1099

„… disclosure of product information requirements, whether to propose a new legislative act guaranteeing …” „… appropriate disclosure of product information requirements for those products or whether to include pension …” „… , review and revision of key information documents and the conditions for fulfilling the requirement to …”

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

„… . General features In accordance with the licensing requirements foreseen by other European directives in …” „… with AIFMD in order to manage AIF. The authorisation requirement is subject to the exemptions provided …” „… introduces a licensing requirement for AIFM domiciled in the European Union, which generally implies that no …”

Article 61 Communication between feeder’s and master’s depositary S. 1401-1403

„… until such agreement has become effective. Where they comply with the requirements laid down in this …” „… the feeder UCITS. 4. In order to ensure uniform conditions of application of this Article, ESMA may …” „… develop draft implementing technical standards to determine the conditions of application of the delegated …”

Chapter 2 Conduct of business rules S. 1637-1643

„… Participation requirements 1. A CCP shall establish, where relevant per type of product cleared, the categories …” „… for the CCP. 2. A CCP shall ensure that the application of the criteria referred to in paragraph 1 is …” „… clearing members. Title IV Requirements for CCPs Art. 37 EMIR Paola Lucantoni 1637 Article 38 …”

Article 59 S. 610-612

„… I. General features Parallel to the minimum market capitalisation requirement for shares …” „… requirement for tap issues where the amount of the loan is not fixed. The reason is that in case of such a tap …” „… requirement of free negotiability of the debt securities. The rationale of the provision is also here to …”

Article 32 Trading obligation procedure S. 519-524

„… or inconsistency in the application of the equivalent requirements by third-country authorities, the …” „… 2. Further requirements …” „… clearing of a swap-category is also the basic requirement for mandatory trading on a trading platform.1 The …”

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

„… submit a report to the Commission on the application of Article 18. In the event of significant quoting …” „… shall comply with the requirements adopted pursuant to Article 6, including the regulatory technical …” „… factors; (b) the application of the obligation under paragraph 1 to transactions involving the use of …”

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

„… trading venue authorised in that third country complies with legally binding requirements which are …” „… equivalent Art. 28 MiFIR 1. Security Markets and Services 504 Matthias Lehmann to the requirements for the …” „… instruments are subject to periodic and ongoing information requirements ensuring a high level of investor …”

Article 15 Buy-in procedures (deleted) S. 920-921

„… legislator adopted Regulation (EU) No 909/20143 which lays down uniform requirements for the settlement of …” „… the notification requirements that apply to uncovered positions in a sovereign CDS according to Art 8 …” „… -year period. 3. In order to ensure consistent application of this Article, ESMA shall develop draft …”

Article 107 Reasoning of negative decisions; standing to sue of consumer protection agencies S. 1459-1460

„… action is to be taken it is simply a reporting requirement as part of the auditor’s compliance report to …” „… decision taken in the implementation of the general measures adopted in application of this Directive, and …” „… submission of an application for authorisation which provides all the information required. 3. Member States …”

Introduction S. 574-576

„… : Title I (Arts 1 and 2) defines certain terms and the scope of application of the CARD. Title II (Arts 5 …” „… requirements for the drawing up, scrutiny and distribution of the listing particulars to be published for the …” „… Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in …”

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

„… paragraph 1 and the time-limits within which it is published shall comply with the requirements adopted …” „… factors; (b) the application of the obligation under paragraph 1 to transactions involving the use of …” „… of transactions) and Art 12 (Application of post-trade transparency to certain transactions executed …”

Article 16 S. 587-588

„… . Article 15 Where an application for admission to official listing relates to certificates representing …” „… shares, the application shall be considered only if the competent authorities are of the opinion that the …” „… (previously Art 16 LCD) provides that an application for admission relating to certificates representing …”

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

„… take account of technical developments on financial markets, measures to specify the requirements and …” „… ensure the uniform application of paragraphs 1 to 5 of this Article. The Commission shall, in particular …” „… all issuers, Article 5 introduces half-yearly reporting requirements for those issuers who issue …”

Article 3 Intragroup transactions S. 1579-1584

„… quirements which are equivalent to the requirements laid down in Title III of that Directive and it …” „… legally binding requirements which are equivalent to the requirements laid down in Title III of Directive …” „… financial institution or an ancillary services undertaking subject to appropriate prudential requirements …”

Article 19 Managers’ transactions S. 808-824

„… trigger the requirement referred to in paragraph 1. (15) In order to ensure uniform application of …” „… Disclosure requirements Art. 19 MAR Wolf-Georg Ringe 809 sponsibilities or a person closely associated with …” „… higher threshold prior to its application. ESMA shall publish on its website the list of thresholds that …”

Article 60 S. 612

„… ) LCD) lays down the general requirement of free negotiability of the debt securities. The rationale of …” „… requirement of free negotiability for sovereign debt securities (especially not for not fully paid up debt …” „… applications may be submitted. This provision shall not apply where the closing date for subscription is not …”

Article 4 Annual financial reports S. 1118-1124

„… stringent requirements for the notification of information. This corresponds to the principle of home state …” „… developments in financial markets and to ensure the uniform application of paragraph 1. The Commission shall in …” „… report. The requirement to publish this information is specifically rooted in the needs of the capital …”

Article 10 Changes in the scope of the authorisation S. 1486-1487

„… I. General features Art 9 addresses the capital requirements applicable to AIFM and complements …” „… the general authorisation requirements set out in Art 8. II. Commentary The capital requirements for …” „… initial capital of at least EUR 300,000. The minimum initial capital requirement applicable to an external …”

Article 60 Relationship between feeder and master S. 1399-1401

„… UCITS with all documents and information necessary for the latter to meet the requirements laid down in …” „… by internal conduct of business rules ensuring compliance with the requirements set out in this …” „… conditions of application of this Article, ESMA may develop draft implementing technical standards to …”

Article 2 Definitions S. 396-403

„… transparency requirements (OJ EU L 259/11). 18 Reserve Bank of Australia, Central Bank of Brazil, Bank of …” „… that is periodically or regularly determined by the application of a formula to, or on the basis of the …” „… to improve its clarity and to ensure its uniform application and the coherence of the regulatory …”

Article 36 Non-discriminatory access to a trading venue S. 529-531

„… collateral requirements and netting of economically equivalent contracts and cross-margining with correlated …” „… that trading venue. That requirement does not apply to any derivative contract that is already subject …” „… falls below the relevant threshold in the calendar year preceding the entry into application of this …”

Article 50 Eligible assets S. 1381-1385

„… an application will be made for admission to official listing on a stock exchange or to another …” „… requirements of this Directive; (iii) the business of the other collective investment undertakings is reported …” „… . ESMA’s Question and Answers – Application of the UCITS Directive, ES- MA34-43-392. 1. 2. Chapter VII …”

Introduction S. 644-650

„… requirements for establishing an accepted market practice and the requirements for maintaining it, terminating …” „… manipulation is prohibited by Arts 12 and 15. The remaining provisions deal with the scope of application of …” „… character of Rule 10b-5 and the need to ensure its consistency with the requirements laid conflicts of …”

Introduction S. 1466-1467

„… , Paris 2013; ESMA, ‘Questions and Answers. Application of the AIFMD’, ESMA 34-32, Paris 2017; van Setten …” „… financial institutions, including the requirement of an authorisation; minimum requirements to be fulfilled …” „… for such authorisation, such as capital requirements; ongoing organisational and conduct requirements …”

Article 34 Publication of decisions S. 869-874

„… Directive. 5. In order to ensure uniform conditions of application of this Article, ESMA shall develop draft …” „… . Purpose Article 33 refines the rules on cooperation and notification requirements between the competent …” „… how ESMA will do so. Article 34(1) subpara 2 stipulates that the requirement to publish decisions is …”

Article 31 Marketing of units or shares of EU AIFs in the home Member State of the AIFM S. 1529-1530

„… requirements. Art 30 itself does not address the legal consequences of a violation of its requirements by an …” „… conditions of application of this Article, ESMA may develop draft implementing technical standards to …” „… . General features Art 31 encompasses the requirements applicable to the marketing of EU AIF managed by a EU …”

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

„… transactions and nature of services; (d) the application of the fees in accordance with points (a), (b) and (c …” „… fees charged within the Union, the transparency requirement serves the enforcement of the first …” „… subparagraph. Extension to further interchange fees Art 8(3) extends the requirements in first and second …”

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

„… specify the requirements laid down in paragraphs 2, 4 and 5. The Commission shall specify, by means of …” „… requirements were predominantly designed in a company law framework, for example so as to disclose blocking …” „… Member States to go further and over time experiment with additional disclosure requirements. The 2013 …”

Article 7 Authorisation of deferred publication S. 425-428

„… participants and the public. ESMA shall monitor the application of those arrangements for deferred …” „… disagrees with the deferral or disagrees with the effective application of the authorisation granted, that …” „… regard to regulatory technical standards on transparency requirements for trading venues and investment …”

Article 1 Purpose and scope S. 951-958

„… harmonise requirements for the drawing up, approval and distribution of the prospectus to be published when …” „… harmonisation1 of requirements for the drawing up, approving and distributing a prospectus which must be …” „… by excluding from its requirements certain classes of securities, and allowing private markets and …”

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

„… concepts of the AIFMD’, ESMA/2013/600, Paris 2013; ESMA, ‘Questions and Answers. Application of the AIFMD …” „… European legislation of financial institutions, including the requirement of an authorisation; minimum …” „… requirements to be fulfilled for such authorisation, such as capital requirements; ongoing organisational and …”

Article 50 S. 602-604

„… ), the application for admission to official listing must cover all the shares of the same class already …” „… supplementing the Prospectus Regulation will probably contain a corresponding requirement. Art. 50 CARD 1 …” „… A(II)(6) LCD) sets out requirements with respect to the physical form of the shares, differentiating …”

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

„… subject to certain minimum requirements imposed by the directive. Art 42 only relates to the marketing of …” „… professional investors. Art 42(1) imposes certain minimum requirements that national placement regimes must …” „… impose additional requirements. Therefore, Art 42 does not provide a uniform marketing regime for non-EU …”

Article 14 a Remuneration policy S. 1338-1339

„… existence may damage the interests of the UCITS. 3. In order to ensure uniform conditions of application of …” „… Parliament and of the Council as regards organisational requirements, conflicts of interest, conduct of …” „… Article and the application of the principles referred to in Article 14 b. Those guidelines shall take …”

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

„… and oversight duties as well as to the registration requirement applicable to assets that cannot be …” „… to obligations of depositaries, OJ 2016 L 78/11. ESMA’s Q&A on the application of the UCITS Directive …” „… transparency, awareness and conflict management in these cases.1 To comply with the independence requirement …”

Article 10 Report by the Commission S. 1743-1744

„… present a report to the European Parliament and the Council on the application of this Directive, in …” „… particular on the application of Article 1(3), Article 4(3) and Article 5, accompanied where appropriate by …” „… shall determine how such reference is to be made. Article 11 contains requirements applicable to Member …”

Article 14 Membership of an authorised investor compensation scheme S. 63-64

„… , and extensive disclosure requirements have been laid out pursuant to Article 12 (8), (9) MiFID. Since …” „… Art 10 and Art 13 MiFID set out the same requirements as the implementing legislation in Art 10 MiFID …” „… are further prohibited from imposing minimum stake requirements. This is without prejudice to the …”

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

„… monitoring short selling activities.1 The notification requirement is extended to uncovered sovereign CDSs …” „… prohibited under Art 14 SSR, the notification requirement under Art 8 SSR applies only where this prohibition …” „… requirements for uncovered positions in a sovereign CDS were stipulated in Art 8 SSR, together with the …”

Article 13 S. 1073-1081

„… to the relevant insurance contract would fail also due to the requirement that the investor acted in …” „… relating to that PRIIP. 2. A person advising on, or selling, a PRIIP may satisfy the requirements of …” „… with Article 10. 5. In order to ensure consistent application of this Article, the ESAs shall, through …”

Article 13 Accepted market practices S. 756-767

„… , the procedure and the requirements for establishing an accepted market practice under paragraphs 2, 3 …” „… and 4, and the requirements for maintaining it, terminating it, or modifying the conditions for its …” „… monitor the application of accepted market practices and shall submit an annual report to the Commission …”

Article 58 Examination of the application S. 1659-1660

„… Article 56 Application for registration 1. A trade repository shall submit an application for …” „… registration to ESMA. 2. ESMA shall assess whether the application is complete within 20 working days of …” „… receipt of the application. Where the application is not complete, ESMA shall set a deadline by which the …”

Article 22 a Delegation by depositary S. 1357-1359

„… requirements, the fact that collateral plus a premium shall be granted to the depositary in return for the …” „… , contractually or according to additional segregation requirements. Article 22 a Delegation by depositary 1. The …” „… are not delegated with the intention of avoiding the requirements laid down in this Directive; (b) the …”

Article 3 Formal requirements S. 1722-1724

„… which are necessary to understand each provision. Article 3 Formal requirements 1. Member States shall …” „… . Paragraph 1 is without prejudice to the application of this Directive to financial collateral only once it …” „… enforceability of security interests is that formal requirements for taking security vary across Member States.1 …”

Article 8 S. 1054-1063

„… Member State in which the PRIIP is distributed by that person, does not imply a requirement to provide …” „… . 5. In order to ensure consistent application of this Article, the ESAs shall, through the Joint …” „… presented. Standardising the requirements for formatting and content is intended to allow retail investors …”

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

„… requirements laid down in Title VII. 3. The registration of a trade repository shall be effective for the …” „… Settlement 1658 Paola Lucantoni 13 14 15 Article 56 Application for registration 1. A trade repository shall …” „… submit an application for registration to ESMA. 2. ESMA shall assess whether the application is complete …”

Article 8 S. 581-583

„… been published before application for admission of such securities is made. 1 Cf. Heidelbach, ‘§ 12 …” „… ) prior publication, i.e. before application for admission of such securities is made. Additional …” „… of an additional condition is a requirement with respect to the denomination of the securities in …”

Article 6 Public register S. 1593-1594

„… that class of OTC derivatives. 4. In order to ensure consistent application of this Article, ESMA may …” „… transparent basis, including as regards collateral requirements and fees related to access, regardless of the …” „… requirements and netting of economically equivalent contracts, where the inclusion of such contracts in the …”

Article 82 Submission of key investor information to UCITS competent authority; duty to keep key investor information up to date S. 1425-1426

„… paper or by means of a website, OJ 2010 L 176/1. ESMA’s Q&A on the application of the UCITS Directive …” „… . Given the technical creation of UCITS, such a requirement is outdated. A solution that makes key …” „… specify the requirements of this Article relating to borrowing. Power is delegated to the Commission to …”

Article 46 S. 598-599

„… the requirements of the governing law are not suitable for admission to official listing because …” „… requirements for the issuance of the shares have been complied with. Hence, the governing law must be the …” „… (previously Annex Schedule A(II)(2) LCD) establishes – subject to some exceptions – the general requirement of …”

Article 4 Waivers for equity instruments S. 408-417

„… and implement systems to detect any attempt to use the waiver to circumvent other requirements of this …” „… assessing the compatibility of each waiver with the requirements established in paragraph 1 and specified in …” „… 19 of Regulation (EU) No 1095/2010. ESMA shall monitor the application of the waivers and shall …”

Article 5 Requirement for authorisation S. 35-37

„… MiFID defines the scope of authorisation. Art 9 MiFID deals with the organisation and requirements for …” „… requirements. Art 16, 17 MiFID identify organisational requirements. Art 16 MiFID stipulates the mandatory …” „… algorithimic and high-frequency trading firms. Article 5 Requirement for authorisation 1. Each Member State …”

Article 14 S. 1174-1176

„… requirements laid down in paragraph 1. I. General features Purpose Article 14 mandates public disclosure of …” „… 7 8 1 2 The present disclosure requirement complements this regulatory problem for those companies …” „… restrictive requirements on all issuers (Article 3(1)). However, it is more convincing to understand Article …”

Article 19 Monitoring by ESMA S. 471-472

„… that systematic internalisers follow the respective requirements for equity(-like)-instruments (e.g …” „… ESMA 1. Competent authorities and ESMA shall monitor the application of Article 18 regarding the sizes …” „… submit a report to the Commission on the application of Article 18. In the event of significant quoting …”

Article 14 Exercise of the delegation S. 1777-1778

„… the requirements for the delegation of power to the European Commission by virtue of Arts 290(1) and …” „… , the European Economic and Social Committee, ECB and EBA a report on the application of this Regulation …” „… , margin no 18. 1 Commission, ‘Report on the application of Regulation EU n°260/2012 establishing technical …”

I. General features S. 1628

„… TITLE IV REQUIREMENTS FOR CCPS I. General features Title IV designs a regulatory framework to …” „… Securities Commissions, which serve as a global benchmark for regulatory requirements for central …” „… counterparties. Chapter 1 Organisational requirements Article 26 General provisions 1. A CCP shall have robust …”

Article 8 Access to a trading venue S. 1594-1596

„… collateral requirements and fees related to access, regardless of the trading venue. This in particular shall …” „… traded on that trading venue are treated in terms of: (a) collateral requirements and netting of …” „… trading venue comply with the operational and technical requirements established by the CCP, including the …”

Article 4 Definitions S. 1471-1477

„… of AIFMD requirements but also benefit from the rights granted by AIFMD (Art 3 (4)-(5)). Article 4 …” „… types of AIFMs, where relevant in the application of this Directive, and to ensure uniform conditions of …” „… application of this Directive. Power is delegated to the Commission to adopt the regulatory technical …”

Article 110 Cross-border services through a branch; on-site inspections S. 1463-1464

„… properly or to comply with the requirements of this Directive which fall under the responsibility of the …” „… UCITS home Member State. I. Purpose Art 109 of UCITSD sets out the cooperation requirements of …” „… through a branch. For this reason, Art 109(1) subparagraph 2 of UCITSD emphasises the requirement of Art …”

Article 11 Withdrawal of the authorisation S. 1487-1488

„… the AIFM and provides for a notification requirement in this respect. II. Commentary Pursuant to Art …” „… the assessment period. Art 10 AIFMD, however, does not provide for an approval requirement. If there …” „… application for authorisation.1 This approach of AIFMD to changes in qualifying holdings appears to be …”

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

„… notification and disclosure requirements and Art 30 has provisions on “asset stripping”, i.e. restrictions that …” „… portfolio companies domiciled in the European Union. The requirements do not apply with respect to portfolio …” „… estate special purpose vehicles from the application of Art 27-30. While Art 28-30 generally only apply …”

Article 81 Transparency and data availability S. 1676-1678

„… application of this Article, ESMA shall, after consulting the members of the ESCB, develop draft regulatory …” „… provision see comment below → Art 77. Title VII Requirements for trade repositories Art. 81 EMIR Paola …” „… purpose of providing: (i) the corporate governance requirements for trade repositories; (ii) data …”

Article 20 Withdrawal of authorisation S. 1616-1617

„… of the submission of a complete application by the CCP in accordance with Article 17, the CCP’s …” „… opinion determining whether the applicant CCP complies with all the requirements laid down in this …” „… within a set time frame; (d) has seriously and systematically infringed any of the requirements laid down …”

Article 64 Conversion disclosures and procedures S. 1405-1407

„… process. 5. In order to ensure uniform conditions of application in which the information is provided …” „… , ESMA may develop draft implementing technical standards to determine the conditions of application of …” „… cross-border setting and sets aside potential requirements imposed by national private laws (for instance, on …”

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

„… double counting and double reporting.8 Regarding the scope of application of Art 5 SSR, see also → Art 10 …” „… require disclosure of short positions beyond the requirements of this Article. I. General features …” „… Purpose The disclosure requirement in Art 6 SSR is intended to provide useful information to other market …”

Article 54 S. 605-606

„… securities not conforming to the requirements of the governing law are not suitable for being admitted to …” „… ensure that the company law requirements for the issuance of the debt securities have been fulfilled …” „… (A)(II)(2) LCD), establishes – subject to some exceptions – the general requirement of free negotiability …”

Article 13 Assessment S. 61-63

„… requirements based on this Directive and, where applicable, other Directives, in particular Directives 2002/87 …” „… is that the acquisition must be in line with the core requirement, which is the sound and prudent …” „… to comply and continue to comply with the prudential requirements based on MiFID and other financial …”

Article 4 S. 1039-1046

„… requirements this Regulation places on PRIIP manufacturers and the persons advising on, or selling, the PRIIP …” „… Paragraph 6 of the Communication from the Commission, Guidelines on the application of Regulation (EU) No …” „… revision of key information documents and the conditions for fulfilling the requirement to provide such …”

Article 9 S. 1063-1065

„… requirements for marketing communications regarding packaged retail and insurance-based products (‘PRIIP’). II …” „… KID and would therefore be in line with regulatory requirements: that (i) the KID was drawn up in …” „… accordance with regulatory requirements, (ii) the KID contains all essential information about the PRIIP, and …”

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

„… operating the trading venue. Chapter 3 Disclosure requirements Article 17 Public disclosure of inside …” „… dioxide equivalent and a minimum threshold of rated thermal input for the purposes of the application of …” „… disclosure of the information was delayed and shall Chapter 3 Disclosure requirements Art. 17 MAR …”

Article 22 Competent authorities S. 835-838

„… executive bodies. The purpose of this requirement is to render implementation more effective and to prevent …” „… Member State. The subsequent Article 23 of MAR mitigates the strictness of this requirement insofar as it …” „… be read in the context of Article 2(3) and (4) MAR, which define the territorial scope of application …”

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

„… and losses brought forward as a result of the application of the final profit or loss; (27) ‘board …” „… equivalent to the requirements laid down in Title III of that Directive and it is subject to effective …” „… implementing acts determining that a third-country market complies with legally binding requirements which are …”

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

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 4. Practical application …” „… addressed by other regulatory requirements of EU law. In particular, MiFID II rules on product governance …” „… .26 Practical application ESMA has first applied the new powers in March 2018.27 The measures concern …”

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

„… . I. Purpose Art 96 of UCITSD deviates from the translation requirement in → Art 94 of UCITSD, thus …” „… Directive and requirements set out in Articles 92 and 94. I. Purpose Art 97 of UCITSD governs the form and …” „… State and the host competent authority where the requirements in Arts 92, 94 of UCITSD and regulations …”

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

„… requirements set out in Articles 92 and 94. I. Purpose Art 97 of UCITSD governs the form and organisation of …” „… host competent authority where the requirements in Arts 92, 94 of UCITSD and regulations outside of …” „… tasks have been delegated; or (d) by application to the competent judicial authorities. 2. Under …”

Article 2 Definitions S. 958-965

„… the harmonisation of transparency requirements in relation to information about issuers whose …” „… of certain provisions of Directive 2004/109/EC or where the first application for admission to …” „… Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in …”

Article 7 S. 1051-1054

„… of colour in a KID is allowed subject to the requirement that if the KID is printed or photocopied in …” „… languages. I. General features Purpose Article 7’s key requirement is that a key information document (‘KID …” „… indicate intent that the term distribution should be interpreted broadly because the requirement therein is …”

Article 5 Clearing obligation procedure S. 1588-1593

„… consistent application of this Article, ESMA shall develop draft regulatory technical standards specifying …” „… competition across the Union. In order to ensure consistent application of this Article, ESMA shall develop …” „… ; Commission Delegated Regulation (EU) 2017/751. 1. 2. 1 See IOSCO, Requirement for mandatory clearing …”

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

„… positions in sovereign debt, the SSR only provides for a notification requirement (Art 7 SSR).3 The same is …” „… . The transparency requirements set out in Arts 5 to 8 SSR apply to persons regardless of whether they …” „… certain exemptions from the transparency requirements under Arts 5 to 7 SSR. The two-tier transparency …”

Article 5 S. 1046-1048

„… product a key information document in accordance with the requirements of this Regulation and shall …” „… application of Regulation (EU) No. 1286/2014 (‘PRIIP Regulation’)1 as being primarily PRIIP manufacturers,2 …” „… Commission, Guidelines on the application of Regulation (EU) No 1286/2014 of the European Parliament and of …”

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

„… , (c) methods to identify the negative target market, (d) application of the target market requirements …” „… to information requirements, that service shall not be additionally subject to the obligations set …” „… the requirements set out in the first subparagraph. 10. An investment firm which provides investment …”

Article 75 Equivalence and international agreements S. 1672-1673

„… requirements which are equivalent to those laid down in this Regulation; (b) effective supervision and …” „… application for recognition together with all necessary information, including at least the information …” „… application, ESMA shall assess whether the application is complete. If the application is not complete, ESMA …”

Article 11 Market soundings S. 718-730

„… keeping requirements for persons to comply with the requirements laid down in paragraphs 4, 5, 6 and 8 …” „… uniform conditions of application of this Article, ESMA shall develop draft implementing technical …” „… requirements established by paragraphs 4, 5, 6 and 8 of this Article, particularly the precise format of the …”

Article 61 Procedures for granting and refusing requests for authorisation S. 340-341

„… fully satisfied that the applicant complies with all requirements under the provisions adopted pursuant …” „… months of the submission of a complete application, whether or not authorisation has been granted. (4 …” „… (EU) No 600/2014. Article 63 Requirements for the management body of a data reporting services …”

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

„… 1095/2010. In order to ensure uniform conditions of application of this Article, ESMA may develop draft …” „… requirements. Those rules shall be no stricter than those applicable to management companies conducting their …” „… income; (h) the disclosure and reporting requirements of the UCITS, including the prospectus, key …”

Article 38 Peer review of authorisation and supervision of non-EU AIFMs S. 1550-1552

„… reference considering that an AIFM may rely on such exemption from application of AIFM must notify …” „… ESMA thereof (Art 37(9)). A particular requirement for AIFM seeking authorisation in a Member State of …” „… . Art 37(6), in addition to the requirement of compliance with AIFMD as set out in Art 37(2), contains a …”

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

„… 2016, appointed as a depositary an institution that does not meet the requirements laid down in …” „… paragraph 2, shall appoint a depositary that meets those requirements before 18 March 2018. I. Purpose Art …” „… capital requirements, organisation and supervision like credit institutions are eligible as UCITS …”

Article 52 S. 604-605

„… that an issuer which does not fulfil these basic requirements is not suitable to have its debt …” „… used with respect to the issuer of shares), the scope of application of the CARD is deliberately …” „… that debt securities not conforming to the requirements of the governing law are not suitable for being …”

Article 26 Scope S. 1521-1522

„… requirements and Art 30 has provisions on “asset stripping”, i.e. restrictions that AIFMD must observe with …” „… in the European Union. The requirements do not apply with respect to portfolio companies domiciled in …” „… vehicles from the application of Art 27-30. While Art 28-30 generally only apply to acquisition of “control …”

Article 9 Payment accessibility S. 1770-1771

„… requirement serves the enforcement of the first subparagraph. Extension to further interchange fees Art 8(3 …” „… ) extends the requirements in first and second paragraphs of Art 8 to certain unilateral and bilateral …” „… technical details of such fee arrangements through both the application mutatis mutandis of Art 8(1) and (2 …”

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

„… ESMA (i) assesses the completeness of the TR’s application and (ii) consults with the relevant national …” „… meeting the requirements laid down in Title VII can be registered with ESMA for the purpose of trade …” „… 4 5 Registration procedure A trade repository should submit an application as detailed under …”

Article 56 S. 607-608

„… during which subscription applications may be submitted. The underlying rationale is to prevent …” „… comparable danger of agiotage. Article 56 The application for admission to official listing must cover all …” „… )(4) LCD) sets out the principle that the application for admission to official listing must cover all …”

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

„… effected when it is due. 2. In order to ensure uniform conditions of application of paragraph 1, ESMA shall …” „… types of agreements, contracts or claims that meet the requirements of Art 12(1)(b) SSR by way of a list …” „… Regulation (EU) No 827/2012. The standard requirements for the necessary arrangements and measures to be …”

Article 5 The prospectus S. 974-984

„… requirement to provide a summary, save where a Member State so requires in accordance with Article 19(4). In …” „… order to ensure uniform conditions of application of this Directive and of the delegated acts adopted by …” „… standards in order to ensure uniform conditions of application of the delegated acts adopted by the …”

Article 10 a S. 1706-1708

„… authorisation requirements on systems which fall under their jurisdiction. An institution shall, on request …” „… information and cooperation requirements between national and European authorities. Furthermore, they make …” „… 10(1) is the requirement for member states to provide notification regarding the specific systems and …”

Article 12 Penalties S. 1611

„… and preparing reports to the European Parliament and to the Council on the international application …” „… duplicative or conflicting requirements on market participants, and recommend possible action. 2. The …” „… a third country: (a) are equivalent to the requirements laid down in this Regulation under Articles …”

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

„… State’s regional or local authorities. Member States might have set different requirements for such …” „… wants to make an offer to the public or an application for admission to trade on a regulated market …” „… of a Member State’s regional or local authorities”, all the requirements included in the Prospectus …”

Article 33 S. 1096-1097

„… practical application of the rules laid down in this Regulation, taking due account of developments in the …” „… information requirements, whether to propose a new legislative act guaranteeing appropriate disclosure of …” „… product information requirements for those products or whether to include pension products referred to in …”

Article 9 Reporting obligation S. 1596-1600

„… order to ensure consistent application of this Article, ESMA shall develop draft regulatory technical …” „… 10 to 14 of Regulation (EU) No 1095/2010. 6. In order to ensure uniform conditions of application of …” „… , the Commission proposes to remove the requirement in Article 9(1) EMIR to report “historic …”

Article 20 Specific requirements for OTFs S. 145-149

„… Article 20 Specific requirements for OTFs 1. Member States shall require that an investment firm …” „… concluded on an OTF. I. General features Purpose Article 20 MiFID II standardises the requirements …” „… specific to organised trading facilities (OTFs). These requirements apply in addition to the more general …”

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

„… requirements which are, for the purpose of the application of this point, equivalent to the requirements …” „… Member States to impose additional requirements in respect of the matters ‘covered by this Article’. It …” „… is unclear whether that means that Member States cannot adopt additional requirements in respect of …”

Article 10 S. 583-584

„… out in Article 81(1) and (3) in respect of applications for admission to official listing of debt …” „… December 2004 on the harmonisation of transparency requirements in relation to information about issuers …” „… Member States to not apply Arts 52 through 631 in respect of applications for official listing of debt …”

Article 44 Authorisation and applicable law S. 247-252

„… the regulated market comply at least with the requirements laid down in this Title. In the case of a …” „… requirements laid down in this Title. Member States shall also ensure that the market operator is entitled to …” „… markets, such as the management of a regulated market and specific organisational requirements. Hence, Art …”

Article 7 Validity of mandates and right to a refund S. 1766-1768

„… , Art 6(1) sets an end-date to implement the technical requirements in Arts 5(1), (2) and (4). In …” „… requirements under the SEPA Regulation. Exceptions may be granted on the bases provided in Art 16. In contrast …” „… , Art 6(2) and (3) do not impose a single end-date to comply with the technical requirements in respect …”

Article 47 Equivalence decision S. 566-571

„… legally binding prudential and business conduct requirements which have equivalent effect to the …” „… requirements set out in this Regulation, in Directive 2013/36/EU and in Directive 2014/65/EU and in the …” „… services and activities in that third country are subject to sufficient capital requirements and …”

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

„… venues or OTC so long as they otherwise fulfil the requirements in Arts 2(1)(49) and (50).27 TITLE II …” „… requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar …” „… and other similar financial instruments traded on a trading venue. That requirement shall also apply …”

Article 106 Reporting of auditors to competent authorities S. 1458-1459

„… action is to be taken it is simply a reporting requirement as part of the auditor’s compliance report to …” „… decision taken in the implementation of the general measures adopted in application of this Directive, and …” „… submission of an application for authorisation which provides all the information required. 3. Member States …”

Article 51 Risk management, exposure limits, reliance on credit rating agencies S. 1386-1389

„… shall be taken into account when complying with the requirements of this Article. 3a. Taking into …” „… creditworthiness of the UCITS’ assets. 5. In order to ensure uniform conditions of application of this Article …” „… , ESMA may develop draft implementing technical standards to determine the conditions of application of …”

Article 10 Non-financial counterparties S. 1600-1603

„… group. 4. In order to ensure consistent application of this Article, ESMA shall develop draft regulatory …” „… State should designate a competent authority to supervise the application of the present provision to …” „… manage the risk not covered by appropriate exchange of collateral. 5. The requirement laid down in …”

Article 18 College S. 1615-1616

„… clearing services in any currency. 7. Within six months of the submission of a complete application, the …” „… complete application in accordance with Article 17, the CCP’s competent authority shall establish, manage …” „… the submission of a complete application by the CCP in accordance with Article 17, the CCP’s competent …”

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

„… and of the Council with regard to regulatory technical standards on disclosure requirements for …” „… . Commentary The European Commission introduced, with Delegated Regulation 2015/3, informational requirements …” „… scope of Delegated Regulation 2015/3.3 The broad scope of application is further defined in Recital 3 …”

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

„… suspensive effect, and the fact that it is possible for ESMA’s Board of Appeal to suspend the application of …” „… ) organisational requirements or conflicts of interest; (ii) operational requirements; (iii) transparency and the …” „… requirements which are equivalent to those laid down in this Regulation; (b) effective supervision and …”

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

„… in conjunction with Art 4(15) and Annex I Section C MiFID II. The requirement of non-discriminatory …” „… instance, they must be treated the same in terms of collateral requirements, netting, cross-margining and …” „… requirements that the CCP or trading venue establishes.11 1. 2. 3. 5 Recital 39 MiFIR. 6 Art 35(1) subpara 2 …”

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

„… third country complies with legally binding requirements which are, for the purpose of the application …” „… of the exemption set out in paragraph 1, equivalent to the requirements under Title III of Directive …” „… Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in …”

Article 62 S. 613

„… Article 62 The application for admission to official listing must cover all the securities ranking …” „… application for admission to official listing must cover all securities ranking pari passu. The provision …” „… (B)(4) LCD) sets out requirements with respect to the physical form of the debt securities …”

Article 59 Requirement for authorisation S. 339-340

„… services providers Article 59 Requirement for authorisation (1) Member States shall require that the …” „… unless and until such time as it is fully satisfied that the applicant complies with all requirements …” „… applicant shall be informed, within six months of the submission of a complete application, whether or not …”

Article 15 Review S. 1778

„… , ‘Report on the application of Regulation EU n°260/2012 establishing technical and business requirements …” „… and Social Committee, ECB and EBA a report on the application of this Regulation accompanied, if …”

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

„… be subject only to the requirements of Chapter XI. 2. Member States shall not make the establishment …” „… of a branch or the provision of the services subject to any authorisation requirement, to any …” „… requirement to provide endowment capital or to any other measure having equivalent effect. 3. Subject to the …”

Introduction to Chapter IV S. 236-237

„… appointed to be responsible for the management of the branch and they all comply with the requirement laid …” „… 97/9/EC. 3. The third-country firm referred to in paragraph 1 shall submit its application to the …” „… requirements. Such third country investment firms do not enjoy the freedom to provide services and the right of …”

Article 14 Conduct of business rules S. 1337-1338

„… requirements applicable to the conduct of its business activities so as to promote the best interests of its …” „… the interests of the UCITS. 3. In order to ensure uniform conditions of application of this Article …” „… Council as regards organisational requirements, conflicts of interest, conduct of business, risk …”

Article 30 Internally managed investment companies, restrictions on third-party portfolio management S. 1369-1370

„… meet the requirements for both the product and the management license. Section 2 Operating conditions …” „… . Commentary Subparagraph 1 orders the application of the priciples of delegation, the conduct of business …” „… Prudential and conduct of business rules, organisational requirements for internally managed investment …”

Article 29 Minimum capital, organisation, key people, authorisation and withdrawal of authorisation S. 1366-1369

„… other conditions of general application laid down by national law, the competent authorities of the …” „… be granted unless the application for authorisation is accompanied by a programme of operations …” „… shall be informed, within six months of the submission of a complete application, whether or not …”

Article 93 Notification procedure S. 1433-1436

„… measures ESMA’s Q&A on the application of the UCITS Directive, ESMA34-43-392. II. Commentary In most cases …” „… the application of the UCITS Directive, Section III – Q3 b. Chapter XI Special provisions Art. 93 …” „… procedure, OJ 2010 L 176/28. ESMA’s Q&A on the application of the UCITS Directive, ESMA34-43-392. 1. 2. Art …”

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

„… requirements for the pretrade and post-trade transparency and the trading obligation regimes imposed by …” „… Providers (CTPs) to facilitate the calculations necessary for the requirements for pre- and post-trade …” „… 17 (Methodology, date of publication and date of application of the transparency calculations), Art …”

Article 21 Depositary S. 1504-1512

„… Special requirements apply under Art 20 (2), (5) to the delegation of the portfolio management or …” „… sub-delegation is subject to the requirements that apply to the delegation of functions by the AIFM to the third …” „… adequacy requirements in accordance with Article 20(1) of Directive 2006/49/EC including capital …”

Article 2 S. 1036-1038

„… scope of application under the PRIIP Regulation is different for PRIIP manufacturer and distributor. The …” „… broadest possible application of the PRIIP Regulation would bring PRIIP manufacturers incorporated in or …” „… is outstanding and accordingly a direct application in the EEA. 18 Article 19 (c) requires effective …”

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

„… Article 6 Authorisation requirement for management company 1. Access to the business of management …” „… other conditions of general application laid down by national law, the competent authorities shall not …” „… delegation; (iii) irrespective of the amount of those requirements, the own funds of the management company …”

Article 2 Scope S. 1234-1236

„… application of paragraph 2(d), the Commission may, upon submission of a request by a Member State, in …” „… and that its credit ratings are therefore exempt from the application of this Regulation. The …” „… application of the CRA Regulation covers CRR institutions1, as well as credit institutions and financial …”

Article 18 Entry into force S. 1784-1785

„… – determination of MiFID II 72 1 Adverse events SSR 11 1 AIFMD – authorisation, application AIFMD 7 1 et seq …” „… . – authorisation, scope AIFMD 11 1 – capital requirements AIFMD 9 2 – definitions AIFMD 4 1 et seq. – depositary …” „… – UCITS management companies AIFMD 8 2 Algorithmic trading – application of MiFID II MiFID II 4 11 …”

Article 27 Authorisation, legal form, registered office S. 1365-1366

„… independence requirement referred to in Article 25(2). I. Purpose To ensure that the objectives of UCITSD are …” „… withdrawal of authorisation 1. Without prejudice to other conditions of general application laid down by …” „… conditions shall apply: (a) the authorisation must not be granted unless the application for authorisation is …”

Article 5 Volume Cap Mechanism S. 417-423

„… protocols.58 Regulatory requirements related to granting and withdrawing waiver (Arts 4(4) und (5) MiFIR …” „… ) Articles 4(4) and (5) MiFIR lay out the requirements for competent authorities when granting and …” „… between competent authorities regarding waivers should be handled. Article 4(5) states requirements for …”

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

„… information contained in the notification. (7) A home Member State may exempt issuers from the requirement in …” „… to specify the requirements laid down in paragraphs 1, 2, 4, 5 and 6 of this Article, the Commission …” „… conditions of application of this Article and to take account of technical developments on financial markets …”

Article 3 Exemptions S. 1469-1471

„… companies. AIFMD deals with securitisations in two respects: the scope of application and investments by AIF …” „… in securitisations. With respect to the scope of application, Art 2 (3) lit. g AIFMD provides that …” „… participants to avoid application of AIFMD by structuring investment vehicles as securitisation special purpose …”

Introduction to Chapter III Intro Chapter III S. 221-222

„… market upon application from the market operator.11 Any deregistration must be communicated to ESMA as …” „… systems should comply with the relevant operational and commercial requirements for membership and the …” „… . Member States shall not impose any additional requirements on such an investment firm or credit …”

Article 3 Reachability S. 1755-1756

„… The definition of ‘mandate’ reflects the requirement that each debit transfer transaction is to be …” „… application belong to one of the two categories. The reference to the location of the involved payment service …” „… that the account is reachable for the transaction. Art 3(3) applies its reachability requirements for …”

Article 63 S. 613-614

„… Article 62 The application for admission to official listing must cover all the securities ranking …” „… application for admission to official listing must cover all securities ranking pari passu. The provision …” „… (B)(4) LCD) sets out requirements with respect to the physical form of the debt securities …”

Article 10 Jurisdiction Jörn Axel Kämmerer S. 640-644

„… domestic person suffers harm, and therefore does not go as far as a robust application of the “effects …” „… doubtful whether EU law leaves any room for the application of the sovereignty principle in conflicts …” „… requirements for establishing an accepted market practice and the requirements for maintaining it, terminating …”

Article 9 S. 1702-1706

„… Finality Directive. Within its scope of application, Art 9 of the Settlement Finality Directive takes …” „… about the application of the insolvency law of the lex rei sitae. The words ‘shall not be affected …” „… second subparagraph, Member States may impose supervision or authorisation requirements on systems which …”

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 …” „… and to ensure their uniform application. The implementation of the revised rules presents a …” „… application. 1 Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets …”

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

„… nonequity financial instruments publicly available. The requirements are different to those applicable to …” „… may allow systematic internalisers to waive the obligation on the basis of individual applications.19 …” „… In the former case, a new waiver application would only be necessary if the investment firm becomes …”

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

„… application ESMA has first applied the new powers in March 2018.27 The measures concern contracts for …” „… market; (b) existing regulatory requirements under Union law applicable to the financial instrument …” „… requirements; (c) the action is proportionate taking into account the nature of the risks identified, the level …”

Article 18 Notification for cross-border services S. 1346-1347

„… ensure uniform conditions of application of this Article, ESMA may develop draft implementing technical …” „… Articles 10 to 14 of Regulation (EU) No 1095/2010. In order to ensure uniform conditions of application of …” „… 12 and the management company’s reporting requirements. Those rules shall be no stricter than those …”

Article 42 Validation of valuation, merger-related payments, exchange ratio S. 1374-1375

„… ) with the requirements of this Directive and the fund rules or instruments of incorporation of their …” „… information referred to in paragraphs 1 and 3. 6. In order to ensure uniform conditions of application of this …” „… applications of the delegated acts adopted by the Commission regarding the content, format and method by which …”

Article 2 Scope S. 650-654

„… manipulation (see → Arts 12 and 13). The prohibition of these activities is supplemented by the requirement to …” „… provisions referring to bids submitted in the context of an auction, any requirements and prohibitions in …” „… behaviour takes place on a trading venue. 4. The prohibitions and requirements in this Regulation shall …”

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

„… application for admission to official listing within six months of receipt of the application or, should the …” „… rationale is that a company not fulfilling these basic requirements is not suitable for admission to …”

Article 41 Conditions for managing AIFs established in Member States other than the Member State of reference by non-EU AIFMs S. 1558-1560

„… AIFM shall not impose any additional requirements on the AIFM concerned in respect of the matters …” „… application of this Article, ESMA may develop draft implementing technical standards to establish standard …” „… arrangements with third countries. 4. In order to ensure uniform application of this Article, ESMA shall …”

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

„… Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements …” „… Council with regard to regulatory technical standards for the application of position limits to commodity …” „… . Commentary Scope The provision’s scope of application is identical to that of Art 57 MiFID II insofar as it …”

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

„… debt for each sovereign issuer. 5. In order to ensure uniform conditions of application of paragraph 1 …” „… sovereign debt.6 The requirements under the ‘locate rule’ of Art 13(1)(c) SSR, however, differ from the …” „… article, namely Art 22 of Delegated Regulation (EU) No 918/2012. The requirements for the calculation of …”

Article 9 Conflict of laws S. 1739-1743

„… legal nature and proprietary effects of book entry securities collateral; (b) the requirements for …” „… prerequisites for legal equivalence under Art 1(5). Without the fulfilment of the requirements set out in the …” „… Commission shall present a report to the European Parliament and the Council on the application of this …”

Article 2 Definitions S. 1751-1755

„… repealing Directives 2006/48/EC and 2006/49/EC [2013] OJ L176/338 (Capital Requirements Directive). Art. 2 …” „… the SEPA Regulation’s material scope of application, limited to certain fees charged in direct debit …” „… Sebastian Omlor 4 5 6 7 8 The definition of ‘mandate’ reflects the requirement that each debit transfer …”

Article 31 Portfolio compression S. 517-519

„… as possible of any existing record keeping, reporting or publication requirements. I. General …” „… application of which would make this technique impracticable. 5. 1. 27 ESMA, Q&A on MiFID II and MiFIR post …” „… requirements; therefore, the MiFIR and MiFID II provisions do not apply to them.4 The notion ‘portfolio …”

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

„… companies, management companies or depositaries continue to comply with the requirements of this Directive …” „… Commission shall review, not later than 18 September 2017, the application of the administrative and criminal …” „… infringements of the requirements laid down in this Directive. 4. A competent authority may refuse to act on a …”

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

„… 23 of the 2004 Prospectus Regulation relating to prospectus and minimum information requirements, and …” „… for the submission of an application for approval. The old and the new regulatory framework are not …” „… approval of the application. The competent authority shall notify ESMA of the approval of the prospectus …”

Article 18 Insider lists S. 799-808

„… information acknowledges the legal and regulatory duties entailed and is Chapter 3 Disclosure requirements …” „… conditions of application of this Article, ESMA shall develop draft implementing technical standards to …” „… . Moreover, the requirement of drawing up insider lists is said to have a preventative effect as a result of …”

Article 17 S. 1087-1089

„… the financial system within at least one Member State; (b) existing regulatory requirements under …” „… supervision or enforcement of existing requirements; (c) the action is proportionate taking into account the …” „… purposes of the application of this Regulation the competent authorities shall cooperate with each other …”

Article 29 S. 1093-1095

„… administrative penalties and sanctions. Articles 23 to 26 prescribe the minimum requirements for administrative …” „… the existing KID does not comply with the requirements of Articles 6, 7, 8 or 10 of the PRIIP …” „… Svend Gerhards and Kay Rothenhöfer 1 2 application of sanctions across the EU and that penalties have a …”

Article 30 Indirect clearing arrangements S. 513-517

„… requirements for the clearing member. In particular, the latter must have the minimum financial resources and …” „… cover the positions of another indirect client.15 The requirement to offer the choice between gross …” „… as possible of any existing record keeping, reporting or publication requirements. I. General …”

Articles 27 to 31 S. 934-937

„… relation between the general notification requirements under Art 26 SSR and the requirements under Art 23(4 …” „… 28(3) SSR). Finally, ESMA must observe certain procedural requirements before and after deciding to …” „… collaboration with other authorities, or (c) by application to the competent judicial authorities (see Art 33(1 …”

Article 104 Information exchange with monetary authorities, clearing houses; legislators S. 1454-1457

„… UCITSD) and reporting requirements (cf. Art 103(3), (7) of UCITSD). Sixth, information may be exchanged …” „… legislation In order to ensure uniform conditions of application of the provisions in this Directive …” „… the conditions of application with regard to the procedures for exchange of information between …”

Article 30 Asset stripping S. 1527-1529

„… general application. Irrespective of the limitations of Art 30, applicable national corporate law in the …” „… some types of companies, in any case provide for similar or even stricter requirements. Art 30 itself …” „… does not address the legal consequences of a violation of its requirements by an AIFM. Therefore, it is …”

Article 23 Powers of competent authorities S. 838-843

„… undertakings; (d) by application to the competent judicial authorities. 2. In order to fulfil their duties …” „… by Member States pursuant to Article 4 of Directive 2004/25/EC that impose requirements in addition …” „… to the requirements of this Regulation. 4. A person making information available to the competent …”

Article 60 Scope of authorisation S. 340

„… fully satisfied that the applicant complies with all requirements under the provisions adopted pursuant …” „… months of the submission of a complete application, whether or not authorisation has been granted. (4 …”

Article 19 Opinion of the college S. 1616

„… of the submission of a complete application by the CCP in accordance with Article 17, the CCP’s …” „… opinion determining whether the applicant CCP complies with all the requirements laid down in this …”

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

„… conditions of application of this Article, ESMA shall develop draft implementing technical standards to lay …” „… requirement for market operators and investment firms operating an MTF or an OTF to provide instrument …” „… requirements on trading venues and systematic internalisers (operators of regulated markets, MTFs and OTFs).5 …”

Article 23 S. 1091

„… ) under their responsibility by delegation to such authorities; (d) by application to the competent …” „… document which does not comply with the requirement of Articles 6, 7, 8 or 10 and requiring the publication …”

Article 51 S. 604

„… that an issuer which does not fulfil these basic requirements is not suitable to have its debt …” „… used with respect to the issuer of shares), the scope of application of the CARD is deliberately …”

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

„… authority receives an application referred to in paragraph 1 and is satisfied that the requirements in …” „… Parliament and of the Council as regards organisational requirements and operating conditions for investment …” „… exposed to unacceptable risks as a result of an inability to calculate margin requirements; and (c) when …”

Article 39 Conditions for the marketing in the Union with a passport of EU AIFs managed by a non-EU AIFM S. 1552-1554

„… order to ensure uniform conditions of application of this Article, ESMA may develop draft implementing …” „… Article are met. 2. In addition to the requirements in this Directive in relation to EU-AIFMs, for non-EU …” „… Member State disagrees with the assessment made on the application of points (a) and (b) of the first …”

Article 9 S. 583

„… out in Article 81(1) and (3) in respect of applications for admission to official listing of debt …” „… December 2004 on the harmonisation of transparency requirements in relation to information about issuers …”

Article 2 Definitions S. 1317-1323

„… , the requirements laid down in this Directive directed at the management body or at the management body …” „… 2004 on the harmonisation of transparency requirements in relation to information about issuers whose …” „… Council as regards organisational requirements, conflicts of interest, conduct of business, risk …”

Article 21 Powers S. 1020-1023

„… the performance of its functions. A competent authority that has received an application for approving …” „… . Background Article 21 introduces an independence requirement for the authority involved in the disclosure …” „… disclosure. The Directive thus introduced an independence requirement which, in effect, removed prospectus …”

Article 14 b Details and proportionality of remuneration policy S. 1339-1343

„… paragraph 3 of this Article and the application of the principles referred to in Article 14 b. Those …” „… and of the Council, in order to ensure consistency with requirements developed for other financial …” „… the avoidance of the requirements laid down in this Directive. Chapter III Obligations regarding …”

Article 31 Prudential and conduct of business rules, organisational requirements for internally managed investment companies S. 1370-1371

„… II. Commentary Subparagraph 1 orders the application of the priciples of delegation, the conduct …” „… invested. Article 31 Prudential and conduct of business rules, organisational requirements for internally …”

Article 1 Scope and UCITS definition S. 1304-1317

„… Tax Law Equivalence Requirements’, in Buckley R, Avgouleas E and Arner D (eds), Rethinking Global …” „… territory requirements which are stricter than or additional to those laid down in this Directive, provided …” „… that they are of general application and do not conflict with the provisions of this Directive. I …”

Introduction S. 941-951

„… 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 …” „… prospectus, information on underlying indexes and the requirement for a report prepared by independent …”

Article 68 Mandatory disclosure instruments S. 1409-1410

„… and Answers – Application of the UCITS Directive, ES- MA34-43-392. II. Commentary Art 68(1) of UCITSD …” „… whilst the harmonised rules do not impose requirements regarding sanctions in terms of misleading or …”

Article 26 Replacement of depositary S. 1363-1364

„… requirement under Art 24(2) of Commission Delegated Regulation (EU) 2016/438 an appropriate cooling-off period …” „… , Q&A on the application of the UCITS Directive, Section VIII–Q1. Chapter IV Obligations regarding the …”

Article 95 Implementing legislation S. 1437-1438

„… accordance with Article 93(7). 2. In order to ensure uniform conditions of application of Article 93, ESMA …” „… requirement in → Art 94 of UCITSD, thus ensuring that the UCITS can be marketed across Europe under the same …”

Article 11 Authorisation of deferred publication S. 442-450

„… application of those arrangements for deferred trade-publication and shall submit an annual report to the …” „… ) instruments, Art 11 MiFIR establishes the requirements for authorising deferred publication of post-trade …” „… financial instrument), Art 11 (Transparency requirements in conjunction with deferred publication at the …”

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

„… requirement to impose criminal sanctions, at a minimum, for intentional conduct and in serious cases, and …” „… persons charged with the execution of such orders.8 The personal scope of application of the criminal …” „… minimum requirements and impose criminal sanctions on non-intentional behaviour. Art 3 of MAD 2014 …”

Article 41 EBA temporary intervention powers S. 544-545

„… the Union; (b) regulatory requirements under Union law that are applicable to the relevant structured …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 4. Practical application …”

Article 22 S. 1090-1091

„… delegation to such authorities; (d) by application to the competent judicial authorities. Article 24 1. This …” „… the requirement of Articles 6, 7, 8 or 10 and requiring the publication of a new version of a key …”

Article 24 S. 1091-1092

„… ) under their responsibility by delegation to such authorities; (d) by application to the competent …” „… document which does not comply with the requirement of Articles 6, 7, 8 or 10 and requiring the publication …”

Article 83 Borrowing limits S. 1426-1427

„… develop draft regulatory technical standards to specify the requirements of this Article relating to …” „… , Q&A on the application of the UCITS Directive, Section II – Q1. Art. 83 UCITSD 4. Funds 1426 Dirk …”

Article 94 Same disclosures as in UCITS home state S. 1436-1437

„… the content of the original information. 2. The requirements set out in paragraph 1 shall also be …” „… accordance with Article 93(7). 2. In order to ensure uniform conditions of application of Article 93, ESMA …”

Article 26 Obligation to report transactions S. 495-498

„… , if it is executed, as a transaction in accordance with the requirements under paragraph 1. In that …” „… Article 16 of Regulation (EU) No 1095/2010 to ensure that the application of legal entity identifiers …” „… are required to establish pursuant to paragraph 1; (g) the application of transaction reporting …”

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

„… requirements of the CRA Regulation apply to such subsidiaries and branches.3 Under Art 5(2) CRA Regulation, a …” „… Regulation (EU) No 449/2012.5 Applications must include, in addition to detailed information about the rating …”

Article 3 Exclusions from the scope S. 1323-1324

„… the European Parliament and of the Council of 19 July 2002 on the application of international …” „… investment policies of funds, so that one or more of the UCITS requirements may be avoided. Examples include …”

Article 49 Compartments deemed UCITS S. 1380-1381

„… securities, provided that: (i) the terms of issue include an undertaking that an application will be made for …” „… securities and money market instruments are equivalent to the requirements of this Directive; (iii) the …”

Article 33 Exchange of information with ESMA S. 868-869

„… uniform conditions of application of this Article, ESMA shall develop draft implementing technical …” „… rules on cooperation and notification requirements between the competent authorities of each Member …”

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

„… instruments with regard to regulatory technical standards on transparency requirements for trading venues and …” „… characteristics of transactions which justify excepting a transaction from the requirements of Art 23. The …” „… collateral in a bilateral transaction or in the context of a CCP margin/ collateral requirement …”

Article 13 Approval of the prospectus S. 999-1004

„… application. The competent authority shall notify ESMA of the approval of the prospectus and any supplement …” „… the documents are incomplete within 10 working days of the submission of the application. 5. The …” „… in accordance with this paragraph. In order to ensure uniform conditions of application of this …”

Article 2 S. 1684-1691

„… Ruzik 5 6 7 8 – designated, without prejudice to other more stringent conditions of general application …” „… requirements for a system. The goal of this approach is to avoid any legal uncertainties and disputes as to …” „… ‘obvious reasons’ for the requirement to choose the law of a Member State. 10 Vereecken, 115. Art. 2 SFD 5 …”

Article 73 Reporting of infringements S. 373-375

„… requirements to be determined. While Article 73(1) relates to “external” whistleblowing, Article 73(2) sets out …” „… application for authorisation which provides all the information required, no decision is taken within six …”

Article 69 Minimum content of mandatory disclosures S. 1410-1412

„… Answers – Application of the UCITS Directive, ES- MA34-43-392. II. Commentary Art 68(1) of UCITSD …” „… whilst the harmonised rules do not impose requirements regarding sanctions in terms of misleading or …”

Article 81 Availability of key investor information S. 1423-1425

„… medium other than paper or by means of a website, OJ 2010 L 176/1. ESMA’s Q&A on the application of the …” „… it receives each year. Given the technical creation of UCITS, such a requirement is outdated. A …”

Article 4 Definitions S. 22-34

„… requirements and supervision, conduct of business obligations and organisational requirements that are ‘at …” „… Regulation (EU) No 600/2014 only if, without prejudice to the other requirements imposed in this Directive …” „… application of this Directive. I. General features …”

Article 31 Exercise of supervisory powers and imposition of sanctions S. 863-865

„… . (EC) 1/2003 – would not meet the objective of MAR. The efficient application of EU law requires the …” „… under Article 30(1) subpara 1 (b), the scope and meaning of this requirement is difficult to assess. The …”

Article 2 Definitions S. 1720-1722

„… relevant definitions which are necessary to understand each provision. Article 3 Formal requirements 1 …” „… appropriate. 2. Paragraph 1 is without prejudice to the application of this Directive to financial collateral …”

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

„… requirement that disclosure must be ‘illegitimate’ or ‘unlawful’, which was contained in some implementing …” „… number of persons obtaining the information. Thus, in application of the Grøngaard and Bang criteria …” „… of confidentiality requirements upon the person to whom the disclosure is made and is: … (b …”

Article 2 Definitions S. 1576-1578

„… transparency requirements in relation to information about issuers whose securities are admitted to trading on …” „… application of the final profit or loss; (27) ‘board’ means administrative or supervisory board, or both, in …”

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

„… says that it leaves these specialised regime untouched. Its scope of application is more general (see …” „… record-keeping and transaction reporting requirements of Title IV are a means to support the NCAs 1. 2. 3. 1. 1 …”

Overview of Articles 12-15 S. 908-910

„… Commission stipulated the aforementioned requirements7 in Delegated Regulation (EU) No 826/2012 and …” „… order to ensure uniform conditions of application of paragraph 1, ESMA shall develop draft implementing …”

Articles 32 to 41 S. 937-939

„… collaboration with other authorities, or (c) by application to the competent judicial authorities (see Art 33(1 …” „… Professional secrecy (Art 34) In the context of the notification requirements laid down in Arts 5, 7 and 8 SSR …”

Article 8 Insider dealing S. 692-705

„… the literature, who argue that the CJEU dispensed with any requirement of causality, see, for example …” „… implies the requirement of a causal relationship between the possession of inside information and making …” „… insider’s holding. Some commentators argue that the requirement aims at large institutional investors that …”

Article 26 Cooperation with third countries S. 846-849

„… with Article 26. 9. In order to ensure uniform conditions of application of this Article, ESMA shall …” „… personal affairs shall be considered to be confidential and shall be subject to the requirements of …”

Article 3 Definitions S. 1236-1242

„… (domestic) national use. Moreover, the scope of application of the CRA Regulation does not cover credit …” „… requirement that a proportion (or all) of certain investments must be made in financial instruments that have …” „… follow, such as a change in the interest rate under the contract, an additional collateral requirement or …”

Article 7 Inside information S. 673-692

„… persons act on their own account. This qualification already follows from the requirement that the …” „… scope of the regulation by relying on the requirement that information must be ‘specific enough to …” „… Kersting, ‘Insider Dealing and Ad Hoc Disclosure Requirements in the New EU Market Abuse Regulation’ (2014 …”

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

„… conditions of application of this Article, ESMA may develop draft implementing technical standards to …” „… cooperate with ESMA in accordance with the requirements of the ESMA regulation (Art 101(2 a) of UCITSD). 1 …”

Article 9 Sanctions for legal persons S. 637-640

„… as an effective deterrent, Art 7 establishes minimum requirements for the maximum sentence to be …” „… Convention on Human Rights, hence triggering the application of Art 6 of the Convention, and the …”

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

„… appropriate ongoing disclosure requirements and rules on market abuse, provided that the issuer has not …” „… application of the delegated acts adopted by the Commission in accordance with paragraph 1. Chapter II …”

Article 16 Organisational requirements S. 65-120

„… the fixed overheads of the previous year must meet the requirements set out in EBA guidelines …” „… emphasises that those firms shall meet the much lower capital requirements requiring between 25,000 and …” „… Organisational requirements 1. The home Member State shall require that investment firms comply with the …”

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

„… responsibility by delegation to such authorities, – by application to the competent judicial authorities. (5 …” „… two paragraphs make for two minor caveats. Article 24(5) specifies that the requirements under Article …”

Article 12 Market manipulation S. 730-756

„… transaction (or other behaviour) bears the burden of proving that the respective requirements are met. Points …” „… Council laying down regulatory technical standards on the criteria, the procedure and the requirements for …” „… establishing an accepted market practice and the requirements for maintaining it, terminating it or modifying …”

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

„… requirements laid down in paragraph 1 are not met. ESMA shall settle any dispute arising from a disagreement …” „… the relevant competent authority will approve such applications; (g) the method for calculation to …” „… of the Council with regard to regulatory technical standards for the application of position limits …”

doi.org/10.5771/9783845279893

Jens-Hinrich Binder, Christos V. Gortsos, Klaus Lackhoff, Christoph Ohler - European Banking Union

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Jens-Hinrich Binder (ed.), Christos V. Gortsos (ed.), Klaus Lackhoff (ed.), Christoph Ohler (ed.)

European Banking Union

2022

Results in this title

Art. 12a SRMR Application and calculation of the minimum requirement for own funds and eligible liabilities Minimum Requirements S. 574

„… verify and ensure that entities and groups maintain the requirements forown funds and eligible …” „… requirements for own fundsand eligible liabilities that it has determined for each entity and group under …” „… para-graph 1.7. In order to ensure the effective and consistent application of this Article, theBoard shall …”

Art. 12g SRMR Application of the minimum requirement for own funds and eligible liabilities to entities that are not themselves resolution entities Minimum Requirements S. 585-587

„… eligible for ownfunds requirements;(iv) that are subject to write-down or conversion powers in accordance …” „… of a non-EU G-SII.Art. 12f SRMRApplication of the minimum requirement for own funds and …” „… eligibleliabilities to resolution entities1. Resolution entities shall comply with the requirements laid down in …”

Art. 12f SRMR Application of the minimum requirement for own funds and eligible liabilities to resolution entities Minimum Requirements S. 585

„… of a non-EU G-SII.Art. 12f SRMRApplication of the minimum requirement for own funds and …” „… eligibleliabilities to resolution entities1. Resolution entities shall comply with the requirements laid down in …” „… require-ments laid down in Articles 12c to 12e and on the basis of whether the third-countrysubsidiaries of the …”

Art. 14 SSMR Authorisation Elke Gurlit S. 189-215

„… CRD IV as amended by Art. 62 IFD for the phasing-in of application requirements forinvestment firms.25 …” „… the requirements of38 ECB, Guide to assessments of licence applications (2019), at p. 10.39 ECB …” „… discretionary.Procedural requirementsThe procedures are set out in detail in Arts. 73 to 79 SSM‑FR with regard to …”

Art. 16 SSMR Supervisory powers Christos V. Gortsos S. 235-251

„… . 98(4) or 101(4) CRD IV reveals that the non-compliance with the requirements for the application of the …” „… with the requirements for the application of the permittedapproach will likely lead to inadequate own …” „… provisioning policy or treatment ofassets in terms of own funds requirements;(e) to restrict or limit the …”

Art. 24 SRMR Sale of business tool Jens-Hinrich Binder S. 741-754

„… scenarios,would at least delay, if not jeopardize, a swift application of the Sale of Business Tool.Requirements …” „… resolution in the context of the requirement tomarket the institution relating to the application of the sale …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 146. Commercial terms for the transfer and marketing requirements(Art. 24(2)(b) and (3), (3) SRMR and …”

Art. 25 SRMR Bridge Institution Tool Jens-Hinrich Binder S. 754-763

„… relevance for the preparation of the application of the Bridge Institutiontool: (a) requirements pertaining …” „… following requirements:(a) it is wholly or partially owned by one or more public authorities which may …” „… resolu-tion.” Pursuant to Art. 38(6) BRRD, the resolution authority may, “[f]ollowing an appli-cation of the …”

Art. 11 SRMR Simplified obligations for certain institutions Matthias Haentjens S. 562-573

„… The lower and upper bounds of each quartile of the combined buffer requirement shall be …” „… calculatedas follows:Lower bound of quartile = Combined buffer requirement4 x (Qn -1)Upper bound of quartile …” „… = Combined buffer requirement4 x Qnwhere “Qn ” = the ordinal number of the quartile concerned”.Art. 92a CRR (as amended by CRR …”

Art. 88 SRMR Professional secrecy and exchange of information Christos V. Gortsos S. 1187-1190

„… , Bundesanzeiger Verlag, Cologne 2012).A. Field of application of the requirements of professional secrecy(Art …” „… ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6A. Field of application of the requirements of professional secrecy(Art. 88(1)-(3) SRMR)1According …” „… subject to the requirements of professional secrecy shall not be dis-closed to another public or private …”

Art. 4 SSMR Tasks conferred on the ECB Klaus Lackhoff and Andreas Witte S. 37-85

„… . 381 et seq. CRR) are enclosed in thetask to supervise own funds requirements.In order to ensure …” „… public disclosure requirements71. The disclosure requirements,which form the “Pillar 3” of the current …” „… with reviewing compliance with these requirements.Art. 4(1)(e) SSMRLit (e) mandates the ECB to ensure …”

Art. 10a SRMR Power to Prohibit Certain DistributionsAs amended by Art. 1(5) SRMR II. Matthias Haentjens S. 552-562

„… (b)indicate how this assessment and decision complies with the requirement for propor-tionate application as …” „… ), (i)-(j) SRMR); and (c) additional information requirements(Art. 10(11)(c) SRMR). It is worth noting that …” „… extra quasi-capital requirements.Art. 12j SRMR now authorises the SRB to impose various sanctions when …”

Art. 27 SSMR Professional secrecy and exchange of informationThis commentary is written in the private capacity of the author and should not be reported as representing the views of the ECB. The autho... S. 381-404

„… and proper decisions and the assessment of fit and proper requirements (ECB/2016/42), OJ L …” „… secrecy requirements set out in Article 37of the Statute of the ESCB and of the ECB and in the relevant …” „… professional secrecy requirements.2. For the purpose of carrying out the tasks conferred on it by this …”

Art. 12k SRMR Transitional and post-resolution arrangements Minimum Requirements S. 589-608

„… requirements in Articles 12f or 12g, orwith the requirements that result from the application of Article 12c(4 …” „… or 12g or the requirements that result from the application of Article 12c(4), (5)or (7) shall be 1 …” „… 12g or for requirements that result from the application of Article 12c(4), (5)or (7), as appropriate …”

Art. 18 SRMR Resolution procedureThe information and views set out in this publication are those of the author and do not necessarily reflect the official opinion of the Commission. The Commission doe... S. 666-690

„… withdrawalof the authorisation. In particular, the entities were in breach of the capital requirements.Those …” „… law (Art. 84(3) Dir. 2017/113233), including, inparticular, the requirement that increases and …” „… application ofthose paragraphs are met, only when it assesses, in its executive session, on receiving2.33 …”

Art. 5 SRMR Relation to Directive 2014/59/EU and applicable national law Jens-Hinrich Binder S. 483-497

„… : gener-al requirementsArt. 8(10)-(12) SRMR:group resolution plansArt. 8(12)-(14) SRMR: an-cillary …” „… Board shall, for the application of this Regulationand of Directive 2014/59/EU, be considered to be the …” „… application of Articles 25 and 30 of that Regulation. The Board shall alsobe subject to any decisions of EBA …”

Art. 9 SSMR Supervisory and investigatory powersThis contribution should not be reported as representing the views of the European Central Bank (ECB). The views expressed are those of the author and d... S. 146-158

„… II’, WM(2016), 2361; Andrea Biondi and Alessandro Spano, ‘The ECB and the Application of National Law …” „… Limits of the Application of National Law by the European Central Bank within the Single Supervi-sory …” „… supervisory competences and powers of the ECB’, EuZW-Beilage (2014),3; Andreas Witte, ‘The Application of …”

Art. 15 SSMR Assessment of acquisitions of qualifying holdings Elke Gurlit S. 215-235

„… , and the national provisions transposing these requirements.These provisions were at the time of their …” „… provisioning policy or treatment ofassets in terms of own funds requirements;(e) to restrict or limit the …” „… with the requirements set out in relevant national law basedon the acts referred to in the first …”

Art. 21 SRMR Write-down and conversion of capital instruments or eligible liabilities Andreas Witte S. 717-732

„… substantive requirements for the application of the WDCCIpower, Art. 21(1) SRMR offers five alternative …” „… national transposition of the BRRD.II. RequirementsArt. 21(1) SRMR stipulates some procedural requirements …” „… )(b) and (5),where the conditions for the application of those paragraphs are met, only whereit …”

Art. 3 SRMR Definitions Christos V. Gortsos S. 463-479

„… funds and own funds requirements:First, the CRR distinguishes between Tier 1 and Tier 2 capital, the …” „… mentioned,98 credit institutions must continuously satisfy the followingminimum own funds requirements:(a) a …” „… Article 18, the application of a resolution tool orthe exercise of one or more resolution powers;(11 …”

Art. 10 SRMR Assessment of resolvability Matthias Haentjens S. 537-552

„… that assessment or determination complies with the re-quirement for proportionate application laid down …” „… application laid down in Art. 6’. This requirement to ade-quately motivate the SRB’s resolvability assessment …” „… and decision complies with the requirement for propor-tionate application as laid down in para. 10 …”

Art. 12d SRMR Determination of the minimum requirement for own funds and eligible liabilities Minimum Requirements S. 579-584

„… requirementsshall be interpreted in accordance with the competent authority's application of thetransitional …” „… resolution entity's recapitalisa-tion.Art. 12d SRMRDetermination of the minimum requirement for own funds …” „… andeligible liabilities1. The requirement referred to in Article 12a(1) shall be determined by the Board,after …”

Art. 72 SRMR Voluntary borrowing between resolution financing arrangements Christos V. Gortsos S. 1112-1114

„… Second, assess the impact of such outflow on the “specific liquidity requirements”laid down in Art …” „… date for the liquidity coverage requirement, as setout in (the above-mentioned) Art. 3 of Commission …” „… determining the appropriate level of liquidity requirements onthe basis of the SREP carried out in accordance …”

Art. 6 SSMR Cooperation within the SSM Christos V. Gortsos S. 92-133

„… of authorityMacro-prudential regulatory measures are wider in the scope of coverage and appli-cation …” „… 2013 onprudential requirements for credit institutions and investment firms and amending Regulation …” „… ofsupervisory outcomes within the SSM;(b) when necessary to ensure consistent application of high supervisory …”

Art. 59 SRMR Part I of the budget on the administration of the Board Andreas Witte S. 1030-1035

„… of FRA funding schemes avail-able stem from other legal requirements.Of particular relevance, in this …” „… , ‘The Application of National Banking SupervisionLaw by the ECB: Three Parallel Modes of Executing EU …” „… them. This is aconsequence of the balancing requirement stipulated in Art. 58(2) SRMR (see annota-tions …”

Art. 12e SRMR Determination of the minimum requirement for own funds and eligible liabilities for resolution entities of G-SIIs and Union material subsidiaries of non-EU G-SIIs Minimum Requirements S. 584-585

„… impose a minimum requirement of own fundsand eligible liabilities under this Article shall contain the …” „… of the requirement referred to in Article 104a of Directive2013/36/EU.9. For the purposes of …” „… authority's application of thetransitional provisions laid down in Chapters 1, 2 and 4 of Title I of Part …”

Art. 24 SSMR Administrative Board of Review René Smits S. 321-341

„… European law at national level in areas such as bank consolidation or fit and proper requirements.In …” „… , fi-nancial institutions were accused of an inadequate calculation of their own funds andcapital requirements …” „… Administrative Board ofReview may, if it considers that circumstances so require, suspend the application ofthe …”

Art. 31 SSMR Staff and staff exchangeThe views expressed in this publication are the personal views of the author and not necessarily the ones of the ECB. Georgios Zagouras S. 421-428

„… Framework, which is implemented by the CGO.D. Accountability RequirementsFinally, Art. 31(5) SSMR contains …” „… shall be without prejudice to the application of stricter nationalrules. For members of the Supervisory …” „… application of the procedures referredto in paragraphs 3 and 4 of this Article.Bibliography Ida-Maria Weirsøe …”

Art. 87 SRMR Liability of the Board Ann-Kathrin Kaufhold S. 1178-1187

„… Article 7(4)(b) and (5)where the conditions for the application of those paragraphs are met or pursuant …” „… II. Substantive requirements for non-contractual liability …” „… nor in the SRMR. Rather, theeligibility requirements have been determined by the Court of Justice on …”

Art. 30 SRMR Obligation to cooperate and information exchange within the SRM Christos Hadjiemmanuil S. 881-895

„… the requirements of professional secrecy laid down in Article 88.2. In the exercise of their …” „… requirements ofprofessional secrecy.Bibliography Dariusz Adamski, ‘Memoranda of Understanding in the …” „… investigatorypowers and the application of penalties by the SRB. On a systematic reading of theregulation, its …”

Art. 50 SRMR Tasks Janina Heinz S. 980-988

„… and one ininformation and communication technology (ICT).13D. Good governance requirementsAs a result …” „… mittee of the plenary session with the mandate to assist the Board in the application ofthe …” „… 000 000, evaluate the application of the reso-lution tools, in particular the use of the Fund, and …”

Art. 17 SRMR Order of priority of claims Jens-Hinrich Binder S. 653-666

„… powers, including on any possible application of Article 27(5) of thisRegulation, and the national …” „… BRRD,regulates the application of the write-down or conversion of capital instruments(Art. 21 SRMR) in relation …” „… to the application of the bail-in tool (Art. 27 SRMR). Effec-tively connecting these two elements for …”

Art. 75 SRMR Investments Georgios Psaroudakis S. 1123-1129

„… Fund is in-volved in the application of resolution tools as a source of financing. In other words …” „… with the contribution of each compart-ment to the application of the resolution tool, in the context of …” „… thatinstitutions hold in order to cover the liquidity coverage ratio (LCR) of Art. 412 CRR, i.e.the requirement …”

Art. 45 SRMR Accountability Fabian Amtenbrink S. 955-965

„… appointmentprocedure for the Chair and Vice-Chair of the SRB and the confidential requirements,which has resulted in …” „… , bodies, offices and agencies “to respect the rights, observe the princi-ples and promote the application …” „… the requirements of professionalsecrecy, that report shall be published on the Board's website.3. The …”

Art. 2 SSMR Definitions Christos V. Gortsos S. 13-23

„… requirements:First, it has a majority of the shareholders’ or members’ voting rights in anotherundertaking (a …” „… application;(27) ‘third country’ means a country which is neither a Member State nor a European Economic …” „… investmentfirms):Regulation (EU) No 575/2013, adopted on26 June 2013, “on prudential require-ments for credit institutions and …”

Art. 11 SSMR General investigations Klaus Lackhoff and Mikulas Prokop S. 171-177

„… must apply all relevant Union law, which includes the new requirements under theCRD V and that this …” „… mayintroduce such reporting requirements only if the Union law neither comprehensivelyimposes reporting …” „… requirements on credit institutions as a part of the pillar 1 frameworknor excludes such additional reporting …”

Art. 13 SSMR Authorisation by a judicial authority On-site inspections/Authorisation by a judicial authority S. 178-189

„… imposed by laws of the third country (including anystatutory confidentiality requirements).The ECB may not …” „… of internal models, withthe legal requirements pertaining to internal models used for the …” „… calculationof capital requirements (initial approval, material changes, extensions, roll-out,permanent partial …”

Art. 10 SSMR Request for information Klaus Lackhoff and Mikulas Prokop S. 158-171

„… . 104a CRD V which provides for limitations of thepower to impose own funds requirements.Art. 10 SSMR …” „… be necessary in order to carry out the tasks conferredon the ECB by the SSMR. A general requirement …” „… requirements for credit institutions and onfinancial conglomerates. Where the material rules relating to the …”

Art. 49 SRMR Participation in plenary sessions Janina Heinz S. 975-980

„… and one ininformation and communication technology (ICT).13D. Good governance requirementsAs a result …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20D. Good governance requirements …” „… 979181920212223mittee of the plenary session with the mandate to assist the Board in the application ofthe …”

Art. 12c SRMR Eligible liabilities for resolution entities Minimum Requirements S. 575-579

„… buffer requirement.For resolution entities that are subject to Article 12d(4), where the application of …” „… subparagraph of this paragraph, where thisRegulation refers to the requirements in Article 92a or Article 92b …” „… Requirements Arts. 12–12k SRMRMatthias Haentjens 575(c) those liabilities do not exceed an amount determined …”

Art. 12j SRMR Breaches of the minimum requirement for own funds and eligible liabilities Minimum Requirements S. 588-589

„… Articles 12f or 12g, orwith the requirements that result from the application of Article 12c(4), (5) or (7 …” „… the requirements that result from the application of Article 12c(4), (5)or (7) shall be 1 January 2024 …” „… requirements that result from the application of Article 12c(4), (5)or (7), as appropriate, that entities …”

Art. 12 SRMR Minimum requirement for own funds and eligible liabilitiesAs amended by Art. 1(6) SRMR II.I am grateful to Prof. Dr. E.P.M. Joosen, for his insightful comments to an earlier version of th... S. 573-574

„… drafted.F. Ending the application of simplified obligations (Art. 11(6) SRMR)Pursuant to para. 6, the SRB …” „… or group in question, inorder to ensure that the application of full or simplified obligations …” „… every two years.22Art. 12 SRMRMinimum requirement for own funds and eligible liabilities1*1. The Board …”

Art. 13 SRMR Early intervention Christos V. Gortsos S. 608-619

„… down inArt. 39(2) BRRD (on the marketing requirements in case of application of the sale of abusiness …” „… consisten-cy in relation to their application, the clarification of the requirements that NCAs shouldfollow …” „… intermediate target levels and must ensure a linear build-up towardsthe full application of the MREL …”

Art. 12h SRMR Waiver of the minimum requirement for own funds and eligible liabilities applied to entities that are not themselves resolution entities Minimum Requirements S. 587-588

„… (b) the resolution entity complies with the requirement referred to in Article 12f;(c) the …” „… guarantee is provided for at least an amount that is equivalent to the amountof the requirement for which it …” „… the requirements of Article 197 ofRegulation (EU) No 575/2013, which, following appropriately …”

Art. 99 SRMR Entry into force Christos V. Gortsos S. 1226-1254

„… conditions for the trans-fer of contributions to the Fund have not been met, the application of the …” „… report each time at the end of that month.Α. Entry into force and principal date of application (Art …” „… . 99((1)-(2) SRMR) . . . 1B. Derogations in respect to earlier application (Art. 99(3)-(5) SRMR …”

Art. 7 SRMR Division of tasks within the SRMThe views expressed by the author are strictly personal and do not engage the Single Resolution Board or the European Commission or its services in any way.... S. 506-518

„… and procedural requirements stipulated bythe Regulation, the restrictions defined by Art. 6(1)-(6 …” „… resolutionplan, in accordance with Article 11;(d) setting the level of minimum requirement for own funds and …” „… Article 10.4. Where necessary to ensure the consistent application of high resolution standardsunder this …”

Art. 26 SRMR Asset separation tool Jens-Hinrich Binder S. 763-767

„… ), 75; Jens-Hinrich Binder, ‘Resolution: Concepts,Requirements, and Tools’, in: Jens-Hinrich Binder and …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1B. Substantive and procedural requirements pertaining to the AssetSeparation tool …” „… . Application of the Asset Separation tool: The mandatory content of theResolution Scheme (Art. 26(2) SRMR …”

Art. 20 SRMR Valuation for the purposes of resolution Christos V. Gortsos S. 699-717

„… entity concerned.2. Subject to paragraph 15, where all of the requirements laid down in paragraphs 1and 4 …” „… the application of the ‘no creditor worseoff ’ principle referred to in Article 15(1)(g).10. Where …” „… requirements laid down in paragraphs 7 and 9, or paragraph 3applies, a provisional valuation shall be carried …”

Arts. 12–12k SRMR Minimum requirements S. 573

„… drafted.F. Ending the application of simplified obligations (Art. 11(6) SRMR)Pursuant to para. 6, the SRB …” „… or group in question, inorder to ensure that the application of full or simplified obligations …” „… every two years.22Art. 12 SRMRMinimum requirement for own funds and eligible liabilities1*1. The Board …”

Art. 27 SRMR Bail-in tool Christos Hadjiemmanuil S. 767-847

„… referred to in point (a) of para-graph 1 only if there is a reasonable prospect that the application of …” „… the application of the write-down orconversion powers where:Art. 27 SRMR Bail-in tool768 Christos …” „… Union; or(d) the application of the bail-in tool to those liabilities would cause a destruction invalue …”

Art. 94 SRMR Review Christos V. Gortsos S. 1209-1219

„… the application of this Regulation, with a special emphasis onmonitoring the potential impact on the …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7II. Overview of the state of play in the application and completion of theresolution framework …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161. Application of BRRD and SRMR …”

Art. 54 SRMR Tasks Janina Heinz S. 1002-1008

„… provide for a similar limita-tion of its scope of application. Accordingly, it is more convincing to apply …” „… the conditions for the application of those paragraphs are met, inaccordance with Articles 8, 10 and …” „… theconditions for the application of those paragraphs are met, in accordance withArticle 11;(c) determine the …”

Art. 15 SRMR General principles governing resolution Jens-Hinrich Binder S. 631-648

„… and the Commission, when deciding on the application of resolutiontools and the exercise of resolution …” „… application of resolution tools and the exercise of resolutionpowers, the Board shall instruct national …” „… Financial System (Edward Elgar Publishing, Cheltenham2011), 233; id., ‘Resolution: Concepts, Requirements …”

Art. 70 SRMR Ex-ante contributions Christos V. Gortsos S. 1100-1109

„… SRMRChristos V. Gortsos 1101(a) the application of the methodology for the calculation of individual …” „… Art. 70(3) SRMR.8 Art. 70(2)(2) SRMR.9 On the application of this principle to the single rulebook …” „… Law (2019), at pp. 74-88.10 IPS means an agreement meeting the requirements laid down in Art. 113(7 …”

Art. 58 SRMR Budget Andreas Witte S. 1023-1030

„… requirements relating to this budget. More provi-sions on the budget are included in the articles which follow …” „… . 1–222.3 Until 2018, a separate Commission Delegated Regulation laying down “Rules of Application” for …” „… application of Regulation (EU, Euratom) No. 966/2012 of the European Parliament and of the Councilon the …”

Arts. 103–105 SSM Framework Regulation Procedural provisions for the use of macro-prudential tools Kern Alexander S. 89-92

„… tools (i.e. counter-cyclical capital requirements andloan-to-income ratios) to address the build-up of …” „… systemic risks.21 For example, the useof counter-cyclical capital requirements can be varied depending on …” „… markets by imposing higher capital requirements on home mortgageloans as opposed to other types of loans …”

Art. 85 SRMR Appeal Panel Ann-Kathrin Kaufhold S. 1163-1173

„… effect.However, the Appeal Panel may, if it considers that circumstances so require, sus-pend the application of …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15III. Time limit for appeal, statement of reasons, form requirement . . . . . . . . . . . . . . 19E …” „… the following requirements:8– Appealable decision: Only decisions of the Board that are listed in Art …”

Art. 12b SRMR Exemption from the minimum requirement for own funds and eligible liabilities Minimum Requirements S. 574-575

„… verify and ensure that entities and groups maintain the requirements forown funds and eligible …” „… requirements for own fundsand eligible liabilities that it has determined for each entity and group under …” „… para-graph 1.7. In order to ensure the effective and consistent application of this Article, theBoard shall …”

Art. 12i SRMR Waiver for a central body and credit institutions permanently affiliated to a central body Minimum Requirements S. 588

„… institutions permanentlyaffiliated to a central bodyThe Board may partially or fully waive the application of …” „… permanentlyaffiliated credit institutions are entirely guaranteed by the central body;(c) the minimum requirement for …” „… complies with the requirement referred to inArticle 12f(3); and,(f) there is no current or foreseen …”

Art. 4 SRMR Participating Member States Christoph Ohler S. 479-483

„… analo-gous application of Art. 7(2)(c) SSMR with respect to the requirements of the SRMR.III. Legal effects …” „… State shall cease to be covered by this Regulation from thedate of application of the decision to …” „… areongoing on the date of application of a decision as referred to in paragraph 2.Bibliography See → SSMR …”

Art. 20 SSMR Accountability and reporting Fabian Amtenbrink S. 288-302

„… requirements in exchanges of the Chair and Vice-Chair of the Super-visory Board with the European Parliament …” „… agree-ments with other institutions in the context of the application of the Treaties, or in order to improve …” „… requirement with the SSMR, itbecomes clear that the accountability regime for the ECB introduced in chapter …”

Art. 28 SRMR Monitoring by the Board Christos Hadjiemmanuil S. 847-854

„… resolution decisionand to the valuation or relating to applications for compensation filed bythe shareholders …” „… must relate to the execution of the resolutionscheme, the application of the resolution tools, and the …” „… resolution, to challenges to the resolution decision and to the valuation,or to applications for compensation …”

Art. 7 SSMR Close cooperation with the competent authorities of participating Member States whose currency is not the euro Christoph OhlerClose cooperation with the competent authorities of participat... S. 133-141

„… nature of the information required. These requirements areas well without prejudice to the ECB’s right to …” „… requirements.202Art. 7 SSMRClose cooperation with the competent authorities of participatingMember States whose …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13I. Application of the SSMR mutatis mutandis …”

Art. 1 SRMR Subject matter Jens-Hinrich Binder S. 453-461

„… banks within the Eurozoneby the SRMR (para. 16). In order to ensure consistent application within the …” „… This is reflected in its core remit, namely to ensure the uniform application of theprocedural and …” „… Commission Proposal,23 it is important tonote that the application of the Regulation as such is not …”

Art. 22 SRMR General principles of resolution tools Jens-Hinrich Binder S. 732-738

„… application of those paragraphs are met, and that resolutionaction would result in losses being borne by …” „… immediately before or together with the application of the resolution tool.2. The resolution tools referred to …” „… , Requirements, and Tools’ in: Jens-HinrichBinder and Dalvinder Singh (eds), Bank Resolution – The European …”

Art. 64 SRMR Financial rules Andreas Witte S. 1061-1069

„… requested.The reference in Art. 63(9) SRMR to the requirements of professional secrecymeans that the …” „… purpose of the consultation requirement is togive the Court of Auditors and the Commission the opportunity …” „… itself from binding requirements which stem fromhigher-ranking law, such as the SRMR or primary law.II …”

Art. 22 SSMR Due process for adopting supervisory decisions Ann-Katrin Kaufhold S. 307-318

„… general application. Thus,pursuant to the SSMR and the FR the ECB seemingly does not have to hear the …” „… exclusively on the (adverse) effects of the measures in question when specifyingthe scope of application of …” „… limits the applicability to the parties of aprocedure, i.e. to those making an application and to those …”

Art. 21 SSMR National parliaments Fabian Amtenbrink S. 302-307

„… . Moreover, Section III of Decision 95/167 lays down theconfidentiality requirements that apply in this …” „… application of national law by the European Central Bank:challenging European legal doctrine?’, in European …” „… the Scope and Limits of theApplication of National Law by the European Central Bank within the Single …”

Art. 8 SRMR Resolution plans drawn up by the Board Matthias Haentjens S. 518-534

„… to in Article7(4)(b) and (5) where the conditions for the application of those paragraphs are met.2 …” „… to the Board a draft groupresolution plan.3. In order to ensure effective and consistent application …” „… ) the minimum requirement for own funds and eligible liabilities required pur-suant to Article 12 and a …”

Art. 53 SRMR Participation in the executive sessions Janina Heinz S. 997-1002

„… . In accordance with this requirement, the plenary sessionadopted the Rules of Procedure PS2.Those …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71. Requirements set by the SRMR; Rules of Procedure ES . . . . . . . . . . . . . . . . . . . 72 …” „… members of the Board.II. MeetingsRequirements set by the SRMR; Rules of Procedure ESThe SRMR only …”

Art. 68 SRMR Requirement to establish resolution financing arrangements Christos V. Gortsos S. 1095-1097

„… Regulation.Bibliography Christos V. Gortsos, ‘The application of the EU banking resolution framework amidst thepandemic …” „… effective application by the resolutionauthority of the resolution tools and powers, as well as to ensure …” „… supra, → para. 3.3 Art. 130(2) BRRD.Requirement to establish resolution financing arrangements Art. 68 …”

Art. 67 SRMR General provisions Christos V. Gortsos S. 1088-1095

„… appli-cation of the resolution tools and exercise of the resolution powers and in accordancewith the resolution …” „… disbursed by Contracting Parties’ resolutionfinancing arrangement before the date of application of the SRF …” „… application.22Any amount disbursed by such a Contracting Party’s resolution financing arrange-ment in respect …”

Art. 16 SRMR Resolution of financial institutions and parent undertakings Jens-Hinrich Binder S. 648-653

„… the entities that fall within its scopeof application. Likewise, Art. 8(10) SRMR (cf. Art. 12(1) BRRD …” „… preceded, and complemented, by the require-ment for parent undertakings to draw up group recovery plans …” „… requirements, which have to reflect the preferredresolution strategy (see further rsupra, → Art. 12k para. 32 …”

Introduction to Arts. 67–74 SRMR Christos V. Gortsos S. 1079-1088

„… . Application …” „… the financial system more widely. By application of the conditionalityprinciple, temporary funding …” „… respectiveconstitutional requirements is Sweden.Through the SRF Agreement, the (26) Contracting Parties made two …”

Art. 19 SRMR State aid and Fund aid Seraina Neva Grünewald and Christos V. Gortsos S. 690-699

„… im-plementation of the resolution scheme might involve the application of a series of com-plementary national laws …” „… application of State aid rules as enshrinedin Article 107 TFEU. The Board shall provide the Commission with …” „… , guidance and measuresadopted by the Commission in application of the rules of the Treaties relating toState …”

Art. 14 SRMR Resolution Objectives Jens-Hinrich Binder S. 619-631

„… criteriaspecified in Art. 39(2) BRRD (on the marketing requirements in case of applicationof the sale of a business …” „… tool) and the requirements of professional secrecy in accor-dance with Art. 88 SRMR;48 the latter …” „… provides in particular that information subjectto such requirements may (also) not be disclosed to …”

Art. 29 SRMR Implementation of decisions under this Regulation Christos Hadjiemmanuil S. 854-881

„… referredto in Article 7(4)(b) and (5) where the conditions for the application of those para-graphs are met …” „… requirement to theeffect that any amendment of the SRB’s resolution scheme should remain within the four …” „… /EU.Bibliography Fabian Amtenbrink, ‘The Application of National Law by the European Central Bank:Challenging …”

Art. 23 SRMR Resolution SchemeThe information and views set out in this publication are those of the author and do not necessarily reflect the official opinion of the Commission. The Commission does n... S. 738-741

„… the resolution scheme might involve the ap-plication of a series of complementary national laws, which …” „… comply withthe requirements of the Meroni case-law.12 According to Recital (101) SRMR, the SRFshould not …” „… requirements ofArt. 27(7) and (8) SRMR and would certainly help the Board in determining the use ofthe SRF to …”

Art. 1 SSMR Subject matter and scope Christoph Ohler S. 1-13

„… order to ensure application1 Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific …” „… , fall within the scope of application of Art. 127(6) TFEU. The Coun-cil did not make use of the …” „… Regulation (EU) No 575/2013 of 26 June 2013 on prudential requirements for credit institutions andinvestment …”

Art. 43 SRMR Composition Christoph Ohler S. 953-955

„… , theSRMR does not define the requirements as concerns the professional qualification ofthe national members …” „… the princi-ples and promote the application thereof in accordance with their respective powers …” „… conferred on it by this Regulation. Subject to the requirements of professionalsecrecy, that report shall be …”

Art. 81 SRMR Language arrangements Christos V. Gortsos S. 1150-1153

„… salaries, wages and emoluments paid by the EU.11In the application of income tax, wealth tax and death …” „… duties, as well as in the appli-cation of conventions on the avoidance of double taxation concluded …” „… , subject to the rights of third countries and the potential application ofprovisions of international …”

Art. 57 SRMR Resources Andreas Witte S. 1016-1023

„… rhetoric since its content can inform or restrict the inter-pretation and application of other provisions …” „… are, on the other hand,not of relevance for the application of Art. 57(1) SRMR. These lists concern …” „… , difficult to imagine cases in which the requirements of such a liabil-ity would be met. It is questionable …”

Art. 6 SRMR General Principles Jens-Hinrich Binder S. 497-506

„… the use of the SRF) on the other hand, specifythese requirements yet further. While neither provision …” „… and bankresolution as a core problem for the Banking UnionParticularly with the requirements set out …” „… across theboard of future cases, the scope of application is thus very broad. For the purposes ofArt. 6 …”

Art. 44 SRMR Compliance with Union law Christoph Ohler S. 955

„… , bodies, offices and agencies “to respect the rights, observe the princi-ples and promote the application …” „… the requirements of professionalsecrecy, that report shall be published on the Board's website.3. The …”

Art. 3 SSMR Cooperation Ann-Katrin Kaufhold S. 23-37

„… supervised groups or one ormore other persons and is not a legal act of general application.Art. 3 …” „… of the Treaty within itsscope of application. If the SSM and, more generally, the Banking Union can …” „… ) SSMRthe national competent authorities shall apply requirements for additional capitalbuffers addressing …”

Art. 41 SRMR Disclosure, nature, enforcement and allocations of fines and periodic penalty payments Chryssa PapathanassiouDisclosure, nature, enforcement and allocations of fines S. 948-950

„… formalities have been completed on application by the party concerned,the latter may proceed to enforcement in …” „… process requirements and manifesterror or misuse of power.2Art. 42 SRMRLegal status1. The Board is hereby …” „… . 41: “Whilst, in the present case,the application for interim measures does not formally seek …”

Art. 42 SRMR Legal status Christoph Ohler S. 950-953

„… a legal basis, of competence, the violation of due process requirements and manifesterror or misuse …” „… , in the present case,the application for interim measures does not formally seek suspension of the …” „… theSRMR. With respect to the requirements of the Meroni jurisprudence, the legislaturerestricted the …”

Art. 33 SRMR Recognition and enforcement of third-country resolution proceedings Georgios Psaroudakis S. 921-927

„… correspondsto Arts. 94-95 BRRD.The present article is announced to be of subsidiary application, in the sense …” „… consultation also goes be-yond this, as the NRA may also express its view on the application of the other …” „… pursuant to that paragraph. The requirements of professional secrecy shallnot exempt those entities and …”

Art. 18 SSMR Administrative penaltiesThe views expressed in this article are those of the author and do not necessarily reflect the views of the ECB. Chryssa Papathanassiou S. 264-277

„… com-panies, intentionally or negligently, breach a requirement under relevant directly ap-plicable acts of …” „… requirements.2 By contrast to the sanctioning pow-ers in the field of other central banking functions, there is …” „… power tosanction reporting agents which fail to comply with statistical reporting requirements set out …”

Art. 31 SRMR Cooperation within the SRM Christos Hadjiemmanuil S. 895-918

„… Article.In order to ensure effective and consistent application of this Article, the Board:(a) shall issue …” „… itself, the sentence is superfluous, because at this level of generalitythe requirement is already …” „… . 31 SRMRChristos Hadjiemmanuil 90111application of simplified obligations, and the determination of …”

Art. 82 SRMR Staff Christos V. Gortsos S. 1153-1156

„… requirements of national law must be accompanied by aprovisional English executive summary, for informative use …” „… concludecontracts by the Conditions of Employment.A. Application of the Council’s Regulation on Staff Regulations …” „… . Application of the Council’s Regulation on Staff Regulationsand Conditions of Employment of other servants and …”

Art. 26 SSMR Supervisory boardThis contribution should not be reported as representing the views of the European Central Bank (ECB). The views expressed are those of the author and do not necessarily ... S. 354-381

„… members of the Supervisory BoardGeneralArt. 26(2) SSMR establishes a general requirement that the …” „… According to this provision on-ly the Court of Justice of the European Union may, on application by the …” „… per-form duties directly related to the monetary function of the ECB; the purpose of this re-quirement is …”

Art. 91 SRMR Protection of classified and sensitive non-classified information Christos V. Gortsos S. 1199-1202

„… ClassifiedInformation (EUCI) and sensitive non-classified information;1 the application of theseprinciples also includes …” „… of prejudice to the interests of the EU or of the Member States.12The Decision’s field of application …” „… protect thatinformation in accordance with the requirements applicable to EUCI at the equivalentlevel, as …”

Art. 95 SRMR Amendment to Regulation (EU) No 1093/2010 Christos V. Gortsos S. 1219-1222

„… and 2005/60/EC, the authoritiescompetent for ensuring compliance with the requirements of those …” „… arrangementsFrom the date of application referred to in Article 99(2) and (6) of this Regulation,the Fund shall be …” „… application by the national resolution authority (NRA) of the resolution tools andpowers in accordance with …”

Art. 79 SRMR Use of deposit guarantee schemes in the context of resolution Georgios Psaroudakis S. 1141-1148

„… may indeed be failing or likely to fail if it does not satisfyprudential requirements and is not able …” „… one hand, it presupposes thatliquidation does take place. In an application of the bail-in tool alone …” „… ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1B. Application to the Board …”

Art. 66 SRMR Anti-fraud measures Andreas Witte S. 1075-1079

„… can render assis-tance, this requirement would be respected by Union law and an application to that …” „… investigations to OLAF and enteredinto a requirement to cooperate with OLAF and supply it with information upon …”

Art. 65 SRMR Contributions to the administrative expenditures of the Board Andreas Witte S. 1069-1075

„… theinterpretation and application of the SRMR. More detail on the content of the provisionsof the SRB-FR will thus …” „… the Court of Justice (Art. 86 SRMR and Art. 263 TFEU). An applica-tion for such review does, however …” „… , not suspend the application of the decision. An enti-ty which challenges the decision imposing …”

Art. 83 SRMR Staff exchange Christos V. Gortsos S. 1156-1162

„… ExecutiveSession16 with regard to the application of simplified obligations pursuant to Art. 11SRMR; performing the …” „… therein, resolution plans aresubject to the requirements of professional secrecy laid down in Art. 88 SRMR …” „… processes;– the Accounting Team, which helps ensure the consistent application of accountingrules;– the …”

Art. 32 SSMR Review Christos V. Gortsos S. 428-445

„… the application of the respective procedures. In lack of any specification, theECB has discretion on …” „… report on the application of this Regulation, with a specialemphasis on monitoring the potential impact …” „… effectiveness of the SSM;(k) the possible impact of the application of Article 7(6), 7(7) and 7(8) on …”

Art. 32 SRMR Consultation of, and cooperation with, non-participating Member States and third countries Georgios PsaroudakisConsultation of, and cooperation with, non-participating Member States S. 918-921

„… shall be reviewed on a regular basis and shall be publishedsubject to the requirements of professional …” „… : Among other things regarding the application of resolution law by reso-lution and competent authorities …”

Art. 19 SSMR Independence Fabian Amtenbrink S. 277-288

„… process requirements and manifest error or mis-use of power, thus, the CJEU cannot amend the amount of the …” „… decideon the application of the supervisory instruments at its disposal pursuant to the SSMRautonomously …” „… national institutions or bodies decide on the application of the su-pervisory instruments at its disposal …”

Art. 74 SRMR Access to financial facility Christos V. Gortsos S. 1115-1123

„… proposal was made by the Commission in its Report of 30 April 2019 on the appli-cation of the BRRD and the …” „… account their national requirements, and, in any event, as soon as necessaryfor the early introduction of …” „… initiated.41 All these three conditions wouldbe met upon application of the sale of business tools …”

Art. 86 SRMR Actions before the Court of Justice Ann-Kathrin Kaufhold S. 1173-1178

„… requirement for actionsagainst decisions of the Board. Besides, all preconditions following from Art. 263(2 …” „… application of those paragraphs are met or pursuant tothe second subparagraph of Article 7(3). That obligation …”

Art. 76 SRMR Mission of the Fund Georgios Psaroudakis S. 1129-1136

„… objective, which is the efficient application of resolution actions, when need-ed. Lastly, that the …” „… the Fund only to the extent necessary to ensurethe effective application of the resolution tools for …” „… conjunction with the application of theother three resolution tools is one of the functions of bail-in …”

Art. 46 SRMR National parliaments Fabian Amtenbrink S. 965-968

„… . 6 of the Protocol (No. 2) on the application of the prin-ciples of subsidiarity and proportionality …” „… section III of the Interinstitutional Agreement lays down confidentiality requirementsthat apply in …”

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

„… Article 8.17Formal requirementsNotwithstanding Articles 8.6 and 8.7, a Party may require an …” „… equitable and good faith application of its laws.Similar provisions in other EU Treaties: Article 11 ‘Formal …” „… Requirements’ – Invest-ment Chapter – EU-Mexico Global Agreement.Bibliography: Padideh Ala’i and Matthew D’Orsi …”

Marc Bungenberg, Angshuman Hazarika, Afolabi Adekemi Article 8.2 Scope S. 114-146

„… RequirementsArticle 8.2.1(c) CETA provides the Investment Chapter applies to a measure adopt-ed or maintained by a …” „… Scopeof Application of EU (Model) Investment Agreements’ (2014) 15(3-4) JWIT, 402; Maria Chochorelou,‘The …” „… 2, Cuadernos Europeos de Deusto, 227; James Crawford and Simon Olleson, ‘TheApplication of the Rules …”

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

„… ), Performance requirements(PRs), National treatment (NT), Most-favoured-nation treatment (MFN), and Senior …” „… under Article 8.15. First,a Party may reserve the application of several specific investment disciplines …” „… application of one or more investmentdisciplines to certain measures or sectors, namely: Market access (MA …”

Céline Lévesque Article 8.16 Denial of benefits S. 395-416

„… Netherlands, 2015) 463;Lindsay Gastrell and Paul-Jean Le Cannu, ‘Procedural Requirements of …” „… Provision and its Likely Rare Application . . . . . . . . . 551. A Right of Denial Without Prior Notice or …” „… ‘reciprocal obligations’ are now dealt with through a firmjurisdictional requirement (via the definitions …”

Jens Benninghofen Article 8.21 Determination of the respondent for disputes with the European Union or its Member States S. 520-533

„… of the application of paragraph 4.6. If the European Union or a Member State of the European Union is …” „… to paragraph3 or identified on the basis of the application of paragraph 4.7. The Tribunal shall be …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33III. Determination of the Respondent by Application of Article 8.21 para. 4 391. Scope of …”

Armand de Mestral, Lukas Vanhonnaeker Article 8.4 Market access S. 159-174

„… whether in the form of numerical quotas, monopolies, exclusivesuppliers or the requirement of an economic …” „… requirement of an economic needs test;(iii) the total number of operations or the total quantity of output …” „… ex-pressed in terms of designated numerical units in the form of quotasor the requirement of an economic …”

Patricia Nacimiento Article 8.13 Transfers S. 337-359

„… , is narrow and subject to a number of requirements.The State is allowed to apply certain of its laws …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14II. The Individual Requirements under Article 8.13(1 …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 521. Application of Laws of Host States …”

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

„… Application of EU (Model) InvestmentAgreements’ (2014) 15(3-4) JWIT, 402; Marc Bungenberg, Jörn Griebel …” „… , ‘Performance Requirements in Investment Treaties’, IISD Best Practices Series, December 2014;Stratos Pahis …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 581. The Scope of Application …”

Christina Binder Article 8.5 Performance requirements S. 175-193

„… ofthe following requirements:(a) to achieve a given level or percentage of domestic content;(b) to …” „… latter.2Traditionally, mainly developing economies have used performance requirements.Performance …” „… also known as ‘advantage-conditioning performance requirements’,subject (‘condition’) the access to …”

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

„… provisions of the Chapter, inter alia, Formal requirements(Article 8.17), Transparency of proceedings …” „… andsoliciting such new industries, investing in new enterprises, processing loan applica-tions with official …” „… investments (market access and performance requirements) andSection C – Non-discriminatory treatment (national …”

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

„… RequirementsPursuant to Article 8.23(8) CETA, each Contracting Party shall notify the otherParty of the place of …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30V. Communication and Publication Requirements …” „… investor submitsa claim on behalf of a locally incorporated company, ʿthe requirements of Article25(1 …”

Index S. 979-994

„… principles ofinternational law 8.31 11 ff.– applicablility of EU law 8.31 75– application 8.28 19 f., 8.31 …” „… 33– arbitration rules, application in conjunctionwith 8.31 8– customary international law 8.31 56 …” „… 64 ff.– domestic law and EU law, exclusion of8.31 58 ff.– domestic law, application 8.31 33 …”

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

„… after completion of their respective internal requirements and procedures,adopt a code of conduct for …” „… supplement the rulesin application, and may address topics including:(a) disclosure obligations;(b) the …” „… provisional application or entry into force ofthis Agreement, as the case may be, and in any event no later …”

Christoph Schreuer Article 8.11 Compensation for losses S. 277-296

„… , 8.6, 8.7 and 8.8 relate to market access, performance requirements,national treatment, MFN treatment …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10I. Conditions for the Application of Compensation-for-Losses Clauses . . . . . 10II. Application of …” „… restitution or compensation which in eithercase shall be prompt, adequate and effective.’7 For application of …”

Panos Koutrakos Article 8.8 Senior management and boards of directors S. 231-235

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17A. Introduction and OverviewThis provision is about the application of the non-discrimination …” „… and application are subjectto the jurisdiction of the CETA Tribunal pursuant to Article 8.18(1)(a …” „… application of the ComprehensiveEconomic and Trade Agreement (CETA) between Canada, of the one part, and the …”

Stephan Hobe, Julian Scheu Article 8.24 Proceedings under another international agreement S. 553-565

„… international agreement554 Stephan Hobe and Julian Scheu12The application of Article 8.24 requires a situation …” „… mn. 22-26). These provisions set out the procedural requirements for the submissionof a claim to the …” „… pending proceedings, Article 8.24 comple-ments the requirements set out in Article 8.22-1(f) and (g) by …”

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

„… ‘frivolous claims’ although there is no mala fide requirement) originate fromtreaty practice of the mid-2000 …” „… investor-to-state dispute settlementmechanism’.12 Accordingly, specific requirements for the dismissal of …” „… submit to the Tribunal [...]’.20 In ICSID Cases, the requirements of Article 25(1) ICSID Convention for …”

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

„… other States’ (1972/II) 136RC, 331; Marc Bungenberg, ‘The Scope of Application of EU (Model) Investment …” „… encapsulates the scope of such Tribunal’sjurisdiction and the requirements that must be satisfied before …” „… jurisdiction can besuccessfully invoked.Just as Article 25 of the ICSID Convention contains requirements …”

Lori Di Pierdomenico Article 8.43 Consolidation S. 923-944

„… the requirements of Article 8.27.7 constitute a new division(‘consolidating division’) of the Tribunal …” „… order provided that the request complieswith the requirements set out in paragraph 4. The consolidating …” „… , it shall consultwith the disputing parties.10. On application of a disputing party, a consolidating …”

Titelei/Inhaltsverzeichnis S. I-XXIV

„… . Pepperdine Dispute Resolution Law JournalPR Performance requirementsPrel. Rem. Preliminary remarksProf …” „… scope of application, substantive standards as wellas investor-state dispute settlement, as the …” „… .......................................................................Article 8.4 159Performance requirements .........................................................Article …”

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

„… Application of Norms in InternationalAdjudication’ (2011) 2(1) J. Int’l Disp. Settlement, 31; Bernd Grzeszick …” „… , Baden-Baden 2011), 9; Virtus Chitoo Igbokwe, ‘Determination, Interpretationand Application of Substantive Law …” „… Jurisdiction of WTO Tribunals: The Select Application of Public Interna-tional Law Required by the Judicial …”

Richard Happ Article 8.34 Interim measures S. 767-778

„… ), the actual application by Tribunals seemsleads to comparable requirements.2218 Cf. Kinnear et al …” „… Tribunal’s jurisdiction. The Tribunal shall notorder attachment or enjoin the application of the measure …” „… Int’l Arb., 467; Bernd Ehle, ‘Article I. Scope of Application’ inReinmar Wolff (ed), The New York …”

Katia Fach Gómez Article 8.30 Ethics S. 654-703

„… agreement on the importance of codes of conduct andother ethical requirements for arbitrators’.7 Let us …” „… replace or supplementthe rules in application, and that may address topics including: i. disclosure …” „… entryinto [application/force] of the Agreement, and in any event no later than two years after the entryinto …”

Ursula Kriebaum Article 8.12 Expropriation S. 297-336

„… tribunals should decide disputes regarding the requirement and amount ofcompensation in case of an …” „… re-quirements of an expropriation. As a reaction, the State Parties to the CETA attemptedto include contours of …” „… these requirements into the text of the expropriation clause.Traditionally, an expropriation must meet …”

Marc Bungenberg, Anna Holzer Article 8.41 Enforcement of awards S. 876-916

„… dismissedor allowed an application to revise, set aside or annul the award andthere is no further appeal.4 …” „… : the applica-tion of the New York Convention by National Courts (Springer 2017); Nigel Blackaby …” „… proceeding to revise, set aside or annul the award, or(ii) a court has dismissed or allowed an application to …”

Richard Happ Article 8.35 Discontinuance S. 779-786

„… Ehle, ‘Article I. Scope of Application’ in Reinmar Wolff (ed), The New York Con-vention (2nd edn …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7II. Requirements for Discontinuance of Proceedings …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33A. IntroductionArticle 8.35 CETA regulates the requirements and the procedure for the …”

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

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36I. Scope of application (UNCITRAL Transparency Rules, Article 1) . . . . . . . . 37II. Publication …” „… of the treaty text; it is a requirement of arbitration,not dependent upon the disputing parties …” „… ’ agreement. Moreover, it is broad in its con-ception and application, usually requiring (1) publication of …”

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

„… , requiring security for cost to be paid.76Procedural AspectsThere should be the requirement of an application …” „… requirements of the rule of law in courtsystems.In this context, the EU follows a twofold approach: the first …” „… implement investor-State dispute settlement (ISDS)reform and resource requirements’ A/CN.9/WG.III/WP.206, 17 …”

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

„… ofChapter Eight (Investment) of the Agreement, which may replace or supplement therules in application …” „… apply:(a) the definitions in Article 1.1 (Definitions of general application) of Chapter One(General …” „… ) ‘candidate’ means a natural person who has submitted an application or isotherwise aware that he or she is …”

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

„… 's awardbased on:(a) errors in the application or interpretation of applicable law;(b) manifest errors in the …” „… Tribunal shall meet the requirements of Article8.27.4 and comply with Article 8.30.5. The division of the …” „… dispute resolution and thus on the Appellate Tribunal wouldbe excluded from provisional application (→ mn …”

Gabriel Bottini Article 8.45 Exclusion S. 955-960

„… matters from thescope of application of the dispute settlement provisions of Chapter Eight, Section F,and …” „… ] concerning the interpretation or application ofthe provisions of [CETA]’.1 The excluded matters are those the …” „… include in some of its BITs, among other exceptions, ex-clusions from the application of ISDS provisions …”

Johannes Tropper Article 8.6 National treatment S. 194-215

„… of application of Article 8.6 extends tothe pre-investment, pre-establishment or pre-entry phase …” „… potential scope of application.B. Object and PurposeThe overall purpose of the national treatment …” „… nationaltreatment obligation, but the drafting history reveals that its scope of application wassubject to some …”

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

„… apply:(a) the definitions in Article 1.1 (Definitions of general application) of Chapter One(General …” „… division raises a serious question affecting the interpretationor application of Chapter Eight (Investment …” „… channels, certifying that they have com-pleted the necessary internal requirements and procedures. Done at …”

Lukas Stifter Article 8.33 Claims unfounded as a matter of law S. 757-766

„… application in writing addressed to theSecretary-General on one or more of the following grounds: […] (e) that …” „… objection on claims ‘manifestly without legal merit’concerns the (manifestly wrong) application of the law …” „… ambit of the treatybut fails, in casu, to meet the requirements for giving rise to a breach of the …”

Stefanie Schacherer Article 8.9 Investment and regulatory measures S. 236-255

„… Schacherer12for the application and interpretation of the investment protection standards: fairand equitable …” „… requirements, including rules and regulations. The5 Joint Interpretative Instrument on the Comprehensive …” „… requirement that measures are not applied in a manner which would constitutea means of arbitrary or …”

Erman Özgür Article 8.3 Relation to other chapters S. 147-158

„… byChapter Thirteen (Financial Services).2. A requirement by a Party that a service supplier of the other …” „… shallprevail to the extent of the inconsistency.2. A requirement by a Party that a service provider of another …” „… to the extent that theyare covered by Chapter 17 (Financial Services).3. A requirement of a Party …”

Herman Verbist Article 8.20 Mediation S. 485-519

„… 2016 on the provisional application of the ComprehensiveEconomic and Trade Agreement (CETA) between …” „… submitted to confidentiality requirements, butthat the documents exchanged and given to the mediator and the …” „… , if the Parties to a settlement agree-ment have agreed to the application of it (Article 8(1)(b)).54 …”

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

„… or insurers are subjectto distinct jurisdiction requirements than the original investor in the …” „… public guarantee agencies leave. They have less strict eligibility requirements asthey are not aligned …” „… Marboe 86938394041exclusions, limitation, and qualification requirements for payment of a claim …”

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

„… , not yet inforce. See, Article 14.6(1). The provision only finds application in disputes involving an …” „… non-NAFTA tribunals which have been increasinglywilling to recognize new requirements as components of the …” „… specific existing requirements forissuing that permit,63 for example, when an administrative order is not …”

DECISION No 2/2021 OF THE COMMITTEE ON SERVICES AND INVESTMENT S. 970-974

„… definitions apply:(a) the definitions in Article 1.1 (Definitions of general application) of Chapter …” „… channels, certifying that they have com-pleted the necessary internal requirements and procedures. Done at …”

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

„… tradition. Paragraphs2 to 4 of Article 8.7 further specify details concerning the scope of application ofMFN …” „… treatment, ranging from admissibili-ty requirements to jurisdictional ones (→ mn. 44 ff.).Since Article …” „… practice, though, many tribunals regard the requirement of ascer-taining whether the allegedly …”

Crina Baltag Article 8.26 Third party funding S. 584-599

„… , according to Argentina, ‘Burford does not meet the basic jurisdictional re-quirements under the ICSID …” „… 's Application for Security for Costs of 20 September 2012. Commerce Group was negotiatingwith several …” „… a claim made in bad’ (Decision on Argentina’s Application for Annulment of 29 May 2019,para. 91) The …”

Irmgard Marboe Article 8.39 Final award S. 826-855

„… Tribunal may not order attachment or enjoin the application ofthe measure alleged to constitute a breach …” „… different methods and their application in arbitral practice, Marboe,Calculation of Compensation and Damages …” „… (2014), 16.100 With respect to the application of valuation methods, see the World Bank, ‘Guidelines on …”

doi.org/10.5771/9783748902133

ZfRV Zeitschrift für Europarecht, Int. Privatrecht und Rechtsvergleichung

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ZfRV Zeitschrift für Europarecht, Int. Privatrecht und Rechtsvergleichung

Browse Volumes: ZfRV Zeitschrift für Europarecht, Int. Privatrecht und Rechtsvergleichung

ZfRV Volume 64 (2023) Issue 6 ISSN Online: 2078-1059

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Olmos Giupponi The Regulation of the Data Economy S. 5-11

„… , Article 28 lays down basic interoperability requirements.For instance, operators of data spaces must …” „… requirementsconcerning the content of such an agreement, in particular re-quirements that protect the user. The latter is …” „… . Objectives of the Data ActD. Content1. Scope of application (Chapter I – Articles 1–2)2. Data access rights …”

doi.org/10.5771/2078-1059-2023-6

Eva Hartmann - Auf dem Weg zu einem globalen Hochschulraum

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Eva Hartmann

Auf dem Weg zu einem globalen Hochschulraum

Series: Studien zur Politischen Soziologie. Studies on Political Sociology

Volume 11 2011

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Die Qualifikationsdimension der notwendigen Disziplinen S. 199-206

„… application relating to licensing requirements and procedures, qualification requirements and procedures as …” „… requirements/standards but that unduly burdensome requirements should not be applied to verify foreign qualifications …” „… developed countries members, to agree on transparency requirement and perhaps disciplines on licensing …”

Zusammenfassung S. 206-208

„… 206 “In the application of qualification procedures, Members shall ensure that qualification …” „… of qualification requirements; and that the format required for such documentation be reasonable …” „… help a regulatory authority to determine whether an application is trustworthy and what procedure …”

Die großen Konfliktlinien S. 185-199

„… application relating to licensing requirements and procedures, qualification requirements and procedures as …” „… ensure that measures of general application relating to licensing requirements and procedures …” „… , qualification requirements and procedures as well as technical standards are not more trade-restrictive than …”

Europäisches versus internationales Projekt: Rekurs auf UNESCO S. 100-104

„… of action of the six regional committees for the application of UNESCO's conventions in this field …” „… the examination requirements for a foreign university qualification do not include certain subjects …”

Literaturverzeichnis S. 251-286

„… Assurance in Higher Education. EQAR (2008). Procedures for Applications, Register Committee, 6 August 2008 …” „… (1998b). Joint Meeting of the Six Intergovernmental Committees in Charge of the Application of the …”

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