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Trevor Stack, Rose Luminiello - Engaging Authority

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Trevor Stack (ed.), Rose Luminiello (ed.)

Engaging Authority

2022

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Civic Friendship, Economic Justice and Political Authority S. 147-162

Community as Referent and Effect of Authority Claims S. 205-234

doi.org/10.5771/9781538159118

Caroline Bolle - A comparative overview of the mandatory bid rule in Belgium, France, Germany and the United Kingdom

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Caroline Bolle

A comparative overview of the mandatory bid rule in Belgium, France, Germany and the United Kingdom

Series: Studien zum Handels-, Arbeits- und Wirtschaftsrecht

Volume 125 2008

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Supervisory authority S. 84-88

„… the City Code376. 3.2 Role of the supervisory authorityThe CBFA377 in Belgium is concerned with …” „… bidder397.3.3 Competent supervisory authorityThe competent authority to supervise a bid and the laws …” „… company chose the AMF as the competent authority. Wherea target company has its registered office in …”

Field of application of the mandatory bid rule S. 79-84

„… the authorityin which the target company has its registered office and the authority in whichits …” „… responsibility in relation to a mandatory bid.The basic rule is that the only authority competent to supervise a …” „… , the authority competent tosupervise certain aspects of the bid (in addition to the authority of the …”

Titelei/Inhaltsverzeichnis S. 2-26

„… FestschriftFSA Financial Services AuthorityFT Financial TimesGDP Gross Domestic Productgen. generalHarv. L. Rev …” „… Field of application of the mandatory bid rule 793. Supervisory authority 8410Part II: Analysis of the …” „… on which its securities are admitted to trading 813. Supervisory authority 843.1 Authority …”

The launch of a mandatory bid S. 171-174

„… authority, including potentialcourt review of the supervisory authority’s decision. 1. The launch of a …” „… need to be formally cleared or discussed with the competent supervisory authority930. Under the Royal …” „… parent company) on behalf of such person(s). Early consultation with the competent supervisory authority …”

Enforcement of the mandatory bid rule S. 241-250

„… . 7.1 Powers of the supervisory authorityIn each of the selected jurisdictions, the relevant supervisory …” „… ruleEnforcement of the takeover laws and regulations by the supervisory authority isof paramount importance to …” „… , whichmay overturn decisions previously taken by the supervisory authority, are ultimately assured by the …”

Exemptions and dispensations from the obligation to launch a mandatory bid S. 215-241

„… . 7.1 Powers of the supervisory authorityIn each of the selected jurisdictions, the relevant supervisory …” „… relation to the competent supervisory body’s authority to grantwaivers from the requirements of the …” „… supervisory authority).1316 Article 5(2) of the Takeover Directive.217Belgian1317 and German1318 takeover law …”

Legal framework and obligation to launch a mandatory bid S. 65-79

„… the case may be, thesupervisory authority’s discretion to adjust this price, either upwards or …” „… equivalent treatment by a bidder237. The FinancialServices Authority (FSA) has endorsed the City Code under …” „… principle driven and the Panel continues to have the authority to dispensewith rules if, on the face of the …”

Securities determining and transactions triggering the application of the mandatory bid rule S. 156-171

„… potentialcourt review of the supervisory authority’s decision. 1. The launch of a mandatory bid1.1 Person …” „… mandatory bid rule is available or the competent authority grants a dispensation878.These rules (except for …” „… mandatory bid; and the enforcementmechanics available to the relevant supervisory authority, including …”

The Takeover Directive S. 55-65

„… the case may be, thesupervisory authority’s discretion to adjust this price, either upwards or …” „… avoid any possibilityof creating a separate authority for takeover bids in Gibraltar.207 OJ. C. 24 …” „… point to the competent market authority for, on the one hand,company law matters and, on the other hand …”

Financing a mandatory bid S. 273-278

„… timely and in sufficient number1690. Ifthe bidder does not posses the authority to issue the securities …” „… consideration of the mandatory bid (unless they already have anexpress delegation of authority to that effect …”

Launching a Mandatory Bid S. 282-283

„… merger control clearance, although the supervisory authority may agree to a delay in opening of theoffer …”

Incurring the Obligation to Launch a Mandatory Bid S. 280-282

„… , although the supervisory authority may agree to a delay in opening of theoffer if merger control is likely …”

Historical overview of the mandatory bid rule in the selected jurisdictions S. 44-55

„… supervisory authority – and eventually introduceda mandatory bid rule having a statutory basis. The European …” „… Takeover Panel152,the Takeover Code failed as persuasive authority and was not generally compliedwith by …”

Economic assessment of the mandatory bid rule S. 40-44

„… jurisdictions gradually followed suit – initially through recommendations of the relevant supervisory authority …”

The level of the price to be offered under a mandatory bid S. 251-266

„… the bidder to discuss the considerationissue with the competent supervisory authority in order to …” „… the supervisory authority may adjust the highest price paid, either upwards or downwards,in certain …”

Terms and conditions of a mandatory bid S. 197-206

„… , or following a referral by the European Commission1226 to a competent authority in the United Kingdom …” „… Commission, a national competition authoritywithin one of the EU or EEA Member States or the US Federal Trade …”

Timetable for launching a mandatory bid S. 174-197

„… market authority of the Belgian stock exchange(s) on which securities of thetarget company are listed and …”

The attribution of voting rights for the assessment of control S. 96-148

„… purchaser or two or more purchasers who are acting inconcert. The supervisory authority will be concerned …” „… shares, or the decision to seek shareholders’ authority for any such redemption or purchase.578 Note 3 to …”

Selected bibliography S. 293-323

„… Confrontation of Interest after Acquisition: Managers, Public Authority,Former and New Shareholders, Third …”

doi.org/10.5771/9783845209586

Kai Terstiege - Die Rechtsstellung von Streitkräften in fremdem Territorium

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Kai Terstiege

Die Rechtsstellung von Streitkräften in fremdem Territorium

Series: Veröffentlichungen aus dem Institut für Internationale Angelegenheiten der Universität Hamburg

Volume 34 2010

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Berliner Erklärung zur „supreme authority“ S. 59-61

„… gezogen werden, nicht für Deutschland alsganzes.Berliner Erklärung zur „supreme authority“Etwa vier Wochen …” „… supreme authority with respect to Germany, including all the powers possessed by the German Government“.In …” „… erworbenen „supreme authority“ war zunächst unbeschränkt und ist vor demHintergrund der seit der Konferenz …”

Historische Entwicklung des humanitären Völkerrechts und des Kriegsrechts bis zum Jahre 1945 S. 26-31

„… Kriegsvölkerrecht verstanden wurde und hat seinen45 Dieses Abschnitt trägt die Überschrift: „On Military Authority …” „… mit der BrüsselerDeklaration „On Military Authority over Hostile Territory“, so tragen die …” „… maßgebendenArt. 42 – 56 der LKO von 1907 die Überschrift „Military Authority over Territory of theHostile State …”

Besonderheit der Stationierung in Deutschland nach dem 2. Weltkrieg S. 48-50

„… Erklärung vom 5. Juni 194578 beanspruchten die Alliierten die „supreme authority“79 und in der Potsdamer …” „… , Völkerrecht-Textsammlung II, S. 2283 ff.79 Zum Begriff und Umfang der „supreme authority“ siehe unten: 3. a. bb.48künftigen …”

Bedeutung und Interpretation des „unconditional surrender“ S. 57-59

„… gezogen werden, nicht für Deutschland alsganzes.Berliner Erklärung zur „supreme authority“Etwa vier Wochen …” „… the undersigned, acting by authority ofthe German High Command, hereby surrender unconditionally …”

Völkerrechtliche Unterscheidung und Wirkung S. 46-48

„… authority“79 und in der Potsdamer Konferenz vom 17. Julibis 2. August 1945 wurden die schon Jahre zuvor …” „… der „supreme authority“ siehe unten: 3. a. bb.48 …”

Rechtscharakter der Besetzung Deutschlands S. 65-74

„… „supreme authority“ in der Berliner Erklärung vom 5. Juni1945 treuhänderisch die oberste Gewalt in …” „… Ausprägungen90 Verdross, S. 467, der zu Recht dem Ausdruck „supreme authority“ keine weiterreichenderechtliche …” „… der „supreme authority“ bestimmten allein die alliierten Siegermächte das SchicksalDeutschlands …”

Abgrenzung verschiedener Okkupationsmöglichkeiten S. 61-63

„… deutschenBevölkerung bekannt gegebenen „supreme authority“ kommt überragende Bedeutung zu, da von diesem Zeitpunkt an …”

Existenz Deutschlands? S. 74-77

„… derFolge besetzt. Infolge des „unconditional surrender“ und der Übernahme der „supreme authority …”

Titelei/Inhaltsverzeichnis S. 2-16

„… Bedeutung und Interpretation des „unconditional surrender“aa. 57Berliner Erklärung zur „supreme authority“bb …”

doi.org/10.5771/9783845226859

Matthias Lehmann, Christoph Kumpan - European Financial Services Law

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

European Financial Services Law

Series: Kooperationswerke Beck - Hart – Nomos

Volume 2019

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Article 22 Competent authority S. 1621-1623

„… Commission proposes to amend Article 20(6) of EMIR to provide that a CCP's competent authority shall send …” „… authorisation. The Commission7 has proposed to amend Article 21 in order to provide that the competent authority …” „… should be invited to participate in any on-site inspection. It will also require the competent authority …”

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

„… Article 39 Authorisation by merging UCITS’ national competent authority; information exchange with …” „… receiving UCITS’ national competent authority 1. Mergers shall be subject to prior authorisation by the …”

Article 66 Additional tasks vis-à-vis master’s competent authority S. 1407-1408

„… tasks vis-à-vis master’s competent authority 1. The master UCITS shall immediately inform the competent …” „… company’s competent authority to forward the information received from the management company to the feeder …” „… Duties of competent authority in case of non-compliance by master 1. If the master UCITS and the feeder …”

Article 63 Additional disclosures to investors and feeder’s competent authority S. 1404-1405

„… Additional disclosures to investors and feeder’s competent authority 1. Member States shall require that, in …”

Article 67 Duties of competent authority in case of non-compliance by master S. 1408-1409

„… competent authority to forward the information received from the management company to the feeder UCITS …” „… Duties of competent authority in case of non-compliance by master 1. If the master UCITS and the feeder …” „… authority imposes any decision, measure, or observation of non-compliance with the conditions of Chapter …”

Article 74 Submission of prospectus, annual and bi-annual reports to competent authority of UCITS and management company S. 1415

„… reports to competent authority of UCITS and management company UCITS shall send their prospectus and any …” „… UCITS is required to provide the relevant documents to the management company’s competent authority …”

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

„… Article 82 Submission of key investor information to UCITS competent authority; duty to keep key …” „… authority. This shall ensure enforcement of the UCITS key investor information rules, but also burdens the …” „… competent authority with reviewing multiple amendments of the thousands of UCITS it receives each year …”

Article 13 Approval of the prospectus S. 999-1004

„… to Article 13.5 of the Prospectus Directive.7 A national competent authority’s liability remains …” „… authority of the home Member State. 2. This competent authority shall notify the issuer, the offeror or the …” „… . If the competent authority fails to give a decision on the prospectus within the time limits laid …”

Article 21 Powers S. 1020-1023

„… ; second, to suspend securities from trading if, in the national competent authority’s opinion, an issuer …” „… competent administrative authority responsible for carrying out the obligations provided for in this …” „… authority or authorities to delegate tasks. Except for delegation of the publication on the Internet of …”

Article 28 Data protection S. 850-851

„… regard to information transmitted to them by any competent authority. However, an interpretation that …” „… national authorities, but also to those transmitted by a competent authority to ESMA or ACER and between …” „… information shared in accordance with MAR. The duty shall not apply (a) where a competent authority states at …”

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

„… ; in the latter case, the host state has some authority over the branch. Art 108(4), (5) of UCITSD deal …” „… with the second and third case. Those are sensitive cases since activity of a host competent authority …” „… could either be the result of a lack of enforcement on the side of the home competent authority or of …”

Article 18 Notification S. 1014-1016

„… competence of the home Member State’s competent authority to approve prospectus supplements, ESMA and a …” „… competent authority of any host Member State may only inform the competent authority of the relevant home …” „… Notification 1. The competent authority of the home Member State shall, at the request of the issuer or the …”

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

„… extension to the CCP’s competent authority. The offering of clearing services for which the CCP has not …” „… authority shall immediately notify the competent authority of that other Member State. Article 16 Capital …” „… authority of the Member State where it is established. 2. The applicant CCP shall provide all information …”

Article 21 Review and evaluation S. 1617-1621

„… the form of a veto to the national competent authority’s decision. The functioning of the college is …” „… not taken the remedial action requested by the CCP’s competent authority within a set time frame; (d …” „… . Where the CCP’s competent authority considers that one of the circumstances referred to in paragraph 1 …”

Chapter 1 Organisational requirements S. 1628-1637

„… audits shall be communicated to the board and shall be made available to the competent authority. 9. In …” „… available to the competent authority and auditors. See comment below → Art 35. Article 28 Risk committee 1 …” „… CCP shall promptly inform the competent authority of any decision in which the board decides not to …”

Article 14 Publication of the prospectus S. 1004-1007

„… to Article 13.5 of the Prospectus Directive.7 A national competent authority’s liability remains …” „… , the German competent authority will be the home competent authority if the Depository Receipts have a …” „… ) (ii)). Otherwise, the home competent authority will be the authority of the Member state where the …”

Article 63 On-site inspections S. 1663-1664

„… competent authority of the Member State where the investigation is to be carried out of the investigation …” „… and of the identity of the authorised persons. Officials of the competent authority concerned shall …” „… the competent authority concerned may also attend the investigations upon request. 5. If a request for …”

Article 86 Precautionary measures to be taken by host Member States S. 384-386

„… host Member States 1. Host Member States shall provide that the competent authority may, for …” „… , host Member States shall provide that the competent authority may require branches of investment firms …” „… taken by host Member States 1. Where the competent authority of the host Member State has clear and …”

Article 13 Accepted market practices S. 756-767

„… as a whole. 4. authority’s discretion further (some exceptions exist, for example, the requirement …” „… practice as established in accordance with this Article. 2. A competent authority may establish an accepted …” „… by any competent authority or by another authority, in particular whether the relevant market …”

Article 35 Establishment of a branch S. 227-233

„… , first to notify the competent authority of its home Member State and to provide it with the following …” „… relating to branches. 3. Unless the competent authority of the home Member State has reason to doubt the …” „… , communicate that information to the competent authority of the host Member State designated as contact point …”

Article 27 Professional secrecy S. 849-850

„… agreement “where necessary”, as determined by the authority. Agreements shall not be concluded where the …” „… professional secrecy, except where the competent authority states at the time of communication that such …” „… professional secrecy applies to all persons who work or who have worked for the competent authority or for any …”

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

„… Article 29 Disclosure of personal data to third countries 1. The competent authority of a Member …” „… fulfilled and only on a case-by-case basis. The competent authority shall ensure that the transfer is …” „… specified by the competent authority of the Member State. 2. The competent authority of a Member State shall …”

Article 79 Obligation to cooperate S. 379-381

„… competent authority as a contact point for the purposes of this Directive and of Regulation (EU) No 600/2014 …” „… constitute an infringement of any regulation in force in that Member State. 4. Where a competent authority …” „… carried out on the territory of another Member State, it shall notify the competent authority of the other …”

Article 23 Precautionary measures S. 1025-1027

„… applicable to all persons who work or have worked for a national competent authority, or for entities to …” „… authority except in accordance with provisions laid down by law. According to Art 22(3), professional …” „… for a new type of security, the competent authority shall decide, in consultation with the issuer …”

Article 6 S. 1697-1699

„… administrative authority handed down its decision. 2. When a decision has been taken in accordance with paragraph …” „… 1, the relevant judicial or administrative authority shall immediately notify that decision to the …” „… appropriate authority chosen by its Member State. 3. The Member State referred to in paragraph 2 shall …”

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

„… , are being or have been carried out by entities not subject to that competent authority’s supervision …” „… duties, in accordance with Article 35 of Regulation (EU) No 1095/2010. 3. Where a competent authority of …” „… appropriate action, shall inform the notifying competent authority of the outcome of that action and, to the …”

Article 10 Competent authorities S. 1771-1773

„… shall notify the Commission and the European Supervisory Authority (European Banking Authority) (EBA …” „… of their duties. Where there is more than one competent authority for matters covered by this …” „… Cyprus; Authority for Supervision of Cooperative Societies; Competent Authority for complaints concerning …”

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

„… national competent authority’s opinion, an issuer's situation is such that trading would be detrimental to …” „… , to provide information. Additional powers are also available if a national competent authority has …” „… provisions. The powers of a national competent authority listed under Arts 21(3)(d) through (g) include the …”

Article 23 Powers of competent authorities S. 838-843

„… of its competent authority’s ability to obtain data records from telecommunications operators …” „… temporary cessation of any practice that the competent authority considers contrary to this Regulation; (l …” „… is needed from the judicial authority of the Member State concerned, the power as referred to in that …”

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

„… previously announced is subject to a public authority’s approval, and such approval is conditional upon …” „… has to be reported to the national competent authority if an intermediary has a reasonable suspicion …” „… market operators and systematic internalisers (→ mn 5 and 9).40 Competent authority, Art 16(3), (4 …”

Article 17 S. 1087-1089

„… competent authority. 8. The Commission shall adopt delegated acts in accordance with Article 30 specifying …” „… practice provides. Article 17 1. A competent authority may prohibit or restrict the following in or from …” „… practice of an insurance or reinsurance undertaking. 2. A competent authority may take the action referred …”

Article 108 Delineation of supervisory powers S. 1460-1462

„… powers regarding the UCITSD are concentrated in the home competent authority, while enforcement of other …” „… under their responsibility, i.e. the UCITS home competent authority is in charge of rules relating to …” „… the fund (and the depositary of the UCITS), while the management company’s home competent authority is …”

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

„… right of the competent authority under Article 69(2) to demand suspension or removal of a financial …” „… instrument and of any related derivative and communicate the relevant decisions to its competent authority …” „… . The competent authority, in whose jurisdiction the suspension or removal originated, shall require …”

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

„… relevant competent authority and the competent authority of the trading venue. The request shall specify to …” „… the condition that a relevant competent authority has granted access pursuant to paragraph 4, or …” „… authority in writing of the decision. Where the trading venue is established in a different Member State to …”

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

„… number of host Member States, provided that ESMA and the competent authority of each host Member State …” „… 16, the competent authority of the home Member State shall require the publication of a supplement to …” „… be approved in accordance with Article 13(1). ESMA and the competent authority of the host Member …”

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

„… competent authority shall be required to draw up only the note and the summary note when securities are …” „… must be approved by a national competent authority. For the first and each subsequent offer or …” „… hand, issuers shall inform the competent authority at least five working days before the date envisaged …”

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

„… branch. II. Commentary Art 110(1) of UCITSD provides the home competent authority’s right to undertake …” „… authority needs to take measures against the management company, it shall keep the home competent authority …” „… informed (Art 109(2) of UCITSD). At the same time, the home competent authority must keep the host …”

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

„… and their powers (1) Each Member State shall designate the central authority referred to in Article …” „… 21(1) of Directive 2003/71/EC as the central competent administrative authority responsible for …” „… designate a competent authority other than the central competent authority referred to in the first …”

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

„… to the competent authority of its home Member State the identity of those tied agents. Where an …” „… Member States in which it intends to provide services the competent authority of the home Member State of …” „… competent authority of the host Member State designated as contact point in accordance with Article 79(1 …”

Article 34 Publication of decisions S. 869-874

„… in an annual report. 3. Where the competent authority has disclosed administrative or criminal …” „… competent authorities exchanging information with the European Securities Market Authority as referred to in …” „… an investigatory nature. Where a competent authority considers that the publication of the identity …”

Article 44 Authorisation and applicable law S. 247-252

„… granted only where the competent authority is satisfied that both the market operator and the systems of …” „… authority to satisfy itself that the regulated market has established, at the time of initial authorisation …” „… market under the supervision of the competent authority. Member States shall ensure that competent …”

Article 81 Exchange of information S. 381-383

„… investigations 1. A competent authority of one Member State may request the cooperation of the competent …” „… authority of another Member State in a supervisory activity or for an on-the-spot verification or in an …” „… competent authority of the regulated market may choose to address them directly, in which case it shall …”

Articles 26 to 32 S. 1291-1293

„… heads of the Financial Market Authority of each Member State (entitled to vote) and non-voting …” „… representatives of the Commission, the ESRB, the European Insurance and Occupational Pensions Authority and a …” „… representative of the European Banking Authority.26 The Council is chaired by a chairperson (in accordance with …”

Article 26 Cooperation with third countries S. 846-849

„… issues. The exception in Article 25(2)(b) regarding adverse effects for a competent authority’s own …” „… Kämmerer A competent authority shall inform ESMA and the other competent authorities where it proposes to …” „… competent authority from another may only be withheld in the circumstances enumerated in Article 25(2 …”

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

„… operators operating an MTF or an OTF shall, without delay, notify the competent authority of the trading …” „… competent authority of the trading venue when a financial instrument ceases to be traded or to be admitted …” „… the competent authority of the trading venue the information set out in the third subparagraph with …”

Article 84 Consultation prior to authorisation S. 383-384

„… 17 of Regulation (EU) No 1095/2010. Article 83 Refusal to cooperate A competent authority may refuse …” „… such a refusal, the competent authority shall notify the requesting competent authority and ESMA …” „… another Member State. 2. The competent authority of the Member State responsible for the supervision of …”

Article 14 Authorisation of a CCP S. 1612-1613

„… apply for authorisation to the competent authority of the Member State where it is established (the …” „… CCP’s competent authority), in accordance with the procedure set out in Article 17. 2. Once …” „… competent authority of any material changes affecting the conditions for authorisation. 5. Authorisation …”

Article 11 Authorisation of deferred publication S. 442-450

„… the competent authority’s prior approval of proposed arrangements for deferred trade-publication, and …” „… Commission on how they are used in practice. 2. The competent authority responsible for supervising one or …” „… website of the relevant competent authority. The temporary suspension shall be valid for an initial period …”

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

„… the suspension is published on the competent authority’s website.44 A renewal for a further period not …” „… opinion to the competent authority in question assessing the compatibility of the waiver with the …” „… paragraph 5. Where that competent authority grants a waiver and a competent authority of another Member …”

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

„… authorities, and among the authorities. Market operators have to inform the relevant competent authority(ies …” „… . To make use of this opportunity, a regulated market must inform the competent authority of its home …” „… Art 35 of Regulation (EU) 1095/2010.18 Upon the request of the competent authority of the host Member …”

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

„… competent authority’s supervision.6 While in case of direct cross-border provision of services all …” „… management company to cease managing that UCITS; or (b) where they consider that the competent authority of …” „… its home Member State, and enforcement is bundled in the competent authority of its home Member State …”

Article 25 Obligation to cooperate S. 844-846

„… other and ESMA for the purposes of this Regulation. 2. A competent authority may refuse to act on a …” „… purpose referred to in paragraph 1. 5. Where a competent authority is convinced that acts contrary to the …” „… State, it shall give notice of that fact in as specific a manner as possible to the competent authority …”

Article 19 Uses of languages S. 1016-1018

„… authority of the home Member State. 2. Where an offer to the public is made or admission to trading on a …” „… or person asking for admission, as the case may be. The competent authority of each host Member State …” „… scrutiny by the competent authority of the home Member State, the prospectus shall be drawn up either in a …”

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

„… transparency on which authority oversees are enforcing the UCITSD; those could be more than one authority, for …” „… instance, there could be one authority in charge of asset und fund management, while the other authority …” „… competent authority, in particular a group of banks or fund management associations or other private sector …”

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

„… notify the relevant competent authority of the identity of all members of their respective management …” „… competent authority with, and to make public, information regarding the ownership of the regulated market …” „… position to exercise significant influence over the management; (b) to inform the competent authority of …”

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

„… . Article 42 Product intervention by competent authorities (1) A competent authority may prohibit or …” „… specified features; or (b) a type of financial activity or practice. (2) A competent authority may take the …” „… (d) the competent authority has properly consulted competent authorities in other Member States that …”

Article 20 Withdrawal of authorisation S. 1616-1617

„… ticle 19(3), and may determine tasks to be entrusted to the CCP’s competent authority or another …” „… competent authority shall conduct a risk assessment of the CCP and submit a report to the college. Within 30 …” „… prejudice to Article 22(3), the CCP’s competent authority shall withdraw authorisation where the CCP: (a …”

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

„… (EU) No 1095/2010. (4) A competent authority shall set limits for each contract in commodity …” „… authority shall review position limits where there is a significant change in deliverable supply or open …” „… notification, ESMA shall issue an opinion to the competent authority concerned assessing the compatibility of …”

Article 26 Obligation to report transactions S. 495-498

„… (2) The operator of a trading venue shall keep at the disposal of the competent authority, for at …” „… complete and accurate details of such transactions to the competent authority as quickly as possible, and …” „… the competent authority of the most relevant market in terms of liquidity for those financial …”

Article 22 Competent authorities S. 835-838

„… , delegation of an authority’s power (see → Art 23 mn 6). Each Member State must notify the Commission, ESMA as …” „… Member State shall designate a single administrative competent authority for the purpose of this …” „… Member States accordingly. The competent authority shall ensure that the provisions of this Regulation …”

Article 19 Home Member State control S. 1187-1189

„… , it shall at the same time file that information with the competent authority of its home Member State …” „… . That competent authority may decide to publish such filed information on its Internet site. (2) The …” „… be filed with the competent authority of the home Member State. (4) The Commission shall adopt, by …”

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

„… that competent authority’s supervision on the territory of another Member State, it shall notify the …” „… competent authority for grossly negligent conduct, competent authorities might hesitate to impose sanctions …” „… 1095/2010. 3. Where a competent authority of one Member State has good reason to suspect that acts contrary …”

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

„… . Without prejudice to the right of the competent authority under Article 69(2) to demand suspension or …” „… communicate the relevant decisions to its competent authority. The competent authority, in whose jurisdiction …” „… investors’ interests or the orderly functioning of the market. Each notified competent authority shall …”

Article 8 Omission of information S. 990-994

„… and irrevocably guaranteed by a Member State or by a Member State's regional or local authority(ies …” „… securities shall be filed with the competent authority of the home Member State and published in accordance …” „… with the arrangements provided for in Article 14(2). 2. The competent authority of the home Member …”

Article 18 Insider lists S. 799-808

„… authority as soon as possible upon its request. (2) Issuers or any person acting on their behalf or on their …” „… disclosure of inside information; and (b) the issuer is able to provide the competent authority, upon request …” „… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 5. Transmission to competent authority …”

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

„… old for three consecutive years.10 Additionally, a competent authority may deregister an SME growth …” „… investment firm intends to use tied agents, the investment firm shall communicate to the competent authority …” „… intends to provide services the competent authority of the home Member State of the investment firm shall …”

Article 62 General investigations S. 1662-1663

„… copy of the simple request or of its decision to the competent authority of the Member State where the …” „… authority of the Member State where the investigation is to be carried out of the investigation and of the …” „… identity of the authorised persons. Officials of the competent authority concerned shall, upon the request …”

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

„… CCP shall be formally submitted to a trading venue, its relevant competent authority and the competent …” „… authority of the CCP. (3) The trading venue shall provide a written response to the CCP within three months …” „… competent authority has granted access pursuant to paragraph 4, or denying access. The trading venue may …”

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

„… ensures transparency on which authority oversees are enforcing the UCITSD; those could be more than one …” „… authority, for instance, there could be one authority in charge of asset und fund management, while the …” „… other authority supervises the depositary. Art 97(2) of UCITSD prohibits a private organisation from …”

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

„… venue (OTC trades).18 Regarding the relevant competent authority for the purpose of determining the …” „… . Relevant competent authority …” „… accordingly by the competent authority.8 Obligation to provide information (Art 22(1) MiFIR) Per Art 22(1 …”

Article 32 Reporting of infringements S. 865-868

„… whistleblowing to a competent authority.2 While this condition was not included in the final version, the third …” „… requires each Member State to ensure that its competent authority establishes effective mechanisms for the …” „… channels of the authority, have to provide for “completeness, integrity and confidentiality of the …”

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

„… Risk Board 1. The European Supervisory Authority (European Banking Authority) (EBA) established by …” „… Authority (European Insurance and Occupational Pensions Authority) (EIOPA) established by Regulation (EU) No …” „… underlying assets, in accordance Art 2(1) Directive 2013/14/EU. Here, too, a national competent authority …”

Article 26 a Information exchange with and among national competent authorities of depositary, UCITS and management company S. 1364

„… meet its obligations and forward those data to its competent authority. Further details are usually …” „… authoritites of the depositary (which is usually the same competent authority as the UCITS’) and the competent …” „… authority of the management company. If a Member State follows a multiple peak model, the depositary’s …”

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

„… After a competent authority has been notified, it must immediately make public its decision and inform …” „… from trading is made by a competent authority pursuant to Arts 69(2)(m) and (n) MiFID II.22 Both Arts …” „… territory. The regulated market shall communicate to the competent authority of its home Member State the …”

Article 23 Third countries S. 1200-1204

„… country, the competent authority of the home Member State may exempt that issuer from requirements under …” „… third country that the competent authority of the home Member State considers as equivalent. The …” „… competent authority shall then inform ESMA of the exemption granted. The information covered by the …”

Article 15 Extension of activities and services S. 1613

„… extension to the CCP’s competent authority. The offering of clearing services for which the CCP has not …” „… authority shall immediately notify the competent authority of that other Member State. Article 16 Capital …” „… authority of the Member State where it is established. 2. The applicant CCP shall provide all information …”

Article 16 Capital requirements S. 1613

„… extension to the CCP’s competent authority. The offering of clearing services for which the CCP has not …” „… authority shall immediately notify the competent authority of that other Member State. Article 16 Capital …” „… authority of the Member State where it is established. 2. The applicant CCP shall provide all information …”

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

„… professional secrecy shall apply to all persons who work or who have worked for the competent authority and for …” „… professional secrecy may not be disclosed to any other person or authority except by virtue of the laws …” „… Supervisory Authority Chapter V Competent authorities Art. 25 TD Wolf-Georg Ringe 1209 1 2 3 4 5 6 7 the …”

Article 93 Notification procedure S. 1433-1436

„… home competent authority. This is the competent authority with the greatest interest in enabling …” „… cross-border market access. The competent authority reviews the documentation and forwards it to the competent …” „… authority of the countries where marketing shall take place. Upon receipt of that notice, the UCITS may be …”

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

„… natural or legal person concerned has notified the competent authority of its home Member State in writing …” „… competent authority in relation to the sovereign debt concerned in writing that it intends to make use of …” „… . Market Behaviour 924 Klaus Ulrich Schmolke 7. The competent authority referred to in paragraphs 5 and 6 …”

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

„… referred to in Article 4. 2. A competent authority may temporarily suspend restrictions referred to in …” „… ; (e) the amounts of sovereign debt that can be traded. The competent authority may also use indicators …” „… under this Article, the relevant competent authority shall notify ESMA and the other competent …”

Article 64 Procedural rules for taking supervisory measures and imposing fines S. 1664-1666

„… reviewed by the Court of Justice. ESMA shall take such decisions after consulting the competent authority …” „… authorised or appointed by, the competent authority of the Member State where the inspection is to be …” „… . To that end, they shall enjoy the powers set out in paragraph 2. Officials of the competent authority …”

Article 26 b Implementing acts S. 1364-1365

„… meet its obligations and forward those data to its competent authority. Further details are usually …” „… authoritites of the depositary (which is usually the same competent authority as the UCITS’) and the competent …” „… authority of the management company. If a Member State follows a multiple peak model, the depositary’s …”

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

„… manipulation or attempted insider dealing or market manipulation to the competent authority of the trading …” „… competent authority as referred to in paragraph 3 without delay. 3. Without prejudice to Article 22, persons …” „… State where the branch is situated. The notification shall be addressed to the competent authority of …”

Article 26 Replacement of depositary S. 1363-1364

„… authority. Further details are usually laid down in the depositary contract. That information shall be …” „… authority as the UCITS’) and the competent authority of the management company. If a Member State follows a …” „… multiple peak model, the depositary’s competent authority must forward the information to the UCITS …”

Article 73 Supervisory measures by ESMA S. 1669-1670

„… 2. ESMA shall, without undue delay, notify the relevant competent authority referred to in Article …” „… 57(1) of a decision to withdraw the registration of a trade repository. 3. The competent authority of a …” „… . The competent authority referred to in paragraph 3 shall be the authority designated under Article 22 …”

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

„… corresponding value in the national currency on 2 July 2014. References to the competent authority in this …” „… paragraph are without prejudice to the ability of the competent authority to exercise its functions in any …” „… ), Member States “shall provide that the competent authority may disclose to the public every measure or …”

Article 72 Exercise of supervisory powers and powers to impose sanctions S. 371-373

„… cooperation of the responsible natural or legal person with the competent authority, without prejudice to the …” „… the investigatory and enforcement powers of a Member State’s national competent authority, and …” „… 22 of MAR, does not oblige Member States to appoint a single competent authority as responsible for …”

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

„… admitted to trading on a trading venue shall notify the relevant competent authority, in accordance with …” „… share capital of the company concerned and each 0,1 % above that. 3. The European Supervisory Authority …” „… (European Securities and Markets Authority) (ESMA) may issue an opinion to the Commission on adjusting the …”

Article 33 SME growth markets S. 217-221

„… tions. A competent authority shall publish a decision to suspend or remove an instrument from …” „… This must be done immediately.15 In addition, a competent authority shall notify ESMA and other …” „… the operator of a MTF may apply to its home competent authority to have the MTF registered as an SME …”

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

„… accordance with paragraph 4 and communicate that report to the competent authority and to ESMA; ESMA shall …” „… competent authority with a complete breakdown of the positions held by all persons, including the members or …” „… or emission allowances or derivatives thereof outside a trading venue provide the competent authority …”

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

„… referred to in paragraph 1 may be temporarily suspended by the relevant competent authority. Before …” „… suspending those restrictions, the relevant competent authority shall notify ESMA and the other competent …” „… months from the date of its publication on the website of the relevant competent authority. The …”

Article 40 Obligation to provide information S. 239-240

„… services in the territory of a Member State through a branch shall provide the competent authority of that …” „… Member State with the following: (a) the name of the authority responsible for its supervision in the …” „… third country concerned. When more than one authority is responsible for supervision, the details of the …”

Article 102 Professional secrecy and confidentiality; supervisory cooperation and information exchange S. 1452-1453

„… persons receive in the course of their duties shall be divulged to any person or authority whatsoever …” „… , where that exchange is to take place between a competent authority and: (a) authorities with public …” „… other financial institutions; (d) ESMA, the European Supervisory Authority (European Banking Authority …”

Article 103 Information exchange in certain cases S. 1453-1454

„… place between a competent authority and: (a) authorities with public responsibility for the supervision …” „… institutions; (d) ESMA, the European Supervisory Authority (European Banking Authority) established by …” „… Authority (European Insurance and Occupational Pensions Authority) established by Regulation (EU) No …”

Article 18 College S. 1615-1616

„… competent authority shall inform the applicant CCP in writing, with a fully reasoned explanation, whether …” „… complete application in accordance with Article 17, the CCP’s competent authority shall establish, manage …” „… 54. 2. The college shall consist of: (a) ESMA; (b) the CCP’s competent authority; (c) the competent …”

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

„… if interpreted as upper limits and not as caps, thus limiting a competent authority’s discretion with …” „… authority, without prejudice to the need to ensure disgorgement of profits gained or losses avoided by that …” „… features Purpose In setting parameters for a competent authority to determine administrative sanctions …”

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

„… investigations 1. A competent authority of one Member State may request the cooperation of the competent …” „… authority of another Member State in a supervisory activity or for an on-the-spot verification or in an …” „… competent authority of the regulated market may choose to address them directly, in which case it shall …”

Article 85 Powers for host Member States S. 384

„… host Member States 1. Host Member States shall provide that the competent authority may, for …” „… , host Member States shall provide that the competent authority may require branches of investment firms …” „… taken by host Member States 1. Where the competent authority of the host Member State has clear and …”

Introduction S. 941-951

„… Ho L, Principles of Corporate Finance Law (2nd edn, 2014), 435-437; Financial Conduct Authority …” „… , Applying behavioural economics at the Financial Conduct Authority (2013), 4; Fox M, ‘Retaining Mandatory …” „… Supervisory Authority (European Banking Authority), the European Supervisory Authority (European Insurance and …”

Article 4 Waivers for equity instruments S. 408-417

„… Regulation or Directive 2014/65/EU and to report attempts to the competent authority. Where a competent …” „… authority grants a waiver in accordance with paragraph 1(b) (i) or (iii), that competent authority shall …” „… receipt of the notification, ESMA shall issue a nonbinding opinion to the competent authority in question …”

Articles 21 to 25 a S. 1288-1291

„… Securities and Markets Authority, 6 January 2015, Official Journal of the European Union, L 2, p. 1 …” „… Markets Authority, 6 January 2015, Official Journal of the European Union L 2, p. 24. Level 3: ESMA …” „… Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European …”

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

„… market operators operating an MTF or an OTF to inform its competent authority immediately of significant …” „… prohibited under Regulation (EU) No 596/2014, a competent authority must be convinced that such behaviour is …” „… authority competent for the investigation and prosecution of market abuse and to provide full assistance to …”

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

„… Article 20 Issuers incorporated in third countries 1. The competent authority of the home Member …” „… Paola Lucantoni 1 2 3 4 tered office in a third country, the national competent authority which must …” „… ). Under Art 20(1), a national competent authority which is responsible to regulate third-country issuers …”

Article 25 Obligation to maintain records S. 494-495

„… IV. Competent authority and procedure The competent NCA is identified by the Member State as the …” „… disposal of the competent authority, for five years, the relevant data relating to all orders and all …” „… Parliament and the Council of 24 November 2010 establishing a European Supervisory Authority (European …”

Article 58 Examination of the application S. 1659-1660

„… authority in the Member State where it is established, ESMA shall, without undue delay, notify and consult …” „… that competent authority prior to the registration of the trade repository. 2. ESMA and the relevant …” „… competent authority shall exchange all information that is necessary for the registration of the trade …”

Article 48 Register S. 571-572

„… branch is under the supervision of the authority where the branch is established. But where the branch is …” „… permitted to provide or perform and the reference of the competent authority responsible for their …” „… referred the matter to the competent authority of the third country and that third-country competent …”

Article 49 Tick sizes S. 292-296

„… competent authority upon request of the competent authority of the home Member State, so that the authority …” „… specific liquidity band based on a periodic review by the relevant competent authority.4 An assignment …” „… cannot, however, be adjusted by a trading venue or a competent authority manually between scheduled …”

Article 69 Supervisory powers S. 358-362

„… with this Directive and with its implementing measures shall lie with the competent authority or …” „… authority to enforce a provision of this Directive or of Regulation (EU) No 600/2014, their respective roles …” „… powers to: (a) have access to any document or other data in any form which the competent authority …”

Article 40 ESMA temporary intervention powers S. 542-544

„… the risk of overregulation because the authority with the strictest standards will prevail. For this …” „… do not address the threat; (c) a competent authority or competent authorities have not taken action …” „… measure relates to agricultural commodities derivatives. Where a competent authority or competent …”

Article 37 Access to CCP, clearing and settlement facilities and right to designate settlement system S. 234-235

„… economic settlement of the transaction in question; (b) agreement by the competent authority of the …” „… smooth and orderly functioning of financial markets. That assessment of the competent authority of the …” „… . The competent authority shall take into account the oversight/supervision already exercised by those …”

Article 76 Professional secrecy S. 377-378

„… . However, where the competent authority or other authority, body or person communicating information …” „… consents thereto, the authority receiving the information may use it for other purposes. 2. Title VI …” „… consent of the competent authority or other authority or body or natural or legal person that communicated …”

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

„… instruction from its competent authority pursuant to Article 69(2) to suspend or remove a financial instrument …” „… MTF or an OTF provide the competent authority with a detailed description of the functioning of the …” „… notification to the European Securities and Markets Authority according to Directive 2014/65/EU of the European …”

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

„… recommendation, each competent authority shall confirm whether it complies or intends to comply with that …” „… guideline or recommendation. In the event that a competent authority does not comply or intend to comply, it …” „… shall inform ESMA, stating its reasons. 7. ESMA shall publish the fact that a competent authority does …”

Article 78 Data protection S. 378-379

„… market operators, CCPs, CSDs, or otherwise with the consent of the competent authority or other authority …” „… , confidential information that has not been received from a competent authority of another Member State. Article …” „… exchange of information, Member States shall designate a single competent authority as a contact point for …”

Article 26 Precautionary measures S. 1210-1211

„… . Article 26 Precautionary measures (1) Where the competent authority of a host Member State finds that the …” „… competent authority of the home Member State and to ESMA. (2) If, despite the measures taken by the …” „… competent authority of the home Member State, or because such measures prove inadequate, the issuer or the …”

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

„… ; legislators 1. Articles 102 and 103 shall not prevent a competent authority from transmitting to central banks …” „… exchanging information cross-border for the purpose of enforcing EU law. The competent authority delivering …” „… supervisory task of those authorities (Art 102(3) of UCITSD). Again, the delivering competent authority shall …”

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

„… information which is regarded by the competent authority as being equivalent to that of the prospectus, taking …” „… information which is regarded by the competent authority as being equivalent to that of the prospectus, taking …” „… 969 11 12 On the request of the competent authority of a Member State, the Commission shall adopt …”

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

„… admitted to trading before that time).11 The national competent authority is required to monitor …” „… of any incompleteness or inaccuracy they identify.12 The national competent authority shall then …” „… accurate, consolidates the notifications received from each competent authority and publishes the complete …”

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

„… competent authority of the most relevant market in terms of liquidity as defined in Article 26 for each …” „… ) instruments traded on a trading venue for which there is a liquid market and for which the authority is the …” „… competent authority.14 Under Art 11(3) subpara 1 (a) to (c) of the Commission Delegated Regulation (EU …”

Article 16 Supplements to the prospectus S. 1009-1013

„… competent authority a supplement as soon as practicable after a significant new factor occurs or a material …” „… national competent authority, in accordance with Art 14(6). Moreover, according to Art 16(1), every …” „… competent authority cannot be subsequently modified (apart from the supplement procedure). However, in case …”

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

„… Emergency situations The CCP’s competent authority or any other authority shall inform ESMA, the college …” „… emergency situations that requires a CCP’s competent authority or any other authority to inform ESMA, the …” „… paragraph 2 are met, ESMA shall consult: (a) the competent authority of a Member State in which the CCP …”

Article 3 Definitions S. 654-657

„… practice’ means a specific market practice that is accepted by a competent authority in accordance with …” „… in point (12) of Article 4(1) of Directive 2014/65/EU; (12) ‘competent authority’ means an authority …” „… Regulation (EU) No 1227/2011; (23) ‘national regulatory authority’ means national regulatory authority as …”

Article 2 Definitions S. 883-888

„… ; (j) ‘relevant competent authority’ means: (i) in relation to sovereign debt of a Member State, or, in …” „… credit default swap relating to a Member State or a member of a federation, the competent authority of …” „… the Union, the competent authority of the jurisdiction in which the department issuing the debt is …”

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

„… authority of any change to the membership of its management body before such change takes effect. Where, for …” „… other natural or legal persons, the competent authority shall grant authorisation only if those links do …” „… not prevent the effective exercise of the supervisory functions of the competent authority. 2. The …”

Article 9 Sanctions for legal persons S. 637-640

„… based on: (a) a power of representation of the legal person; (b) an authority to take decisions on …” „… behalf of the legal person; or (c) an authority to exercise control within the legal person. 2. Member …” „… its authority. 3. Liability of legal persons under paragraphs 1 and 2 shall not exclude criminal …”

Article 7 Minimum information S. 987-990

„… , delegates authority to the Commission to adopt delegated acts. Article 7, and related provisions in the …” „… Annex XVIII of the 2004 Prospectus Regulation—the competent authority shall decide, in consultation with …” „… competent authority, the Commission shall be informed.3 As stated under Art 23(1) of the Prospectus …”

Article 59 Requirement for authorisation S. 339-340

„… home Member State competent authority designated in accordance with Article 67. (2) By way of …” „… competent authority has withdrawn an authorisation in accordance with Article 62, that withdrawal shall be …” „… providers to provide their services under the supervision of the competent authority. Member States shall …”

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

„… positive decision of the relevant competent authority responsible for supervision of the counterparty which …” „… authority referred to in Article 10(5). The exemption shall be valid unless the notified competent authority …” „… paragraph 3 of this Article, on the basis of a positive decision of the relevant competent authority …”

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

„… documents which are needed to oversee and monitor management decisionmaking. 7. The competent authority …” „… require the market operator to notify the competent authority of the identity of all members of its …” „… relevant competent authority to hold an additional non-executive directorship, and ESMA has to be informed …”

Article 71 Withdrawal of registration S. 1668-1669

„… decision by the authority which the government of each Member State shall designate for that purpose and …” „… competent authority referred to in Article 57(1) of a decision to withdraw the registration of a trade …” „… repository. 3. The competent authority of a Member State in which the trade repository performs its services …”

Article 16 S. 1086-1087

„… product or activity do not address the threat; (c) a competent authority or competent authorities have not …” „… regulatory arbitrage. Where a competent authority or competent authorities have taken a measure under Article …” „… competent authority. 8. The Commission shall adopt delegated acts in accordance with Article 30 specifying …”

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

„… shall inform the competent authority about the content of the binding written agreement and shall, upon …” „… request, provide all further information to the competent authority necessary to enable the competent …” „… authority to satisfy itself of compliance by the regulated market with this paragraph. 4. Member States …”

Article 20 Languages S. 1189-1193

„… regulated information, they are required to file that information with the competent authority of the …” „… issuer’s home Member State at the same time. The competent authority may then decide to publish such filed …” „… , at the same time, file the information with the national authority. III. Delegated lawmaking powers …”

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

„… information under Art 54 MiFID II without undue delay to the authority which is competent to investigate and …” „… of Regulation (EU) No 648/2012, the competent authority of a regulated market may not oppose the use …” „… duplication of control, the competent authority shall take into account the oversight/supervision of the …”

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

„… swaps Where a competent authority suspends restrictions in accordance with Article 14(2), a natural or …” „… competent authority where such a position reaches or falls below the relevant notification thresholds for …” „… to the time in the Member State of the relevant competent authority to whom the relevant position …”

Article 11 Penalties S. 1773-1774

„… Nutrición – Sweden: Finansinspektionen – United Kingdom: Financial Services Authority Duties of the …” „… cooperation includes cooperation with the European Banking Authority (EBA). But reference to Art 31 of …” „… November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision …”

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

„… . A notification under Art 5 SSR has to be made to the ‘relevant competent authority’. Article 2(j …” „… to issued shares as covered by Art 5 SSR, the relevant NCA is the authority of the Member State in …” „… (j)(v) SSR refers to the authority as defined in Art 2(7) of Commission Regulation (EC) No 1287/2006. In …”

Article 105 S. 616-617

„… establishing a central EU listing authority. In line with the principle of subsidiarity set out in Art 5(3) of …” „… authority, but this function was transferred to the FCA5 in 2000 because, after the demutualisation of the …” „… Official Listing of Securities (Change of Competent Authority) Regulations 2000 (SI 2000/968); the relevant …”

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

„… 14(2) SSR has been criticised as ‘paradoxical’ insofar as it is precisely at the time when an authority …” „… may invoke the suspension that the authority is (also) empowered to restrict (!) other forms of short …” „… is located in a third country. 2. The relevant competent authority for shares of a company that are …”

Article 23 Cooperation between authorities S. 1623

„… Emergency situations The CCP’s competent authority or any other authority shall inform ESMA, the college …” „… emergency situations that requires a CCP’s competent authority or any other authority to inform ESMA, the …”

Article 24 Emergency situations S. 1623

„… Emergency situations The CCP’s competent authority or any other authority shall inform ESMA, the college …” „… emergency situations that requires a CCP’s competent authority or any other authority to inform ESMA, the …”

Article 19 Managers’ transactions S. 808-824

„… and the competent authority referred to in the second subparagraph of paragraph 2: (a) in respect of …” „… . Notifications shall be made within three working days of the transaction date to the competent authority of that …” „… competent authority of the home Member State in accordance with Art. 19 MAR 2. Market Behaviour 808 …”

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

„… their reasons. 6. Where a competent authority of a Member State disagrees with the determination of the …” „… powers of that third country’s supervisory authorities. Where a competent authority of another Member …” „… on it under Article 19 of Regulation (EU) No 1095/2010. Where a competent authority of an EU AIF does …”

Article 5 b Reliance on credit ratings by the European Supervisory Authorities and the European Systemic Risk Board S. 1249

„… Risk Board 1. The European Supervisory Authority (European Banking Authority) (EBA) established by …” „… Authority (European Insurance and Occupational Pensions Authority) (EIOPA) established by Regulation (EU) No …”

Article 82 Binding mediation S. 383

„… 17 of Regulation (EU) No 1095/2010. Article 83 Refusal to cooperate A competent authority may refuse …” „… such a refusal, the competent authority shall notify the requesting competent authority and ESMA …” „… another Member State. 2. The competent authority of the Member State responsible for the supervision of …”

Article 83 Refusal to cooperate S. 383

„… 17 of Regulation (EU) No 1095/2010. Article 83 Refusal to cooperate A competent authority may refuse …” „… such a refusal, the competent authority shall notify the requesting competent authority and ESMA …” „… another Member State. 2. The competent authority of the Member State responsible for the supervision of …”

Article 49 Withdrawal of registration S. 572-574

„… referred the matter to the competent authority of the third country and that third-country competent …” „… authority has not taken the appropriate measures needed to protect investors and the proper functioning of …” „… third-country competent authority of its intention to withdraw the registration of the third-country firm at …”

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

„… the Member State of the relevant competent authority to whom the relevant position must be notified. 3 …” „… . The notification of information to a relevant competent authority shall ensure the confidentiality of …” „… supervised by the relevant competent authority. The competent authorities shall communicate the address of …”

Article 72 Supervisory fees S. 1669

„… 2. ESMA shall, without undue delay, notify the relevant competent authority referred to in Article …” „… 57(1) of a decision to withdraw the registration of a trade repository. 3. The competent authority of a …” „… . The competent authority referred to in paragraph 3 shall be the authority designated under Article 22 …”

Article 7 Authorisation of deferred publication S. 425-428

„… firms operating a trading venue shall obtain the competent authority’s prior approval of proposed …” „… competent authority authorises deferred publication and a competent authority of another Member State …” „… competent authority 10 Art 12(1) of the Commission Delegated Regulation (EU) 2017/587. 11 Art 12(2) of the …”

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

„… sovereign debt shall notify the relevant competent authority, in accordance with Article 9, where such a …” „… made is set out in Art 9 SSR,3 to which Art 7(1) SSR refers. The ‘relevant competent authority’, as the …” „… Art 17 SSR.6 A notification has to be made to the ‘relevant competent authority’, i.e. the ‘relevantʼ …”

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

„… . 2. The relevant competent authority for shares of a company that are traded on a trading venue in …” „… authority shall notify ESMA of any such shares identified as having their principal trading venue located in …” „… competent authority shall notify ESMA of those shares for which the principal trading venue is in a third …”

Article 7 S. 1051-1054

„… competent authority of the Member State where the PRIIP is distributed. This represents an alternative to …” „… restriction in relation to the further language accepted by the competent authority of the Member State …” „… to translate a KID into the non-official language accepted by the competent authority of the …”

Article 73 Reporting of infringements S. 373-375

„… consider the level of cooperation of the responsible persons with the authority. Considering that …” „… ensure that its national competent authority establishes legal instruments for the protection of …” „… authority is a variant.1 It requires Member States to ensure that the national competent authorities …”

Article 11 Incorporation by reference S. 995-997

„… have been approved by the competent authority of the home Member State or filed with it in accordance …” „… documents previously approved by a national competent authority, and provides specific requirements in order …” „… competent authority or filed in accordance with the 2004 Prospectus Regulation or the Transparency Directive …”

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

„… . 8. In order to ensure consistent harmonisation of this Article the European Supervisory Authority …” „… (European Securities and Markets Authority) (hereinafter ‘ESMA’), established by Regulation (EU) No …” „… the national competent authority. As follows from Art 5(3) of UCITSD, the UCITS (i.e. the fund) and …”

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

„… supervisory task, ESMA may delegate specific supervisory tasks to the competent authority of a Member State in …” „… authority. Such consultation shall concern: (a) the scope of the task to be delegated; (b) the timetable for …” „… reimburse a competent authority for costs incurred as a result of carrying out delegated tasks. 4. ESMA …”

Article 5 The prospectus S. 974-984

„… the competent authority of the home Member State, and communicated by that competent authority to the …” „… competent authority of the host Member State(s) as soon as practicable upon the making of a public offer and …” „… authority of the home Member State shall communicate those final terms to ESMA. The final terms shall …”

Article 39 Establishment of a branch S. 237-239

„… established and the requesting firm is properly authorised, whereby the competent authority pays due regard to …” „… referred to in paragraph 1 shall submit its application to the competent authority of the Member State …” „… services in the territory of a Member State through a branch shall provide the competent authority of that …”

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

„… sovereign credit default swaps, for which it is the relevant competent authority and receives notifications …” „… Regulation, additional information from a relevant competent authority on net short positions relating to …” „… default swaps. The competent authority shall provide the requested information to ESMA at the latest …”

Article 5 S. 1695-1697

„… administrative authority handed down its decision. 2. When a decision has been taken in accordance with paragraph …” „… 1, the relevant judicial or administrative authority shall immediately notify that decision to the …” „… appropriate authority chosen by its Member State. 3. The Member State referred to in paragraph 2 shall …”

Article 17 Algorithmic trading S. 120-134

„… participant of the trading venue. The competent authority of the home Member State of the investment firm may …” „… paragraph 1 are satisfied and details of the testing of its systems. The competent authority of the home …” „… about its algorithmic trading and the systems used for that trading. The competent authority of the home …”

Article 18 Entry into force S. 1784-1785

„… . – competent authority MAR 17 108 – confidentiality no longer ensured MAR 17 102 – consent by authority MAR …” „… – historical development MAR 17 12 et seq. – information to authority MAR 17 83 – intellectual property MAR …” „… 17 68 – protracted process MAR 17 81 – public authority approval MAR 17 73 – rumour MAR 17 103 et …”

Article 15 Advertisements S. 1007-1009

„… said authority is of the opinion that a newspaper chosen by an issuer does not comply with the …” „… case, the relevant national competent authority might require the publication of the prospectus (or any …” „… authority to publish, on its website over a period of 12 months, at its choice, either all of the …”

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

„… Pursuant to Article 54 EMIR, the national competent authority, with the joint opinion of the relevant …” „… registered by a competent authority in the Member State where it is established, ESMA shall, without undue …” „… delay, notify and consult that competent authority prior to the registration of the trade repository. 2 …”

Titelei/Inhaltsverzeichnis S. I-XLII

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Article 38 1371 Authorisation by merging UCITS’ national competent authority; information exchange with …” „… receiving UCITS’ national competent authority . . . . . . . . . . . . . . . . . . . Article 39 1372 Common …” „… Additional disclosures to investors and feeder’s competent authority . . . . . . . . . . . . .Article 63 1404 …”

Articles 32 to 41 S. 937-939

„… professional secrecy on all persons working for an NCA or any authority or person to whom the NCA has delegated …” „… cooperation agreements as well as exchanges among NCAs of information obtained from a supervisory authority in …” „… detail with procedures for transferring data obtained by an NCA to a supervisory authority of a third …”

Articles 42 to 48 S. 939-941

„… the data to a supervisory authority in a third country is necessary for the purposes of the SSR …” „… establishing a European Supervisory Authority (European Securities and Markets Authority) [2010] OJ L331/84. 9 …” „… Corporate Finance Law (2nd edn, 2014), 435-437; Financial Conduct Authority, Applying behavioural economics …”

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

„… the home competent authority’s supervision.6 While in case of direct cross-border provision of …” „… services situation: the branch is subject to the host competent authority, the main office is subject to …” „… services all supervision is concentrated in the hands of the management company’s home competent authority …”

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

„… authorisation (1) The competent authority shall not grant authorisation unless and until such time as it is …” „… organisational structure, necessary to enable the competent authority to satisfy itself that the data reporting …” „… Services 340 Matthias Lehmann Article 62 Withdrawal of authorisations The competent authority may withdraw …”

Article 67 Designation of competent authorities S. 357-358

„… the exercise of public authority or the use of discretionary powers of judgement. Member States shall …” „… compliance with this Directive and with its implementing measures shall lie with the competent authority or …” „… authority to enforce a provision of this Directive or of Regulation (EU) No 600/2014, their respective roles …”

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

„… establishing a central EU listing authority. In line with the principle of subsidiarity set out in Art 5(3) of …” „… authority, but this function was transferred to the FCA5 in 2000 because, after the demutualisation of the …” „… Official Listing of Securities (Change of Competent Authority) Regulations 2000 (SI 2000/968); the relevant …”

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

„… European Supervisory Authorities and the European Systemic Risk Board 1. The European Supervisory Authority …” „… (European Banking Authority) (EBA) established by Regulation (EU) No 1093/2010 of the European Parliament …” „… and of the Council, the European Supervisory Authority (European Insurance and Occupational Pensions …”

Article 48 Consequences of merger S. 1377-1380

„… assemble the documentation for approval by the merging UCITS’s competent authority. Again, that competent …” „… authority has little incentive to wave through a merger to the disadvantage of UCITS under its supervision …” „… state the competent authority shall have the document), c) the depositary’s statement of compliance, and …”

Article 54 Approval of interoperability arrangements S. 1655-1658

„… authority considers that the requirements laid down in paragraph 2 are not met, it shall provide …” „… authority, that competent authority shall reconsider its position, taking into account ESMA’s opinion. 4. By …” „… interoperability. Nevertheless, the competent authority of the CCP or that of the trading venue must grant access …”

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

„… Article 62 Withdrawal of authorisations The competent authority may withdraw the authorisation …” „… States shall require the data reporting services provider to notify the competent authority of all …” „… Matthias Lehmann 341 (5) The competent authority shall refuse authorisation if it is not satisfied that the …”

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

„… an EU authority has considered to be not justified or unproportional, or where it declines to take …” „… action in spite of the EU authority opining that the action is necessary. In urgent cases, when time is …” „… , for structured deposits, EBA shall ensure that action taken by a competent authority is justified and …”

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

„… happens to be already known to the authority or if the latter does not share the legal assessment of the …” „… administrative measures imposed by the competent authority in accordance with Articles 30, 31 and 32. ESMA shall …” „… the competent authority has disclosed administrative or criminal sanctions or other administrative …”

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

„… issuer is situated in a third country, the competent authority of the home Member State may exempt that …” „… requirements of the law of a third country that the competent authority of the home Member State considers as …” „… equivalent. The competent authority shall then inform ESMA of the exemption granted. The information covered …”

Article 47 Organisational requirements S. 264-268

„… knowledge. Thus, it appears necessary to have the competent authority assess an influential person’s …” „… functions delegated to the regulated market by the competent authority; (b) to be adequately equipped to …” „… to the regulated market by a competent authority. 1. 2. 3. 1 Commission Delegated Regulation (EU …”

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

„… third country who is authorised or registered, and is subject to supervision by an authority in that …” „… required that the relevant authority in the third country is party to an appropriate cooperation agreement …” „… paragraph 1 may be temporarily suspended by the relevant competent authority. Before suspending those …”

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

„… , APAs should request the MIC from the ISO 10383 Registration Authority (SWIFT) to ensure identification …” „… transaction of the action taken.26 The competent authority for the purpose of determining the applicable …” „… is the competent authority of the investment firm responsible for making the trade public through an …”

Article 71 Publication of decisions S. 368-371

„… MAR), a national competent authority may impose a “maximum fine […] of up to 10% of the total annual …” „… to each other in practice. More specifically, we may ask whether the national competent authority (1 …” „… data of the natural persons is considered by the competent authority to be disproportionate following a …”

Article 41 Granting of the authorisation S. 240-242

„… . Article 41 Granting of the authorisation 1. The competent authority of the Member State where the …” „… competent authority is satisfied that: (a) the conditions under Article 39 are fulfilled; and (b) the branch …” „… competent authority shall inform the third-country firm, within six months of submission of a complete …”

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

„… , both depositaries are mandated to inform their competent authority by the general depositary …” „… obligations.1 Given that UCITS and depositary do not reside in the same Member States, the competent authority …” „… in charge of the depositary is the competent authority of the feeder UCITS. Art 60(2) of UCITSD …”

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

„… , para 17; cf. ECJ, Case C-271/91 Marshall v Southampton and South West Hampshire Area Health Authority …” „… ; Conciliation Centre of Croatian Chamber of Economy – Cyprus: Central Bank of Cyprus; Authority for the …” „… Protection Board; Financial Supervision Authority – Finland: Consumer Dispute Board – France: Comité de la …”

Article 4 S. 1039-1046

„… intervention powers assigned to the European Insurance and Occupational Pension Authority (‘EIOPA’) and the …” „… authority in accordance with Article 39 (1) and (3) MiFIR (Regulation (EU) No 600/2014 of the European …” „… competent national authority in accordance with Article 39 (2) and (3) MiFIR. 18 See for example part 2, II …”

Article 107 S. 618-620

„… not be divulged to any person or authority except by virtue of provisions laid down by law. 2 …” „… or her duties, and the information may not be divulged to any person or authority except by virtue of …” „… prohibits the divulgement of such confidential information to any person or authority. In light of the …”

Article 11 a European rating platform S. 1281-1283

„… Securities and Markets Authority, 6 January 2015, Official Journal of the European Union L 2, p. 1 II …” „… supervision by the European Securities and Markets Authority, 6 January 2015 (OJ EU L 2/1). Title II Issuing …” „… agencies make available to the European Securities and Markets Authority, 6 January 2015, Official Journal …”

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

„… competent authority; duty to keep key investor information up to date 1. UCITS shall send their key investor …” „… UCITS’ competent authority. This shall ensure enforcement of the UCITS key investor information rules …” „… , but also burdens the competent authority with reviewing multiple amendments of the thousands of UCITS …”

Article 19 Specific requirements for MTFs S. 142-145

„… previously submitted to a competent authority being incorrect, the MTF/OTF operator must immediately inform …” „… the competent authority.45 However, if information is provided to correct, update or explain …” „… approved under MiFID I should inform the relevant competent authority about all information that they have …”

Article 56 Application for registration S. 1659

„… authority in the Member State where it is established, ESMA shall, without undue delay, notify and consult …” „… that competent authority prior to the registration of the trade repository. 2. ESMA and the relevant …” „… competent authority shall exchange all information that is necessary for the registration of the trade …”

Article 57 Notification of and consultation with competent authorities prior to registration S. 1659

„… authority in the Member State where it is established, ESMA shall, without undue delay, notify and consult …” „… that competent authority prior to the registration of the trade repository. 2. ESMA and the relevant …” „… competent authority shall exchange all information that is necessary for the registration of the trade …”

Article 7 Criminal penalties for natural persons S. 637

„… based on: (a) a power of representation of the legal person; (b) an authority to take decisions on …” „… behalf of the legal person; or (c) an authority to exercise control within the legal person. 2. Member …” „… its authority. 3. Liability of legal persons under paragraphs 1 and 2 shall not exclude criminal …”

Article 8 Liability of legal persons S. 637

„… based on: (a) a power of representation of the legal person; (b) an authority to take decisions on …” „… behalf of the legal person; or (c) an authority to exercise control within the legal person. 2. Member …” „… its authority. 3. Liability of legal persons under paragraphs 1 and 2 shall not exclude criminal …”

Article 10 Application of notification and disclosure requirements S. 906

„… sovereign credit default swaps, for which it is the relevant competent authority and receives notifications …” „… Regulation, additional information from a relevant competent authority on net short positions relating to …” „… default swaps. The competent authority shall provide the requested information to ESMA at the latest …”

Article 10 Conditions for taking up business S. 1333

„… supervision responsibility in favour of the management company’s home competent authority. II. Commentary As …” „… authority of the UCITS management company’s home Member State1 may accept a short-term undercutting of the …” „… competent authority of the management company’s home Member State is responsible for the prudential …”

Article 18 S. 1089

„… authority is justified and proportionate and that, where appropriate, a consistent approach is taken by …” „… 's website. 3. Where a competent authority proposes to take, or takes, action contrary to an opinion adopted …” „… set out the competences of the European Insurance and Occupational Pension Authority (‘EIOPA’) and the …”

Article 19 S. 1089

„… authority is justified and proportionate and that, where appropriate, a consistent approach is taken by …” „… 's website. 3. Where a competent authority proposes to take, or takes, action contrary to an opinion adopted …” „… set out the competences of the European Insurance and Occupational Pension Authority (‘EIOPA’) and the …”

Article 19 Opinion of the college S. 1616

„… ticle 19(3), and may determine tasks to be entrusted to the CCP’s competent authority or another …” „… competent authority shall conduct a risk assessment of the CCP and submit a report to the college. Within 30 …” „… prejudice to Article 22(3), the CCP’s competent authority shall withdraw authorisation where the CCP: (a …”

Article 29 S. 1093-1095

„… 2. The competent authority shall, on an annual basis, provide the competent ESA with aggregate …” „… , or identity or personal data of natural persons, is considered by the competent authority to be …” „… official website of the competent authority only for the period which is necessary in accordance with the …”

Article 7 Application for authorisation S. 1480-1482

„… competent authority for each such AIFM. The register shall be made available in electronic format. 6. In …” „… for AIFM authorisation with the competent authority in the home Member State where it is domiciled …” „… . Art 7(2)-(4) specify the information that must be filed with the competent authority for purposes of …”

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

„… such determination. 8. If a competent authority proposes to take action contrary to ESMA’s advice …” „… competent authority does not comply or intend to comply with its advice. ESMA may also decide, on a …” „… case-by-case basis, to publish the reasons provided by the competent authority for not complying with its …”

Article 68 Cooperation between authorities in the same Member State S. 358

„… with this Directive and with its implementing measures shall lie with the competent authority or …” „… authority to enforce a provision of this Directive or of Regulation (EU) No 600/2014, their respective roles …” „… powers to: (a) have access to any document or other data in any form which the competent authority …”

Article 77 Relations with auditors S. 378

„… market operators, CCPs, CSDs, or otherwise with the consent of the competent authority or other authority …” „… , confidential information that has not been received from a competent authority of another Member State. Article …”

Article 70 Sanctions for infringements S. 362-368

„… authority’s power to issue a public statement on the infringer and its conduct –, it is unclear whether such …” „… national authority, while criminal sanctions are imposed by a state’s judiciary. However, this criterion is …” „… mn 4). The minimum toolkit: Article 70(6) Each Member State must provide its competent authority with …”

Articles 14 to 20 S. 1284-1288

„… regard to fees charged by the European Securities and Markets Authority to credit rating agencies, 28 …” „… competent authority for registering a credit rating agency is ESMA, in accordance with Arts 16 (3) and 17(3 …” „… Authority to credit rating agencies, of 28 March 2012 (OJ EU L 90/6). 20 Recital 2 of Delegated Regulation …”

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

„… the supervisory authority of the third country where the non-EU AIF is established in order to ensure …” „… agreements. Where a competent authority of another Member State disagrees with the assessment made on the …” „… authority of the Member State of reference and the competent authorities of the host Member States of the …”

Article 16 Organisational requirements S. 65-120

„… the competent authority to fulfil its supervisory tasks and to perform the enforcement actions under …” „… period of five years and, where requested by the competent authority, for a period of up to seven years …” „… branches of investment firms, the competent authority of the Member State in which the branch is located …”

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

„… venue shall obtain the competent authority’s prior approval of proposed arrangements for deferred …” „… report to the Commission on how they are applied in practice. Where a competent authority authorises …” „… deferred publication and a competent authority of another Member State disagrees with the deferral or …”

Article 2 Definitions S. 1576-1578

„… cross-system execution of transactions; (13) ‘competent authority’ means the competent authority referred to in …” „… the legislation referred to in point (8) of this Article, the competent authority referred to in …” „… Article 10(5) or the authority designated by each Member State in accordance with Article 22; (14 …”

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

„… ulated market, MTF or systematic internaliser. Moreover, the competent authority may require a …” „… Law Journal 404; Financial Conduct Authority, Financial Advice Market Review: Final Report, March 2016 …” „… determined by the relevant competent authority. Under MiFID II, the European Securities and Markets Authority …”

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

„… that of Title IV. Competent authority and procedure The competent NCA is identified by the Member State …” „… disposal of the competent authority, for five years, the relevant data relating to all orders and all …” „… Parliament and the Council of 24 November 2010 establishing a European Supervisory Authority (European …”

Article 20 Specific requirements for OTFs S. 145-149

„… prejudice to Articles 18 and 27. 7. The competent authority may require, either when an investment firm or …” „… addition, the investment firm or market operator of an OTF shall provide the competent authority with …” „… information explaining its use of matched principal trading. The competent authority shall monitor an …”

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

„… market practice, defined as ‘a specific market practice that is accepted by the competent authority of a …” „… of non-compliance with the requirements of the AMP regime by the national competent authority …” „… by a national competent authority, for example, proceedings seeking the cessation of a particular …”

Article 9 Third country relations S. 1332-1333

„… competent authority. II. Commentary As operating conditions, the UCITS management company needs to fulfill …” „… unexpected difficulties, the competent authority of the UCITS management company’s home Member State1 may …” „… subsequently met after a limited period. The competent authority of the management company’s home Member State …”

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

„… paragraph 6 if the information contained in the notification is made public by its competent authority …” „… , the European Supervisory Authority (European Securities and Markets Authority) (hereinafter ‘ESMA …” „… issuer (see → Art 9(1)) and the market authority (see → Art 19(3)). Contents Article 12(1) provides for a …”

Article 36 Access to regulated markets Christoph Kumpan and Ronny Grütze S. 233-234

„… ) agreement by the competent authority of the regulated market that technical conditions for settlement of …” „… assessment of the competent authority of the regulated market shall be without prejudice to the competencies …” „… with competence in relation to such systems. The competent authority shall take into account the …”

Article 38 Provisions regarding CCPs, clearing and settlement arrangements in respect of MTFs S. 235-236

„… efficient and costeffective settlement is possible. Under (b), the competent authority responsible for the …” „… systems. 2. The competent authority of investment firms and market operators operating an MTF may not …” „… control, the competent authority shall take into account the oversight and supervision of the clearing and …”

Article 26 Right of appeal S. 1030-1031

„… authority designated by a Member State to carry out the obligations provided in Art 21 of the Prospectus …” „… been admitted to trading on a regulated market shall choose their competent authority in accordance …” „… with Article 2(1)(m)(iii) and notify their decision to the competent authority of their chosen home …”

Article 20 S. 1089-1090

„… authority is justified and proportionate and that, where appropriate, a consistent approach is taken by …” „… 's website. 3. Where a competent authority proposes to take, or takes, action contrary to an opinion adopted …” „… set out the competences of the European Insurance and Occupational Pension Authority (‘EIOPA’) and the …”

Article 11 Qualifying holdings S. 1333-1334

„… supervision responsibility in favour of the management company’s home competent authority. II. Commentary As …” „… authority of the UCITS management company’s home Member State1 may accept a short-term undercutting of the …” „… competent authority of the management company’s home Member State is responsible for the prudential …”

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

„… explanation of its decision. ESMA shall, without undue delay, notify the relevant competent authority referred …” „… competent authority where the TR is an entity authorized or registered by a national competent authority in …”

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

„… competent authority shall not grant authorisation unless and until such time as it is fully satisfied that …” „… the competent authority to satisfy itself that the investment firm has established, at the time of …” „… the supervisory functions of the competent authority, under Article 10(1) and (2). ESMA shall submit …”

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

„… Union; Title VII Supervisory measures Art. 45 MiFIR Matthias Lehmann 555 1 (b) a competent authority …” „… taken by a competent authority under Article 69(2)(o) or (p) of Directive 2014/65/EU. (10) The …” „… differentiate between situations where ESMA takes action because a competent authority has failed to act and …”

Article 10 Non-financial counterparties S. 1600-1603

„… non-financial counterparty shall: (a) immediately notify ESMA and the competent authority referred to in …” „… ) and that subsequently demonstrates to the authority designated in accordance with paragraph 5 that its …” „… , propose regulatory technical standards to amend them. 5. Each Member State shall designate an authority …”

Article 15 Execution of client orders S. 458-463

„… published by ESMA or a competent authority, the provisions mentioned above regarding standard market size …” „… authority of the most relevant market in terms of liquidity on, at least, an annual basis under Art 26 MiFIR …” „… competent authority. Such notification shall be transmitted to ESMA. ESMA shall establish a list of all …”

Article 41 EBA temporary intervention powers S. 544-545

„… deposit or activity do not address the threat; (c) a competent authority or competent authorities have not …” „… of regulatory arbitrage. Where a competent authority or competent authorities have taken a measure …” „… previous action taken by a competent authority. (8) The Commission shall adopt delegated acts in accordance …”

Article 27 S. 1092-1093

„… . Where the competent authority has disclosed administrative sanctions or measures to the public, it shall …” „… Transparency 1092 Svend Gerhards and Kay Rothenhöfer 2. The competent authority shall, on an annual basis …” „… considered by the competent authority to be disproportionate following a case-by-case assessment conducted on …”

Article 6 Public register S. 1593-1594

„… competent authority for the purpose of the clearing obligation and the date of notification of each of them …” „… . Save where the competent authority of the trading venue and that of the CCP refuse access, the CCP …” „… the trading venue’s formal request in accordance with paragraph 2. The competent authority of the …”

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

„… . Where a competent authority considers that the requirements laid down in paragraph 2 are not met, it …” „… of the relevant competent authority, that competent authority shall reconsider its position, taking …”

Article 6 Scope of authorisation S. 37-38

„… requests for authorisation 1. The competent authority shall not grant authorisation unless and until such …” „… structure, necessary to enable the competent authority to satisfy itself that the investment firm has …” „… competent authority, under Article 10(1) and (2). ESMA shall submit those draft regulatory technical …”

Article 75 Extra-judicial mechanism for consumers complaints S. 376-377

„… the competent authority or other authority, body or person communicating information consents thereto …” „… , the authority receiving the information may use it for other purposes. 2. Title VI Competent …”

Article 99 b Name and shame S. 1444-1445

„… data of the natural persons is considered by the competent authority to be disproportionate following a …” „… website of the competent authority only for the period which is necessary in accordance with the …” „… determined; (e) the level of cooperation with the competent authority of the person responsible for the …”

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

„… intends to provide clearing services as a CCP, it shall apply for authorisation to the competent authority …” „… of the Member State where it is established (the CCP’s competent authority), in accordance with the …” „… authorisation. A CCP shall, without undue delay, notify the competent authority of any material changes …”

Article 9 Payment accessibility S. 1770-1771

„… shall notify the Commission and the European Supervisory Authority (European Banking Authority) (EBA …” „… of their duties. Where there is more than one competent authority for matters covered by this …”

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

„… supervisory system – any other authority in the EU/EEA, has experienced difficulties in enforcing claims …” „… all essential information. A decision by the competent authority that has authorised the investment …” „… competent authority responsible for the proposed acquirer. 3. Member States shall require that, if an …”

Article 47 Equivalence decision S. 566-571

„… where a third-country competent authority deems that a third-country firm that it is supervising and …” „… obligations to cooperate laid down in Directive 2014/65/EU, the competent authority of the Member State where …” „… the branch is established and the competent authority of the host Member State may establish …”

Article 24 Cooperation with ESMA S. 843-844

„… liability of informers. The wording “making information available to the competent authority”, is not …” „… requested by a competent authority or where information has been disclosed voluntarily. However, the words …” „… Regulation. 2. A competent authority may refuse to act on a request for information or a request to cooperate …”

Introduction S. 1563-1574

„… for a Regulation amending Regulation (EU) No 1095/2010 establishing a European Supervisory Authority …” „… (European Securities and Markets Authority) and amending Regulation (EU) No 648/2012 as regards the …” „… European Securities and Markets Authority to trade repositories [2013] OJ L279/4. Commission Delegated …”

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

„… , it shall at the same time file that information with the competent authority of its home Member State …” „… . That competent authority may decide to publish such filed information on its Internet site. (2) The …” „… be filed with the competent authority of the home Member State. (4) The Commission shall adopt, by …”

Article 21 Access to regulated information S. 1193-1197

„… communicate to the national authority (a) the name of the person who communicated the information to the media …” „… In some Member States, these service providers are required to be approved by the competent authority …” „… market authority of the host Member State may not be aware that the issuer is required to disclose or has …”

Article 99 d Protection of whistleblowers S. 1445-1447

„… website of the competent authority only for the period which is necessary in accordance with the …” „… determined; (e) the level of cooperation with the competent authority of the person responsible for the …” „… . ESMA shall publish that information in an annual report. 2. Where the competent authority has disclosed …”

Chapter 3 Prudential requirements S. 1643-1653

„… transaction. The models and parameters shall be validated by the competent authority and subject to an opinion …” „… its future obligations, it shall promptly inform the competent authority before the default procedure …” „… is declared or triggered. The competent authority shall promptly communicate that information to ESMA …”

Article 46 General provisions S. 560-566

„… indicate the name and the address of the competent authority responsible for supervision in the third …” „… provided under MiFID/MiFIR,2 the authority of the country where the services are performed and products …” „… offered has authority to apply its own laws. Within the EU/EEA Single Market, however, the territoriality …”

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

„… authority is the Member State where the branch is located.42 The location of trading or location where an …” „… obligation for APAs to use MICs they should request the MIC from the ISO 10383 Registration Authority (SWIFT …” „… competent authority for the purpose of determining the applicable deferral regime when a transaction between …”

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

„… in relation to arrangements to be made by the European Securities and Markets Authority and competent …” „… designated by each Member State in accordance with Art 67 MiFID II.22 The primary addressee is the authority …” „… shared with the competent authority where most of the financial instruments of the same type are traded …”

Article 4 Use of credit ratings S. 1242-1246

„… Authority (European Securities and Markets Authority) (ESMA) established by Regulation (EU) No 1095/2010 of …” „… ESMA and the relevant supervisory authority of the credit rating agency established in a third country …” „… exchange of information between ESMA and the relevant supervisory authority of the credit rating agency …”

Article 20 Delegation S. 1502-1504

„… and the supervisory authority of the undertaking must be ensured; (e) the delegation must not prevent …” „… . Commentary The delegation of functions by an AIFM is subject to notification to the competent authority in …” „… the competent authority must be notified. Section 4 Depositary Article 21 Depositary 1. For each AIF …”

Article 5 Clearing obligation procedure S. 1588-1593

„… Clearing obligation procedure 1. Where a competent authority authorises a CCP to clear a class of OTC …” „… class of derivatives with the national competent authority (NCA). The NCA then notifies the ESMA of its …” „… , which allows the competent authority of a clearing member to request that the Commission temporarily …”

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

„… exercise of the supervisory functions of the competent authority under paragraph 1(c). Power is delegated …” „… conditions under Art 27(1) of UCITSD. During authorisation, the competent authority must approve at least the …” „… that the legal form be set up “by statute”. The competent authority must review the application of the …”

Article 111 Technical amendments by European Commission S. 1464

„… 110(1) of UCITSD provides the home competent authority’s right to undertake on-site inspections in the …” „… retains the right of the host competent authority to also undertake on-site inspections in its own …”

Article 29 Publication of decisions S. 1223-1226

„… against the decision published under paragraph 1, the competent authority shall be obliged either to …” „… competent authority may disclose to the public every measure taken or penalty imposed for infringement of …” „… ) and its management report in accordance with Article 4(5) as long as (a) the competent authority of …”

Article 27 Amendments S. 1031

„… trading on a regulated market shall choose their competent authority in accordance with Article 2(1 …” „… )(m)(iii) and notify their decision to the competent authority of their chosen home Member State by 31 …”

Article 28 Repeal S. 1031

„… trading on a regulated market shall choose their competent authority in accordance with Article 2(1 …” „… )(m)(iii) and notify their decision to the competent authority of their chosen home Member State by 31 …”

Article 29 Transposition S. 1031

„… trading on a regulated market shall choose their competent authority in accordance with Article 2(1 …” „… )(m)(iii) and notify their decision to the competent authority of their chosen home Member State by 31 …”

Article 60 Scope of authorisation S. 340

„… authorisation (1) The competent authority shall not grant authorisation unless and until such time as it is …” „… organisational structure, necessary to enable the competent authority to satisfy itself that the data reporting …”

Article 99 c Factors to be taken into account when sanctioning S. 1445

„… website of the competent authority only for the period which is necessary in accordance with the …” „… determined; (e) the level of cooperation with the competent authority of the person responsible for the …”

Article 28 S. 1093

„… 2. The competent authority shall, on an annual basis, provide the competent ESA with aggregate …” „… , or identity or personal data of natural persons, is considered by the competent authority to be …”

Article 8 Conditions for granting authorisation S. 1482-1485

„… competent authority relating to the AIF it manages. The set of required information contains first and …” „… Art 8 (1) lists a series of requirements that must be fulfilled before the competent authority can …” „… by another three months where the competent authority considers this necessary due to the specific …”

Article 62 Withdrawal of authorisations S. 341

„… Article 62 Withdrawal of authorisations The competent authority may withdraw the authorisation …” „… States shall require the data reporting services provider to notify the competent authority of all …”

Article 15 S. 1086

„… product or activity do not address the threat; (c) a competent authority or competent authorities have not …” „… regulatory arbitrage. Where a competent authority or competent authorities have taken a measure under Article …”

Article 7 Access to a CCP S. 1594

„… the trading venue with full reasons for such refusal. 4. Save where the competent authority of the …” „… with paragraph 2. The competent authority of the trading venue and that of the CCP may refuse access to …”

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

„… change would be considered material was determined by the relevant competent authority. Under MiFID II …” „… , the European Securities and Markets Authority (ESMA) is empowered to develop guidelines regarding …”

Chapter 2 Conduct of business rules S. 1637-1643

„… the competent authority. 2. A CCP shall disclose to clearing members and clients the risks associated …” „… authority the price information used to calculate its end-of-day exposures to its clearing members. A CCP …” „… authority, after consulting ESMA, considers that such disclosure would constitute a threat to financial …”

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

„… require investment firms and market operators operating an MTF or an OTF to inform its competent authority …” „… behaviour that is prohibited under Regulation (EU) No 596/2014, a competent authority must be convinced that …” „… the authority competent for the investigation and prosecution of market abuse and to provide full …”

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

„… authority of another Member State disagrees with the assessment made on the application of points (a) and (b …” „… for coordination and exchange of information between the competent authority of the home Member State …” „… with Articles 10 to 14 of Regulation (EU) No 1095/2010. 15. In case a competent authority rejects a …”

Article 30 Transitional provision S. 1031-1032

„… trading on a regulated market shall choose their competent authority in accordance with Article 2(1 …” „… )(m)(iii) and notify their decision to the competent authority of their chosen home Member State by 31 …”

Article 9 Management body S. 43-50

„… son, Art 5(4), last para MiFID requires ESMA, where a competent authority has withdrawn an …” „… Art. 9 MiFID II Dirk Zetzsche 43 4. The competent authority shall refuse authorisation if it is not …” „… shall require the investment firm to notify the competent authority of all members of its management …”

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

„… authority can also adopt a restriction, e.g., the limitation to sales up to a certain amount per client or …” „… adopted. Article 42 Product intervention by competent authorities (1) A competent authority may prohibit …” „… certain specified features; or (b) a type of financial activity or practice. (2) A competent authority may …”

Article 4 Clearing obligation S. 1584-1588

„… authorised to apply the exemption by its competent authority within 30 calendar days after it has been …” „… are met. The competent authority shall notify ESMA of that decision. 3. The OTC derivative contracts …” „… Clearing obligation procedure 1. Where a competent authority authorises a CCP to clear a class of OTC …”

Index S. 1785-1803

„… . – competent authority MAR 17 108 – confidentiality no longer ensured MAR 17 102 – consent by authority MAR …” „… – historical development MAR 17 12 et seq. – information to authority MAR 17 83 – intellectual property MAR …” „… 17 68 – protracted process MAR 17 81 – public authority approval MAR 17 73 – rumour MAR 17 103 et …”

Article 38 Enabling of cross-border mergers S. 1371-1372

„… Authorisation by merging UCITS’ national competent authority; information exchange with receiving UCITS …” „… ’ national competent authority 1. Mergers shall be subject to prior authorisation by the competent …”

Article 73 Audited accounting information, reproduction of auditors’ statement in annual report S. 1414-1415

„… of prospectus, annual and bi-annual reports to competent authority of UCITS and management company …” „… the management company’s competent authority, which is according to Art 10(2) of UCITSD, responsible …”

Article 85 Valuation rules S. 1428-1429

„… , the UCITS may suspend redemptions until it can sell the derivative. b) The UCITS’ competent authority …” „… , any suspension must be reported to the UCITS’ competent authority and all host competent authorities …”

Article 112 Involvement of European Securities Committee S. 1464-1465

„… 110(1) of UCITSD provides the home competent authority’s right to undertake on-site inspections in the …” „… retains the right of the host competent authority to also undertake on-site inspections in its own …”

Article 2 Definitions S. 396-403

„… Authority of Singapore, Swiss National Bank, Central Bank of the Republic of Turkey, Federal Reserve System …” „… financial instruments; (18) ‘competent authority’ means a competent authority as defined in Article 4(1)(26 …” „… published by ESMA or a competent authority12 regarding the parameters for a liquid market, then the …”

Introduction to Chapter IV S. 236-237

„… , whereby the competent authority pays due regard to any FATF recommendations in the context of anti-money …” „… competent authority of the Member State where it intends to establish a branch. I. General features Purpose …”

Article 14 a Remuneration policy S. 1338-1339

„… those guidelines, ESMA shall cooperate closely with the European Supervisory Authority (European Banking …” „… Authority) (‘EBA’), established by Regulation (EU) No 1093/2010 of the European Parliament and of the …”

Article 75 Format and availability of prospectus, annual and bi-annual reports to investors S. 1415-1416

„… reports to competent authority of UCITS and management company UCITS shall send their prospectus and any …” „… UCITS is required to provide the relevant documents to the management company’s competent authority …”

Article 95 Implementing legislation S. 1437-1438

„… or any language approved by the host competent authority. For instance, in Luxembourg any key …” „… authority (CSSF) could authorise using key investor information in English. (iii) the other documents can be …”

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

„… prospectus and to seek approval from the national competent authority.1 The first exemption listed in Art 3(2 …” „… is regarded by the competent authority as being equivalent to that of the prospectus, taking into …” „… regarded by the competent authority as being equivalent to that of the prospectus, taking into account the …”

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

„… internaliser shall provide its competent authority with reference data relating to those financial instruments …” „… . Identifying reference data shall be made ready for submission to the competent authority in an electronic and …”

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

„… /EU; or (c) another legal entity, authorised by the competent authority under the law of the Member …” „… undertakes, which shall be sufficient to enable the competent authority to fulfil its supervisory tasks and …”

Article 84 Unit-holders’ redemption rights S. 1427-1428

„… redemptions until it can sell the derivative. b) The UCITS’ competent authority can require the UCITS to …” „… reported to the UCITS’ competent authority and all host competent authorities. According to ESMA,2 ‘the …”

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

„… host state or any language approved by the host competent authority. For instance, in Luxembourg any …” „… supervisory authority (CSSF) could authorise using key investor information in English. (iii) the other …”

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

„… in an annual report. 2. Where the competent authority has disclosed administrative penalties or …” „… liability of the competent authority for grossly negligent conduct, competent authorities might hesitate to …”

Article 43 Withdrawal of authorisations S. 246-247

„… authorisations Article 43 Withdrawal of authorisations The competent authority which granted an authorisation …” „… Title. Authorisation as a regulated market shall be granted only where the competent authority is …”

Article 25 Sanctions S. 1029-1030

„… that the competent authority may disclose to the public every measure or sanction that has been imposed …” „… Prospectus Directive is the competent authority designated by a Member State to carry out the obligations …”

Article 77 Marketing communications S. 1417-1418

„… authority of the UCITS may permit such a practice. The monthly net asset value period is justified if a) no …” „… authority of the UCITS; (b) a short description of its investment objectives and investment policy; (c …”

Article 106 S. 617-618

„… Listing Authority to the FSA, Consultation Paper 37/1999, 1.1. 7 See on this in detail Hammen …” „… person or authority except by virtue of provisions laid down by law. 2. Paragraph 1 shall not, however …”

Article 12 S. 1072-1073

„… paragraph 1 by providing the key information document to a person with written authority to make investment …” „… decisions on behalf of the retail investor in respect of transactions concluded under that written authority …”

Article 2 Exemptions S. 10-18

„… notify annually the relevant competent authority that they make use of this exemption and upon request …” „… report to the competent authority the basis on which they consider that their activity under points (i …” „… derivatives or emission allowances must notify the competent authority each year that they make use of the …”

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

„… MiFID II.22 The primary addressee is the authority which is responsible for the supervision of the …” „… investment firm in question. The information shall be shared with the competent authority where most of the …” „… The competent authority has to make the information available to ESMA on request.24 ESMA can also …”

Introduction S. 644-650

„… , the indicators of market manipulation, the disclosure thresholds, the competent authority for …” „… markets’.4 Accordingly, the rules share defined terms and principles and a single administrative authority …” „… Authority – ESMA) published guidance on various issues relating to the directive’s prohibitions, for example …”

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

„… this Article, as well as the appropriate control mechanisms by the competent authority of the home …” „… to notify the national competent authority (Article 19(3)). The issuer is then required to make the …” „… market authority publishes the information. See below, → Art 12 mn 32. 4 See recital 18 for some basic …”

Article 2 Scope S. 650-654

„… national competent authority, determined pursuant to its Art 22, which has an array of supervisory tools at …” „… October 2016), pp. 2-3; Financial Conduct Authority, Markets in Financial Instruments Directive II …” „… specific market practice that is accepted by a competent authority in accordance with Article 13; 2. 19 …”

Introduction to Chapter I S. 34-35

„… authority designated in accordance with Article 67. 2. By way of derogation from paragraph 1, Member States …” „… authority has withdrawn an authorisation in accordance with points (b), (c) and (d) of Article 8, that …”

Article 11 General and periodic disclosures S. 1280-1281

„… ongoing supervision by the European Securities and Markets Authority, 6 January 2015, Official Journal of …” „… purpose of ongoing supervision by the European Securities and Markets Authority, 6 January 2015 (OJ EU L …”

Article 56 List of regulated markets S. 316-317

„… individual competent authorities but contains an exception that allows a competent authority to deny access …” „… have to be substantial. To avoid the duplication of controls, a competent authority has to take into …”

Articles 18 to 26 S. 930-934

„… 23(5) and (7) SSR delegate the authority to specify what constitutes a significant fall to the …” „… (EU) No 1095/2010 of 24 November 2010 establishing a European Supervisory Authority (European …” „… Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77 …”

Article 8 S. 1054-1063

„… the PRIIP manufacturer, information about the competent authority of the PRIIP manufacturer and the …” „… details of the PRIIP manufacturer10 and the competent authority responsible for supervision of the PRIIP …” „… limited to the competent authority in the home Member State of the PRIIP manufacturer, or whether it …”

Article 11 Market soundings S. 718-730

„… records to the competent authority upon request. This obligation shall apply to each disclosure of …” „… provide that record to the competent authority upon request. 6. Where information that has been disclosed …” „… accordance with this paragraph and shall provide it to the competent authority upon request. 7 …”

Articles 36 to 39 S. 1301-1303

„… procedure on fines imposed to credit rating agencies by the European Securities and Markets Authority …” „… agencies by the European Securities and Markets Authority, including rules on the right of defence and …”

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

„… competent authority cannot ask under the inquiry right under Art 98(2) of UCITSD. The UCITS V amendment has …” „… infringements of the requirements laid down in this Directive. 4. A competent authority may refuse to act on a …”

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

„… Art 24(1) creates an obligation on AIFM to disclose to the competent authority in their home Member …” „… an additional obligation on AIFM to disclose to competent authority in their home Member State …”

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

„… the trading venue with full reasons for such refusal. 4. Save where the competent authority of the …” „… with paragraph 2. The competent authority of the trading venue and that of the CCP may refuse access to …”

Article 81 Transparency and data availability S. 1676-1678

„… Clearing and Settlement 1676 Paola Lucantoni (d) the ESRB; (e) the competent authority supervising CCPs …” „… accessing the trade repositories; (f) the competent authority supervising the trading venues of the reported …”

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

„… Supervisory Authority (OJ EU L 331) (ESMA Regulation). 12 ESMA, Opinion on OTC derivatives traded on a trading …” „… Schmidt 8 9 10 11 12 ted to the competent authority for all instruments traded on a regulated market, MTF …” „… Authority and competent authorities. 14 See ESMA, Opinion on OTC derivatives traded on a trading venue, 22 …”

Article 4 Annual financial reports S. 1118-1124

„… has been undertaken by the European Supervisory Authority (European Securities and Markets Authority …” „… was more ambitious than initially planned, and that the underfunding of the authority prevented it …”

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

„… . Accordingly, the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority …” „… (EIOPA) and the European Securities and Markets Authority (ESMA) shall not refer to ratings in their …”

Article 5 Requirement for authorisation S. 35-37

„… authority designated in accordance with Article 67. 2. By way of derogation from paragraph 1, Member States …” „… authority has withdrawn an authorisation in accordance with points (b), (c) and (d) of Article 8, that …”

Article 8 Withdrawal of authorisations S. 41-43

„… Article 8 Withdrawal of authorisations The competent authority may withdraw the authorisation …” „… requires ESMA, where a competent authority has withdrawn an authorisation in accordance with Art 8(b), (c …”

Article 5 S. 1046-1048

„… information document by the PRIIP manufacturer or the person selling a PRIIP to the competent authority for …” „… Member States the option to gold-plate the obligation to, ex-ante, notify the competent authority of a …”

Article 10 a S. 1706-1708

„… ) requires every Member State to choose an authority to be notified of the decision to open an insolvency …” „… years, the list in question is extremely hard to find. The authority should consider a redesign for …”

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

„… the definition of systematic internaliser notify their competent authority. Such notification shall be …” „… asset class level rather requiring a waiver for each instrument.18 Alternatively, a competent authority …” „… competent authority about the fact that they fall within the definition of a systematic internaliser.24 For …”

Article 13 Assessment S. 61-63

„… in the same investment firm have been notified to the competent authority, the latter shall treat the …” „… Membership of an authorised investor compensation scheme The competent authority shall verify that any entity …”

Article 99 a Minimum sanctioning S. 1442-1444

„… competent authority, at least once a year, of the names of shareholders and members possessing qualifying …” „… persons or of the personal data of the natural persons is considered by the competent authority to be …”

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

„… between the competent authorities of the Member State of reference and the supervisory authority of the …” „… information in tax matters including any multilateral tax agreements. Where a competent authority of another …”

Article 15 Prohibition of market manipulation S. 770-772

„… each national competent authority (Art 22) and may result in administrative sanctions or other …” „… indicators of market manipulation, the disclosure thresholds, the competent authority for notifications of …”

Article 7 Conditions for authorisation S. 1328-1331

„… requires that the authority in charge explicitly authorise the additional MiFID activities. See also → Art …” „… prevent effective exercise of the supervisory functions of the competent authority, as provided for in …”

Article 2 Definitions S. 958-965

„… the home Member State's competent authority including the consistency of the information given and its …” „… necessary to determine the allocation of authority and responsibility among Member States, which varies in …” „… home Member State, and the competent authority responsible for approving the prospectus is in the …”

Article 28 b Sanctioning powers S. 1219-1222

„… ‘administrative pecuniary sanctions’, i.e. fines imposed by the national authority. These fines can be substantial …” „… responsible with the competent authority; (g) previous breaches by the natural person or legal entity …”

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

„… banks, the indicators of market manipulation, the disclosure thresholds, the competent authority for …” „… authority for notifications of delays, the permission for trading during closed periods and types of …”

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

„… authority in such a way that would indicate or suggest endorsement or approval by ESMA or any competent …” „… authority of the credit ratings or any credit rating activities of the credit rating agency. I. General …”

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

„… development of those guidelines, ESMA shall cooperate closely with the European Supervisory Authority …” „… (European Banking Authority) (‘EBA’), established by Regulation (EU) No 1093/2010 of the European Parliament …”

Article 13 Remuneration S. 1489-1492

„… cooperate closely with the European Supervisory Authority (European Banking Authority) (EBA). I. General …”

Article 4 Interoperability S. 1756-1759

„… competent authority in the Host State. But the competent authority in the Host State must base its decision …”

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

„… effect is contained in the Market Conduct rules of the UK Financial Conduct Authority (FCA), MAR 1.4.2 …” „… German Federal Financial Supervisory Authority (BaFin), Emittentenleitfaden (Issuer Guidance) 2013, III …” „… authority upon request. This obligation shall apply to each disclosure of information throughout the course …”

Article 20 Investment recommendations and statistics S. 824-833

„… authority (if any); and (4) any relevant self-regulatory standards or codes of conduct. Further, anyone …” „… the competent authority. Additional obligations for sophisticated persons A range of sophisticated …” „… information: (a) the identity of the relevant competent authority; and (b) its own interests or indication of …”

Article 7 Inside information S. 673-692

„… Financial Conduct Authority [2014] UKUT 0233 (TCC), paras 48-81: Inaccurate information may qualify as …” „… 3.64. 86 Hannam v Financial Conduct Authority [2014] UKUT 233 (TCC), para 102. The UK Upper Tribunal …” „… , Hannam v Financial Conduct Authority [2014] UKUT 0233 (TCC), paras 82-92, 121; Massey v Financial …”

Introduction and overview S. 874-881

„… disclose net short positions to, first, the relevant National Competent Authority (NCA), and second, the …” „… Securities and Markets Authority in relation to net short positions and the method for calculation turnover …” „… provided to the European Securities and Markets Authority in relation to net short positions, the types of …”

Article 13 S. 1073-1081

„… paragraph 1 by providing the key information document to a person with written authority to make investment …” „… decisions on behalf of the retail investor in respect of transactions concluded under that written authority …” „… authorised representative or the person represented. The ‘written authority’ required by an authorised …”

Article 13 S. 1163-1172

„… authority under Articles 12(1) and 19(3). The Commission may then adopt these ITS formally. ESMA has adopted …” „… authority.37 If a financial instrument relates to more than one underlying share, a separate notification …” „… and the national competent authority. So far, ESMA has only published a ‘standard form for …”

Article 10 Jurisdiction Jörn Axel Kämmerer S. 640-644

„… ‘under the authority’ of the legal person. Article 8(2), therefore, covers the misconduct of any employee …” „… , the indicators of market manipulation, the disclosure thresholds, the competent authority for …”

Article 9 Reporting obligation S. 1596-1600

„… non-financial counterparty shall: (a) immediately notify ESMA and the competent authority referred to in …” „… ) and that subsequently demonstrates to the authority designated in accordance with paragraph 5 that its …”

Article 1 Scope and UCITS definition S. 1304-1317

„… ; Moloney N, ‘The European Securities and Markets Authority and Institutional Design for the EU Financial …” „… CESR (the predecessor of the European Securities & Markets Authority (‘ESMA’)), sought to restrict …” „… . Many regulatory ordinances issued by the European Securities & Markets Authority, for instance, limit …”

Article 23 Conflicts of interest S. 151-155

„… change would be considered material was determined by the relevant competent authority. Under MiFID II …” „… , the European Securities and Markets Authority (ESMA) is empowered to develop guidelines regarding …”

Article 14 S. 1081-1086

„… competent authority or competent authorities have not taken action to address the threat or the actions that …” „… the action; or (b) create a risk of regulatory arbitrage. Where a competent authority or competent …”

Article 2 Definitions S. 1104-1114

„… competent authority of the Member State where it has its registered office, where applicable, to the …” „… competent authority of the home Member State and to the competent authorities of all host Member States. In …” „… public and also need to notify to the competent authority of the home Member State and, if any, all host …”

I. General features S. 1628

„… audits shall be communicated to the board and shall be made available to the competent authority. 9. In …”

Article 69 Review by the Court of Justice S. 1668

„… decision by the authority which the government of each Member State shall designate for that purpose and …”

Article 70 Amendments to Annex II S. 1668

„… decision by the authority which the government of each Member State shall designate for that purpose and …”

Introduction to Title III S. 593

„… local authority, or a public international body, it was felt not only politically inappropriate, but …”

Article 1 Subject matter S. 650

„… national competent authority, determined pursuant to its Art 22, which has an array of supervisory tools at …”

Article 65 Feeder’s monitoring obligation; attribution of fees and benefits to feeder S. 1407

„… tasks vis-à-vis master’s competent authority 1. The master UCITS shall immediately inform the competent …”

Article 25 S. 1092

„… . Where the competent authority has disclosed administrative sanctions or measures to the public, it shall …”

Article 26 S. 1092

„… . Where the competent authority has disclosed administrative sanctions or measures to the public, it shall …”

Article 4 Definitions S. 22-34

„… ) ‘competent authority’ means the authority, designated by each Member State in accordance with Article 67 …” „… Industry Regulatory Authority (FINRA), Report on Digital Investment Advice, March 2016, p. 2. Art. 4 MiFID …”

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

„… the competent authority to ESMA without undue delay and no later than three days following the receipt …” „… because ESMA is not given authority to promulgate level 2 measures in respect of the provision.16 2. 6 …”

Article 4 Definitions S. 1471-1477

„… relevant AIF; and (b) how leverage is to be calculated. 4. The European Supervisory Authority (European …” „… Securities and Markets Authority) (ESMA) shall develop draft regulatory technical standards to determine …”

Article 10 InformationRemoved by the 2010 Prospectus Amending Directive. S. 995

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Article 66 Organisational requirements S. 351-357

„… re-transmit as the case may be, correct and complete transaction reports to the competent authority. (5) ESMA …” „… paragraph 1 may not involve either the exercise of public authority or the use of discretionary powers of …”

Article 5 Volume Cap Mechanism S. 417-423

„… If there are no transparency calculations published by ESMA or a relevant competent authority …” „… (a), the competent authority that authorised the use of those waivers by that venue shall within two …”

Article 5 Requirements for credit transfer and direct debit transactions S. 1759-1765

„… refuse approval for the exemption; this remains the independent decision of the competent authority in …” „… the Host State. But the competent authority in the Host State must base its decision whether to …”

Article 13 Public disclosure fees S. 1283-1284

„… Securities and Markets Authority to credit rating agencies, 28 March 2012, Official Journal of the European …”

Article 68 Mandatory disclosure instruments S. 1409-1410

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Article 9 Legitimate behaviour S. 705-711

„… 14 may still be deemed to have occurred if the competent authority establishes that there was an …” „… 9(1) thorough (5), a competent authority may determine that the prohibition against insider dealing …”

Article 2 S. 1684-1691

„… laid down by national law, as a system and notified to the European Securities and Markets Authority by …” „… Securities and Markets Authority by the Member State whose law the participants choose to apply. Every Member …”

Article 76 Publication of unit prices S. 1416-1417

„… the interests of the unit-holders, the competent authority of the UCITS may permit such a practice …”

Article 11 Withdrawal of the authorisation S. 1487-1488

„… competent authority may withdraw the authorisation of an AIFM, whereas Art 11 lit. f leaves room from …”

Article 68 Disclosure, nature, enforcement and allocation of fines and periodic penalty payments S. 1667-1668

„… verification of the authenticity of the decision by the authority which the government of each Member State …”

Article 74 Right of appeal S. 375-376

„… tional competent authority, it has the potential to render enforcement more effective, considering …”

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

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Article 24 S. 1091-1092

„… . Article 27 1. Where the competent authority has disclosed administrative sanctions or measures to the …”

Articles 34 to 35 S. 1293-1294

„… al authority as the result of a delegation of tasks may be reimbursed by ESMA pursuant to Art 9 …”

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

„… requires that the authority in charge explicitly authorise the additional MiFID activities. See also → Art …”

Article 59 Exemption procedure regarding feeder’s investments into master S. 1398-1399

„… subject to the competent authority’s approval, which is in line with the UCITSD’s double approach of …”

Article 62 Communication between feeder’s and master’s auditors S. 1403-1404

„… Article 63 Additional disclosures to investors and feeder’s competent authority 1. Member States shall …”

Article 12 General principles S. 1488-1489

„… which a competent authority may withdraw the authorisation of an AIFM, whereas Art 11 lit. f leaves room …”

Article 13 Delegation of power S. 1776-1777

„… – Poland: Polish Financial Supervision Authority – Slovakia: The Arbitration Court of the Slovak Banking …”

Article 39 Market monitoring S. 541-542

„… the risk of overregulation because the authority with the strictest standards will prevail. For this …”

Article 11 S. 584-585

„… European legislator deliberately abstained from establishing a central EU listing authority. Instead, Art …”

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

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Article 1 Subject matter and scope S. 623-624

„… by the competent authority of a Member State in accordance with Article 13 of Regulation (EU) No …”

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

„… authority; (g) previous breaches by the natural person or legal entity responsible. (2) The processing of …”

Article 30 Transitional provisions S. 1226-1227

„… accordance with Article 4(5) as long as (a) the competent authority of the home Member State acknowledges …”

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

„… least this is the view of the German Competent National Authority; see BaFin, ‘Hinweisblatt der BaFin …”

Article 61 Request for information S. 1661-1662

„… , without delay, send a copy of the simple request or of its decision to the competent authority of the …”

Article 87 Cooperation and exchange of information with ESMA S. 386-387

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Article 10 S. 583-584

„… establishing a central EU listing authority. Instead, Art 11(1) provides that the national competent …”

Article 18 S. 590-591

„… competent authority require any further information within that period, within six months of the applicant …”

Article 42 S. 593-594

„… local authority, or a public international body, it was felt not only politically inappropriate, but …”

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

„… authority of another Member State disagrees with the assessment made on the application of points (a) and (b …”

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

„… listed as a Non-Cooperative Country and Territory by FATF. Where a competent authority of an EU AIF does …”

Article 21 Depositary S. 1504-1512

„… party and the competent authority must be notified. Section 4 Depositary Article 21 Depositary 1. For …” „… paragraphs 12 and 13, and shall expressly agree to comply with paragraph 11. Where a competent authority of …”

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

„… position. Article 14 Membership of an authorised investor compensation scheme The competent authority shall …”

Article 19 S. 591-592

„… competent authority require any further information within that period, within six months of the applicant …”

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

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Article 30 S. 1095-1096

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Articles 40 to 41 S. 1303-1304

„… ; Moloney N, ‘The European Securities and Markets Authority and Institutional Design for the EU Financial …”

Introduction S. 1710-1711

„… public authority (excluding publicly guaranteed undertakings unless they fall under points (b) to (e …”

Article 64 Conversion disclosures and procedures S. 1405-1407

„… feeder UCITS. Article 66 Additional tasks vis-à-vis master’s competent authority 1. The master UCITS …”

Article 64 Organisational requirements S. 347-349

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Article 31 Portfolio compression S. 517-519

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

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

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

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

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Overview of Articles 5-11 S. 894-895

„… shall notify the relevant competent authority, in accordance with Article 9, where 2 As to the …”

Article 7 Responsibility and liability S. 1135-1137

„… following issuers: (a) a State, a regional or local authority of a State, a public international body of …”

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

„… least this is the view of the German Competent National Authority; see BaFin, ‘Hinweisblatt der BaFin …”

Article 22 a Delegation by depositary S. 1357-1359

„… competent authority under the law of the Member State to carry out depositary activities under this …”

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

„… Territory by FATF. Where a competent authority of an EU AIF does not enter into the required cooperation …”

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

„… supervision of the competent authority. 5. Member States shall require that investment firms appoint only tied …”

Article 8 a Sovereign ratings S. 1269-1271

„… state or regional or local authority, of an instrument issued by any of them or by a special purpose …”

Overview of Articles 12-15 S. 908-910

„… identified by the relevant competent authority, (b) the end of quarter aggregated net short position for each …”

Article 12 Assessment procedures S. 58-61

„… competent authority to make such disclosure in the absence of a request by the proposed acquirer. 5. If the …”

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

„… to supervision in the Union. They shall indicate the name and the address of the competent authority …”

Introduction S. 574-576

„… authority’ (2000) 2 Journal of International Financial Markets 162; Geranio M and Lazzari V, ‘Exchanges …”

Article 8 Exemptions S. 1137-1140

„… following issuers: (a) a State, a regional or local authority of a State, a public international body of …”

Article 19 Valuation S. 1499-1502

„… and the supervisory authority of the undertaking must be ensured; (e) the delegation must not prevent …”

Article 2 Definitions S. 624-627

„… authority of a Member State in accordance with Article 13 of Regulation (EU) No 596/2014; (8) ‘stabilisation …”

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

„… (2nd edn, 2014), 435-437. In Italy, for the responsibility of the competent authority, see Cass. 23 …”

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

„… deliberately broad. The ‘government’ can be any national, regional or local authority of a Member State or of a …”

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

„… the UCITS concerned: (a) identification of the UCITS and of the competent authority of the UCITS; (b …”

Article 12 Market manipulation S. 730-756

„… authority for notifications of delays, the permission for trading during closed periods and types of …” „… Court of Appeal in Winterflood Securities Ltd v Financial Services Authority [2010] B.C.C. 718. 58 …” „… misleading. Article 12(1)(c), therefore, operates 134 German Federal Financial Supervisory Authority (BaFin …”

Article 3 Optional exemptions S. 18-22

„… competent authority why they consider that this activity is ancillary to their main business.38 …”

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

„… competent authority which granted an authorisation under Articles 41 may withdraw the authorisation issued …”

Article 30 Indirect clearing arrangements S. 513-517

„… relevant competent authority or ESMA upon request. (4) The Commission may adopt by means of delegated acts …”

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

„… each national competent authority (Art 22) and may result in administrative sanctions or other …”

Articles 27 to 31 S. 934-937

„… , www.esma.europa.eu/document/emergency-measure-greek-hcmc-under-section-1-chapter-v-regulation-eu-no-2362012-short. 5 Critical with regard to the limited legal authority …”

Article 50 Eligible assets S. 1381-1385

„… they are: (i) issued or guaranteed by a central, regional or local authority or central bank of a …”

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

„… . Without prejudice to the right of the competent authority under Article 69(2) to demand suspension or …”

Article 1 Subject matter and scope S. 392-396

„… of Japan, Bank of Mexico, Bank of Korea, Monetary Authority of Singapore, Swiss National Bank …”

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

„… enforce the collateral interest. Excluded, however, are measures taken by a ‘resolution authority’ under …”

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

„… third and the fourth subparagraphs are fulfilled. At the request of the competent authority of a Member …” „… enforcement in that third country. The competent authority shall indicate why it considers that the legal and …”

Article 32 Trading obligation procedure S. 519-524

„… Commodity Futures Trading Commission (CFTC) as the responsible authority makes the final determination of …”

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

„… subsequently allow its competent authority to waive, as relevant, some or all of the requirements set out in …”

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

„… discriminatory pricing to Euroclear. Clearstream was fined by the Commission as the competition authority; its …”

Article 11 S. 1067-1072

„… , according to the German Federal Financial Supervisory Authority (‘BaFin’), ‘that material statements must …”

Article 3 Intragroup transactions S. 1579-1584

„… a third-country competent authority verified as equivalent to that governed by the principles laid …”

Article 8 Certain insolvency provisions disapplied S. 1734-1739

„… commencement made by the order or decree of the competent authority of winding-up proceedings or reorganisation …”

Article 1 Subject matter and scope S. 1099-1104

„… of the European Securities and Markets Authority (ESMA), who was granted a number of rule-making …”

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

„… and Services Authority, was endowed with far-reaching competences to regulate and supervise financial …”

Article 2 Definitions S. 1317-1323

„… Article 93; (s) ‘management body’ means the body with ultimate decision-making authority in a management …”

Article 1 Subject matter and scope S. 1745-1751

„… their authority to promulgate the SEPA Regulation on Art 114 of the TFEU. The lawfulness of the SEPA …”

Article 1 Purpose and scope S. 951-958

„… need to be approved only by the relevant authority in its home country, and will then be accepted …”

Article 35 a Civil Liability S. 1294-1301

„… agencies by the European Securities and Markets Authority, including rules on the right of defence and …”

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

„… investment firm’s execution policy and to demonstrate to the competent authority, at its request, their …”

Article 1 Subject matter and scope S. 1711-1720

„… of the following categories: (a) a public authority (excluding publicly guaranteed undertakings …”

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

„… competent authority. Article 46(6) of the MiFID II Delegated Regulation specifies requirements for …” „… Conduct Authority, Financial Advice Market Review: Final Report, March 2016, 6. 73 Moloney, EU securities …”

doi.org/10.5771/9783845279893

Eleni Trova, Vangelis Alexandrakis, Panagiotis Skouris - The Olympic Games of the European Union

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Eleni Trova, Vangelis Alexandrakis, Panagiotis Skouris

The Olympic Games of the European Union

2011

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Vangelis Alexandrakis, Panagiotis Skouris, Eleni Trova The Olympic Delivery Authority S. 235

„… AuthorityThe?Olympic?Delivery?Authority?(ODA)?is?the?statutory?corporation,?responsiblefor?ensuring?delivery?of?venues,?infrastructure?and?legacy?for?the?2012 …” „… ,?whichcovers?all?the?major?issues?of?the?Olympic?Games.?It?sets?up?the?Olympic?DeliveryAuthority?to?deliver?public?sector?obligations?for?the?Games,?principally?the?necessary?venues?and?infrastructure.?It?also?governs?certain?pivotal?matters?for?theOlympics,? such? as? security …”

Vangelis Alexandrakis, Panagiotis Skouris, Eleni Trova Greater London Olympic Authority S. 249-250

„… AuthorityAccording?to?the?Act,?the?Greater?London?Authority?(GLA)?will?also?play?a?part?indelivering?the?2012 …”

Vangelis Alexandrakis, Panagiotis Skouris, Eleni Trova Security S. 237-238

„… In?discharging?its?functions?as?a?local?planning?authority,?the?ODA?is?requiredto?have?regard?to? the?need?to?prepare?properly?for? the?2012?Games?and,?in …” „… ion?with?the?London?Olympics,?any?guidance?issued?by?the?Secretary?ofState?and?to?the?development?plan?for?any?area?for?which?the?ODA?is?made?the?localplanning?authority.473The?Secretary?of?State,?in?making?an?order?which?revokes?a?previous?order?establis …” „… hing?the?ODA?as?a?local?planning?authority?has?to?specify?which?authority?isto?become?the?local?planning?authority?in?place?of?the?ODA.474 …”

Vangelis Alexandrakis, Panagiotis Skouris, Eleni Trova Planning S. 236-237

„… In?discharging?its?functions?as?a?local?planning?authority,?the?ODA?is?requiredto?have?regard?to? the?need?to?prepare?properly?for? the?2012?Games?and,?in …” „… ion?with?the?London?Olympics,?any?guidance?issued?by?the?Secretary?ofState?and?to?the?development?plan?for?any?area?for?which?the?ODA?is?made?the?localplanning?authority.473The?Secretary?of?State,?in?making?an?order?which?revokes?a?previous?order?establis …” „… hing?the?ODA?as?a?local?planning?authority?has?to?specify?which?authority?isto?become?the?local?planning?authority?in?place?of?the?ODA.474 …”

Vangelis Alexandrakis, Panagiotis Skouris, Eleni Trova General Competence S. 235-236

„… AuthorityThe?Olympic?Delivery?Authority?(ODA)?is?the?statutory?corporation,?responsiblefor?ensuring?delivery?of?venues,?infrastructure?and?legacy?for?the?2012 …” „… ,?whichcovers?all?the?major?issues?of?the?Olympic?Games.?It?sets?up?the?Olympic?DeliveryAuthority?to?deliver?public?sector?obligations?for?the?Games,?principally?the?necessary?venues?and?infrastructure.?It?also?governs?certain?pivotal?matters?for?theOlympics,? such? as? security …”

Vangelis Alexandrakis, Panagiotis Skouris, Eleni Trova The London Olympic Games and Para-Olympic games Act 2006 S. 234-235

„… AuthorityThe?Olympic?Delivery?Authority?(ODA)?is?the?statutory?corporation,?responsiblefor?ensuring?delivery?of?venues,?infrastructure?and?legacy?for?the?2012 …” „… ,?whichcovers?all?the?major?issues?of?the?Olympic?Games.?It?sets?up?the?Olympic?DeliveryAuthority …”

Vangelis Alexandrakis, Panagiotis Skouris, Eleni Trova Section 10: Olympic Transport Plan S. 238-240

„… ng?Committee?and?the?Olympic?Delivery?Authority?are?working?closely?with?Government?and?a?host?of?policing,?safety?andsecurity?agencies?to?achieve?a?safe?and?secure?Games.?London?and?the?rest?of?theUK?regularly?host?and?police?major?events?safely?and?securely.?In?all?likelihoodthat?NATO? assistance?will? be? asked? for? once?more.?However? it? seems …” „… ? theAuthority.?Before?making?an?order?under?this?section?the?Secretary?of?State?shallconsult? the?Mayor?of?London,?and?such?other?persons?as …” „… d?authorities?are?not?being?asked?to?deliver?conflicting?plans.?The?OTP?isto?be?published,?as?long?as?its?publication?is?not?to?undermine?the?security?of?theGames.478The?Olympic?Delivery?Authority …”

Vangelis Alexandrakis, Panagiotis Skouris, Eleni Trova The human body, the international society and the fair play of history S. 18-25

„… al.The?city,?as?a?geopolitical?choice,?and?occasionally?every?host?city?acquires?aparticularly?global?role?and?focuses?the?action?of?its?public?authority …” „… ?firstly?to?the?ascertainment?of?the?pluralism?of?the?rules?whichexpresses?the?different?sources?of?authority;?but?also?sources?without?the?element23 For?the?theory?of?the?games,?among?many?others,?von Neumann J./Morgenstern O.,?Theoryof?Games …” „… alright?safeguarding?awareness.?Our?target?is?to?establish?a?favorable?environment?for?the?hosting?of?the?Olympic?Games».23of?authority,?such?as?the?rules?of?playing?the?game.26 …”

Vangelis Alexandrakis, Panagiotis Skouris, Eleni Trova Transfer schemes S. 238

„… ng?Committee?and?the?Olympic?Delivery?Authority?are?working?closely?with?Government?and?a?host?of?policing,?safety?andsecurity?agencies?to?achieve?a?safe?and?secure?Games.?London?and?the?rest?of?theUK?regularly?host?and?police?major?events?safely?and?securely.?In?all?likelihoodthat?NATO? assistance?will? be? asked? for? once?more.?However? it? seems …” „… ? theAuthority.?Before?making?an?order?under?this?section?the?Secretary?of?State?shallconsult? the?Mayor?of?London,?and?such?other?persons?as …”

Vangelis Alexandrakis, Panagiotis Skouris, Eleni Trova Dissolution S. 238

„… ng?Committee?and?the?Olympic?Delivery?Authority?are?working?closely?with?Government?and?a?host?of?policing,?safety?andsecurity?agencies?to?achieve?a?safe?and?secure?Games.?London?and?the?rest?of?theUK?regularly?host?and?police?major?events?safely?and?securely.?In?all?likelihoodthat?NATO? assistance?will? be? asked? for? once?more.?However? it? seems …” „… ? theAuthority.?Before?making?an?order?under?this?section?the?Secretary?of?State?shallconsult? the?Mayor?of?London,?and?such?other?persons?as …”

Vangelis Alexandrakis, Panagiotis Skouris, Eleni Trova Transport S. 238

„… ng?Committee?and?the?Olympic?Delivery?Authority?are?working?closely?with?Government?and?a?host?of?policing,?safety?andsecurity?agencies?to?achieve?a?safe?and?secure?Games.?London?and?the?rest?of?theUK?regularly?host?and?police?major?events?safely?and?securely.?In?all?likelihoodthat?NATO? assistance?will? be? asked? for? once?more.?However? it? seems …” „… ? theAuthority.?Before?making?an?order?under?this?section?the?Secretary?of?State?shallconsult? the?Mayor?of?London,?and?such?other?persons?as …”

Vangelis Alexandrakis, Panagiotis Skouris, Eleni Trova The Olympic Charter S. 83-85

„… ?of?the?Council?of?State,?a?debasement?of?a?student’s?behavior?was?approved?because?when?having?been?asked?to?write?an?essay?about?the?Olympism,she?preferred?to?write?any?essay?about?a?school?excursion?instead.By?a?recent? law?in?2005 a?public?service?named?Authority?of?Olympism?wasfounded?in?Greece.110The Olympic …” „… ion?has?assumed?all?the?features?ofan?international?treaty.?The?Olympic?Charter?is?a?universal?text,?not?because?of?itslegal?nature?but?rather?because?of?an?extra?legal?aspect-its?moral?authority …”

Vangelis Alexandrakis, Panagiotis Skouris, Eleni Trova The International Olympic Committee (IOC) S. 85-87

„… in?the?host?city?contract.?Its?role?is?established?by?the?Olympic?Charter?where?it?isclearly?mentioned?that?governs?Olympism?and?it?is?its?supreme?authority.?Accordingto?article?15 …” „… ,?they?have?the?exclusive?authority?to?select?and?designate?the?city?whichmay?apply?to?organize?Olympic?Games?in?their?respective?countries.118?Also,?theNOC?is?one?of?the?parties?that?enter?into?the?host?city?contract119 …”

Vangelis Alexandrakis, Panagiotis Skouris, Eleni Trova Titelei/Inhaltsverzeichnis S. 2-12

„… ?2006 234The?Olympic?Delivery?Authority 235General?Competence 235Planning 236Security 237 …” „… Greater?London?Olympic?Authority 249Regional?Development?Agencies 250Extent?and?application 251Sustainability 251Volunteering 253 …”

Vangelis Alexandrakis, Panagiotis Skouris, Eleni Trova Olympic symbol protection and fight against ambush marketing S. 245-249

„… AuthorityAccording?to?the?Act,?the?Greater?London?Authority?(GLA)?will?also?play?a?part?indelivering?the?2012 …”

Vangelis Alexandrakis, Panagiotis Skouris, Eleni Trova Extent and application S. 251

„… ?sets?out?the?territorial?extent?and?application?of?the?Act.?The?Act?extendsto?the?whole?of?the?UK?except?for?section?about?Planning,?street?lighting?and?cleaning),?the?one?about?transport?as?well?as?the?ones?relating?to?the?Greater?LondonAuthority …”

Vangelis Alexandrakis, Panagiotis Skouris, Eleni Trova The International Federations (IFs) S. 87

„… ,?they?have?the?exclusive?authority?to?select?and?designate?the?city?whichmay?apply?to?organize?Olympic?Games?in?their?respective?countries.118?Also,?theNOC?is?one?of?the?parties?that?enter?into?the?host?city?contract119 …”

Vangelis Alexandrakis, Panagiotis Skouris, Eleni Trova Final Remarks S. 256-257

„… ? to?comply?with?theobligations?deriving?from?the?host?city?contract..The?main?measures?of?the?Act?involve?the?establishment?of?the?Olympic?DeliveryAuthority,?its?powers,?duties?and?functions,?the?delivery?of?transport?needs?for?theGames,?including?the?necessary?preparations?in?the?lead?up?to?2012,?controls?ofmarketing? in? connection?with …”

Vangelis Alexandrakis, Panagiotis Skouris, Eleni Trova The constructed body of the athlete S. 34-35

„… ? by?using?materials/substances?which?are?offered?by?technology,?chemistry.?The?authority?organizedor?not?is?quite?profitable?for?the?body?development?through?substances?great?financial?motives?are?provided?for?those?who?use?these?kind?of?substances.?This?is?furtherintensified? by? the? fact? that? the? persons? that? these?motives? are? addressed?at …”

Vangelis Alexandrakis, Panagiotis Skouris, Eleni Trova Regional Development Agencies S. 250-251

„… ?sets?out?the?territorial?extent?and?application?of?the?Act.?The?Act?extendsto?the?whole?of?the?UK?except?for?section?about?Planning,?street?lighting?and?cleaning),?the?one?about?transport?as?well?as?the?ones?relating?to?the?Greater?LondonAuthority …”

Vangelis Alexandrakis, Panagiotis Skouris, Eleni Trova The National Olympic Committees (NOCs) S. 87-88

„… ,?they?have?the?exclusive?authority?to?select?and?designate?the?city?whichmay?apply?to?organize?Olympic?Games?in?their?respective?countries.118?Also,?theNOC?is?one?of?the?parties?that?enter?into?the?host?city?contract119 …”

Vangelis Alexandrakis, Panagiotis Skouris, Eleni Trova The relation between the body and the city S. 25-26

„… cism?to?the?development?of?the?modern?democracy,?since?sport?is?nowa?consentory?weapon?for?the?attainment?of?policy,?authority?and?ideals.The relation between the body and the …”

Vangelis Alexandrakis, Panagiotis Skouris, Eleni Trova The Para-Olympic Games and the handicapped body S. 33-34

„… ? by?using?materials/substances?which?are?offered?by?technology,?chemistry.?The?authority?organizedor?not?is?quite?profitable?for?the?body?development?through?substances?great?financial?motives?are?provided?for?those?who?use?these?kind?of?substances.?This?is?furtherintensified? by? the? fact? that? the? persons? that? these?motives? are? addressed?at …”

Vangelis Alexandrakis, Panagiotis Skouris, Eleni Trova The interest of modern states in sport S. 59-60

„… lled,?because?they?participate?in?the?exercise?of?public?service?and?operatevested?with?privileges?of?public?authority.64 Chevalier J.M./Ekerland I./Frison – Roche …”

Vangelis Alexandrakis, Panagiotis Skouris, Eleni Trova Olympism S. 82-83

„… ?of?the?Council?of?State,?a?debasement?of?a?student’s?behavior?was?approved?because?when?having?been?asked?to?write?an?essay?about?the?Olympism,she?preferred?to?write?any?essay?about?a?school?excursion?instead.By?a?recent? law?in?2005 a?public?service?named?Authority?of?Olympism?wasfounded?in?Greece.110The Olympic …”

Vangelis Alexandrakis, Panagiotis Skouris, Eleni Trova Compulsory purchase and consistency with the ECHR S. 255-256

„… ? to?comply?with?theobligations?deriving?from?the?host?city?contract..The?main?measures?of?the?Act?involve?the?establishment?of?the?Olympic?DeliveryAuthority,?its?powers,?duties?and?functions,?the?delivery?of?transport?needs?for?theGames,?including?the?necessary?preparations?in?the?lead?up?to?2012,?controls?ofmarketing? in? connection?with …”

Vangelis Alexandrakis, Panagiotis Skouris, Eleni Trova The end of amateur sport and the role of the IOC S. 58-59

„… lled,?because?they?participate?in?the?exercise?of?public?service?and?operatevested?with?privileges?of?public?authority.64 Chevalier J.M./Ekerland I./Frison – Roche …”

Vangelis Alexandrakis, Panagiotis Skouris, Eleni Trova The consequences of the effect of the rules of the Olympic Charter for the Host City Contract and its relation with the legislation of the host country S. 216-217

„… ?the?provisionsthereof?that?certain?sports?issues?viewed?by?the?legislator?as?essential?for?the?fulfilment?ofState?concern,?in?accordance?with?the?Constitution,?are?regulated?either?by?law?directly?orby?the?authority?of?administrative?bodies?and?therefore?fall?under?the?sphere?of?the?publiclaw.?Moreover,?the?settlement?of?other?issues? is? left?by?the …”

Vangelis Alexandrakis, Panagiotis Skouris, Eleni Trova Security in the Barcelona Games S. 40-42

„… ? resourcesunder?the?authority?of?the?Commission?for?Olympic?Security?and?integrated?theefforts?of?the?National?Police,?the?Guardia?Civil,?the?Mossos?d’?Esquadra?(CatalanPolice),?the?Barcelona?City?Police,?other?local?police?forces,?the?Army,?the?Navyand?the?Air?Force.The?administrative? instrument?was? the?Olympic?Security?Master?Plan?whichconsisted?of …”

Vangelis Alexandrakis, Panagiotis Skouris, Eleni Trova The Olympic Movement S. 80-82

„… ndChapter?of?the?Olympic?Charter.?The?Olympic?Movement?is?governed?by?the?IOC,which?constitutes?its?supreme?authority …”

Vangelis Alexandrakis, Panagiotis Skouris, Eleni Trova Sustainability S. 251-253

„… ?sets?out?the?territorial?extent?and?application?of?the?Act.?The?Act?extendsto?the?whole?of?the?UK?except?for?section?about?Planning,?street?lighting?and?cleaning),?the?one?about?transport?as?well?as?the?ones?relating?to?the?Greater?LondonAuthority …”

Vangelis Alexandrakis, Panagiotis Skouris, Eleni Trova Law 2819/2000 ‘Creation of the Olympic Village 2004 SA, protection of the Olympic symbols and indicia and other provisions’ S. 224-227

„… ?‘Hellenic?Food?Authority,?regulation?of?issues?coming?under?the?jurisdictionof?the?Ministry?of?Development?and?other?provisions’?(Government?Gazette?199?A?).?Thecomplete?text?of?the?explanatory?report?of?the?government?bill?can?be?found?in??N …”

Vangelis Alexandrakis, Panagiotis Skouris, Eleni Trova The integration of the ethical rules of sport in national laws S. 74-77

„… ? (tournaments)?aimed?at?avoiding?the?killing?of?the?participant?knights,?nowadays?the?ethical97 S.?Malatos A.,?The?judicial?review?of?the?disciplinary?authority …”

Vangelis Alexandrakis, Panagiotis Skouris, Eleni Trova The dialectic relation between the Olympic Charter and the legal order of the Host City – The legal nature of the Olympic Charter S. 213-216

„… ?the?provisionsthereof?that?certain?sports?issues?viewed?by?the?legislator?as?essential?for?the?fulfilment?ofState?concern,?in?accordance?with?the?Constitution,?are?regulated?either?by?law?directly?orby?the?authority?of?administrative?bodies?and?therefore?fall?under?the?sphere?of?the?publiclaw.?Moreover,?the?settlement?of?other?issues? is? left?by?the …”

Vangelis Alexandrakis, Panagiotis Skouris, Eleni Trova Advertising-Trading S. 240-244

„… ?relation?to?areas?or?types?of?trading?already?permitted?by?the?relevant?local?authority.?An?authorization?may?itself?be?subject?to?terms?and?conditionsabout?the?times?of?trading?or?steps?to?be?taken?to?reduce?congestion,?litter?or?noise.Such? terms?and?conditions?may?differ?from,? or?be?more?onerous? than,? those …”

Vangelis Alexandrakis, Panagiotis Skouris, Eleni Trova Law 2598/1998 ‘Organization of the Olympic Games – Athens 2004’ S. 218-222

„… ?complemented?and?expanded?the?aboveprovisions,?so?that?the?listing?of?the?Olympic?symbols?and?indicia?of?article?3?ofLaw?2598/1998?be?not?restrictive.?This?expansion?was?achieved?through?the?authority …”

Vangelis Alexandrakis, Panagiotis Skouris, Eleni Trova Special legislation introduced by the hosting states S. 272-280

„… ?complemented?and?expanded?the?aboveprovisions,?so?that?the?listing?of?the?Olympic?symbols?and?indicia?of?article?3?ofLaw?2598/1998?be?not?restrictive.?This?expansion?was?achieved?through?the?authority …”

Vangelis Alexandrakis, Panagiotis Skouris, Eleni Trova Bibliography S. 285-299

„… A.,?The?judicial?review?of?the?disciplinary?authority?in?sport?(In?Greek),??,?1987,?pp.1497 ff.Malatos …”

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