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    ESMA Updates Q&As on the Implementation of MiFID, CSDR, and MAR

    March 23, 2018

    ESMA updated question and answer (Q&A) documents on the implementation of investor protection topics under Market in Financial Instruments Directive and Regulation (MiFID II/MiFIR), implementation of Central Securities Depository Regulation (CSDR), and implementation of Market Abuse Regulation (MAR). The Q&A mechanism is a practical convergence tool used to promote common supervisory approaches and practices. It is intended to help investors and other market participants by providing clarity on the requirements.

    The updated Q&A include the following:

    • Q&A on MiFID II/MiFIR—The updated Q&A document includes updated items on the topics of inducements (research) and information on costs and charges. The document also includes four new Q&As related to the topics of inducements, post-sale reporting, and other issues.
    • Q&A on CSDRThe update included modification of an existing Q&A on the implementation of Article 35 of CSDR, to specify the extent of the flexibility that can be granted to CSDs in the use of international standards by CSDs to communicate with their participants or with other market infrastructures. Other Q&As relate to the assessment of CSD links to be made by the competent authorities in the context of the authorization procedure and clarification on the qualification of links established between two CSDs for the settlement of securities through TARGET2-Securities.
    • Q&A on MARThe Q&A document includes an update to the existing Q&A on Pillar 2 requirements and the obligation to disclose inside information, to cover the minimum requirement for own funds and eligible liabilities (MREL) exercise.

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    Keywords: Europe, EU, Securities, Q&A, MiFID/MiFIR, MAR, CSDR, ESMA

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