MiFID2 Regulations Guide
EU regulations and directives are somewhat interesting in the relaxed way they require ESMA to produce reams of detailed regulations and standards (often with deadlines). ESMA has divided its workload into four parts;
3 Delegated acts which have now been completed
28 Technical standards (which include one implementing standard) covering most
of the detailed rules, also completed.
8 Implementing standards have been completed.
8 Standards combining technical and implementing standards focusing on how the regulatory authorities need to cooperate of which two have been completed.
ESMA will have final rules in the
review and authorisation process (sub regulations generally proceed to statue
by a period for review and challenge by the EC and EP before adoption). Whilst the lack of complete final regulations
only
six months from the go live date is obviously a source of stress, it will get
mitigated as in practice it is not ESMA or the EC who polices compliance it is
national regulators who can recognise it will take a while to complete the
compliance process.
|
Year |
Code |
Type |
Sub Type |
Group |
ESMA |
Short Name |
Parent |
Referring Articles |
Description |
Size |
URL |
Long Title |
|
2014 |
65 |
D |
Parent |
aTop |
|
MiFID2 |
NA |
NA |
Main financial markets regulatory upgrade to the existing statues. |
148 |
http://stevens-drc.com/wp-content/uploads/MF2/D_2014_65_MiFID_2.pdf |
on markets in financial instruments and amending Directive 2002/92/EC
and Directive 2011/61/EU |
|
2014 |
600 |
R |
Parent |
aTop |
|
MiFIR |
NA |
NA |
The new areas for markets in financial instruments regulation. |
65 |
http://stevens-drc.com/wp-content/uploads/MF2/R_2014_600_MiFIR.pdf |
on markets in financial instruments and amending Regulation (EU) No
648/2012 |
|
2016 |
2022 |
R |
Delegated Tech Std |
bAuth |
|
Registration of third country firms and format of client info. |
600 |
46.7 |
Rules on the registration of third country firms with ESMA and the format of information such firms provide to EU clients. |
3 |
supplementing
Regulation (EU) No 600/2014 of the European Parliament and of the Council
with regard to regulatory technical standards concerning the information for
registration of third- country firms and the format of information to be
provided to the clients |
|
|
2017 |
586 |
R |
Delegated Tech Std |
bAuth |
|
CA co-operation |
65 |
80.6 |
Rules on co-operation between CAs |
5 |
http://stevens-drc.com/wp-content/uploads/MF2/
R_2017_586_MF2_Del_Tech_CA_exchange_coop.pdf |
supplementing
Directive 2014/65/EU of the European Parliament and of the Council with
regard to regulatory technical standards for the exchange of information
between competent authorities when cooperating in supervisory activities,
on-the-spot verifications and investigations |
|
2017 |
2018 |
R |
Delegated Tech Std |
bAuth |
|
Service communication templates |
65 |
34.8, 35.11 |
Rules on the templates to be used
so an investment firm can inform a third country EU regulator that it will be
providing investment or ancillary services in the regulator's country. |
5 |
http://stevens-drc.com/wp-content/uploads/MF2/R_2017_1018_MF2_RTS_Service_Notification.pdf |
supplementing Directive 2014/65/EU of
the European Parliament and of the Council on markets in financial
instruments with regard to regulatory technical standards specifying
information to be notified by investment firms, market operators and credit
institutions |
|
2017 |
565 |
R |
Delegated |
|
|
Organisational and operational requirements for investment firms |
65 |
2.3 2nd sub para of; 4.1, 4.2, 16.12, 23.4, 24.13, 25.8, 27.9, 28.3, 30.5, 31.4, 32.4, 33.8, 52.4, 54.4, 58.6, 64.7, 65.7, 79.8 |
Subsidiary regulation for organisational requirement and operating requirements for investment firms. |
83 |
http://stevens-drc.com/wp-content/uploads/MF2/R_2017_565_MF2_Del_Organisational_and_operational.pdf |
supplementing
Directive 2014/65/EU of the European Parliament and of the Council as regards
organisational requirements and operating conditions for investment firms and
defined terms for the purposes of that Directive |
|
2017 |
567 |
R |
Delegated |
|
|
Transparency, portfolio compression, supervision |
600 |
2.2, 13.2, 15.5, 17.3, 19.2, 19.3, 31.4, 40.8, 41.8, 42.7, 45.10 |
Definition for liquid markets for shares and equivalent and data provision rules and systematic internaliser rules |
27 |
supplementing
Regulation (EU) No 600/2014 of the European Parliament and of the Council
with regard to definitions, transparency, portfolio compression and
supervisory measures on product intervention and positions |
|
|
2017 |
593 |
D |
Delegated |
|
|
Client funds, product governance, fees, commissions |
65 |
16.12, 24.13 |
Subsidiary directive |
18 |
supplementing
Directive 2014/65/EU of the European Parliament and of the Council with
regard to safeguarding of financial instruments and funds belonging to
clients, product governance obligations and the rules applicable to the
provision or reception of fees, commissions or any monetary or non-monetary
benefits |
|
|
2017 |
953 |
R |
Implementing |
ITS |
|
Position reports by trading venues and investment firms |
65 |
58.7 |
Rules for weekly reporting applicable commodity positions. |
2 |
http://stevens-drc.com/wp-content/uploads/MF2/R_2017_953_MF2_Impl_Tech_position_reports.pdf |
laying
down implementing technical standards with regard to the format and the timing
of position reports by investment firms and market operators of trading
venues pursuant to Directive 2014/65/EU of the European Parliament and of the
Council on markets in financial instruments |
|
2017 |
980 |
R |
Implementing |
ITS |
|
Templates for investigations |
65 |
80.4, 81.4 |
Rules on the templates to be used to assist cooperation between regulators for inspections and investigations |
13 |
http://stevens-drc.com/wp-content/uploads/MF2/R_2017_980_MF2_ITS_investigation_templates.pdf |
laying down implementing
technical standards with regard to standard forms, templates and procedures for
cooperation arrangements in respect of a trading venue whose operations are
of substantial importance in a host |
|
2017 |
981 |
R |
Implementing Tech Std |
ITS |
|
Templates for consultation before granting authorisation |
65 |
84.4 |
Rules defining the format and procedure for regulators to consult with each other before giving authorisation to investment firms. |
8 |
http://stevens-drc.com/wp-content/uploads/MF2/R_2017_981_Imp_Tech_consultation_templates_auth.pdf |
laying
down implementing technical standards with regard to standard forms,
templates and procedures for the consultation of other competent authorities
prior to granting an authorisation in accordance with Directive 2014/65/EU of
the European Parliament and of the Council |
|
2017 |
988 |
R |
Implementing |
ITS |
|
Templates for significant trading venues |
65 |
79.9 |
Rules on the templates for cooperation between regulators on trading venues that are of significant importance based in different countries |
16 |
http://stevens-drc.com/wp-content/uploads/MF2/R_2017_988_MF2_ITS_templates_sig_TVs.pdf |
laying down implementing
technical standards with regard to standard forms, templates and procedures
for cooperation arrangements in respect of a trading venue whose operations
are of substantial importance in a host |
|
2017 |
1005 |
R |
Implementing |
ITS |
|
Suspension communication templates |
65 |
32.3, 52.3 |
Rules on the communication by trading venues and regulators governing the suspension and removal of financial instruments and any derivatives based on them from trading so that different venues can quickly coordinate the suspension or removal. The communication has needs to be on the relevant official website and also in a machine readable format specified in the annex. |
8 |
http://stevens-drc.com/wp-content/uploads/MF2/R_2017_1005_MF2_ITS_Templates_suspension.pdf |
laying down implementing technical
standards with regard to the format and timing of the communications and the
publication of the suspension and removal of financial instruments pursuant
to Directive 2014/65/EU of the European Parliament and of the Council on
markets in financial instruments |
|
2017 |
1093 |
R |
Implementing |
ITS |
|
Position report templates |
65 |
58.5 |
Rules defining the format of the weekly reports that trading venues and investment firms and daily reports that investment firms must supply to their regulators on commodity derivative, emission allowances and their derivatives on proprietary and client positions. The format is XML with all the fields specified in the annexes. |
11 |
http://stevens-drc.com/wp-content/uploads/MF2/R_2017_1093_MF2_ITS_posn_rept_format.pdf |
laying down implementing technical
standards with regard to the format of position reports by investment firms
and market operators |
|
2017 |
1110 |
R |
Implementing |
ITS |
|
Data reporting services authorisation templates |
65 |
61.5 |
Rules on the format of the forms for an organisation to apply for authorisation as a data reporting service as either an APA, CTP, ARM and details of their management body. |
11 |
http://stevens-drc.com/wp-content/uploads/MF2/R_2017_1110_MF2_ITS_DRS_auth.pdf |
laying down implementing technical
standards with regard to the standard forms, templates and procedures for the
authorisation of data reporting services providers and related notifications
pursuant to Directive 2014/65/EU of the European Parliament and of the
Council on markets in financial instruments |
|
2017 |
1111 |
R |
Implementing |
ITS |
|
Sanctions and measures ESMA reporting templates |
65 |
71.7 |
Rules on regulators reporting to ESMA of sanctions and measures applied within 10 days for both administrative and criminal sanctions as well as annual reports to ESMA. Both ESMA and the CAs are required to set up points of contact to facilitate the communication. |
8 |
http://stevens-drc.com/wp-content/uploads/MF2/R_2017_1111_MF2_ITS_sanction_reporting.pdf |
laying down implementing technical standards
with regard to procedures and forms for submitting information on sanctions
and measures in accordance with Directive 2014/65/EU of the European
Parliament and of the Council |
|
2016 |
824 |
R |
Implementing |
TS1 |
RTS 19 |
MTFs and OTFs |
65 |
18.11 sub para 3 |
Rules on functioning and format of MTFs and OTFs |
7 |
http://stevens-drc.com/wp-content/uploads/MF2/R_2016_824_Impl_Tech_MTF_OTF.pdf |
laying
down implementing technical standards with regard to the content and format
of the description of the functioning of multilateral trading facilities and
organised trading facilities and the notification to the European Securities
and Markets Authority according to Directive 2014/65/EU of the European
Parliament and of the Council on markets in financial instruments |
|
2016 |
2020 |
R |
Delegated Tech Std |
TS1 |
RTS 4 |
Derivative trading from clearing obligation |
600 |
32.6 |
Rules on derivatives subject to trading obligation |
4 |
http://stevens-drc.com/wp-content/uploads/MF2/R_2016_2020_MF2_Del_Tech_Std_Clearing_Obligation.pdf |
supplementing
Regulation (EU) No 600/2014 of the European Parliament and of the Council on
markets in financial instruments with regard to regulatory technical
standards on criteria for determining whether derivatives subject to the
clearing obligation should be subject to the trading obligation |
|
2016 |
2021 |
R |
Delegated Tech Std |
TS1 |
RTS 16 |
Benchmarks |
600 |
37.4a,b,c |
Rules governing access to benchmarks. |
5 |
http://stevens-drc.com/wp-content/uploads/MF2/R_2016_2021_MF_Del_Tech_benchmarks.pdf |
supplementing
Regulation (EU) No 600/2014 of the European Parliament and of the Council on
markets in financial instruments with regard to regulatory technical
standards on access in respect of benchmarks |
|
2017 |
566 |
R |
Delegated Tech Std |
TS1 |
RTS 9 |
Unexecuted orders to trade ratio rules |
65 |
48.12b |
Rules to control unexecuted orders preventing disorderly trading conditions |
6 |
http://stevens-drc.com/wp-content/uploads/MF2/R_2017_566_MF2_Del_Tech_order_trans_ratio.pdf |
supplementing
Directive 2014/65/EU of the European Parliament and of the Council on markets
in financial instruments with regard to regulatory technical standards for
the ratio of unexecuted orders to transactions in order to prevent disorderly
trading conditions |
|
2017 |
568 |
R |
Delegated Tech Std |
TS1 |
RTS 17 |
FI admission to RM |
65 |
51.6 sub 3 |
Rules on the admission of Financial Instruments to Regulated Markets. |
5 |
supplementing
Directive 2014/65/EU of the European Parliament and of the Council with
regard to regulatory technical standards for the admission of financial
instruments to trading on regulated markets |
|
|
2017 |
569 |
R |
Delegated Tech Std |
TS1 |
RTS 18 |
Suspension and removal of FI |
65 |
32.2 sub 10, 52.2 sub 10 |
Rules on the suspension and removal of Financial Instruments. |
2 |
http://stevens-drc.com/wp-content/uploads/MF2/R_2017_569_MF2_Del_Tech_suspension_removal_FI.pdf |
supplementing
Directive 2014/65/EU of the European Parliament and of the Council with
regard to regulatory technical standards for the suspension and removal of
financial instruments from trading |
|
2017 |
570 |
R |
Delegated Tech Std |
TS1 |
RTS 12 |
Material markets for temporary halts in trading |
65 |
48.12e |
Rules to determine a material market for liquidity in respect of temporary halts to trading |
2 |
http://stevens-drc.com/wp-content/uploads/MF2/R_2017_570_MF2_Del_Tech_liquid_trading_halt.pdf |
supplementing
Directive 2014/65/EU of the European Parliament and of the Council on markets
in financial instruments with regard to regulatory technical standards for
the determination of a material market in terms of liquidity in relation to
notifications of a temporary halt in trading |
|
2017 |
571 |
R |
Delegated Tech Std |
TS1 |
RTS 13 |
Data reporting service providers |
65 |
61.4, 64.6, 64.8, 86.6, 85.8, 66.5 |
Rules for authorisation, organisation of data reporting service providers |
16 |
http://stevens-drc.com/wp-content/uploads/MF2/R_2017_571_MF2_Del_Tech_data_reporting.pdf |
supplementing
Directive 2014/65/EU of the European Parliament and of the Council with
regard to regulatory technical standards on the authorisation, organisational
requirements and the publication of transactions for data reporting services
providers |
|
2017 |
572 |
R |
Delegated Tech Std |
TS1 |
RTS 14 |
Pre and post trade data disaggregation |
600 |
12.2 |
Rules to ensure data providers disaggregate pre and post trade data they sell. |
3 |
supplementing
Regulation (EU) No 600/2014 of the European Parliament and of the Council
with regard to regulatory technical standards on the specification of the
offering of pre-and post-trade data and the level of disaggregation of data |
|
|
2017 |
573 |
R |
Delegated Tech Std |
TS1 |
RTS 10 |
Co-location fee structures |
65 |
48.12d |
Rules to ensure that co-location arrangements and fees are fair. |
3 |
http://stevens-drc.com/wp-content/uploads/MF2/R_2017_573_MF2_Del_Tech_co_location.pdf |
supplementing
Directive 2014/65/EU of the European Parliament and of the Council on markets
in financial instruments with regard to regulatory technical standards on
requirements to ensure fair and non-discriminatory co-location services and
fee structures |
|
2017 |
574 |
R |
Delegated Tech Std |
TS1 |
RTS 25 |
Clock synchronisation |
65 |
50.2 sub 3 |
Rules for synchronisation of clocks for trading venues and their members and participants. More detail here. |
4 |
http://stevens-drc.com/wp-content/uploads/MF2/R_2017_574_MF2_Del_Tech_Clock_synch.pdf |
supplementing
Directive 2014/65/EU of the European Parliament and of the Council with
regard to regulatory technical standards for the level of accuracy of
business clocks |
|
2017 |
575 |
R |
Delegated Tech Std |
TS1 |
RTS 27 |
Data to be published by execution venues on execution quality |
65 |
27.10 sub 1.a |
Rules to cover the publication by execution venues of the quality of the execution. |
14 |
http://stevens-drc.com/wp-content/uploads/MF2/R_2017_575_MF2_Del_Tech_quality_of_execution.pdf |
supplementing
Directive 2014/65/EU of the European Parliament and of the Council on markets
in financial instruments with regard to regulatory technical standards
concerning the data to be published by execution venues on the quality of
execution of transactions |
|
2017 |
576 |
R |
Delegated Tech Std |
TS1 |
RTS 28 |
Execution venue identity |
65 |
27.10 sub 1.b |
Rules quality of execution on annual publication by investment firms of execution venues and. |
8 |
http://stevens-drc.com/wp-content/uploads/MF2/R_2017_576_MF2_Del_Tech_ex_venue_identity.pdf |
supplementing
Directive 2014/65/EU of the European Parliament and of the Council with regard
to regulatory technical standards for the annual publication by investment
firms of information on the identity of execution venues and on the quality
of execution |
|
2017 |
577 |
R |
Delegated Tech Std |
TS1 |
RTS 3 |
Volume Cap mechanism |
600 |
5.9, 22.4 |
Details of data rules to permit the calculation of the vol cap mechanism |
9 |
http://stevens-drc.com/wp-content/uploads/MF2/R_2017_577_MF_Del_Tech_Vol_Cap.pdf |
supplementing
Regulation (EU) No 600/2014 of the European Parliament and of the Council on
markets in financial instruments with regard to regulatory technical
standards on the volume cap mechanism and the provision of information for
the purposes of transparency and other calculations |
|
2017 |
578 |
R |
Delegated Tech Std |
TS1 |
RTS 8 |
Market making schemes and arrangements |
65 |
17.7a,b,c, 48.12a,f |
Rules on trading venues and market making agreements and schemes |
6 |
http://stevens-drc.com/wp-content/uploads/MF2/R_2017_578_MF2_Del_Tech_MM_agreements.pdf |
supplementing
Directive 2014/65/EU of the European Parliament and of the Council on markets
in financial instruments with regard to regulatory technical standards
specifying the requirements on market making agreements and schemes |
|
2017 |
579 |
R |
Delegated Tech Std |
TS1 |
RTS 5 |
Derivatives impact and evasion prevention |
600 |
28.5 |
Rules on non-EU derivatives deemed to have a material impact on EU. |
4 |
http://stevens-drc.com/wp-content/uploads/MF2/R_2017_579_impact_derivs_evasion_prevention.pdf |
supplementing
Regulation (EU) No 600/2014 of the European Parliament and of the Council on
markets in financial instruments with regard to regulatory technical
standards on the direct, substantial and foreseeable effect of derivative
contracts within the |
|
2017 |
580 |
R |
Delegated Tech Std |
TS1 |
RTS 24 |
Order data retention |
600 |
25.3 sub 4 |
Rules on the retention of order data by trading venues |
19 |
http://stevens-drc.com/wp-content/uploads/MF2/R_2017_580_MF2_Del_Tech_order_data.pdf |
supplementing
Regulation (EU) No 600/2014 of the European Parliament and of the Council
with regard to regulatory technical standards for the maintenance of relevant
data relating to orders in financial instruments |
|
2017 |
581 |
R |
Delegated Tech Std |
TS1 |
RTS 15 |
Trading venue and CCP access |
600 |
35.6, 36.6 |
Rules to ensure trading venues get connected to CCPs and vice versa. |
12 |
http://stevens-drc.com/wp-content/uploads/MF2/R_2017_581_MF2_Del_Tech_access_TVs_CCPs.pdf |
supplementing
Regulation (EU) No 600/2014 of the European Parliament and of the Council
with regard to regulatory technical standards on clearing access in respect
of trading venues and central counterparties |
|
2017 |
582 |
R |
Delegated Tech Std |
TS1 |
RTS 26 |
Derivative clearing obligation |
600 |
29.3 |
Rules for derivatives traded on a trading venue to be submitted for clearing. |
5 |
http://stevens-drc.com/wp-content/uploads/MF2/R_2017_582_MF2_Del_Tech_deriv_clearing.pdf |
supplementing
Regulation (EU) No 600/2014 of the European Parliament and of the Council
with regard to regulatory technical standards specifying the obligation to
clear derivatives traded on regulated markets and timing of acceptance for
clearing |
|
2017 |
583 |
R |
Delegated Tech Std |
TS1 |
RTS 2 |
Transparency for bonds etc |
600 |
1.8, 9.5, 11.4, 21.5, 22.4 |
Pre and post trade transparency rules for non-equity-like instruments, emission allowances and derivatives for trading venues and systematic internalisers. Rules for the calculation of liquidity and SSTI and LIS measures for waivers from disclosure or orders, quotes, expressions of interest and executed trades. More detail here |
121 |
http://stevens-drc.com/wp-content/uploads/MF2/R_2017_583_MF2_Del_Tech_transparency_bonds.pdf |
supplementing
Regulation (EU) No 600/2014 of the European Parliament and of the Council on
markets in financial instruments with regard to regulatory technical
standards on transparency requirements for trading venues and investment
firms in respect of bonds, structured finance products, emission allowances
and derivatives |
|
2017 |
584 |
R |
Delegated Tech Std |
TS1 |
RTS 7 |
Organisation for trading venues |
65 |
48.12a, c, g |
Rules on organisational requirements for trading venues |
18 |
http://stevens-drc.com/wp-content/uploads/MF2/R_2017_584_MF2_Del_Tech_Trading_Venues.pdf |
supplementing
Directive 2014/65/EU of the European Parliament and of the Council with regard
to regulatory technical standards specifying organisational requirements of
trading venues |
|
2017 |
585 |
R |
Delegated Tech Std |
TS1 |
|
Instrument reference data standards |
600 |
27.3 sub 3 |
Rule on the data standards and formats of financial instrument reference data to CAs and ESMA |
14 |
http://stevens-drc.com/wp-content/uploads/MF2/R_2017_585_MF2_Del_Tech_instrument_ref_data.pdf |
supplementing
Regulation (EU) No 600/2014 of the European Parliament and of the Council
with regard to regulatory technical standards for the data standards and
formats for financial instrument reference data and technical measures in
relation to arrangements to be made by the European Securities and Markets
Authority and competent authorities |
|
2017 |
587 |
R |
Delegated |
TS1 |
RTS 1 |
Transparency for trading venues and systematic internalisers for share and similar instruments. |
600 |
4.6, 7.2, 14.7, 20.3, 22.4, 23.3 |
Pre and post trade transparency rules for equity like instruments for trading venues and systematic internalisers, detailing when orders do not need to be made public and when executed trade publication may be deferred. More detail here |
24 |
http://stevens-drc.com/wp-content/uploads/MF2/R_2017_587_MF2_Del_Tech_stds_equity_transparency.pdf |
supplementing
Regulation (EU) No 600/2014 of the European Parliament and of the Council on
markets in financial instruments with regard to regulatory technical
standards on transparency requirements for trading venues and investment
firms in respect of shares, depositary receipts, exchange-traded funds,
certificates and other similar financial instruments and on transaction
execution obligations in respect of certain shares on a trading venue or by a
systematic internaliser |
|
2017 |
588 |
R |
Delegated Tech Std |
TS1 |
RTS 11 |
Tick sizes for equity like instruments |
65 |
49.3, 49.4 |
Rules to determine the correct tick size for equity like instruments |
6 |
http://stevens-drc.com/wp-content/uploads/MF2/R_2017_588_MF2_Del_Tech_Tick_Sizes.pdf |
supplementing
Directive 2014/65/EU of the European Parliament and of the Council with
regard to regulatory technical standards on the tick size regime for shares,
depositary receipts and exchange-traded funds |
|
2017 |
589 |
R |
Delegated Tech Std |
TS1 |
RTS 6 |
Organisation for Algo trading firms |
65 |
17.7a, d |
Rules on organisational requirements for investment firms engaged in algorithmic trading |
32 |
http://stevens-drc.com/wp-content/uploads/MF2/R_2017_589_MF2_Del_Tech_Algo.pdf |
supplementing
Directive 2014/65/EU of the European Parliament and of the Council with
regard to regulatory technical standards specifying the organisational
requirements of investment firms engaged in algorithmic trading |
|
2017 |
590 |
R |
Delegated Tech Std |
TS1 |
RTS 22 |
Trade reporting |
600 |
26.9 sub 3 |
Rules on the reporting of transactions to CAs |
30 |
http://stevens-drc.com/wp-content/uploads/MF2/R_2017_590_MF2_del_Tech_trade_reporting.pdf |
supplementing
Regulation (EU) No 600/2014 of the European Parliament and of the Council
with regard to regulatory technical standards for the reporting of
transactions to competent authorities |
|
2017 |
591 |
R |
Delegated Tech Std |
TS1 |
RTS 21 |
Commodity position limits |
65 |
57.3, 57.12 |
Rules for the application of commodity position limits. |
13 |
http://stevens-drc.com/wp-content/uploads/MF2/R_2017_591_MF2_Del_Tech_commod_position_limits.pdf |
supplementing
Directive 2014/65/EU of the European Parliament and of the Council with
regard to regulatory technical standards for the application of position
limits to commodity derivatives |
|
2017 |
592 |
R |
Delegated Tech Std |
TS1 |
RTS 20 |
Ancillary business |
65 |
2.4 |
Rules to determine when an activity is ancillary to a firms main business. |
8 |
http://stevens-drc.com/wp-content/uploads/MF2/R_2017_592_MF2_Del_Tech_ancillary_business.pdf |
supplementing
Directive 2014/65/EU of the European Parliament and of the Council with
regard to regulatory technical standards for the criteria to establish when
an activity is considered to be ancillary to the main business |
|
2018 |
|
|
|
zzb |
|
45 rules |
|
|
|
|
|
|
© Greg Stevens 2017