Q15. Do you agree with the approach for determining conclusion of SFTs by EU branches of non-EU entities? Are there any other instances in addition to the ones in paragraph 102 that would need to be clarified? Please detail the reasons for your response.
137. ESMA proposed in the CP an approach for determining the conclusion of SFTs by EU branches of non-EU entities.
138. ESMA considered in its proposal that the concept of conclusion normally has a broader meaning than the concept of execution. Therefore, ESMA relied on Article 14 of CDR 2017/590 dealing with the reporting of executions by branches, where it is considered that at least one of the following conditions need to be met:
a. where the branch received the order from a client or made an investment decision for a client in accordance with a discretionary mandate given to it by the client;
b. where the branch has supervisory responsibility for the person responsible for the investment decision concerned;
c. where the branch has
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