1: yes directly; 2: yes, in collaborat.; 3: yes, with judicial aut AT BE CY CZ DK EE FI FR DE EL HU IS IE IT LV LT LU MT NL NO PL PT SK SI SE ES UK

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1 Market Abuse Directive -2003/6/EC Ref: Supervisory Powers draft combined table of questions June 07 1: yes directly; 2: yes, in collaborat.; 3: yes, with judicial aut AT BE CY CZ DK EE FI FR DE EL HU IS IE IT LV LT LU MT NL NO PL PT SK SI SE ES UK Question 1 Does your Authority have the power to accept market practices in accordance with the guidelines issued by the European Commission? Question 2a How does your Authority utilise and assess the factors listed in Article 2.1 of Directive 2004/72/EC in considering whether it can accept a particular market practice? a. The level of transparency of the relevant market practice to the whole market NC 1 NC NC NC Question 2b How does your Authority utilise and assess the factors listed in Article 2.1 of Directive 2004/72/EC in considering whether it can accept a particular market practice? b. The need to safeguard the operation of the market forces and the proper interplay of the forces of supply and demand NC 1 NC NC Question 2c How does your Authority utilise and assess the factors listed in Article 2.1 of Directive 2004/72/EC in considering whether it can accept a particular market practice?

2 c. The degree to which the relevant market practice has an impact on market liquidity and efficiency NC 1 NC NC NC Question 2d How does your Authority utilise and assess the factors listed in Article 2.1 of Directive 2004/72/EC in considering whether it can accept a particular market practice? d. The degree to which the relevant practice takes into account the trading mechanism of the relevant market and enables market participants to react properly and in a timely manner to the new market situation created by the practice NC 1 NC NC NC Question 2e How does your Authority utilise and assess the factors listed in Article 2.1 of Directive 2004/72/EC in considering whether it can accept a particular market practice? e. The risk inherent in the relevant practice for the integrity of, directly or indirectly, related markets, whether regulated or not, in the relevant financial instrument within the hole Community NC 1 NC NC Question 2f How does your Authority utilise and assess the factors listed in Article 2.1 of Directive 2004/72/EC in considering whether it can accept a particular market practice?

3 f. The outcome of any investigation of the relevant market practice by any competent authority or other authority mentioned in Article 12(1) of directive 2003/6/EC, in particular whether the relevant market practice breaches rules or regulations designed NC 1 NC NC NC Question 2g How does your Authority utilise and assess the factors listed in Article 2.1 of Directive 2004/72/EC in considering whether it can accept a particular market practice? g. The structural characteristics of the relevant market including whether it is regulated or not, the types of financial instruments traded and the type of market participants, including the extent of retail investors participation in the relevant market NC 1 NC NC NC Question 3 Does your Authority consider any other factors in addition to those referred to in Article 2.1? If yes, please list such additional factors NC Question 4 Does your Authority consult other competent authorities when considering whether to accept or continue to accept a particular market practice? Question 5 Does your Authority comply with the consultation procedures as listed in art. 3 of the Directive 2004/72 i.e the consultation with relevant bodies such as representatives of issuers, financial services providers, consumers, other authorities and market operators NC

4 - the consultation of other competent authorities in particular where there exist comparable markets i.e. in structures, volume, type of transactions NC Question 6 Does your Authority comply with the disclosure procedures as listed in art. 3 of the Directive 2004/72 i.e. the disclosure of the acceptability of the market practice concerned, including: appropriate description of such practices and a description of the factors taken into account in determining whether the relevant practice is accepted as acceptable Question 7 Article 2 Does your Authority have the power to establish whether or not an individual has access to inside information? Article 2 Question 8 Does your Authority have the power to ascertain whether or not relevant persons do not misuse that information, as described in Article 2.1. If yes, how and what are the supervisory tools that are used for this purpose Article 2 Question 9 Does your Authority have the power to ensure that the prohibition in Article 2.1 applies to the person(s) described in Article 2.2? If yes, how and which are the supervisory tools that are used for this purpose? Article 3 Question 10

5 Does your Authority have the power to evaluate the application of the provisions of MAD related to the disclosure of inside information to third parties? If yes, which are the supervisory tools that are used for this purpose? Article 4 Question 11 Does your Authority have the power to apply Articles 2 and 3 to other people, rather than just the people listed in those articles, who possess inside information? Question 12 Article 4 How does your Authority exercise this power? Question 13 Article Does your Authority have the supervisory tools to monitor and prevent market manipulation? If yes, please describe those supervisory tools Question 14 Article 6.1 Does your Authority have the power to monitor whether or not an issuer informs the public as soon as possible of the publication of inside information that concerns the said issuer? Question 15 Articles 6.1 & 6.10 of MAD and Articles 2 & 3 of 2003/124/EC 2, Does your Authority have the power to supervise whether the provisions regarding the public disclosure provided for in the Commission Directive 2003/124/EC are followed? If yes, how and what are the supervisory tools that are used for this purpose? Question 16 Article 6.2 Does your legislation require that issuers inform your Authority without delay should they decide to delay the public disclosure of inside information?

6 Question 17 Article 6.3 list of insiders Does your Authority issue regulations with respect to the list of insiders referred to in Article 6.3? Question 18 Article 6.3 list of insiders Does your Authority require the notification of the list of insiders : - regularly and if so in what regularity or NA NA NA when amendments are made? NA Question 19 Article 6.3 list of insiders Does your Authority assess whether or not the provisions of Article 6. relating to public disclosure of inside information which has been disclosed by an issuer to a third party, are being adhered to? NC 1 NA 1 NA Question 20 Article 6.4 of MAD & Article 6 of 2004/72/EC Does your Authority issue regulations with respect to the notification of transactions referred to in Art. 6.4? 1 NC NC Question 21 Article 6.4 of MAD & Article 6 of 2004/72/EC When does your Authority require the transactions to be notified? Question 22 Article 6.4 of MAD & Article 6 of 2004/72/EC How does your Authority ensure that the obligations listed in Article 6.4 are adhered to, namely that persons discharging managerial responsibilities and, where applicable, those closely associated to them, notify the existence of relevant transactions? Question 23 Article 6.4 of MAD & Article 6 of 2004/72/EC

7 Does your Authority have the power to ensure that public access to such information is readily available as soon as possible? If yes, which arrangements are in place in order to ensure public access concerning the transactions referred above? NC NC Question 24 Article 6.5 Does your Authority have the power to monitor whether or not the provisions of Article 6.5 are adhered to? Question 25 Article 6.5 Does your Authority regulate the production and dissemination of research? NC Question 26 Article 6.6 Does your Authority have the power to regulate/ supervise the structural provisions adopted by regulated markets aimed at preventing and detecting market manipulation practices? Question 27 Article 6.6 Does your Authority require to be notified of such provisions and when? Question 28 Article 6.6 How does your Authority supervise the structural provisions of market operators to prevent and detect market manipulation practices? Question 29 Article 6.7 Does your Authority require notification of such provisions? If so, when? NC NC NC Question 30 Article 6.7 In accordance with article 6.7, which measures does your Authority deem necessary in order to ensure that the public is correctly informed?

8 Article 6.8 Question 31 Does your Authority have the power to ensure that public institutions that disseminate statistics liable to have a significant effect on financial markets disseminate them in a fair and transparent way Question 32 Article 6.9 of MAD & Articles 7, 8, 9 and 10 of 2004/72/EC Does your Authority issue regulations with respect to notifications of suspicious transactions referred to in Art. 6.9? Question 33 Article 6.9 of MAD & Articles 7, 8, 9 and 10 of 2004/72/EC When does your Authority require the transactions to be notified? Question 34 Article 6.9 of MAD & Articles 7, 8, 9 and 10 of 2004/72/EC How does your Authority assess whether or not the requirements of Article 6.9 and Articles 7, 8, 9 and 10 of 2004/72/EC are being met in practice? Question 35 Article 6.9 of MAD & Articles 7, 8, 9 and 10 of 2004/72/EC What definition of 'delay' does your Authority employ? Question 36 Article 6.10 of MAD & Commission Directive 2003/125/EC Does your Authority have the power to supervise whether the provisions regarding the fair presentation of investment recommendations, the disclosure of interests or conflicts of interests and the dissemination of recommendations provided for in the Commission Directive 2003/125/EC are followed? If yes, how and what are the supervisory tools that are used for this purpose? Question 37 Article 7 Does the legislation that implements the MAD ensure that the exemptions listed in Article 7 are in existence? Question 38

9 Article 7 Does your Authority have the power to supervise the exemptions of Article 7? If yes, how does your Authority supervise this? Question 39 Article 8 of MAD & Regulation 2273/2003 Does your Authority check whether or not trading activities fall under the exemption according to article 8 and EU Regulation 2273/2003 and can it take measures in cases of wrong application of this exemption? NC Question 40 Article 8 of MAD & Regulation 2273/2003 Which supervisory tools does your Authority use for this? Question 41 Article 10 Do the prohibitions and requirements provided for in the MAD apply to actions carried out on your territory or abroad concerning financial instruments that are admitted to trading on a regulated market situated or operating within your territory or for which a request for admission to trading on such market has been made? Question 42 Article 10 Do the prohibitions and requirements provided for in the MAD apply to actions carried out on your territory concerning financial instruments that are admitted to trading on a regulated market in another Member State or for which a request for admission to trading on such market has been made? Question 43a Article 12 Does your Authority have the supervisory and investigatory powers, referred to in Article 12(2), which includes at least the right to:

10 a) have access to any document in any form whatsoever, and to receive a copy of it? Article 12 Question 43b Does your Authority have the supervisory and investigatory powers, referred to in Article 12(2), which includes at least the right to: b) demand information from any person, including those who are successively involved in the transmission of orders or conduct of the operations concerned, as well as their principals, and if necessary, to summon and hear any such person? Article 12 Question 43c Does your Authority have the supervisory and investigatory powers, referred to in Article 12(2), which includes at least the right to: c) carry out on-site inspections? Article 12 Question 43d Does your Authority have the supervisory and investigatory powers, referred to in Article 12(2), which includes at least the right to: d) require existing telephone and existing data traffic 2, records? Question 43e Article 12 Does your Authority have the supervisory and investigatory powers, referred to in Article 12(2), which includes at least the right to: NC 2 NC 5 1

11 e) require the cessation of any practice that is contrary to the provisions adopted in the implementation of this Directive? Question 43f Article 12 Does your Authority have the supervisory and investigatory powers, referred to in Article 12(2), which includes at least the right to: f) suspend trading of the financial instruments concerned? Article 12 Question 43g Does your Authority have the supervisory and investigatory powers, referred to in Article 12(2), which includes at least the right to: g) request the freezing and/or sequestration of assets? Article 12 Question 43h Does your Authority have the supervisory and investigatory powers, referred to in Article 12(2), which includes at least the right to: h) request temporary prohibition of professional activity? 1 Article 14 Question NC NC Is your Authority empowered to take, in conformity with its national law, appropriate administrative measures or impose administrative sanctions against those persons who are responsible for but who do not comply with the 2, provisions adopted in the implementation of the MAD? Article 14 Question 45 Does your Authority have in place effective, proportionate and dissuasive measures as required by Article 14?

12 Question 46 Article 14 Does your Authority have the power to determine the measures and sanctions that could be imposed? Question Article 14.3 Does your Authority have the power to impose sanctions for failure to cooperate in an investigation under article 12 of the Directive? Article 14.3 Question 48 If another authority is in charge of imposing sanctions for failure to cooperate in an investigation please provide relevant details. Question 49 Article 14.4 Does your Authority disclose to the public every measure or sanction that will be imposed for infringement of the provisions adopted in the implementation of the Market abuse Directive, unless such disclosure would seriously jeopardise the financial market or cause disproportionate damage to the parties involved.? Question 50a Does your Authority have the power to render assistance to competent authorities of other member states as prescribed in article 16(1) regarding the exchange of information and the cooperation in investigation activities, such as: a) documents in any form whatsoever? Question 50b

13 Does your Authority have the power to render assistance to competent authorities of other member states as prescribed in article 16(1) regarding the exchange of information and the cooperation in investigation activities, such as: b) information from any person, including those who are successively involved in the transmission of orders Question 50c Does your Authority have the power to render assistance to competent authorities of other member states as prescribed in article 16(1) regarding the exchange of information and the cooperation in investigation activities, such as: c) information from any person, including those who conduct of the operations concerned, as well as their principals, Question 50d Does your Authority have the power to render assistance to competent authorities of other member states as prescribed in article 16(1) regarding the exchange of information and the cooperation in investigation activities, such as: d) require existing telephone and existing data traffic records? Question 50e Does your Authority have the power to render assistance to competent authorities of other member states as prescribed in article 16(1) regarding the exchange of information and the cooperation in investigation activities, such as: e) carry out on-site inspections? 1 Question 50f

14 Does your Authority have the power to render assistance to competent authorities of other member states as prescribed in article 16(1) regarding the exchange of information and the cooperation in investigation activities, such as: f) require the cessation of any practice that is contrary to the provisions adopted in the implementation of this Directive? Question 50g Does your Authority have the power to render assistance to competent authorities of other member states as prescribed in article 16(1) regarding the exchange of information and the cooperation in investigation activities, such as: g) suspend trading of the financial instruments concerned? Question 50h Does your Authority have the power to render assistance to competent authorities of other member states as prescribed in article 16(1) regarding the exchange of information and the cooperation in investigation activities, such as: h) request the freezing and/or sequestration of assets? Question 50i Does your Authority have the power to render assistance to competent authorities of other member states as prescribed in article 16(1) regarding the exchange of information and the cooperation in investigation activities, such as: i) request temporary prohibition of professional activity?

15 Question 51 Does you Authority open an investigation solely on a request of a foreign authority (without self interest in this investigation)? NC 1 1 NC Question 52 Can personnel of the requesting foreign authority participate during the investigation? Question 53 Does your Authority have the power to: a) on request, immediately supply any information required? b) when receiving any such request, immediately take the necessary measures in order to gather the required information Question 54 Does your Authority have the power to provide assistance to a competent authority of another MS, regardless of whether you have an independent interest in the matter? NC Question 55 Is your Authority required to notify the requesting competent authority of the reasons if they are not able to supply the required information immediately? Does your Authority notify the requesting competent authority of the reasons if they are not able to supply the required information immediately? Question 56

16 Is the information supplied covered by the obligation of professional secrecy to which the persons employed or formerly employed by the competent authorities receiving the information are subject? Question 57 Does your Authority consult other competent authorities on the proposed follow-up to their action? NC Question 58a Does your Authority refuse to act on a request for information where : a) communication might adversely affect the sovereignty, security or public policy of the Member State addressed NC NC Question 58b Does your Authority refuse to act on a request for information where : b) judicial proceedings have already been initiated in respect of the same actions and against the same persons before the authorities of the Member State addressed NC Question 58c Does your Authority refuse to act on a request for information where : c) a final judgment has already been delivered in relation to such persons for the same actions in the Member State addressed NC Article 16.3 Question 59

17 Where your Authority is convinced that acts contrary to the MAD are being or have been carried out on the territory of another MS does your Authority notify the competent authority of the other MS about that fact in as specific a manner as possible? Question 60 Article 16.3 Has the competent authority of the other MS informed your Authority of the outcome and any significant interim developments? Question 61 Article 16.4 When your Authority refuses to act on a request for investigation (as provided for under 16(4)): - where such an investigation might adversely affect the sovereignty, security or public policy of the State addressed, In such a case, does your Authority : notify the requesting competent authority accordingly, providing information, as detailed as possible, on those proceedings or judgment? Question 61 Article 16.4 When your Authority refuses to act on a request for investigation (as provided for under 16(4)): - where such an investigation might adversely affect the sovereignty, security or public policy of the State addressed, In such a case, does your Authority : notify the requesting competent authority accordingly, providing information, as detailed as possible, on those proceedings or judgment? NC NC NC NC NC NC 1 NC NC 1 1 NC NC 1 1 NC Question 62a Article 16.4

18 When acting as a requesting authority, has your Authority ever been notified such refusal in the following cases: a) When communication might adversely affect the sovereignty, security or public policy of the member-state addressed, NC 5 5NC NC NC 5 5 5NC NC Question 62b Article 16.4 When acting as a requesting authority, has your Authority ever been notified such refusal in the following cases: b) When judicial proceedings have already been initiated in respect of the same actions and against the same persons before where a final judgment has already been delivered in relation to such persons for the same actions in the member state addressed o NC 5 5 NC NC NC 5 5 NC NC NC NC Question 62c Article 16.4 When acting as a requesting authority, has your Authority ever been notified such refusal in the following cases: c) Where a final judgment has already been delivered in relation to such persons for the same actions in the memberstates addressed. NC 5 5 NC NC NC NC NC Question 63 Article 16.4 When acting as a requested authority in the abovementioned three cases, does your Authority notify the requesting competent authority accordingly, providing information, as detailed as possible, on those situations? NC NC Question 64 Article 16.4

19 When a request for the personnel of a competent authority to be accompanied by personnel of the competent authority of another Member State as provided for in the second subparagraph of article 16(2) is denied on one of three grounds stated above, does your Authority notify the requesting competent authority accordingly, providing information, as detailed as possible, on those proceedings or judgment? Question 65 Article 16.4 Has your Authority sought to bring cases to the attention of the CESR when your Authority s application to open an inquiry or request for authorisation for your authority s officials to accompany those of the other Member State's competent authority has not been acted upon within a reasonable time or has been rejected;