Question ID: 2678
Regulation Reference: (EU) No 2015/2450 - templates for the submission of information to the supervisory authorities
Topic: Reporting Templates
Article: 35 of SII Directive
Status: Final
Date of submission: 07 Jun 2023
Question
I am reaching out to get clarity on how to accurately assign 3rd and 4th position CIC values for ETP (Exchange Traded Products). The definition of an ETP is Exchange-traded products (ETP) are types of securities that track underlying security, index, or financial instrument. ETPs trade on exchanges similar to stocks. The price of ETPs fluctuates from day-to-day and intraday. The share price of ETPs come from the underlying investments that they track. They do not seem to fit neatly in the CIC matrix found on page 199 in the following link: (https://www.eiopa.europa.eu/sites/default/files/publications/eiopa_guidelines/eiopa_13_415_final_report_on_cp10.pdf) Wondered if it may be possible to get some official guidance and agreement on what the correct classification should be for such instruments please?
EIOPA answer
The CIC categorisation of an ETP depends on the type of the ETP. This could be either classified as CIC 4 (ETF), CIC 5 (ETC/ETN – see also Q&A 2299).