Esma updated Q&A on MIFID II land MIFIR investor protection and intermediaries

Posted on 07 Oct 2018

The ESMA (European Securities and Markets Authority) has issued an update on the Q&As on MIFID II and MIFIR investor protection and intermediaries.

The updated Q&A can be accessed here.

The Q&As on MiFID II and MiFIR investor protection and intermediaries topics provides new answers on:

  • Best execution - Reporting for firms using a venue’s RFQ system to agree a trade; and, 
  • Investment advice on an independent basis – Use of a ‘look-through’ approach. 

It is reminded that the overall Q&As provide clarifications on the following topics:

  • Best execution;
  • Suitability and appropriateness;
  • Recording of telephone conversations and electronic communications;
  • Post-sale reporting;
  • Record keeping;
  • Investment advice on an independent basis;
  • Inducements (research);
  • Information on charges and costs;
  • Underwriting and placement of a financial instrument;
  • Client categorisation;
  • Inducements;
  • Provision of investment services and activities by third country firms;
  • Application of MiFID II after 3 January 2018, including issues of late transposition; and
  • Other issues.

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