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;
- 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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