03 October 2018

ESMA updates Q&As on MiFID II and MiFIR investor protection and intermediaries

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. 

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.

Full Q&As

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