ESMA publishes update to MiFID II Q&As on investor protection and intermediaries topics

25 May 2018

The new or updated Q&As cover the topics of best execution, client categorisation, provision of investment services and activities by third country firms, and other issues.

The overall MiFID II Q&A 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’
• Other issues

MiFID II applies from 3 January 2018 and will strengthen the protection of investors by both introducing new requirements and reinforcing existing ones. The purpose of this Q&A is to promote common supervisory approaches and practices in the application of MiFID II/ MiFIR for investor protection topics.

Full Q&A

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