ESMA Updates Q&As on MiFID II and MiFIR Investor Protection & Intermediaries

ESMA has updated its questions and answers on the implementation of investor protection topics under the Markets in Financial Instruments Directive and Regulation.

On December 4th, the European Securities and Markets Authority (ESMA) published a press release stating that their Q&As on the topic of investor protection and intermediaries under MiFID II and MiFIR has been updated. 

The updated Q&As include more detail on both costs and charges, as well as product intervention. 

ESMA stated that the Q&A on product intervention ‘can assist firms in assessing which national product intervention measures apply in case of services provided on a cross border basis’. This will be particularly relevant to firms dealing with CFDs which are subject to a variety of national product intervention measures.

Along with its press release, ESMA provided a full list of the clarifications which are offered in the updated Q&As: 

  • 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
  • Product governance
  • Product intervention

ESMA also states that the new Q&As on investor protection and intermediaries provide clarification on the following: 

  • Information on costs and charges
    • Ex-post information in case of portfolio management
    • Relationship Article 50(9) and Article 60 of the Delegated Regulation in case of portfolio management
  • Product intervention
    • The application of national product intervention measures in case of services provided on a cross-border basis

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