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Updated ESMA Q&As

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On 04.12.2019 the European Securities and Markets Authority (ESMA) published an updated set of Q&A’s (Questions & Answers) on issues about the protection of investors in relation to MiFID II/MiFIR.

  • Best execution
  • Suitability and adequacy
  • Recording telephone conversations and electronic communications
  • Record keeping
  • Investment advice on an independent basis
  • Underwriting and placing
  • Inducements in connection with research
  • Reporting requirements
  • Information on costs and charges (2 Q&As)
  • Appropriateness / Complex Financial Instruments
  • 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
  • Product governance
  • Product intervention (1 Q&A)

These ESMA Q&As can be downloaded from the following page under the section sources of information and important links, and are intending to ensure a common supervisory approach with regard to the application of MiFID II and MiFIR in conjunction with investor protection issues, and are intended both for the competent supervisory authorities as well as the supervised entities. Questions are answered to questions asked by the general public, market participants and the competent supervisory authorities in relation to the practical application of MiFID II/MiFIR.

The ESMA Q&As are only available in English. The contents are not comprehensive and cannot be considered as new rules. The Q&As are constantly extended by ESMA and where necessary also updated.

The date of publication is given for each chapter and question to make them easier to follow and for reference purposes.

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