Where a group link exists for the purpose of Article 24 of the Commission Delegated Regulation (EU) 2016/438 (“UCITS V Level 2”), does a person who served in the management body or supervisory body of an entity within the group or was otherwise employed by such an entity fulfil the independence requirement under Article 24(2) of the UCITS V Level 2 where the person has ceased any function within the entity?

Can shares in non-UCITS collective investment undertakings explicitly excluded under point (i) of Article 25(4)(a) of MiFID II be nevertheless assessed against the criteria set out in Article 57 of the MiFID II Delegated Regulation and as a consequence potentially be deemed non-complex financial instruments for the purposes of the appropriateness test?

How should investment firms provide ex-ante disclosure of information on costs and charges to clients when there is no available data on actually incurred costs?

When providing information of costs and charges to clients, on which basis should costs be aggregated? What is the level of aggregation that firms need to apply?

Which methodology should an investment firm use when calculating the ‘costs related to transactions initiated in the course of the provision of an investment service’ for its ex-post cost disclosure?