How should firms and competent authorities understand the difference between “reasonable
steps” and “sufficient steps”?

Could a firm still hold itself out as being independent where it assesses and compares a sufficient range of financial instruments available (which are not limited to financial instruments issued or provided by the firm itself or by entities having close links) but that the outcome of such an assessment in a considerable number of cases is that the firm recommends financial instruments to its clients which are issued or provided by the firm itself or by entities having close links?

How should firms prepare copies of records that have been encrypted and which have been requested by clients, competent authorities or other competent third parties?

The MiFID II Delegated Regulation requires firms to periodically monitor the records of transactions and orders subject to these requirements including relevant conversations and that the monitoring shall be risk based and proportionate. How should these requirements be applied?

What are the implications of exceeding a relevant threshold in a mid-month report?