Consultation on Review of the technical standards under Article 34 of MiFID II
ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in Annex 1.
The main amendments proposed add the following items to the information that investment firms are required to provide at the passporting stage:
- the marketing means the firm will use in host Member States;
- the language(s) for which the investment firm has the necessary arrangements to deal with complaints from clients from each of the host Member States in which it provides services;
- in which Member States the firm will actively use its passport as well as the categories of clients targeted; and
- the investment firm’s internal organisation in relation to the cross-border activities of the firm.
Publication of responses
All contributions received will be published following the close of the consultation, unless you request otherwise. Please clearly and prominently indicate in your submission any part you do not wish to be publicly disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. A confidential response may be requested from us in accordance with ESMA’s rules on access to documents. We may consult you if we receive such a request. Any decision we make not to disclose the response is reviewable by ESMA’s Board of Appeal and the European Ombudsman.
Data protection
Information on data protection can be found at www.esma.europa.eu under the heading ‘Data protection’.
Who should read this paper?
This paper is primarily of interest to competent authorities and investment firms that are subject to Directive 2014/65/EU of the European Parliament and of the Council (MiFID II). In particular, this paper is addressed to investment firms providing or that may in the future provide investment services and activities on a cross-border basis in accordance with Article 34 of MiFID II.