Skip to main content
Home

ESMA

Extranet

Search form

ESMA LETTER TO EUROPEAN COMMISSION ON MIFID II/MIFIR THIRD-COUNTRY REGIMES

01 October 2018

The European Securities and Markets Authority (ESMA) has written to the European Commission in relation to additional issues concerning some MiFID II/MiFIR requirements on investor protection and intermediaries. The letter is a follow-up to an earlier letter concerning some MIFID II/MIFIR requirements regarding trading venues.

The letter highlights a number of items, which are relevant in the context of the United Kingdom’s withdrawal from the European Union, in particular:

  • Concerns regarding the MiFIR regime for third country firms providing investment services and activities to eligible counterparties and per se professional clients;
  • Concerns regarding the MiFID II regime for third country firms providing investment services and activities to retail and professional clients on request;
  • Third country firms providing investment services and activities at the exclusive initiative of EU clients (reverse solicitation); and  
  • Investment firms outsourcing critical or important functions other than those related to portfolio management to third country providers.