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ESMA updates its Q&AS on MiFID II and MiFIR investor protection and intermediaries

28 March 2019

The European Securities and Markets Authority (ESMA) has today added new Questions and Answers (Q&As) and updates on the implementation of investor protection topics under the Market in Financial Instruments Directive and Regulation (MiFID II/ MiFIR).

The Q&As provide new answers on:

  • Provision of investment services and activities by third-country firms - Reverse solicitation
  • Product governance - Target market of CoCo-bond funds
  • Suitability report - Use of generic statements
  • Information on costs and charges
    • Level of individualisation of ex-ante information
    • Conditions to be met to use costs grids/tables for ex-ante information
    • Ex-ante information for the service of portfolio management
    • Terminology
    • Taxes to be included in the ex-ante and ex-post costs and charges information
  • Other issues – Durable medium
  • Best Execution - RTS 27 reporting requirements for market makers and other liquidity providers

ESMA has also updated two Q&As on:  

  • Suitability report: availability on firm’s website
  • Information on costs and charges - Use of products’ costs presented in the PRIIPs KID

The purpose of these Q&As is to promote common supervisory approaches and practices in the application of MiFID II and MiFIR. ESMA will continue to develop this Q&A on investor protection topics under MiFID II and MiFIR, both adding questions and answers to the topics already covered and introducing new sections for other MiFID II investor protection areas not yet addressed in this Q&A.