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19 November 2021 | ESMA35-43-349

Questions and Answers

On MiFID II and MiFIR investor protection and intermediaries topics

201-www.esma.europa.eu

2

Date: 19 November 2021

ESMA35-43-349

3

Table of Contents

Table of questions ................................................................................................................. 5

Introduction ..........................................................................................................................17

1 Best execution [Last update: 3 October 2019] ...............................................................19

2 Suitability and appropriateness [Last update: 28 March 2019] .......................................37

3 Recording of telephone conversations and electronic communications ...........................

[Last update: 3 October 2017] .......................................................................................46

4 Record keeping [Last update: 10 November 2017] ........................................................54

5 Investment advice on an independent basis [Last update: 3 October 2018] ..................55

6 Underwriting and placing [Last update: 16 December 2016] ..........................................57

7 Inducements (research) [Last update: 12 July 2018] .....................................................60

8 Post-sale reporting [Last update: 23 March 2018] .........................................................74

9 Information on costs and charges [Last update: 21 December 2020] ............................80

10 Appropriateness / Complex Financial Instruments [Last update: 6 June 2017]......... 101

11 Client categorisation [Last update: 25 May 2018] ..................................................... 102

12 Inducements [Last update: 28 May 2020] ................................................................ 106

13 Provision of investment services and activities by third country firms ...........................

[Last update: 28 March 2019] .................................................................................. 116

14

[Last update: 18 December 2017] ............................................................................ 121

15 Other issues [Last update: 3 October 2019] ............................................................. 124

16 Product governance [Last update: 19 November 2021] ........................................... 127

17 Product intervention [Last update: 4 December 2019] .............................................. 132

18 MiFID practices for firms selling financial instruments subject to the BRRD resolution

regime [Last update: 18 February 2020] ............................................................................. 133

4

Acronyms and definitions used

AIF Alternative Investment Funds

BRRD 2 Directive 2019/879 of the European Parliament and of the

Council

ESMA The European Markets and Securities Authority

ITS Implementing Technical Standards

KID Key Information Document

MiFID I Markets in Financial Instruments Directive Directive

2004/39/EC of the European Parliament and of the Council

MiFID II Markets in Financial Instruments Directive (recast) Directive

2014/65/EU of the European Parliament and of the Council

MiFIR Markets in Financial Instruments Regulation Regulation

600/2014 of the European Parliament and of the Council

MTF Multilateral Trading Facility

OTC Over The Counter

OTF Organised Trading Facility

Q&A Question and Answer

PRIIPs Package Retail and Insurance-based Products

RPA Research Payment Account

RTS Regulatory Technical Standards

SFTs Securities financing transactions

UCITS Undertakings for Collective Investment in Transferable Securities 5

Table of questions

Topic of the Question Level 1/Level 2 Last Update

Best Execution

1 RVs

Art. 27 of MiFID II 10/10/2016

2

Checking fairness of prices when

executing orders or decisions in

OTC products

Art. 27 of MiFID II

Art. 64(4) of the MiFID II

Delegated Regulation

10/10/2016

3 Use of a single venue

RTS 271

Art. 24(1) of MiFID II

Art. 27 of MiFID II

16/12/2016

4 Accessibility of reports

RTS 27, RTS 282

Art. 27 of MiFID II

Art. 65(6) of the MiFID II

Delegated Regulation

16/12/2016

5 Latest date for publication of

reports

RTS 28

Art. 27 of MiFID II

Art. 65(6) of the MiFID II

Delegated Regulation

16/12/2016

6 MiFID II and timing of publication

of reports

RTS 27, RTS 28

Art. 27 of MiFID II

Art. 65(6) of the MiFID II

Delegated Regulation

4/4/2017

7

Reports for services of order

execution and reception and transmission of orders

RTS 28

Art. 27 of MiFID II

Art. 65(6) of the MiFID II

Delegated Regulation

16/12/2016

8 Disclosure of reports to public

RTS 27, RTS 28

Art. 27 of MiFID II

Art. 65(6) of the MiFID II

Delegated Regulation

3/10/2019

9 Venue disclosure of costs RTS 27

Art. 27(3) of MiFID II 16/12/2016

10

Summary of the analysis and

monitoring

RTS 28

Art. 27 of MiFID II

Art. 65(6) of the MiFID II

Delegated Regulation

16/12/2016

1 1 RTS 27 refers to the regulatory technical standards under Article 27(10)(a) of MiFID II adopted by the EC on 08/06/2016,

Commission Delegated Regulation (EU) 2017/575

2 RTS 28 refers to the regulatory technical standards under Article 27(10)(b) of MiFID II adopted by the EC on 08/07/2016,

Commission Delegated Regulation (EU) 2017/576

6

11 Information to be published on

entities within a group

Art. 27 of MiFID II

Art. 65(6) of the MiFID II

Delegated Regulation

RTS 28

4/4/2017

12 Transactions with eligible

counterparties and RTS 27

RTS 27

Art. 27 of MiFID II

4/4/2017

13

Execution policies for investment

firms or market operators operating OTFs

Art. 20 of MiFID II

Art. 27 of MiFID II 4/4/2017

14

Information on passive and

aggressive orders in the context of portfolio management and RTO

Art. 27 of MiFID II

Art. 65(6) of the MiFID II

Delegated Regulation

RTS 28

4/4/2017

15 Securities Financing Transactions

(SFTs)

RTS 27

Art. 1(5)(a) of MiFIR 10/07/2017

16 Application of best execution to

OTF operators Art. 27 of MiFID II 3/10/2017

17

Disclosure of quality of execution

when using direct electronic access

Art. 27 of MiFID II

RTS 28 3/10/2017

18

RTS 27 25/05/2018

19

RFQ system to agree a trade RTS 28 3/10/2018

20

RTS 27 reporting requirements for

market makers and other liquidity providers

RTS 27 28/03/2019

21

Reporting for venues on the

27

RTS 27 29/05/2019

22

Reporting for venues and firms on

template fields of RTS 27 and 28 if the required content is not applicable to their activities

RTS 27 and 28 29/05/2019

23
quote-driven systems to have client orders executed

RTS 28 29/05/2019

24 RTS 28 reporting and third-country

execution venues RTS 28 29/05/2019 25

Classification of financial

instruments under RTS 27 if ESMA has not published any calibrated market sizes

RTS 27 11/07/2019

7

Suitability and

Appropriateness

1 Suitability report: advice leading or

not to a transaction

Art. 25(6) of MiFID II

Article 54(12) of the MiFID

II Delegated Regulation

10/10/2016

2 Suitability report: record of when

the advice is given

Art. 25(6) of MiFID II

10/10/2016

3 Suitability report: availability on

Art. 25(6) of MiFID II

Art. 3 of the MiFID II

Delegated Regulation

28/3/2019

4

Suitability report: provision to the

client together with the report due when carrying out an order on behalf of a client other than for portfolio management

Art. 25(6) of MiFID II

10/10/2016

5 Suitability report: advice not to buy

or sell a financial instrument Art. 25(6) of MiFID II 10/10/2016

6 Transactions on unsuitable

products

Art. 25(2) of MiFID II

10/10/2016

7 Disclosure of information by the

client on his/her financial situation

Art. 25(2) of MiFID II

Art. 54 of the MiFID II

Delegated Regulation

10/10/2016

8 Record keeping obligations related

to investment advice

Art. 16(6) of MiFID II

Art. 16(7) of MiFID II

Art. 25(6) of MiFID II

16/12/2016

9

Periodic reporting of how the

preferences, objectives and other characteristics of the retail client

Art. 25(6) of MiFID II

Art. 60 of the MiFID II

Delegated Regulation

18/12/2017

10 Suitability report: Use of generic

statements

Art. 25(6) of MiFID II

Art. 54(12) of the MiFID II

Delegated Regulation

28/3/2019

Recording of

telephone conversations and electronic communications 1

Recording of internal telephone

conversations and electronic communications

Art. 16(7) of MiFID II

10/10/2016

2 Charging clients for access to

recordings Art.16(7) of MiFID II 10/10/2016

3 Monitoring of records

Art.16(7) of MiFID II

Art. 76(6) of the MiFID II

Delegated Regulation

10/10/2016

4 Period of record keeping Art.16(7) of MiFID II 10/10/2016

5

Types of electronic

communications in scope of the requirements

Art.16(7) of MiFID II 10/10/2016

8

6 Monitoring of records: control

function

16(7) of MiFID II

Art. 76 of the MiFID II

Delegated Regulation

10/10/2016

7

Recording of telephone

conversations and electronic communications: critical or important operational function

Art.16(7) of MiFID II 10/10/2016

8

Recording of telephone

conversations and electronic communications from start to end

Art.16(7) of MiFID II 10/10/2016

9 Client access to relevant internal

conversations

Art.16(7) of MiFID II

10/10/2016

10 Use of mobile devices

Art.16(7) of MiFID II

Art. 76 of the MiFID II

Delegated Regulation

10/10/2016

11

Telephone conversations and

electronic communications that should be recorded

Art.16(7) of MiFID II

Art. 76 of the MiFID II

Delegated Regulation

10/10/2016

12

Scope of activities covered by the

requirements in Article 16(7) of

MiFID II (1)

Art.16(7) of MiFID II 10/07/2017

13

Scope of activities covered by the

requirements in Article 16(7) of

MiFID II (2)

Art.16(7) of MiFID II 3/10/2017

Record keeping

1 Encryption

Arts. 16(6), 16(7) of MiFID

II

Art. 72 of the MiFID II

Delegated Regulation

10/10/2016

2 Securities financing transactions

(SFTs) Art. 16(6) of MiFID II 10/11/2017

Investment advice

on an independent basis 1

Assessment and comparison of a

sufficient range of financial instruments

Arts. 24(4), 24(7)) of MiFID

II

Arts. 52, 53 of the MiFID II

Delegated Regulation

10/10/2016

2 - Art. 24(7) of MiFID II 3/10/2018

Underwriting and

placing

1 Various funding alternatives Art. 38(1) of the MiFID II

Delegated Regulation 10/10/2016

2 Information on investor clients to

be provided to issuer clients

Art. 38(1) of the MiFID II

Delegated Regulation 16/12/2016

3 Record Keeping Art. 43 of the MiFID II

Delegated Regulation 16/12/2016

9

4 Obligations relating to advice on

corporate finance strategy

Art. 38(1) of the MiFID II

Delegated Regulation 16/12/2016

Inducements

(research) 1

Use of a Research Payment

Account for

portfolio or account

Art. 24 of MiFID II

Art. 13 of the MiFID II

Delegated Directive

10/10/2016

2 Status of client money held in a

Research Payment Account

Art. 24 of MiFID II

Art. 13 of the MiFID II

Delegated Directive

16/12/2016

3 Unrequested research provided

Art. 24 of MiFID II

Art. 13 of the MiFID II

Delegated Directive

16/12/2016

4 Research from third-country

providers

Art. 24 of MiFID II

Art. 13 of the MiFID II

Delegated Directive

16/12/2016

5 Research from another group

entity

Art. 24 of MiFID II

Art. 13 of the MiFID II

Delegated Directive

16/12/2016

6 Minor non-monetary benefit vs.

research

Art. 24 of MiFID II

Art. 12(3) and Art. 13 of

the MiFID II Delegated

Directive

16/12/2016

7

Art. 24 of MiFID II

Art. 12(3) and Art. 13 of

the MiFID II Delegated

Directive

4/4/2017

8 Macro-economic analysis

Art. 24 of MiFID II

Art. 12(3) and Art. 13 of

the MiFID II Delegated

Directive

23/3/2018

9 Research related to fixed-income,

currencies or commodities

Art. 24 of MiFID II

Art. 12(3) and Art. 13 of

the MiFID II Delegated

Directive

23/3/2018

10

Budgeting, allocation of the

research budget, determination and assessment of payments made from it

Art. 24 of MiFID II

Art. 13 of the MiFID II

Delegated Directive

4/4/2017

11 Disclosure of client research

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