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17-Feb-2020 La réponse à la question 5 du FAQ CESR de mai 2007 précise que « les dispositifs d'exécution sont les moyens que l'entreprise d'investissement.
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26 Market transparency and best execution: bond trading under MiFID
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19 November 2021 | ESMA35-43-349
Questions and Answers
On MiFID II and MiFIR investor protection and intermediaries topics201-www.esma.europa.eu
2Date: 19 November 2021
ESMA35-43-349
3Table 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
4Acronyms and definitions used
AIF Alternative Investment Funds
BRRD 2 Directive 2019/879 of the European Parliament and of theCouncil
ESMA The European Markets and Securities AuthorityITS Implementing Technical Standards
KID Key Information Document
MiFID I Markets in Financial Instruments Directive Directive2004/39/EC of the European Parliament and of the Council
MiFID II Markets in Financial Instruments Directive (recast) Directive2014/65/EU of the European Parliament and of the Council
MiFIR Markets in Financial Instruments Regulation Regulation600/2014 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 ProductsRPA Research Payment Account
RTS Regulatory Technical Standards
SFTs Securities financing transactions
UCITS Undertakings for Collective Investment in Transferable Securities 5Table of questions
Topic of the Question Level 1/Level 2 Last UpdateBest Execution
1 RVsArt. 27 of MiFID II 10/10/2016
2Checking fairness of prices when
executing orders or decisions inOTC 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
reportsRTS 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 reportsRTS 27, RTS 28
Art. 27 of MiFID II
Art. 65(6) of the MiFID II
Delegated Regulation
4/4/2017
7Reports for services of order
execution and reception and transmission of ordersRTS 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
10Summary of the analysis and
monitoringRTS 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
611 Information to be published on
entities within a groupArt. 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 27RTS 27
Art. 27 of MiFID II
4/4/2017
13Execution policies for investment
firms or market operators operating OTFsArt. 20 of MiFID II
Art. 27 of MiFID II 4/4/2017
14Information on passive and
aggressive orders in the context of portfolio management and RTOArt. 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
17Disclosure of quality of execution
when using direct electronic accessArt. 27 of MiFID II
RTS 28 3/10/2017
18RTS 27 25/05/2018
19RFQ system to agree a trade RTS 28 3/10/2018
20RTS 27 reporting requirements for
market makers and other liquidity providersRTS 27 28/03/2019
21Reporting for venues on the
27RTS 27 29/05/2019
22Reporting for venues and firms on
template fields of RTS 27 and 28 if the required content is not applicable to their activitiesRTS 27 and 28 29/05/2019
23quote-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 25Classification of financial
instruments under RTS 27 if ESMA has not published any calibrated market sizesRTS 27 11/07/2019
7Suitability and
Appropriateness
1 Suitability report: advice leading or
not to a transactionArt. 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 givenArt. 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
4Suitability report: provision to the
client together with the report due when carrying out an order on behalf of a client other than for portfolio managementArt. 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 10/10/20166 Transactions on unsuitable
productsArt. 25(2) of MiFID II
10/10/2016
7 Disclosure of information by the
client on his/her financial situationArt. 25(2) of MiFID II
Art. 54 of the MiFID II
Delegated Regulation
10/10/2016
8 Record keeping obligations related
to investment adviceArt. 16(6) of MiFID II
Art. 16(7) of MiFID II
Art. 25(6) of MiFID II
16/12/2016
9Periodic reporting of how the
preferences, objectives and other characteristics of the retail clientArt. 25(6) of MiFID II
Art. 60 of the MiFID II
Delegated Regulation
18/12/2017
10 Suitability report: Use of generic
statementsArt. 25(6) of MiFID II
Art. 54(12) of the MiFID II
Delegated Regulation
28/3/2019
Recording of
telephone conversations and electronic communications 1Recording of internal telephone
conversations and electronic communicationsArt. 16(7) of MiFID II
10/10/2016
2 Charging clients for access to
recordings Art.16(7) of MiFID II 10/10/20163 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
5Types of electronic
communications in scope of the requirementsArt.16(7) of MiFID II 10/10/2016
86 Monitoring of records: control
function16(7) of MiFID II
Art. 76 of the MiFID II
Delegated Regulation
10/10/2016
7Recording of telephone
conversations and electronic communications: critical or important operational functionArt.16(7) of MiFID II 10/10/2016
8Recording of telephone
conversations and electronic communications from start to endArt.16(7) of MiFID II 10/10/2016
9 Client access to relevant internal
conversationsArt.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
11Telephone conversations and
electronic communications that should be recordedArt.16(7) of MiFID II
Art. 76 of the MiFID II
Delegated Regulation
10/10/2016
12Scope of activities covered by the
requirements in Article 16(7) ofMiFID II (1)
Art.16(7) of MiFID II 10/07/2017
13Scope of activities covered by the
requirements in Article 16(7) ofMiFID II (2)
Art.16(7) of MiFID II 3/10/2017
Record keeping
1 Encryption
Arts. 16(6), 16(7) of MiFID
IIArt. 72 of the MiFID II
Delegated Regulation
10/10/2016
2 Securities financing transactions
(SFTs) Art. 16(6) of MiFID II 10/11/2017Investment advice
on an independent basis 1Assessment and comparison of a
sufficient range of financial instrumentsArts. 24(4), 24(7)) of MiFID
IIArts. 52, 53 of the MiFID II
Delegated Regulation
10/10/2016
2 - Art. 24(7) of MiFID II 3/10/2018
Underwriting and
placing1 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 clientsArt. 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
94 Obligations relating to advice on
corporate finance strategyArt. 38(1) of the MiFID II
Delegated Regulation 16/12/2016
Inducements
(research) 1Use of a Research Payment
Account for
portfolio or accountArt. 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
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