ESMA publishes update to MiFID II Q&As on investor protection and intermediaries topics

On 25th May 2018, the European Securities and Markets Authority (ESMA) added 9 new or updated Q&As to its Questions and Answers (Q&A) on MiFID II/MiFIR investor protection topics. The new or updated Q&As cover the topics of best execution, client categorisation, provision of investment services and activities by third country firms, and other issues.

The overall MiFID II Q&A provide clarifications on the following topics:

• Best execution
• Suitability and appropriateness
• Recording of telephone conversations and electronic communications
• Post-sale reporting
• Record keeping
• Investment advice on an independent basis
• Inducements (research)
• Information on charges and costs
• Underwriting and placement of a financial instrument
• Client categorisation
• Inducements
• Provision of investment services and activities by third country firms
• Application of MiFID II after 3 January 2018, including issues of ‘late transposition’
• Other issues