Questions and Answers

15 December 2023 ESMA35-43-349

Questions and Answers

On MiFID II and MiFIR investor protection and intermediaries topics

15 December 2023 | ESMA35-43-349

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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: 15 December 2023] ............................80 10 Appropriateness / Complex Financial Instruments [Last update: 6 June 2017].........102 11 Client categorisation [Last update: 25 May 2018].....................................................103 12 Inducements [Last update: 28 May 2020] ................................................................107 13 Provision of investment services and activities by third country firms ...........................

[Last update: 28 March 2019] ..................................................................................117 14 Application of MiFID II after 3 January 2018, including issues of `late transposition

[Last update: 18 December 2017] ............................................................................122 15 Other issues [Last update: 3 October 2019].............................................................125 16 Product governance [Last update: 19 November 2021] ...........................................128 17 Product intervention [Last update: 4 December 2019]..............................................130 18 MiFID practices for firms selling financial instruments subject to the BRRD resolution regime [Last update: 18 February 2020].............................................................................131

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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

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Table of questions

Topic of the Question

Level 1/Level 2

Best Execution

1 "Reasonable steps" Vs "sufficient Art. 27 of MiFID II steps"

Checking fairness of prices when 2 executing orders or decisions in

OTC products

3 Use of a single venue

4 Accessibility of reports

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Latest date for publication of reports

6

MiFID II and timing of publication of reports

Reports for services of order 7 execution and reception and

transmission of orders

8 Disclosure of reports to public

Art. 27 of MiFID II Art. 64(4) of the MiFID II Delegated Regulation

RTS 271 Art. 24(1) of MiFID II Art. 27 of MiFID II

RTS 27, RTS 282 Art. 27 of MiFID II Art. 65(6) of the MiFID II Delegated Regulation

RTS 28 Art. 27 of MiFID II Art. 65(6) of the MiFID II Delegated Regulation

RTS 27, RTS 28 Art. 27 of MiFID II Art. 65(6) of the MiFID II Delegated Regulation

RTS 28 Art. 27 of MiFID II Art. 65(6) of the MiFID II Delegated Regulation

RTS 27, RTS 28 Art. 27 of MiFID II Art. 65(6) of the MiFID II Delegated Regulation

9 Venue disclosure of costs

RTS 27 Art. 27(3) of MiFID II

RTS 28

Summary of the analysis and

Art. 27 of MiFID II

10 conclusions from a firm's execution

monitoring

Art. 65(6) of the MiFID II

Delegated Regulation

Last Update

10/10/2016 10/10/2016 16/12/2016 16/12/2016 16/12/2016

4/4/2017 16/12/2016 3/10/2019 16/12/2016 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

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