ESMA Updates Q&As On MIFID II And MIFIR Investor Protection Topics – Employment and HR



European Union:

ESMA Updates Q&As On MIFID II And MIFIR Investor Protection Topics


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The European Securities and Markets Authority (‘ESMA’)
has today updated its Questions and Answers on the
implementation of investor protection topics under the Market in
Financial Instruments Directive and Regulation (MiFID II/MiFIR).
These include new answers on ‘MiFID practices for firms selling
financial instruments subject to the BRRD resolution
regime’.

The new Q&As provides clarification on

  • Sales of subordinated eligible
    liabilities and the assessment of suitability

  • Whether Article 44a of BBRD 2 should
    apply only if there is an active offering on the part of the
    firm

  • Information to be collected from
    clients in order to comply with Article 44a(1) and 44a(2) of BRRD
    2

  • Calculation of 10% threshold referred
    to in Article 44a(2)(a) of BRRD 2

  • What happens if a transaction
    relating to subordinated eligible liabilities is deemed unsuitable
    by the firm, but the retail client wishes to proceed anyway

  • Monitoring of 10% threshold referred
    to in Article 44a(2)(A) of BRRD 2

ESMA will continue to add questions and answers to the topics
already covered and introduce new sections for other MiFID II
investor protection areas which have not yet been addressed in this
Q&A document. This will serve to promote common supervisory
approaches and practices in the application of MiFID II and
MiFIR.

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.

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