Since our last newsletter, ESMA updated its Q&A on the Market in Financial Instruments Directive 2014/65/EU of 15 May 2014 ("MiFID II") and on the Markets in Financial Instruments Regulation 600/2014 of 15 May 2014 ("MiFIR"), on the following topics:
- Q&A on MiFID II and MiFIR investor protection and intermediaries;
- Q&A on MiFIR data reporting; and
- Q&A on MiFID II and MiFIR transparency and market structures topics.
Focussing only on the Q&A on investor protection and intermediaries topics, we note that ESMA has provided two new Q&As in respect of information on costs and charges. ESMA clarifies how the ex-post costs and charges disclosure requirements should be applied to the service of portfolio management and how the investment firm’s obligation to provide ex-post aggregated costs and charges information under Article 50 (9) of the MiFID II Delegated Regulation (EU) 2017/565 of 25 April 2016, which allows firms to provide this information together with any existing periodic reporting to clients, relates to existing reporting obligations in respect of portfolio management under Article 60 of the same Regulation.
Additionally, ESMA added one new Q&A on the subject of product intervention. ESMA explains which national product intervention measures firms should apply in case of cross-border provision of investment services.