Latest Level 3 ESMA Q & As related to MiFID II/MiFIR

Dr. Günther Dobrauz Partner and Leader Legal, PwC Switzerland 18 Jul 2018

ESMA published and updated in the last couple of days additional Level 3 Q&A papers. Due to the specification and clarification purposes of the Level 3 papers, this should help you during and after the implementation phase and could clarify open questions. Please find the updated Q&As from July 2018 below.

MiFID II and MiFIR – Transparency topics

General Q&As on transparency topics

  • Question 13: In case of a corporate action where a traded ISIN is replaced with a new ISIN, how should the new ISIN be reported to FIRDS and FITRS?

Double volume cap mechanism

  • Question 5: In case of a corporate action where a traded ISIN is replaced with a new ISIN, how will the new ISIN be treated for the purposes of the DVC?

Systemic internaliser regime

  • Question 1: By when will ESMA publish information about the total number and the volume of transactions executed in the Union and when do investment firms have to perform the assessment whether they should be considered as systematic internalisers for the first time in 2018 as well as for subsequent periods?
     

ESMA70-872942901-35 | 12 July 2018
 

MiFID II and MiFIR – Investor protection and intermediaries topics

Inducements (Research)
  • Question 12: Is a free trial period of research services acceptable when it is provided in relation to portfolio management or advice on an independent basis?

Provision of investment services and activities by third country firms

  • Question 3: What are practical examples of investment products belonging to different categories within the meaning of Article 42 of MiFID II and Article 46 of MiFIR and Q&A 2 (see above)?

Other issues 

  • Question 2: What are the supervisory responsibilities of competent authorities in host Member States when a UCITS management company or an alternative investment fund manager provides investment services through a branch established in the host Member State?
     

ESMA35-43-349 | 12 July 2018

 

 

Contacts

Dr. Günther Dobrauz

Partner and Leader Legal, Zurich, PwC Switzerland

+41 58 792 14 97

Email

Philipp Rosenauer

Head Legal Regulatory Implementation, Legal, Zurich, PwC Switzerland

+41 58 792 18 56

Email