Aktualizacja QA – MiFID II/MiFIR investor protection

Aktualizacja QA – MiFID II/MiFIR investor protection

Banking, Compliance/AML, Hot News, MiFID Brak komentarzy do Aktualizacja QA – MiFID II/MiFIR investor protection

W dniu dzisiejszym ESMA opublikował zaktualizowane “Questions and Answers On MiFID II and MiFIR investor protection topics”.

Zmiany dotyczą

  • Best execution: How soon after MiFID II comes into effect will venues and firms have to publish RTS 27 and 28 reports.
  • Best execution: If portfolio managers or receivers and transmitters of orders use different entities within a single group to execute orders, should they list those entities separately, or aggregate them and list the group parent as a single entry for the purposes of the RTS 28 report that it is required to be published under Article 65(6) of the Delegated Regulation?
  • Best execution: Are eligible counterparty transactions to be included in the data required to be published by execution venues under RTS 27?
  • Best execution: When an investment firm operates an OTF, at which level should the best execution policy be set? At the level of the investment firm or at the level of the OTF or both? Would similar requirements apply to a market operator operating an OTF?
  • Best execution: How should passive and aggressive orders be understood in the context of portfolio management or of reception and transmission of orders for the purposes of the RTS 28 report to be published under Article 65(6) of the Delegated Regulation?
  • InducementsCan the service of a third party arranging meetings with the management of a corporate issuer for an investment firm (‘corporate access’) be considered as research that can be paid for from an RPA under Article 13(1)(b) of the Delegated Directive, and if not, how should firms providing independent investment advice or portfolio management services treat such services?
  • InducementsCan macro-economic analysis be considered research that can be paid for from an RPA and client research charges under Article 13(1)(b) of the Delegated Directive?
  • InducementsHow should research related to fixed income, currencies or commodities (FICC) be treated for the purposes of the MiFID II inducements restriction for firms providing portfolio management or independent investment advice (Article 24(7) and (8))?
  • InducementsWhat approach should firms adopt to ensure that the allocation of their research budget to third party providers and the determination of the payments made from it are in the best interests of the firm’s clients under Article 13(6)?
  • InducementsHow should the estimated client research charge disclosure be presented for the purposes of Article 13(1)(c)(i)?

Tekst  “Questions and Answers On MiFID II and MiFIR investor protection topics”: TUTAJ.

 

 

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