ESMA · ESMA_QA_1129 Answer Published

MiFID practices for firms selling financial instruments subject to the BRRD resolution regime

Name: MiFID practices for firms selling financial instruments subject to the BRRD resolution regime: ESMA Q&A — EU Financial Regulatory Q&A
Creator: European Securities and Markets Authority
License: https://creativecommons.org/licenses/by/4.0/

Regulation: Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Investor Protection and Intermediaries
Topic: Information to clients on topics other than costs and charges
Submitted: 2020-02-18
Answered: 2020-02-18

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Question

Does Article 44a of BRRD 2 apply only if there is an active offering on the part of the firm?

Answer

[ESMA35-43-439 Investor protection BRRD regime Q&A 2] No. Article 44a will apply independently of any marketing or active offering by the seller of the subordinated eligible liabilities, and whether the transaction has been initiated by the client or the firm (thus, including in case of reverse solicitation).

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This Q&A is published by European Securities and Markets Authority and is non-binding. It does not constitute legal advice. Updated weekly from official ESA sources.