ESMA · ESMA_QA_1792 Answer Published
Inducements
- Regulation
- Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Investor Protection and Intermediaries
- Topic
- Inducements (research)
- Submitted
- 2016-12-16
- Answered
- 2016-12-16
Question
Can investment firms accept research from third country providers that are not subject to the MiFID II requirements?
Answer
[ESMA 35-43-349 MiFID II Q&As on Investor protection Ch. 7, question 4] EU/EEA firms subject to MiFID II inducements rules must comply with these requirements (Article 24, paragraphs (7), (8) and (9), and the relevant level two provisions) irrespective of the status or geographical location of the research provider. Alternatively, they could receive research using the paying arrangements set out in Article 13 of the MiFID II Delegated Directive. Firms should therefore treat research from a third country provider in the same way as any other third party benefits (see Q&A 3 above). [Q&A 1791]
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.
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