ESA Joint Committee · sfdr-98 Final

Do the rules for financial advisers also apply to financial advisers carrying non-advised sales (execution only)?

Regulation
SFDR
Answered
2022-11-17
Answer provided by
ESAs (EBA, ESMA, EIOPA)
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Joint Committee Q&As are published in consolidated PDF documents without explicit question/answer delimiters. Section boundaries below are identified automatically and may occasionally be imprecise.

Question

Do the rules for financial advisers also apply to financial advisers carrying non-advised sales (execution only)?

Answer

For insurance advisers and intermediaries, it is clear from the definition of “financial adviser” in Article 2(11) SFDR that only intermediaries/advisers providing advice have to abide by the SFDR rules. For instance only insurance intermediaries that provides insurance advice with regard to IBIPs fall under the scope of the SFDR, not insurance intermediaries that sell IBIPs in a non-advised sale. The same applies for other advisers: the obligations are limited to the context of the provision of advice. Article 2(11) SFDR covers both tailored and non-tailored advice. 25 Please note the question referred to in the parentheses (“question 2”) is Q&A VIII.1 in this document
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This Q&A is published by ESA Joint Committee (EBA, ESMA, EIOPA) and is non-binding. It does not constitute legal advice. Updated weekly from official ESA sources.

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