Updates on MiFID II and MiFIR
On 15 December 2023, ESMA updated their questions and answers (“Q&A”) on Directive 2014/65/EU of 15 May 2014 on markets of financial instruments (“MiFID II”) and Regulation (EU) 600/2014 on markets of financial instruments (“MiFIR”) with respect to the investor protection and intermediaries.
ESMA has updated the Q&A on aggregating charges and costs to clarify the requirement for all in-fees; and included a new question as to how investment firms should indicate the parts of the total costs and charges paid in or represented in an amount of foreign currency in their ex-ante and ex-post costs and charges disclosure.
Updates on Benchmark Regulation
On 15 December 2023, ESMA also updated its Q&As on Regulation (EU) 2016/1011 on benchmarks (the “Benchmark Regulation”).
With the updated Q&A, ESMA clarified the question on whether contribution to and provision of benchmarks used outside the EU only fall within the scope of the Benchmark Regulation; and revised the question on the transitional provisions applicable to third country benchmarks.
Updates on Crowdfunding Regulation
On 15 December 2023, ESMA updated its Q&As in relation to Regulation (EU) 2020/1503 of 7 October 2020 on European crowdfunding service providers for business (the “Crowdfunding Regulation”).
ESMA has added three new questions as to:
- whether a crowdfunding service provider can only accept sophisticated investors;
- how the placement should be taken into account without a firm commitment and reception and transmission of orders as referred to in Article 2(1) of the Crowdfunding Regulation; and
- how National Competent Authority (NCA) should apply Article 11(2)(c) of the Crowdfunding Regulation for authorisation purposes and to what extent an insurance policy can be combined with own funds.
Share on
