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Includes structured sections on best execution, suitability and appropriateness, recording and communication records, record keeping, investment advice, underwriting and placing, inducements, post-sale reporting, costs and charges information, complex instruments, client categorisation, product governance and intervention, cross-border third-country firm services, and related application issues, with last update dates and a comprehensive set of acronyms and definitions.",{"@graph":69,"@context":122},[70,84,105],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":20,"@type":76,"position":81},"https://docshare.wps.com/document/exam/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/mifid-ii-and-mifir-investor-protection-and-intermediaries-topics-qas/390195/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/mifid-ii-and-mifir-investor-protection-and-intermediaries-topics-qas/390195.png","ImageObject",300,407,{"name":92,"@type":93},"4398046744996","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-11-03","2026-09-25",true,{"@type":102,"interactionType":103,"userInteractionCount":34},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108,114,118],{"name":109,"@type":110,"acceptedAnswer":111},"What topics does the document cover under MiFID II and MiFIR investor protection and intermediaries rules?","Question",{"text":112,"@type":113},"It covers a wide set of investor protection and intermediaries topics, including best execution, suitability and appropriateness, recording and record keeping, investment advice, inducements, post-sale reporting, costs and charges information, client categorisation, product governance and product intervention, and cross-border services by third-country firms.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"How are updates handled in the Q&A document?",{"text":117,"@type":113},"Each section lists a last update date. The document also notes it is not updated after 31 December 2023 and instructs readers to use the ESMA Q&A IT-tool for Q&As issued from 1 January 2024.",{"name":119,"@type":110,"acceptedAnswer":120},"Where can readers find the definitions of key terms and acronyms used in the Q&As?",{"text":121,"@type":113},"The document includes a dedicated “Acronyms and definitions used” section listing terms such as ESMA, MiFID II, MiFIR, RTS, and KID.","https://schema.org",{"og:url":83,"og:type":124,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":126,"canonical":83},"index,follow",{"doc_id":128,"site_id":62},390195,1791384359,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":92,"user_avatar":66,"doc_module":4,"category_id":19,"category_name":20,"doc_title":65,"doc_description":67,"doc_content":133,"file_id":134,"file_url":135,"file_type":136,"file_size":137,"view_count":34,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":138,"language":139,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":140,"faqs":141,"seo_title":142,"seo_description":67,"update_tm":143,"read_time":144,"preview_page_count":4},4398046744996,"Questions and Answers  \nOn MiFID II and MiFIR investor protection and intermediaries topics  \nPlease note that this document is not updated after 31 December 2023. For Q&As issued from 1 January 2024, please search in the ESMA Q&A IT-tool.  \nTable of Contents  \nTable of questions ................................................................................................................. 5  \nIntroduction ..........................................................................................................................17  \n1 Best execution [Last update: 3 October 2019] ...............................................................19  \n2 Suitability and appropriateness [Last update: 28 March 2019] .......................................37  \n3 Recording of telephone conversations and electronic communications ...........................  \n[Last update: 3 October 2017] .......................................................................................46  \n4 Record keeping [Last update: 10 November 2017] ........................................................54  \n5 Investment advice on an independent basis [Last update: 3 October 2018] ..................55  \n6 Underwriting and placing [Last update: 16 December 2016] ..........................................57  \n7 Inducements (research) [Last update: 12 July 2018] .....................................................60  \n8 Post-sale reporting [Last update: 23 March 2018] .........................................................74  \n9 Information on costs and charges [Last update: 15 December 2023] ............................80  \n10 Appropriateness / Complex Financial Instruments [Last update: 6 June 2017] .........102  \n11 Client categorisation [Last update: 25 May 2018] .....................................................103  \n12 Inducements [Last update: 28 May 2020] ................................................................107  \n13 Provision of investment services and activities by third country firms ...........................  \n[Last update: 28 March 2019] ..................................................................................117  \n14 Application of MiFID II after 3 January 2018, including issues of ‘late transposition [Last update: 18 December 2017] ............................................................................122  \n15 Other issues [Last update: 3 October 2019] .............................................................125  \n16 Product governance [Last update: 19 November 2021] ...........................................128  \n17 Product intervention [Last update: 4 December 2019] ..............................................130  \n18 MiFID practices for firms selling financial instruments subject to the BRRD resolution regime [Last update: 18 February 2020] .............................................................................131  \nAcronyms and definitions used  \nAIF Alternative Investment Funds  \nBRRD 2 Directive 2019/879 of the European Parliament and of the  \nCouncil  \nESMA The European Markets and Securities Authority  \nITS Implementing Technical Standards  \nKID Key Information Document  \nMiFID I Markets in Financial Instruments Directive – Directive  \n2004/39/EC of the European Parliament and of the Council  \nMiFID II Markets in Financial Instruments Directive (recast)– Directive  \n2014/65/EU of the European Parliament and of the Council  \nMiFIR Markets in Financial Instruments Regulation – Regulation  \n600/2014 of the European Parliament and of the Council  \nMTF Multilateral Trading Facility  \nOTC Over The Counter  \nOTF Organised Trading Facility  \nQ&A Question and Answer  \nPRIIPs Package Retail and Insurance-based Products  \nRPA Research Payment Account  \nRTS Regulatory Technical Standards  \nSFTs Securities financing transactions  \nUCITS Undertakings for Collective Investment in Transferable Securities  \nTable of questions  \n\n| Topic of the Question Level 1/Level 2 Last Update |  |  |  |  |\n| --- | --- | --- |","cbCaii5FIFMLKPe4","https://ap.wps.com/l/cbCaii5FIFMLKPe4","pdf",1232506,133,"English","# Table of questions\n## Introduction\n## Best execution\n## Suitability and appropriateness\n## Recording of telephone conversations and electronic communications\n## Record keeping\n## Investment advice on an independent basis\n## Underwriting and placing\n## Inducements (research)\n## Post-sale reporting\n## Information on costs and charges\n## Appropriateness / Complex Financial Instruments\n## Client categorisation\n## Inducements\n## Provision of investment services and activities by third country firms\n## Application of MiFID II after 3 January 2018\n## Other issues\n## Product governance\n## Product intervention\n## MiFID practices for firms selling financial instruments subject to the BRRD resolution regime\n# Acronyms and definitions used","[{\"question\":\"What topics does the document cover under MiFID II and MiFIR investor protection and intermediaries rules?\",\"answer\":\"It covers a wide set of investor protection and intermediaries topics, including best execution, suitability and appropriateness, recording and record keeping, investment advice, inducements, post-sale reporting, costs and charges information, client categorisation, product governance and product intervention, and cross-border services by third-country firms.\"},{\"question\":\"How are updates handled in the Q\\u0026A document?\",\"answer\":\"Each section lists a last update date. The document also notes it is not updated after 31 December 2023 and instructs readers to use the ESMA Q\\u0026A IT-tool for Q\\u0026As issued from 1 January 2024.\"},{\"question\":\"Where can readers find the definitions of key terms and acronyms used in the Q\\u0026As?\",\"answer\":\"The document includes a dedicated “Acronyms and definitions used” section listing terms such as ESMA, MiFID II, MiFIR, RTS, and KID.\"}]","MiFID II and MiFIR investor protection and intermediaries topics - Q&As | PDF",1790331201,335]