Europejski Urząd Nadzoru Giełd i Papierów Wartościowych (European Securities and Markets Authority - ESMA), Briefing nadzorczy na temat definicji doradztwa zgodnie z MiFID II

11 July 2023

ESMA35-43-3861

Supervisory briefing

on understanding the definition of advice under MiFID II

1. Introduction

Overview

1. In accordance with the ESMA Regulation, one of ESMA’s objectives is to actively foster supervisory convergence across the Union with the aim of establishing a common supervisory culture.

2. In April 2010, CESR (ESMA’s predecessor) published a Q&A entitled „Understanding the definition of advice under MiFID” designed to clarify and illustrate situations where firms would, or would not, be considered as providing investment advice. The CESR document has proven to be a useful and valuable supervisory convergence tool over these years and is still applied by firms and national competent authorities (NCAs). Considering that the legal definition of investment advice has substantially remained unchanged from the MiFID I to the MiFID II framework, ESMA has deemed beneficial to update the content of the CESR document, in particular in light of the evolution of business...