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ARTICLE · 09 JULY 2021

Global Registration Services - Market Update Q1 & Q2 2021

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On 13 January 2021, ESMA issued a public statement reminding firms of the MiFID II rules on reverse solicitation.

GlobalFinance and Banking
Emma Conaty
Emma Conaty
Emma O'Dwyer
Emma O'Dwyer
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Europe

ESMA Reminds Firms of Rules on Reverse Solicitation

On 13 January 2021, ESMA issued a public statement reminding firms of the MiFID II rules on reverse solicitation.

With the end of the UK transition period on 31 December 2020, ESMA has advised that questionable practices around reverse solicitation, designed to circumvent MiFID II requirements, were being employed by firms.

ESMA stated that 'where a third-country firm solicits clients or potential clients in the Union or promotes or advertises investment services or activities together with ancillary services in the Union, it should not be deemed as a service provided at the own exclusive initiative of the client, [...] regardless of any contractual clause or disclaimer purporting to state, for example, that the third country firm will be deemed to respond to the exclusive initiative of the client.'

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