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ARTICLE · 02 AUGUST 2023

The Definition Of Advice Under MiFID

Dillon Eustace
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On 11 July 2023, the European Securities and Markets Authority (ESMA) published a Supervisory Briefing on understanding the definition of advice under MiFID II (Supervisory Briefing).

IrelandFinance and Banking
Keith Waine
Keith Waine
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On 11 July 2023, the European Securities and Markets Authority (ESMA) published a Supervisory Briefing on understanding the definition of advice under MiFID II (Supervisory Briefing)1.

The Supervisory Briefing supplements and further specifies certain aspects of the Questions and Answers document on understanding the definition of advice under MiFID published in 2010 by ESMA's predecessor, the Committee of European Securities Regulators (CESR) (CESR Paper) 2. This is the first time that the CESR Paper has been updated.

The Supervisory Briefing applies to investment firms, UCITS management companies, AIFMs and credit institutions (In-Scope Firms) and sets out the supervisory expectations of ESMA and National Competent Authorities in relation to the consideration of whether or not "investment advice" is being provided within the meaning of MiFID II.

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