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ARTICLE · 09 FEBRUARY 2021

ESMA Issues Statement On Reverse Solicitation Rules Under MIFID II

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On 13 January 2021, the European Securities and Markets Authority (ESMA) issued a public statement intended to remind investment firms of the requirements under MIFID II...

MaltaCorporate/Commercial Law
Andrew Caruana Scicluna
Andrew Caruana Scicluna
Luke Mizzi
Luke Mizzi
Kyle Debattista
Kyle Debattista
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On 13 January 2021, the European Securities and Markets Authority (ESMA) issued a public statement intended to remind investment firms of the requirements under MIFID II on the provision of investment services to retail or professional clients by firms not established or situated in the European Union.

In particular, the statement notes certain questionable practices by firms around reverse solicitation and notes that some firms appear to be trying to circumvent the MiFID II requirements by including general clauses in their terms of business or through the use of online pop-up “I agree” boxes whereby clients state that any transaction is executed on the exclusive initiative of the client.

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