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ARTICLE · 15 NOVEMBER 2016

ESMA – Q&A On Investor Protection Under MiFID II

GVZH Advocates
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Any copies of records provided by the firm must be provided in an unencrypted form so that they can be easily analysed when requested by the client, competent authority, or other competent third party.

MaltaFinance and Banking
Andrew Zammit
Andrew Zammit
Kurt Hyzler
Kurt Hyzler
Luca Vella
Luca Vella
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Ahead of the deadline for the member states to transpose MIFID II into national legislation which is now set for 3 July 2017 deadline for the Markets in Financial Instruments Directive II ("MiFID II"), the European Securities and Markets Authority ("ESMA") published a Questions and Answers document (Q&As) with the aim of promoting common supervisory approaches and practices in the application of MiFID by providing guidance with respect to the following investor protection topics:

Best execution

When executing orders, firms must take all reasonable steps (rather than sufficient steps) to obtain the best possible results on a consistent basis when executing client orders.

Firms are also required to check the fairness of the prices proposed to the client when executing orders or decisions to deal in Over the Counter Products. In order for firms to justify their prices, they must not only take account of external market data and external verifiable reference prices,

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