The European Securities and Markets Authority
("ESMA") has updated its supervisory
briefing on the definition of investment advice under MiFID II (the
"Briefing"). The Briefing replaces the
old guidance from 2010 and specifically addresses the application
of investment advice to new business models and the use of social
media and mobile apps.
Scope
The Briefing contains useful guidance from the European
supervisor for all parties that may provide investment advice, such
as investment firms, credit institutions, UCITS management
companies and alternative investment fund managers (AIFMs).
Furthermore, the guidance can be used by parties to assess whether
their own services fall within the scope of investment advice. This
can especially be relevant for finfluencers. In its Briefing, ESMA
covers the following aspects:
