ESMA_QA_1792

Status: ✅ Answer Published

Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/1792

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Regulatory Context

Regulation : MIF2

Level 1 Regulation: Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Investor Protection and Intermediaries

Level 2 Regulation: No information available

Level 3 Regulation: No information available

Topic: Inducements (research)

Subject Matter: Inducements

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Question

Submission Date: 16 December 2016

Can investment firms accept research from third country providers that are not subject to the MiFID II requirements?

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ESMA Answer

Answer Date: 16-12-2016

[ESMA 35-43-349 MiFID II Q&As on Investor protection Ch. 7, question 4] EU/EEA firms subject to MiFID II inducements rules must comply with these requirements (Article 24, paragraphs (7), (8) and (9), and the relevant level two provisions) irrespective of the status or geographical location of the research provider. Alternatively, they could receive research using the paying arrangements set out in Article 13 of the MiFID II Delegated Directive.  Firms should therefore treat research from a third country provider in the same way as any other third party benefits (see Q&A 3 above). [Q&A 1791]

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This document was automatically extracted from the ESMA EMIR Q&A database.