ESMA_QA_662
Status: ✅ Answer Published
Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/662
Regulatory Context
Regulation : MIF2
Level 1 Regulation: Directive 2014/65/EU - Markets in Financial Instruments Directive (MiFID II)
Level 2 Regulation: No information available
Level 3 Regulation: No information available
Topic: Provision of investment services and activities by third country firms
Subject Matter: Conditions for branches of third country credit institutions registered at ESMA as MIFID investment firms to service per se professional clients and eligible counterparties within the EU
Question
Submission Date: 18 January 2023
ESMA is requested to provide interpretation on whether: — it is appropriate that the Home Member State Authority of these Branches registered as MIFID investment firms expects them to comply with the complete set of legislation regime of MiFID2, MIFIR and EMIR in the same way as any investment firm in the legal form of an EU credit institution; — these Branches registered as MIFID investment firms may freely provide cross-border investment services to per se professional clients and eligible counterparties in an EU Member State different from their Home Member State based on their investment license issued by their Home Member state, subject to complying with the notification requirements described in paragraph 2 of Article 34 of MIFID2.
ESMA Answer
Answer Date: 28-02-2023
Dear Sir, Further to the question you submitted to ESMA, we would like to update you. Our apologies for the delay in responding but due to a technical issue, your question reached the relevant team at ESMA only recently. As set out on our website, the selection of questions to be developed into policy Q&As is done according to a number of criteria, which include the following: • Type of stakeholder: Questions received from investors’ and regulated firms’ associations, will be prioritised over questions from individual firms. Questions from consultants or law firms will receive lower priority • Geographical origin: EU individuals and entities have priority over non-EU stakeholders. • Level of public attention: Topics receiving a higher number of questions will have a higher priority. • Relevance of the issue: Questions addressing matters with high market impact, important legal risks and significant cross-border effects will have a higher priority. We would like to inform you that your suggested question does not appear to be amongst the ones considered of higher priority, at least at this stage. This means that, in view of the significant number of questions received by ESMA, we are unable to provide you with any further feedback to your question by way of a published Q&A, for the moment. We thank you for your input and invite you to monitor our website where we will continue to publish further Q&As, and other forms of guidance, with the purpose of ensuring the consistent and effective day-to-day application of Union law within ESMA’s remit. Kind regards, ESMA
This document was automatically extracted from the ESMA EMIR Q&A database.