January 25
Dolores Utrilla
14th January 2021
Banking & Finance Consumer, Health & Environment Internal Market

ESMA: Statement on MIFID II rules on reverse solicitation in view of practices emerging upon end of the UK transition period

Yesterday, the European Securities and Markets Authority (ESMA) issued a public Statement to remind firms of the requirements contained in the MiFID II Directive on the provision of investments services to retail or professional clients by firms not established or situated in the EU.

This was made in view of the emergence of some questionable practices by firms around reverse solicitation, where the product or service is marketed at the client's own exclusive initiative, after the end of the UK transition period on 31 December 2020.

In the Statement, ESMA reminds firms that:

Where a third-country firm solicits clients or potential clients in the EU or promotes or advertises investment services or activities together wi

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