Vania Franceschelli
Member of FECIF Board of Directors & Foreign Affairs, Anasf

MiFID II costs disclosure. Nothing is flawless, not even regulation

On March 28, ESMA, the European Securities and Markets Authority, updated its Questions and Answers (Q&A) document on the implementation of investor protection under MiFID II. The periodic update of the Q&As can be appreciated from different points of view. First, it provides an ongoing and flexible tool for the clarification of the application of EU rules. Moreover, it is based on a bottom up approach, whereby market operators can address specific and practical questions to the financial authority. And, more importantly, it contributes to the harmonisation of market practices. But nothing is flawless, not even regulation (and its interpretation). Let’s examine some of these Q&As and try to identify pros and cons.

Before the event

An important part of the recent update covers the topics of information to clients on costs and charges, providing useful hints for investment firms and financial advisors. With regards to ex-ante disclosure – i.e. the information which shall be provided prior to the provision of the service or the execution of a transaction...
 

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