ESMA has published an update to its Q&As on MiFID II and MiFIR, answering questions relating to investor protection and intermediaries. The answers address:
- best execution: reporting for firms using a venue’s RFQ system to agree a trade; and
- investment advice on an independent basis: use of a ‘look-through’ approach.
EMSA has also formally withdrawn its December 2011 MiFID automated trading guidelines for trading platforms, investment firms and competent authorities. It has determined that the content of the guidelines has been fully incorporated into the MiFID II regime.