ESMA reminds firms about MiFID 2 reverse solicitation and Brexit

ESMA has written to firms noting that some “questionable practices” around reverse solicitation in the context of MiFID 2 have become apparent since Brexit.  It gives as an example, pop up “I agree” boxes in terms of business, for clients to state that transaction are executed at their exclusive initiative. ESMA has remined firms that it is not classed as reverse solicitation where firms from third countries solicit clients or promote services and activities, regardless of any contractual clause.

Emma Radmore