ESMA reminds firms on rules of reverse solicitation -
In a statement published on 13 January 2021, ESMA reminded firms not established or situated in the EU of the MiFID II requirements on the provision of investment services to retail or professional clients.
ESMA is concerned that since the end of the Brexit transition period, some “questionable practices” by firms around reverse solicitation have emerged. ESMA highlighted that some firms appear to be trying to avoid the MiFID II requirements by inserting general clauses in their terms of business or by using online pop-up “I agree” boxes where clients state that any transaction is executed at the client’s own initiative.
Please see full publication below for more information.
