Q&A · ESMA

Underwriting and placing

Answered

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AI-generated Summary

Before accepting a mandate to manage an offering, a firm that advises on corporate finance and underwrites or places must tell the issuer about the targeted investors at least by type (for example horizon, size, nature and country), not necessarily individually, in line with its allocation policy and product governance duties.

Details

Reference	ESMA_QA_1786
Issuer	ESMA
Published	16 Dec 2016
Answered	16 Dec 2016
Submitted	16 Dec 2016
ESMA topics	Underwriting and placing
Earlier Q&A document	ESMA 35-43-349 MiFID II Q&As on Investor protection Ch. 6, question 2

Provisions it relates to

Article 23 MiFID II · Conflicts of interest
MiFID II
Inferred · 70%
MiFID II (whole act)
Explicit reference

Documents it refers to

Delegated actIn forceExplicit reference · 90%
Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive
European Commission · 31 Mar 2017 · EUR-Lex
AI summaryThe main MiFID II Delegated Regulation: defines key terms (such as investment advice, systematic internaliser, algorithmic and high-frequency trading, and direct electronic access) and sets detailed organisational requirements and operating conditions for investment firms, including compliance, conflicts of interest, remuneration, client information, suitability and appropriateness, best execution, client order handling, reporting to clients, record keeping and transaction-level obligations.