Q&A · ESMA

Underwriting and placing

Answered

Read the official text on the ESMA website(opens in a new tab)

AI-generated Summary

Acting as manager or syndicate member in an offering does not in itself involve corporate finance advice, so Article 38(1) of the MiFID II Delegated Regulation applies only if such advice is also given to the issuer; the other underwriting and placing rules apply in all cases.

Details

Reference	ESMA_QA_1788
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 4

Provisions it relates to

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.