Q&A · ESMA

“Under supervision” – responsibility, role awareness, real-time supervision, sign-off / “Under supervision” in investment advice: responsibility, role assignment and supervisory sign-off

Rejected

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

AI-generated Summary

Sought clarification of 'under supervision' in ESMA's guidelines on knowledge and competence (ESMA/2015/1886), covering real-time versus after-the-event supervision, responsibility and supervisory sign-off in investment advice. ESMA rejected the question, so there is no answer.

Details

Reference	ESMA_QA_2790
Issuer	ESMA
Published	26 Feb 2026
Submitted	26 Feb 2026
ESMA topics	Suitability
Former reference	follow-up to ESMA email ref. 26-0343

Provisions it relates to

Article 25 MiFID II · Assessment of suitability and appropriateness and reporting to clients
MiFID II
Inferred · 75%
MiFID II (whole act)
Explicit reference

Documents it refers to

Delegated actIn forceExplicit reference
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.