Q&A · ESMA

Inducements

Answered

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

AI-generated Summary

Macro-economic analysis can be research paid from a research payment account if it meets Recital 28 of the MiFID II Delegated Directive, informing views on instruments, issuers or markets and suggesting an investment strategy, as ESMA considers most macro-economic analysis does.

Details

Reference	ESMA_QA_1796
Issuer	ESMA
Published	23 Mar 2018
Answered	23 Mar 2018
Submitted	23 Mar 2018
ESMA topics	Inducements (research)
Earlier Q&A document	ESMA 35-43-349 MiFID II Q&As on Investor protection Ch.7, question 8

Provisions it relates to

Article 24 MiFID II · General principles and information to clients
MiFID II
Inferred · 85%
MiFID II (whole act)
Explicit reference

Documents it refers to

Delegated actIn forceExplicit reference · 90%
Commission Delegated Directive (EU) 2017/593 of 7 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to safeguarding of financial instruments and funds belonging to clients, product governance obligations and the rules applicable to the provision or reception of fees, commissions or any monetary or non-monetary benefits
European Commission · 31 Mar 2017 · EUR-Lex
AI summaryThe MiFID II Delegated Directive on safeguarding client financial instruments and funds (deposits, use of client assets, title transfer collateral, a single officer responsible, auditor reports), product governance duties for manufacturers and distributors, and inducements, including rules for independent advice, portfolio management and research. Since amended, including by Delegated Directives 2021/1269 (sustainability) and 2026/374 (research payment).