Q&A · ESMA

Outsourcing; Critical and important functions; Principle of Proportionality

Rejected

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

AI-generated Summary

Asked whether an entity entering into distribution agreements with third-party intermediaries, as part of marketing tasks delegated by a UCITS management company, performs an outsourced critical or important function, and how proportionality applies. ESMA rejected the question, so there is no answer.

Details

Reference	ESMA_QA_2648
Issuer	ESMA
Published	19 Sept 2025
Submitted	19 Sept 2025
ESMA topics	Outsourcing

Provisions it relates to

Article 16 MiFID II · Organisational requirements
MiFID II
Explicit reference · 90%
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.