Q&A · ESMA

Attribution of investment advice in split or system-supported workflows (personal recommendation vs suitability statement)

Rejected

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AI-generated Summary

Asked how investment advice is attributed in split or system-supported workflows, and what organisational features evidence advice given 'under supervision'. ESMA rejected the question, so there is no answer.

Details

Reference	ESMA_QA_2799
Issuer	ESMA
Published	10 Mar 2026
Submitted	10 Mar 2026
ESMA topics	Suitability

Provisions it relates to

Article 16 MiFID II · Organisational requirements
MiFID II
Explicit reference
Article 25 MiFID II · Assessment of suitability and appropriateness and reporting to clients
MiFID II
Explicit reference
Article 54 MiFID II · Monitoring of compliance with the rules of the regulated market and with other legal obligations
MiFID II
Explicit reference
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.