On December 4, the European Securities and Markets Authority (ESMA) updated its Questions and Answers (Q&A) on the application of the Markets in Financial Instruments Regulation (MiFIR) and the Markets in Financial Instruments Directive (MiFID II).

The updates addressed the following topics:

• ex-post costs and charges disclosure requirements in the context of portfolio management. This is the requirement under Article 50(9) of the MiFID II Delegation Regulation to provide annual aggregated ex-post information on total costs and charges;

• the interaction between the requirement in Article 50(9) above and the requirement in Article 60 of the MiFID II Delegated Regulation to make periodic statements. ESMA explained that Article 60 is more narrow than Article 50(9), and therefore an Article 60 statement would have to be expanded to meet the Article 50(9) requirements; and

• conflicting national product intervention measures under Article 42 of MiFIR. ESMA explained that firms have to adhere with measures in the Member States in which they are authorized and wherever their clients are based, and for any cross-border activity they must comply with the stricter measures. Firms also must be mindful of any specific rules on territorial scope that the national competent authority may have included in the measures.

The updated Q&A is available here.