Art. 38(1) of the MiFID II Delegated Regulation
Article 38(1)(d) of the MiFID II Delegated Regulation states that "investment firms which provide advice on corporate finance strategy, as set out in Section B(3) of Annex I, and provide the service of underwriting or placing of financial instruments, shall, before accepting a mandate to manage the offering, have arrangements in place to inform the issuer client of the details of the targeted investors, to whom the firm intends to offer the financial instruments". Are investment firms required to provide details of each individual investor client or per type of investor client?
Answer 2
Before accepting a mandate to manage the offering, information on targeted investors should be provided at least by per type of client, for example long-term or short-term investors, size, and nature of investor (e.g. pension funds, sovereign wealth funds, hedge funds and private clients), and country. This should reflect the specific needs or preference
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