Art. 42 of MiFID II Art. 46 of MiFIR
How should «new categories of investment products or investment services» within the meaning of Article 42 of MiFID II and Article 46 of MiFIR be understood?
Answer 2
To determine the categories of investment services for the purpose of Article 42 of MiFID II and Article 46 of MiFIR, ESMA is of the view that a third-country firm provides a new investment service or investment activity as defined in Section A of Annex I of MiFID II where this service or activity is added to the existing services or activities after 3 January 2018.
Investment products include financial instruments set out in Section C of Annex I of MIFID II and structured deposits as defined in Article 4(1) point 43) of MiFID II. ESMA is of the view that any investment product which is the subject of the investment service or activity provided by a third-country firm to a client after 3 January 2018 is a new investment product.
Under the reverse solicitation regime, a third-countr
…