I. Scope

Who?

1. These guidelines apply to:

a. Competent Authorities and

b. Firms

What?

2. These guidelines apply in relation to the provision of the following investment services listed in Section A of Annex I of Directive 2014/65/EU (MiFID II):

• investment advice;

• portfolio management.

3. These guidelines principally address situations where services are provided to retail clients. They should also apply, to the extent they are relevant, when services are provided to professional clients, taking into account the provisions under Article 54(3) of the Commission Delegated Regulation (EU) 2017/565 (MiFID II Delegated Regulation) and Annex II of MiFID II.

When?

4. These guidelines apply as from 60 calendar days after the reporting requirement date referred to in paragraph 13.

The previous ESMA guidelines issued under MiFID I will cease to apply on the same date.

II. Definitions

5. Unless otherwise specified, terms used in MiFID II and the MiFID II Delegated Regulation have the sam

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