What are practical examples of investment products belonging to different categories within the meaning of Article 42 of MiFID II and Article 46 of MiFIR and Q&A 2 (see above)?

Answer 3

This answer complements Q&A 2 on reverse solicitation and aims at providing a nonexhaustive list of pairs of investment products which should not be considered as belonging to the same category for the purpose of the reverse solicitation regime as set out by Article 42 of MiFID II and Article 46 of MiFIR:

- a non-complex debt instrument (as referred to under point (a) of Article 25(4) of MiFID II), and a debt instrument embedding a derivative or incorporating a structure which makes it difficult for the client to understand the risk involved (see Sections V.I. and V.II. of the ESMA guidelines on complex debt instruments and structured deposits)

- a debt instrument admitted to trading on a regulated market or on an equivalent third-country market or on a MTF and a debt instrument not admitted to trading on a regulated market or on an equivalent third-country market or on a MTF;