Answer 26

According to MiFID II, investment firms must disclose ex-ante and ex-post to their clients i) all costs and associated charges charged by the investment firm for the investment service(s) and/or ancillary service(s) provided to the client as well as ii) all costs and charges associated with the manufacturing and managing of the financial instruments. Such costs are listed in Annex II of the MiFID II Delegated Regulation. Amongst the examples of costs and charges included in Annex II are stamp duty and transactions tax (relating to both service costs and financial instruments costs).

ESMA is of the view that – regarding service(s) costs – a distinction should be made between transactional or service-based taxes related to the provision of an investment or ancillary service (such as stamp duty, transaction taxes or VAT,

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