Art. 24 of MiFID II Art. 50(2) and (8) of the MiFID II Delegated Regulation
For ex-ante costs and charges disclosures, are firms allowed to disclose the relevant costs and charges that would be incurred by a client by way of a range (between X€ and Y€ and between X% and Y%) or as a maximum amount/percentage?
Answer 30
No. According to Article 50(8) of the MiFID II Delegated Regulation, where calculating costs and charges on an ex-ante basis, firms shall use actually incurred costs as a proxy for the expected costs and charges. In addition, according to Article 24(4) of MiFID II and Article 50(2) of the MiFID II Delegated Regulation, investment firms shall provide ex-ante information on costs and charges in a fully individualized, transaction-based manner, i.e. in relation to the specific financial instrument (especially ISIN-based) and in relation to the specific investment service or ancillary service provided.
On the basis of the foregoing, ESMA is of the view that the cash amo
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