ESMA issues clarification on disclosure of non-monetary benefits
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The European Securities and Markets Authority (ESMA) recently updated its Questions and Answers on the MiFID II-Directive. MiFID II was implemented in the Securities Market Supervision Act (Wertpapieraufsichtsgesetz). ESMA clarifies that investment firms need to disclose to their investors any non-monetary benefit they receive from third parties also for rendered services other than portfolio management and independent investment advice.
19. June 2020