{"id":47630,"date":"2016-01-04T00:32:26","date_gmt":"2016-01-03T23:32:26","guid":{"rendered":"http:\/\/beta.next-finance.net\/reglementation\/esma-issues-mifid-ii-guidelines-on-cross-selling-practices\/"},"modified":"2016-01-04T00:32:26","modified_gmt":"2016-01-03T23:32:26","slug":"esma-issues-mifid-ii-guidelines-on-cross-selling-practices","status":"publish","type":"post","link":"http:\/\/beta.next-finance.net\/en\/reglementation\/esma-issues-mifid-ii-guidelines-on-cross-selling-practices\/","title":{"rendered":"ESMA issues MiFID II guidelines on cross-selling practices"},"content":{"rendered":"<p>The European Securities and Markets Authority (ESMA) has published its <a href=\"https:\/\/www.esma.europa.eu\/sites\/default\/files\/library\/2015-1861_final_report_-_guidelines_on_cross-selling_practices.pdf\">Guidelines on Cross-Selling Practices<\/a> under MiFID II (guidelines) to ensure investors are treated fairly when an investment firm offers two or more financial products or services as part of a package.<\/p>\n<p>The guidelines include principles on:<\/p>\n<ul>\n<li> improving disclosures when different products are cross-sold with one another;<\/li>\n<\/ul>\n<ul>\n<li> requiring firms to provide investors with all relevant information in a timely and clear manner;<\/li>\n<\/ul>\n<ul>\n<li> addressing conflicts of interest arising from remuneration models; and<\/li>\n<\/ul>\n<ul>\n<li> improving client understanding on whether purchasing the individual products offered in a package is possible.<\/li>\n<\/ul>\n<p>The European Supervisory Authorities (ESAs) \u2013 EBA, EIOPA and ESMA &#8211; initially intended to issue joint guidelines covering all cross-selling practices taking place in the banking, insurance and securities sectors given that cross-selling is often cross-sectoral, and had consulted the stakeholders previously on this basis.<\/p>\n<p>However, in light of legal concerns, the ESAs decided not to issue joint guidelines on cross-selling practices but agreed that ESMA should issue ESMA-only guidelines under MiFID II in order to meet its 3 January 2016 deadline.<\/p>\n<p>While ESMA\u2019s guidelines take into account the results of the ESAs\u2019 joint consultation, the final report focuses on the feedback regarding cross-selling practices under MIFID II. Further, the guidelines are addressed to national regulators supervising the firms which provide MiFID services, when they engage in cross-selling practices.<\/p>\n<p>The ESAs intend to inform the European Commission about the issues encountered and raise the possibility of legislative change to provide a foundation for future joint guidelines.<\/p>\n<p>The guidelines will apply from 3 January 2017.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The European Securities and Markets Authority (ESMA) has published its Guidelines on Cross-Selling Practices under MiFID II (guidelines) to ensure investors are treated fairly when an investment firm offers two or more financial products or services as part of a package.<\/p>\n","protected":false},"author":20,"featured_media":47628,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1508],"tags":[1655,1841,1651,1437,1837,1970],"_links":{"self":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts\/47630"}],"collection":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/comments?post=47630"}],"version-history":[{"count":0,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts\/47630\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/media\/47628"}],"wp:attachment":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/media?parent=47630"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/categories?post=47630"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/tags?post=47630"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}