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Published]","attribution":{"prepared_by":"ESMA","published_by":"ESMA","published_in":"ESMA Q&A tool","document_type":"qa_answer","legal_nature":"not_legislation","addressees":"not stated in the document","dates":{"published_on":"2020-05-28","question_submitted_on":"2020-05-28","locators":{"published_on":"ESMA Q&A Excel export ESMA_QA_1120, column 'Esma responses', date line","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_1120, column 'Date of submission'"}},"adoption":null}},"provenance":{"official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1120","check":{"result":"matched","checked_at":"2026-10-26","against":"the ESMA publication"},"repo_path":"spaces/mifid-ii/level-3/q-and-a/esma/esma-qa-1120-inducements.md","body_sha256":"f3fa7ae595d573a383fa8b6b4f99289b650613456cef6d5ddcaf8d0fc205d434"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 1120 — Q&A — Inducements [Answer Published]\"\nshortTitle: \"ESMA Q&A 1120 — Q&A — Inducements [Answer Published]\"\nanswer_id: ESMA_QA_1120\ntopic: \"Inducements (research)\"\nstatus: \"Answer Published\"\ntype: qa\ninstrument_type: qa\nauthority: ESMA\nbinding: false\nbinding_character: non_binding\nlegal_status: in_force\nregulation: \"MiFID II\"\nmifid_level3: true\nmica_level2: false\nlegal_basis: \"MiFID II\"\ndate: 28 May 2020\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/1120\nlifecycle: \"Answer Published\"\ntext_version: \"ESMA Q&A register, 28 May 2020\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/1120\"\ncheck_status: matched\nverified: true\nlast_checked: 2026-10-26\nchecked_against: \"the ESMA publication\"\nsource:\n  prepared_by: \"ESMA\"\n  published_by: \"ESMA\"\n  published_in: \"ESMA Q&A tool\"\n  evidence:\n    prepared_by: \"ESMA Answer\"\n    locator: \"ESMA Q&A entry ESMA_QA_1120: field 'ESMA Answer', no 'Answer provided by' line\"\ndocument_type: \"qa_answer\"\nlegal_nature: \"not_legislation\"\naddressees: \"not stated in the document\"\ndates:\n  published_on: \"2020-05-28\"\n  question_submitted_on: \"2020-05-28\"\n  locators:\n    published_on: \"ESMA Q&A Excel export ESMA_QA_1120, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_1120, column 'Date of submission'\"\nlifecycle_label: \"Answer Published\"\n---\n\n**Answer by ESMA, published in its Q&A tool · not legislation · published 28 May 2020 [Answer Published]**\n\n*Answer Published · ESMA Q&A register, 28 May 2020 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1120)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 1120 — Q&A — Inducements \\[Answer Published\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_1120 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 28 May 2020; question submitted 28 May 2020 |\n| **Legal basis** | MiFID II |\n| **Related instruments** | None recorded |\n| **Text on this page** | Word for word — the full text of the ESMA publication |\n\n**Inducements**\n\n### Question\n\nAcceptable minor non-monetary benefits are defined in paragraph 3 Article 12 of the MiFID II Delegated Directive in respect of portfolio management and independent investment advice. Should investment firms consider such definition is also applicable to investment or ancillary services other than portfolio management and independent investment advice?\n\n***\n\n### Answer\n\n\\[ESMA 35-43-439 Investor protection Inducements Q&A 7\\]\n\nYes, in ESMA’s view, acceptable minor non-monetary benefits should have the same meaning, defined in paragraph 3 Article 12 of the MiFID II Delegated Directive, irrespective of the investment or ancillary service provided. In particular, according to the penultimate indent of such paragraph, “acceptable minor non-monetary benefits shall be reasonable and proportionate and of such a scale that they are unlikely to influence the investment firm's behaviour in any way that is detrimental to the interests of the relevant client”.\n\nWith regard to disclosure, it is reminded that - in accordance with Article 11(5) (a), to which Article 12 cross refers - minor non-monetary benefits may be described in a generic way for all services provided.\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1120)\n"}