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---
title: "ESMA Q&A 1120 — Q&A — Inducements [Answer Published]"
shortTitle: "ESMA Q&A 1120 — Q&A — Inducements [Answer Published]"
answer_id: ESMA_QA_1120
topic: "Inducements (research)"
status: "Answer Published"
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authority: ESMA
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date: 28 May 2020
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---

**Answer by ESMA, published in its Q&A tool · not legislation · published 28 May 2020 [Answer Published]**

*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)*

| | |
|---|---|
| **Full title** | ESMA Q&A 1120 — Q&A — Inducements \[Answer Published\] |
| **Prepared by** | ESMA |
| **Published by** | ESMA, in the ESMA Q&A tool |
| **Reference** | ESMA_QA_1120 |
| **Document type** | Q&A |
| **Legal nature** | Not legislation |
| **Addressees** | Not stated in the document |
| **Dates** | Published 28 May 2020; question submitted 28 May 2020 |
| **Legal basis** | MiFID II |
| **Related instruments** | None recorded |
| **Text on this page** | Word for word — the full text of the ESMA publication |

**Inducements**

### Question

Acceptable 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?

***

### Answer

\[ESMA 35-43-439 Investor protection Inducements Q&A 7\]

Yes, 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”.

With 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.

***

**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1120)