<!-- headlesslaw {"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"current_only","held_since":"2023-06-22","gaps":[],"covered":["ESMA Q&A 1216 — Q&A — Correct classification of Investment Services [Question Rejected] L3"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","release_published":"2026-11-01T16:41:30Z","checked_at":"2026-10-26","checked_against":"the ESMA publication"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/mifid-ii/level-3/q-and-a/esma/esma-qa-1216-correct-classification-of-investment-services-and","url":"https://www.headlesslaw.com/mifid-ii/level-3/q-and-a/esma/esma-qa-1216-correct-classification-of-investment-services-and","title":"ESMA Q&A 1216 — Q&A — Correct classification of Investment Services [Question Rejected]","family":"l3","work_id":"spaces/mifid-ii/level-3/q-and-a/esma/esma-qa-1216-correct-classification-of-investment-services-and","status":"question rejected","force_status":null,"date_state":"current","requested_date":null,"as_of":"2026-11-01","applies_from":null,"application":null,"version_label":"ESMA Q&A register, 22 June 2023","check":{"against":"the ESMA publication","on":"2026-10-26"},"check_result":"matched","official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1216","valid_from":"0001-01-01","valid_until":null,"revision":1,"content_id":"b14193ce07e1ee7b","change_date":null,"nearest_versions":["2023-06-22"],"first_text_date":null,"correction_applies":false,"versions":["2023-06-22"],"version_url":"https://www.headlesslaw.com/mifid-ii/level-3/q-and-a/esma/esma-qa-1216-correct-classification-of-investment-services-and/versions/2023-06-22","revision_url":"https://www.headlesslaw.com/mifid-ii/level-3/q-and-a/esma/esma-qa-1216-correct-classification-of-investment-services-and/versions/2023-06-22/rev/b14193ce07e1ee7b","versions_url":"https://www.headlesslaw.com/mifid-ii/level-3/q-and-a/esma/esma-qa-1216-correct-classification-of-investment-services-and/versions","relations_url":"https://www.headlesslaw.com/mifid-ii/level-3/q-and-a/esma/esma-qa-1216-correct-classification-of-investment-services-and/relations","source_line":"Question published in the ESMA Q&A tool · no answer · not legislation [Question Rejected]","attribution":{"prepared_by":"not stated in the document","published_by":"ESMA","published_in":"ESMA Q&A tool","document_type":"qa_question","legal_nature":"not_legislation","addressees":"not stated in the document","dates":{"question_submitted_on":"2023-06-22","locators":{"question_submitted_on":"ESMA Q&A Excel export ESMA_QA_1216, column 'Date of submission'"}},"adoption":null}}} -->
---
title: "ESMA Q&A 1216 — Q&A — Correct classification of Investment Services [Question Rejected]"
shortTitle: "ESMA Q&A 1216 — Q&A — Correct classification of Investment Services [Question Rejected]"
answer_id: ESMA_QA_1216
topic: "Best Execution"
status: "Question Rejected"
type: qa
instrument_type: qa
authority: ESMA
binding: false
binding_character: non_binding
legal_status: withdrawn
regulation: "MiFID II"
mifid_level3: true
mica_level2: false
legal_basis: "MiFID II Article 4 (2) & Annex I Section A"
date: 22 June 2023
source_link: https://www.esma.europa.eu/publications-data/questions-answers/1216
lifecycle: "Question Rejected"
text_version: "ESMA Q&A register, 22 June 2023"
source_url: "https://www.esma.europa.eu/publications-data/questions-answers/1216"
check_status: matched
verified: true
last_checked: 2026-10-26
checked_against: "the ESMA publication"
source:
  prepared_by: "not stated in the document"
  published_by: "ESMA"
  published_in: "ESMA Q&A tool"
  evidence:
    prepared_by: "ESMA_QA_1216"
    locator: "ESMA Q&A entry ESMA_QA_1216: no answer; no author named"
document_type: "qa_question"
legal_nature: "not_legislation"
addressees: "not stated in the document"
dates:
  question_submitted_on: "2023-06-22"
  locators:
    question_submitted_on: "ESMA Q&A Excel export ESMA_QA_1216, column 'Date of submission'"
lifecycle_label: "Question Rejected"
---

**Question published in the ESMA Q&A tool · no answer · not legislation [Question Rejected]**

*Question Rejected · ESMA Q&A register, 22 June 2023 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1216)*

| | |
|---|---|
| **Full title** | ESMA Q&A 1216 — Q&A — Correct classification of Investment Services \[Question Rejected\] |
| **Prepared by** | Not stated in the document |
| **Published by** | ESMA, in the ESMA Q&A tool |
| **Reference** | ESMA_QA_1216 |
| **Document type** | Q&A |
| **Legal nature** | No answer · not legislation |
| **Addressees** | Not stated in the document |
| **Dates** | Question submitted 22 June 2023 |
| **Legal basis** | MiFID II Article 4 (2) & Annex I Section A |
| **Related instruments** | None recorded |
| **Text on this page** | Word for word — the full text of the ESMA publication |

**Correct classification of Investment Services and Investment Activities**

### Question

Can an investment firm which is licensed under the MiFID II Directive, conduct it business such that it is carrying out an investment activity and not providing an investment service?

***

**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1216)

## Related Level 1 articles

- [Article 4 — Definitions](../../../articles/4.md)