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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":"2016-12-16","question_submitted_on":"2016-12-16","locators":{"published_on":"ESMA Q&A Excel export ESMA_QA_1786, column 'Esma responses', date line","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_1786, column 'Date of submission'"}},"adoption":null}},"provenance":{"official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1786","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-1786-underwriting-and-placing.md","body_sha256":"a56f998d3a9c0adb01199ca356fe66ff91bdcf6a4022545a527e5c5fed61c2a5"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 1786 — Q&A — Underwriting and placing [Answer Published]\"\nshortTitle: \"ESMA Q&A 1786 — Q&A — Underwriting and placing [Answer Published]\"\nanswer_id: ESMA_QA_1786\ntopic: \"Underwriting and placing\"\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: 16 December 2016\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/1786\nlifecycle: \"Answer Published\"\ntext_version: \"ESMA Q&A register, 16 December 2016\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/1786\"\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_1786: 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: \"2016-12-16\"\n  question_submitted_on: \"2016-12-16\"\n  locators:\n    published_on: \"ESMA Q&A Excel export ESMA_QA_1786, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_1786, column 'Date of submission'\"\nlifecycle_label: \"Answer Published\"\n---\n\n**Answer by ESMA, published in its Q&A tool · not legislation · published 16 Dec 2016 [Answer Published]**\n\n*Answer Published · ESMA Q&A register, 16 December 2016 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1786)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 1786 — Q&A — Underwriting and placing \\[Answer Published\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_1786 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 16 December 2016; question submitted 16 December 2016 |\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**Underwriting and placing**\n\n### Question\n\nArticle 38(1)(d) of the MiFID II Delegated Regulation states that “investment firms which provide advice on corporate finance strategy, as set out in Section B(3) of Annex I, and provide the service of underwriting or placing of financial instruments, shall, before accepting a mandate to manage the offering, have arrangements in place to inform the issuer client of the details of the targeted investors, to whom the firm intends to offer the financial instruments”. Are investment firms required to provide details of each individual investor client or per type of investor client?\n\n***\n\n### Answer\n\n\\[ESMA 35-43-349 MiFID II Q&As on Investor protection Ch. 6, question 2\\]\n\nBefore accepting a mandate to manage the offering, information on targeted investors should be provided at least by per type of client, for example long-term or short-term investors, size, and nature of investor (e.g. pension funds, sovereign wealth funds, hedge funds and private clients), and country. This should reflect the specific needs or preferences of the issuer client, acting as a supplement to the investment firms’ overarching allocation policy. This is consistent with Article 40(5), which states that, during the placing process (once a mandate has been awarded), investment firms shall “obtain the issuer client’s agreement to its proposed allocation per type of client for the transaction in accordance with the allocation policy”.\n\nFurthermore, when carrying out the activities of underwriting and placing, investment firms should be aware of their product governance obligations, in particular in relation to the identification of the target market.\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1786)\n"}