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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_1788, column 'Esma responses', date line","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_1788, column 'Date of submission'"}},"adoption":null}},"provenance":{"official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1788","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-1788-underwriting-and-placing.md","body_sha256":"c9550875c866bf45d846de93a9817da36486a27f745089f9fdc3248d78ef0b16"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 1788 — Q&A — Underwriting and placing [Answer Published]\"\nshortTitle: \"ESMA Q&A 1788 — Q&A — Underwriting and placing [Answer Published]\"\nanswer_id: ESMA_QA_1788\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/1788\nlifecycle: \"Answer Published\"\ntext_version: \"ESMA Q&A register, 16 December 2016\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/1788\"\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_1788: 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_1788, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_1788, 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/1788)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 1788 — 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_1788 |\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) of the MiFID II Delegated Regulation applies to “investment firms which provide advice on corporate finance strategy as set out in Section B(3) of Annex I of MIFID II and provide the service of underwriting or placing of financial instruments”. Does this Article apply to investment firms acting as a manager or a member of the syndicate for a specific offering?\n\n***\n\n### Answer\n\n\\[ESMA 35-43-349 MiFID II Q&As on Investor protection Ch. 6, question 4\\]\n\nThe activities of investment firms acting as a manager or member of the syndicate for a specific offering do not generally imply the provision of advice on corporate finance strategy. When no advice on corporate finance strategy is provided to the issuer client, provisions of Article 38(1) of the MiFID II Delegated Regulation are not to be applied. If, however, advice on corporate finance strategy is provided to the issuer client alongside the service of underwriting and placing, provisions in Article 38(1) will apply. In all circumstances, all other relevant requirements in the MiFID II Delegated Regulation related to underwriting and placing activity remain applicable.\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1788)\n"}