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---
title: "ESMA Q&A 1856 — Q&A — Inducements [Answer Published]"
shortTitle: "ESMA Q&A 1856 — Q&A — Inducements [Answer Published]"
answer_id: ESMA_QA_1856
topic: "Inducements (research)"
status: "Answer Published"
type: qa
instrument_type: qa
authority: ESMA
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legal_status: in_force
regulation: "MiFID II"
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date: 10 November 2017
source_link: https://www.esma.europa.eu/publications-data/questions-answers/1856
lifecycle: "Answer Published"
text_version: "ESMA Q&A register, 10 November 2017"
source_url: "https://www.esma.europa.eu/publications-data/questions-answers/1856"
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---

**Answer by ESMA, published in its Q&A tool · not legislation · published 10 Nov 2017 [Answer Published]**

*Answer Published · ESMA Q&A register, 10 November 2017 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1856)*

| | |
|---|---|
| **Full title** | ESMA Q&A 1856 — Q&A — Inducements \[Answer Published\] |
| **Prepared by** | ESMA |
| **Published by** | ESMA, in the ESMA Q&A tool |
| **Reference** | ESMA_QA_1856 |
| **Document type** | Q&A |
| **Legal nature** | Not legislation |
| **Addressees** | Not stated in the document |
| **Dates** | Published 10 November 2017; question submitted 10 November 2017 |
| **Legal basis** | MiFID II |
| **Related instruments** | None recorded |
| **Text on this page** | Word for word — the full text of the ESMA publication |

**Inducements**

### Question

Does Article 24(9) of MiFID II also apply to payments made by investment firms to a third party in relation to the provision of the investment service of investment advice provided on an independent basis or of portfolio management?

***

### Answer

\[ESMA 35-43-349 MiFID II Q&As on Investor protection Ch 12, question 1\]

Yes. The inducement restrictions relating to the provision of investment advice on an independent basis and portfolio management, in Articles 24(7)(b) and 24(8) of MiFID II respectively, concern the acceptance and retention of fees, commissions and benefits paid or provided by third parties in relation to the provision of such services. These provisions are not concerned with payments made, or the provision of benefits by, the investment firm providing the relevant service.

ESMA is therefore of the opinion that payments made, or benefits provided to, third parties by investment firms in connection with the provision of investment advice on an independent basis or of portfolio management are subject to Article 24(9) of MiFID II.

***

**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1856)