{"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"current_only","held_since":"2019-03-28","gaps":[],"covered":["ESMA Q&A 1865 — Q&A — Third-country firms marketing directly [Answer Published] 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-1865-third-country-firms-marketing-directly","url":"https://www.headlesslaw.com/mifid-ii/level-3/q-and-a/esma/esma-qa-1865-third-country-firms-marketing-directly","title":"ESMA Q&A 1865 — Q&A — Third-country firms marketing directly [Answer Published]","family":"l3","work_id":"spaces/mifid-ii/level-3/q-and-a/esma/esma-qa-1865-third-country-firms-marketing-directly","status":"answer published","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, 28 March 2019","check":{"against":"the ESMA publication","on":"2026-10-26"},"check_result":"matched","official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1865","valid_from":"0001-01-01","valid_until":null,"revision":1,"content_id":"7e013e55502dc280","change_date":null,"nearest_versions":["2019-03-28"],"first_text_date":null,"correction_applies":false,"versions":["2019-03-28"],"version_url":"https://www.headlesslaw.com/mifid-ii/level-3/q-and-a/esma/esma-qa-1865-third-country-firms-marketing-directly/versions/2019-03-28","revision_url":"https://www.headlesslaw.com/mifid-ii/level-3/q-and-a/esma/esma-qa-1865-third-country-firms-marketing-directly/versions/2019-03-28/rev/7e013e55502dc280","versions_url":"https://www.headlesslaw.com/mifid-ii/level-3/q-and-a/esma/esma-qa-1865-third-country-firms-marketing-directly/versions","relations_url":"https://www.headlesslaw.com/mifid-ii/level-3/q-and-a/esma/esma-qa-1865-third-country-firms-marketing-directly/relations","source_line":"Answer by ESMA, published in its Q&A tool · not legislation · published 28 Mar 2019 [Answer 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":"2019-03-28","question_submitted_on":"2019-03-28","locators":{"published_on":"ESMA Q&A Excel export ESMA_QA_1865, column 'Esma responses', date line","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_1865, column 'Date of submission'"}},"adoption":null}},"provenance":{"official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1865","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-1865-third-country-firms-marketing-directly.md","body_sha256":"4447a22d122a5ff5aa2a2aeec0157f5e9e864dc6cf762778c903924914a04a34"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 1865 — Q&A — Third-country firms marketing directly [Answer Published]\"\nshortTitle: \"ESMA Q&A 1865 — Q&A — Third-country firms marketing directly [Answer Published]\"\nanswer_id: ESMA_QA_1865\ntopic: \"Provision of investment services and activities by third country firms\"\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: 28 March 2019\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/1865\nlifecycle: \"Answer Published\"\ntext_version: \"ESMA Q&A register, 28 March 2019\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/1865\"\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_1865: 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: \"2019-03-28\"\n  question_submitted_on: \"2019-03-28\"\n  locators:\n    published_on: \"ESMA Q&A Excel export ESMA_QA_1865, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_1865, column 'Date of submission'\"\nlifecycle_label: \"Answer Published\"\n---\n\n**Answer by ESMA, published in its Q&A tool · not legislation · published 28 Mar 2019 [Answer Published]**\n\n*Answer Published · ESMA Q&A register, 28 March 2019 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1865)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 1865 — Q&A — Third-country firms marketing directly \\[Answer Published\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_1865 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 28 March 2019; question submitted 28 March 2019 |\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**Third-country firms marketing directly**\n\n### Question\n\nArticle 42 of MiFID II allows third-country firms to market products and services directly (without the need of a branch) to retail clients and professional clients within the meaning of Section II of Annex II of MiFID II if this is done at the client´s own exclusive initiative (reverse solicitation exemption), specifying that in such a case the firm in question may also offer the client products and services from the same category. Does this mean that a firm that, within the context of a one-off service to the client, has sold, or has had the opportunity to sell, a product or service under this rule may in the future again offer products or services from the same category (i.e. outside the context of the request of the client)?\n\n***\n\n### Answer\n\n\\[ESMA 35-43-349 MiFID II Q&As on Investor protection Ch 13, question 4\\]\n\nNo. The reverse solicitation exemption is based on the premise that the product or service is marketed at the client´s own exclusive initiative[^1] and can only be applied to the specific product or service requested (\"the requirement for authorisation under Article 39 shall not apply to the provision of that service or activity by the third-country firm\").\n\nTherefore, when providing a one-off investment service[^2] to a client, the third-country firm may not sell to that client (without establishing a branch if so provided for by national law) a product or service from the same category[^3] unless requested to do so by the client at its own exclusive initiative and only at the time the client asks for an investment product or service.\n\nTherefore, during the course of a transaction, the firm may offer the client another product or service of the same category as the one requested by the client but not at a later stage unless the client specifically requests it at its own initiative (e.g. if the client contacts the third-country firm to buy a share, the firm could - at this moment in time - market to the client other shares from the same stock-exchange segment. However, the firm would not be entitled to market more shares to the client a month later, unless this is done through a branch).\n\n\\-------\n\n[^1]: On this topic see Q&A 1 \\[Q&A 1862\\] of this Section.\n\n[^2]: On this topic see also Q&A 1 of Chapter 15 of this document.\n\n[^3]: On this topic see also Q&A 3 \\[Q&A 1864\\] of this Chapter.\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1865)\n"}