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---
title: "ESMA Q&A 2214 — Q&A — Underwritting and placing fees [Question Rejected]"
shortTitle: "ESMA Q&A 2214 — Q&A — Underwritting and placing fees [Question Rejected]"
answer_id: ESMA_QA_2214
topic: "Inducements"
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legal_status: withdrawn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"
date: 10 June 2024
source_link: https://www.esma.europa.eu/publications-data/questions-answers/2214
lifecycle: "Question Rejected"
text_version: "ESMA Q&A register, 10 June 2024"
source_url: "https://www.esma.europa.eu/publications-data/questions-answers/2214"
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_2214"
    locator: "ESMA Q&A entry ESMA_QA_2214: no answer; no author named"
document_type: "qa_question"
legal_nature: "not_legislation"
addressees: "not stated in the document"
dates:
  question_submitted_on: "2024-06-10"
  locators:
    question_submitted_on: "ESMA Q&A Excel export ESMA_QA_2214, 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, 10 June 2024 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/2214)*

| | |
|---|---|
| **Full title** | ESMA Q&A 2214 — Q&A — Underwritting and placing fees \[Question Rejected\] |
| **Prepared by** | Not stated in the document |
| **Published by** | ESMA, in the ESMA Q&A tool |
| **Reference** | ESMA_QA_2214 |
| **Document type** | Q&A |
| **Legal nature** | No answer · not legislation |
| **Addressees** | Not stated in the document |
| **Dates** | Question submitted 10 June 2024 |
| **Legal basis** | MiFID II |
| **Related instruments** | None recorded |
| **Text on this page** | Word for word — the full text of the ESMA publication |

**Underwritting and placing fees**

### Question

In the specific situation that the calculation of the remuneration perceived by the firm for the placing/underwriting service is independent/unconnected with the number of securities finally placed to investors (i.e. the firm receives the same remuneration from the issuer or offeror of securities irrespectively of the amount of securities it sells to investors) as the circumstance “it is clear that the remuneration perceived for the placing service is connected to the provision of the investment service to the investor buying the financial instrument” is not met, should this remuneration be considered as an inducement?

If that is the case, how and to what extent entities should disclose in a “fair, clear and not misleading” manner information on such remuneration in costs, charges and inducements disclosures to their clients?

***

**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/2214)