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---
title: "ESMA Q&A 2648 — Q&A — Outsourcing; Critical and important functions [Question Rejected]"
shortTitle: "ESMA Q&A 2648 — Q&A — Outsourcing; Critical and important functions [Question Rejected]"
answer_id: ESMA_QA_2648
topic: "Outsourcing"
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legal_status: withdrawn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: "EBA/GL/2019/02 (EBA Guidelines)"
date: 19 September 2025
source_link: https://www.esma.europa.eu/publications-data/questions-answers/2648
lifecycle: "Question Rejected"
text_version: "ESMA Q&A register, 19 September 2025"
source_url: "https://www.esma.europa.eu/publications-data/questions-answers/2648"
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_2648"
    locator: "ESMA Q&A entry ESMA_QA_2648: no answer; no author named"
document_type: "qa_question"
legal_nature: "not_legislation"
addressees: "not stated in the document"
dates:
  question_submitted_on: "2025-09-19"
  locators:
    question_submitted_on: "ESMA Q&A Excel export ESMA_QA_2648, 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, 19 September 2025 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/2648)*

| | |
|---|---|
| **Full title** | ESMA Q&A 2648 — Q&A — Outsourcing; Critical and important functions \[Question Rejected\] |
| **Prepared by** | Not stated in the document |
| **Published by** | ESMA, in the ESMA Q&A tool |
| **Reference** | ESMA_QA_2648 |
| **Document type** | Q&A |
| **Legal nature** | No answer · not legislation |
| **Addressees** | Not stated in the document |
| **Dates** | Question submitted 19 September 2025 |
| **Legal basis** | EBA/GL/2019/02 (EBA Guidelines) |
| **Related instruments** | None recorded |
| **Text on this page** | Word for word — the full text of the ESMA publication |

**Outsourcing; Critical and important functions; Principle of Proportionality**

### Question

In light of the first subparagraph of Article 16(5) of Directive 2014/65/EU (MiFID II), as well as Article 2(3) and Article 30(1) of Commission Delegated Regulation (EU) 2017/565, can it be affirmed that where a management company has delegated to an entity the performance of crucial elements of the marketing of UCITS funds, including their registration and listing for marketing purposes, the activity of that entity in entering into brokerage and distribution agreements with third-party intermediaries for the purpose of marketing such funds constitutes outsourcing of a critical and important function?

Furthermore, and in the light of the EBA Guidelines on Outsourcing Arrangements (EBA/GL/2019/02), to what extent does the principle of proportionality guide the assessment carried out during the risk evaluation of such outsourcing arrangements? In particular, do factors such as the continuity and duration of the agreement with third-party intermediaries, the scope and materiality of the delegated tasks, and the frequency and regularity of such delegation have an impact on whether the relationship should be qualified as the outsourcing of a critical or important function under the above-mentioned instruments?

***

**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/2648)