{"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"current_only","held_since":"2026-03-10","gaps":[],"covered":["ESMA Q&A 2799 — Q&A — Attribution of investment advice in split [Question Rejected] 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-2799-attribution-of-investment-advice-in-split-or-system","url":"https://www.headlesslaw.com/mifid-ii/level-3/q-and-a/esma/esma-qa-2799-attribution-of-investment-advice-in-split-or-system","title":"ESMA Q&A 2799 — Q&A — Attribution of investment advice in split [Question Rejected]","family":"l3","work_id":"spaces/mifid-ii/level-3/q-and-a/esma/esma-qa-2799-attribution-of-investment-advice-in-split-or-system","status":"question rejected","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, 10 March 2026","check":{"against":"the ESMA publication","on":"2026-10-26"},"check_result":"matched","official_url":"https://www.esma.europa.eu/publications-data/questions-answers/2799","valid_from":"0001-01-01","valid_until":null,"revision":1,"content_id":"9103c80e915c13db","change_date":null,"nearest_versions":["2026-03-10"],"first_text_date":null,"correction_applies":false,"versions":["2026-03-10"],"version_url":"https://www.headlesslaw.com/mifid-ii/level-3/q-and-a/esma/esma-qa-2799-attribution-of-investment-advice-in-split-or-system/versions/2026-03-10","revision_url":"https://www.headlesslaw.com/mifid-ii/level-3/q-and-a/esma/esma-qa-2799-attribution-of-investment-advice-in-split-or-system/versions/2026-03-10/rev/9103c80e915c13db","versions_url":"https://www.headlesslaw.com/mifid-ii/level-3/q-and-a/esma/esma-qa-2799-attribution-of-investment-advice-in-split-or-system/versions","relations_url":"https://www.headlesslaw.com/mifid-ii/level-3/q-and-a/esma/esma-qa-2799-attribution-of-investment-advice-in-split-or-system/relations","source_line":"Question published in the ESMA Q&A tool · no answer · not legislation [Question Rejected]","attribution":{"prepared_by":"not stated in the document","published_by":"ESMA","published_in":"ESMA Q&A tool","document_type":"qa_question","legal_nature":"not_legislation","addressees":"not stated in the document","dates":{"question_submitted_on":"2026-03-10","locators":{"question_submitted_on":"ESMA Q&A Excel export ESMA_QA_2799, column 'Date of submission'"}},"adoption":null}},"provenance":{"official_url":"https://www.esma.europa.eu/publications-data/questions-answers/2799","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-2799-attribution-of-investment-advice-in-split-or-system.md","body_sha256":"e77ce170a3332a4c767b6dbd0a8c5def9a6347c8e25228e4d0622e4f2d094a6c"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 2799 — Q&A — Attribution of investment advice in split [Question Rejected]\"\nshortTitle: \"ESMA Q&A 2799 — Q&A — Attribution of investment advice in split [Question Rejected]\"\nanswer_id: ESMA_QA_2799\ntopic: \"Suitability\"\nstatus: \"Question Rejected\"\ntype: qa\ninstrument_type: qa\nauthority: ESMA\nbinding: false\nbinding_character: non_binding\nlegal_status: withdrawn\nregulation: \"MiFID II\"\nmifid_level3: true\nmica_level2: false\nlegal_basis: \"MiFID II 2014/65/EU (Art. 16, 25); Reg. (EU) 2017/565 (Art. 54); ESMA/2015/1886 (rev.) (paras 4(j), 19, 20(d)-(g)).\"\ndate: 10 March 2026\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/2799\nlifecycle: \"Question Rejected\"\ntext_version: \"ESMA Q&A register, 10 March 2026\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/2799\"\ncheck_status: matched\nverified: true\nlast_checked: 2026-10-26\nchecked_against: \"the ESMA publication\"\nsource:\n  prepared_by: \"not stated in the document\"\n  published_by: \"ESMA\"\n  published_in: \"ESMA Q&A tool\"\n  evidence:\n    prepared_by: \"ESMA_QA_2799\"\n    locator: \"ESMA Q&A entry ESMA_QA_2799: no answer; no author named\"\ndocument_type: \"qa_question\"\nlegal_nature: \"not_legislation\"\naddressees: \"not stated in the document\"\ndates:\n  question_submitted_on: \"2026-03-10\"\n  locators:\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_2799, column 'Date of submission'\"\nlifecycle_label: \"Question Rejected\"\n---\n\n**Question published in the ESMA Q&A tool · no answer · not legislation [Question Rejected]**\n\n*Question Rejected · ESMA Q&A register, 10 March 2026 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/2799)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 2799 — Q&A — Attribution of investment advice in split \\[Question Rejected\\] |\n| **Prepared by** | Not stated in the document |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_2799 |\n| **Document type** | Q&A |\n| **Legal nature** | No answer · not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Question submitted 10 March 2026 |\n| **Legal basis** | MiFID II 2014/65/EU (Art. 16, 25); Reg. (EU) 2017/565 (Art. 54); ESMA/2015/1886 (rev.) (paras 4(j), 19, 20(d)-(g)). |\n| **Related instruments** | None recorded |\n| **Text on this page** | Word for word — the full text of the ESMA publication |\n\n**Attribution of investment advice in split or system-supported workflows (personal recommendation vs suitability statement)**\n\n### Question\n\nIn practice, investment firms may apply “tandem” or split workflows where one staff member conducts the client meeting, gathers the client’s circumstances and communicates/explains a concrete course of action to the client, while another staff member and/or a partly automated system performs the suitability assessment, approval and/or generates/transmits the suitability statement.\n\nAgainst this background, could ESMA clarify, under MiFID II and relevant Level-2 measures, the EU-law criteria for determining whether the staff member who leads the client interaction and explains the recommendation is already providing investment advice, or whether that activity can be regarded as acting under supervision?\n\nIn particular:\n\n1. For the attribution of investment advice, is the decisive element who communicates the personal recommendation to the client, rather than who technically generates/approves/transmits the suitability statement?\n\n2. In split workflows, what organisational minimum features are expected to evidence “under supervision” (e.g. explicit assignment of the supervisory role, timely intervention capability, documented review/approval/sign-off), where the supervised staff member communicates the personal recommendation?\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/2799)\n"}