{"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"current_only","held_since":"2016-10-10","gaps":[],"covered":["ESMA Q&A 1782 — Q&A — Investment advice on an independent basis [Question 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":"/mifir/level-3/q-and-a/esma/esma-qa-1782-investment-advice-on-an-independent-basis","url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1782-investment-advice-on-an-independent-basis","title":"ESMA Q&A 1782 — Q&A — Investment advice on an independent basis [Question Published]","family":"l3","work_id":"spaces/mifir/level-3/q-and-a/esma/esma-qa-1782-investment-advice-on-an-independent-basis","status":"question 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, 10 October 2016","check":{"against":"the ESMA publication","on":"2026-10-26"},"check_result":"matched","official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1782","valid_from":"0001-01-01","valid_until":null,"revision":1,"content_id":"da8c587ed5a5e737","change_date":null,"nearest_versions":["2016-10-10"],"first_text_date":null,"correction_applies":false,"versions":["2016-10-10"],"version_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1782-investment-advice-on-an-independent-basis/versions/2016-10-10","revision_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1782-investment-advice-on-an-independent-basis/versions/2016-10-10/rev/da8c587ed5a5e737","versions_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1782-investment-advice-on-an-independent-basis/versions","relations_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1782-investment-advice-on-an-independent-basis/relations","source_line":"Question published in the ESMA Q&A tool · no answer · not legislation [Question Published]","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":"2016-10-10","locators":{"question_submitted_on":"ESMA Q&A Excel export ESMA_QA_1782, column 'Date of submission'"}},"adoption":null}},"provenance":{"official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1782","check":{"result":"matched","checked_at":"2026-10-26","against":"the ESMA publication"},"repo_path":"spaces/mifir/level-3/q-and-a/esma/esma-qa-1782-investment-advice-on-an-independent-basis.md","body_sha256":"8c900fc4f9ff1d7ef814d4e82a54d52b666394d927132ebf941d030087eec0e4"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 1782 — Q&A — Investment advice on an independent basis [Question Published]\"\nshortTitle: \"ESMA Q&A 1782 — Q&A — Investment advice on an independent basis [Question Published]\"\nanswer_id: ESMA_QA_1782\ntopic: \"Investment advice on an independent basis\"\nstatus: \"Question Published\"\ntype: qa\ninstrument_type: qa\nauthority: ESMA\nbinding: false\nbinding_character: non_binding\nlegal_status: pending\nregulation: \"MiFIR\"\nmifir_level3: true\nmica_level2: false\nlegal_basis: \"MiFIR\"\ndate: 10 October 2016\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/1782\nlifecycle: \"Question Published\"\ntext_version: \"ESMA Q&A register, 10 October 2016\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/1782\"\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_1782\"\n    locator: \"ESMA Q&A entry ESMA_QA_1782: no answer; no author named\"\ndocument_type: \"qa_question\"\nlegal_nature: \"not_legislation\"\naddressees: \"not stated in the document\"\ndates:\n  question_submitted_on: \"2016-10-10\"\n  locators:\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_1782, column 'Date of submission'\"\nlifecycle_label: \"Question Published\"\n---\n\n**Question published in the ESMA Q&A tool · no answer · not legislation [Question Published]**\n\n*Question Published · ESMA Q&A register, 10 October 2016 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1782)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 1782 — Q&A — Investment advice on an independent basis \\[Question Published\\] |\n| **Prepared by** | Not stated in the document |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_1782 |\n| **Document type** | Q&A |\n| **Legal nature** | No answer · not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Question submitted 10 October 2016 |\n| **Legal basis** | MiFIR |\n| **Related instruments** | None recorded |\n| **Text on this page** | Word for word — the full text of the ESMA publication |\n\n**Investment advice on an independent basis**\n\n### Question\n\nCould a firm still hold itself out as being independent where it assesses and compares a sufficient range of financial instruments available (which are not limited to financial instruments issued or provided by the firm itself or by entities having close links) but that the outcome of such an assessment in a considerable number of cases is that the firm recommends financial instruments to its clients which are issued or provided by the firm itself or by entities having close links?\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1782)\n"}