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tool · not legislation · published 3 Oct 2018 [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":"2018-10-03","question_submitted_on":"2018-10-03","locators":{"published_on":"ESMA Q&A Excel export ESMA_QA_1783, column 'Esma responses', date line","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_1783, column 'Date of submission'"}},"adoption":null}},"provenance":{"official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1783","check":{"result":"matched","checked_at":"2026-10-26","against":"the ESMA publication"},"repo_path":"spaces/mifir/level-3/q-and-a/esma/esma-qa-1783-investment-advice-on-an-independent-basis.md","body_sha256":"82e33c28b4513c0598951d68ccfe53513d5fc820b1488294279fd279251ef9ee"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 1783 — Q&A — Investment advice on an independent basis [Answer Published]\"\nshortTitle: \"ESMA Q&A 1783 — Q&A — Investment advice on an independent basis [Answer Published]\"\nanswer_id: ESMA_QA_1783\ntopic: \"Investment advice on an independent basis\"\nstatus: \"Answer Published\"\ntype: qa\ninstrument_type: qa\nauthority: ESMA\nbinding: false\nbinding_character: non_binding\nlegal_status: in_force\nregulation: \"MiFIR\"\nmifir_level3: true\nmica_level2: false\nlegal_basis: \"MiFIR\"\ndate: 3 October 2018\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/1783\nlifecycle: \"Answer Published\"\ntext_version: \"ESMA Q&A register, 3 October 2018\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/1783\"\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_1783: 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: \"2018-10-03\"\n  question_submitted_on: \"2018-10-03\"\n  locators:\n    published_on: \"ESMA Q&A Excel export ESMA_QA_1783, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_1783, column 'Date of submission'\"\nlifecycle_label: \"Answer Published\"\n---\n\n**Answer by ESMA, published in its Q&A tool · not legislation · published 3 Oct 2018 [Answer Published]**\n\n*Answer Published · ESMA Q&A register, 3 October 2018 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1783)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 1783 — Q&A — Investment advice on an independent basis \\[Answer Published\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_1783 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 3 October 2018; question submitted 3 October 2018 |\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\nAn investment firm only offers financial instruments issued or provided by the investment firm itself or by entities having close links with the investment firm. On a look-through basis, the financial instruments offered (for example, investment funds, wrappers) allow the investor to indirectly invest in financial instruments issued by entities who do not have close links with the investment firm.\n\nCan such investment firm hold itself out as providing investment advice on an independent basis?\n\n***\n\n### Answer\n\n\\[ESMA 35-43-349 MiFID II Q&As on Investor protection Ch 5, question 2\\]\n\nNo. In accordance with Article 24(7) of MiFID II, a firm can hold itself out as providing investment advice on an independent basis only if that investment firm assesses “a sufficient range of financial instruments available on the market which must be sufficiently diverse with regard to their type and issuers or product providers to ensure that the client’s investment objectives can be suitably met and must not be limited to financial instruments issued or provided by: (i) the investment firm itself or by entities having close links with the investment firm; or (ii) other entities with which the investment firm has such close legal or economic relationships, such as contractual relationships, as to pose a risk of impairing the independent basis of the advice provided”. When determining the range of financial instruments assessed, an investment firm providing investment advice must consider the financial instruments (directly) offered by the investment firm.\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1783)\n"}