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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":"2016-10-10","question_submitted_on":"2016-10-10","locators":{"published_on":"ESMA Q&A Excel export ESMA_QA_1784, column 'Esma responses', date line","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_1784, column 'Date of submission'"}},"adoption":null}},"provenance":{"official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1784","check":{"result":"matched","checked_at":"2026-10-26","against":"the ESMA publication"},"repo_path":"spaces/mifir/level-3/q-and-a/esma/esma-qa-1784-underwriting-and-placing.md","body_sha256":"e7333d19c3509dc436981e39494c10003e8a0763cd18fd3e4d7acb5f0630b51e"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 1784 — Q&A — Underwriting and placing [Answer Published]\"\nshortTitle: \"ESMA Q&A 1784 — Q&A — Underwriting and placing [Answer Published]\"\nanswer_id: ESMA_QA_1784\ntopic: \"Underwriting and placing\"\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: 10 October 2016\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/1784\nlifecycle: \"Answer Published\"\ntext_version: \"ESMA Q&A register, 10 October 2016\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/1784\"\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_1784: 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: \"2016-10-10\"\n  question_submitted_on: \"2016-10-10\"\n  locators:\n    published_on: \"ESMA Q&A Excel export ESMA_QA_1784, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_1784, column 'Date of submission'\"\nlifecycle_label: \"Answer Published\"\n---\n\n**Answer by ESMA, published in its Q&A tool · not legislation · published 10 Oct 2016 [Answer Published]**\n\n*Answer 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/1784)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 1784 — Q&A — Underwriting and placing \\[Answer Published\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_1784 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 10 October 2016; 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**Underwriting and placing**\n\n### Question\n\nArticle 38(1)(a) of the MiFID II Delegated Regulation states that “investment firms which provide advice on corporate finance strategy, as set out in Section B (3) of Annex I, and provide the service of underwriting or placing of financial instruments, shall, before accepting a mandate to manage the offering, have arrangements in place to inform the issuer client of the various financing alternatives available with the firm”. What are \"the various financing alternatives” to be considered?\n\n***\n\n### Answer\n\n\\[ESMA 35-43-349 MiFID II Q&As on Investor protection Ch. 6, question 1\\]\n\nThe various financing alternatives may be limited to those appropriate to the issuer client’s needs. However, they should not be limited to financing alternatives that constitute investment services; for example, loans or extension of credit facilities shall be included if appropriate and offered by the firm. The firm should inform the issuer client which financing alternatives have not been considered, including financing alternatives not offered by the firm, with a short explanation of why they were discounted.\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1784)\n"}