{"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"current_only","held_since":"2018-06-01","gaps":[],"covered":["ESMA Q&A 1987 — Q&A — Clients established outside the Union and non-Union [Answer 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-1987-clients-established-outside-the-union-and-non-union","url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1987-clients-established-outside-the-union-and-non-union","title":"ESMA Q&A 1987 — Q&A — Clients established outside the Union and non-Union [Answer Published]","family":"l3","work_id":"spaces/mifir/level-3/q-and-a/esma/esma-qa-1987-clients-established-outside-the-union-and-non-union","status":"answer 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, 1 June 2018","check":{"against":"the ESMA publication","on":"2026-10-26"},"check_result":"matched","official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1987","valid_from":"0001-01-01","valid_until":null,"revision":1,"content_id":"3d781a5a3c6069c2","change_date":null,"nearest_versions":["2018-06-01"],"first_text_date":null,"correction_applies":false,"versions":["2018-06-01"],"version_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1987-clients-established-outside-the-union-and-non-union/versions/2018-06-01","revision_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1987-clients-established-outside-the-union-and-non-union/versions/2018-06-01/rev/3d781a5a3c6069c2","versions_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1987-clients-established-outside-the-union-and-non-union/versions","relations_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1987-clients-established-outside-the-union-and-non-union/relations","source_line":"Answer by ESMA, published in its Q&A tool · not legislation · published 1 Jun 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":"2018-06-01","question_submitted_on":"2018-06-01","locators":{"published_on":"ESMA Q&A Excel export ESMA_QA_1987, column 'Esma responses', date line","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_1987, column 'Date of submission'"}},"adoption":null}},"provenance":{"official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1987","check":{"result":"matched","checked_at":"2026-10-26","against":"the ESMA publication"},"repo_path":"spaces/mifir/level-3/q-and-a/esma/esma-qa-1987-clients-established-outside-the-union-and-non-union.md","body_sha256":"27b826182ed6590473e2ecb7c7d861cfa659532f14227eada8cc1ad61ab71733"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 1987 — Q&A — Clients established outside the Union and non-Union [Answer Published]\"\nshortTitle: \"ESMA Q&A 1987 — Q&A — Clients established outside the Union and non-Union [Answer Published]\"\nanswer_id: ESMA_QA_1987\ntopic: \"Product intervention\"\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: \"ESMA Decision 2018/795; ESMA Decision 2019/796\"\ndate: 1 June 2018\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/1987\nlifecycle: \"Answer Published\"\ntext_version: \"ESMA Q&A register, 1 June 2018\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/1987\"\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_1987: 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: \"2018-06-01\"\n  question_submitted_on: \"2018-06-01\"\n  locators:\n    published_on: \"ESMA Q&A Excel export ESMA_QA_1987, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_1987, column 'Date of submission'\"\nlifecycle_label: \"Answer Published\"\n---\n\n**Answer by ESMA, published in its Q&A tool · not legislation · published 1 Jun 2018 [Answer Published]**\n\n*Answer Published · ESMA Q&A register, 1 June 2018 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1987)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 1987 — Q&A — Clients established outside the Union and non-Union \\[Answer Published\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_1987 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 1 June 2018; question submitted 1 June 2018 |\n| **Legal basis** | ESMA Decision 2018/795; ESMA Decision 2019/796 |\n| **Related instruments** | None recorded |\n| **Text on this page** | Word for word — the full text of the ESMA publication |\n\n**Clients established outside the Union and non-Union nationals**\n\n### Question\n\nDo the BO Decision and CFD Decision apply to retail clients established outside the Union or to retail clients who are non-Union nationals?\n\n***\n\n### Answer\n\n\\[ESMA 35-36-1262 Q&As on Product intervention, Q&A 5.9\\]\n\nYes, both the BO Decision and the CFD Decision apply, in common with other investor protection requirements in the regime established by MiFID II and MiFIR, in respect of investment services and activities provided by investment firms or credit institutions authorised in the Union, without discriminating on the basis of the location or nationality of their clients.\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1987)\n"}