EU · MiFID II · TITLE II AUTHORISATION AND OPERATING CONDITIONS FOR INVESTMENT FIRMS · CHAPTER II Operating conditions for investment firms · Section 2 Provisions to ensure investor protection
Article 24 MiFID IIGeneral principles and information to clients
The general conduct duty to act honestly, fairly and professionally in clients' best interests, with product governance for manufacturers and distributors, fair, clear and not misleading information, rules on research and issuer-sponsored research under the Listing Act, and pre-contract disclosure on the firm, services, independent or restricted advice, risks, and aggregated costs and charges (including for distance contracts). It also covers inducements (banned for independent advice and portfolio management; otherwise allowed only if they enhance quality and are disclosed), payment for research, staff remuneration, cross-selling and electronic communication.
Amendments and application dates
| Amending act | Change | Applies from |
|---|---|---|
| Directive (EU) 2021/338 | Text inserted | by 28 Feb 2022 |
| Directive (EU) 2024/2811 | Text inserted; Text amended | 6 Jun 2026 |
Level 2: delegated and implementing acts
- RTSIn forceLegal basis
AI summaryRTS establishing the EU code of conduct for issuer-sponsored research under the Listing Act changes to Article 24 MiFID II: defines issuer-sponsored research and sets how investment firms must assess that such research complies with the code (including the provider's conflicts of interest and organisational arrangements, possibly relying on an independent opinion) before using or distributing it; fully issuer-paid research must be made available to all investors.
- Delegated actIn forceLegal basis
AI summaryAmends Delegated Directive 2017/593 to reflect the Listing Act change (Directive 2024/2811) that lets investment firms pay for third-party research and execution either jointly or separately; whichever method they use, firms must assess research quality annually against robust criteria and act if it falls short. Transposition and application are aligned with Directive 2024/2811.
- Delegated actIn forceLegal basis
AI summaryAmends Delegated Directive 2017/593 to build sustainability factors into product governance: manufacturers and distributors must take clients' sustainability-related objectives into account when setting and reviewing a product's target market.
- Delegated actIn forceLegal basis
AI summaryAmends the MiFID II Delegated Regulation 2017/565 to integrate sustainability: firms must consider sustainability risks in their organisational arrangements, risk management and conflicts of interest, and investment advisers and portfolio managers must ask about clients' sustainability preferences in the suitability assessment and must not recommend products as meeting preferences they do not meet. Applies from 2 August 2022.
- Delegated actIn forceLegal basis
AI summaryThe MiFID II Delegated Directive on safeguarding client financial instruments and funds (deposits, use of client assets, title transfer collateral, a single officer responsible, auditor reports), product governance duties for manufacturers and distributors, and inducements, including rules for independent advice, portfolio management and research. Since amended, including by Delegated Directives 2021/1269 (sustainability) and 2026/374 (research payment).
- Delegated actIn forceLegal basis
AI summaryThe main MiFID II Delegated Regulation: defines key terms (such as investment advice, systematic internaliser, algorithmic and high-frequency trading, and direct electronic access) and sets detailed organisational requirements and operating conditions for investment firms, including compliance, conflicts of interest, remuneration, client information, suitability and appropriateness, best execution, client order handling, reporting to clients, record keeping and transaction-level obligations.
Level 3: ESMA Q&As, guidelines and opinions
- Q&ARejectedExplicit reference · 90%
AI summaryAsked whether the investment firm or the third party it pays (such as a law or accounting firm) must provide the quality enhancement required for inducements under Article 24(9) MiFID II. ESMA rejected the question, so there is no answer.
- Q&AAnsweredInferred · 75%
AI summaryIn a Commission answer, dividends paid to a majority shareholder of a small closely held firm who is also an employee, manager and board member count as remuneration under Article 2(5) of the MiFID II Delegated Regulation, so the remuneration policy rules in Article 27 apply.
- Q&AAnsweredESMA rulebook
AI summaryA client may be placed in different categories for different services, activities or instruments, for example retail for one service and professional for another, or eligible counterparty for execution, order transmission and dealing on own account but professional for other services, provided it is clearly told which category applies to what.
- Q&ARejectedInferred · 80%
AI summaryAsked whether underwriting or placing fees that do not depend on the number of securities placed are inducements, and how they should be disclosed to investors. ESMA rejected the question, so there is no answer.
- Q&AAnsweredESMA rulebook
AI summaryIn a Commission answer, firms setting the negative target market of a product that does not consider sustainability factors must consider any clients' sustainability-related objectives the product is incompatible with, though depending on the product this may lead to no negative target market for that criterion.
- Q&AAnsweredExplicit reference
AI summaryFirms must aggregate costs and charges for the service and for the instruments, itemise third-party payments separately, and show the total as a cash amount and a percentage; on request they must give a breakdown at least by the Annex II cost items, showing an all-in fee under the relevant item and zero for items it covers.
- Q&AAnsweredExplicit reference
AI summaryCosts paid in or represented in foreign currency, and currency conversion costs, must be included in aggregated ex-ante and ex-post costs disclosures; ex ante, firms must also state the currencies, conversion rates and conversion costs even without a request for an itemised breakdown.
- Q&AAnsweredInferred · 75%
AI summaryIn a Commission answer, firms setting the negative target market for a product that does not consider sustainability factors must also consider any clients' sustainability-related objectives the product is incompatible with, though depending on the product this may result in no negative target market for that criterion.
- Q&AAnsweredInferred · 90%
AI summaryWhere a firm gives investment advice and then receives and transmits or executes the resulting order, ESMA says all ex-ante costs and charges (of the service, including transaction costs, and of the instrument) must be disclosed when the advice is given; they need not be repeated for the follow-on service if it concerns the same transactions, follows within a short time and the information is still accurate.
- Q&AAnsweredInferred · 90%
AI summaryTo meet the quality-enhancement test in Article 11(2)(a) of the MiFID II Delegated Directive, an inducement must fund an additional or higher-level service that goes beyond what is legally required, is provided to the client concerned and is proportionate to the inducements received; ESMA gives examples and stresses a case-by-case assessment.
- Q&AAnsweredExplicit reference · 90%
AI summaryEx-post costs and charges information should be presented in a standalone document or given clear prominence within a wider one, kept apart from marketing material, and any itemised breakdown must reconcile with the aggregated figures, with discrepancies explained.
- Q&AAnsweredInferred · 90%
AI summaryThe definition of acceptable minor non-monetary benefits in Article 12(3) of the MiFID II Delegated Directive applies to every investment and ancillary service, not only portfolio management and independent advice, and such benefits may be described generically in disclosures.
- Q&AAnsweredInferred · 85%
AI summaryPortfolio managers may give the annual ex-post costs and charges information in the Article 60 periodic statement, but it must then meet Article 50(9)-(10) in full; quarterly or monthly statements do not remove the need to give clients an annual aggregate of costs.
- Q&AAnsweredInferred · 90%
AI summaryFor portfolio management, the annual ex-post costs and charges report should aggregate service costs, inducements and product costs at least at portfolio level, tell clients they may request an itemised breakdown, and may give more detail by product category or ISIN.
- Q&AAnsweredInferred · 90%
AI summaryEx-ante costs and charges cannot be disclosed as a range or a maximum: firms must give their best estimate, as a cash amount and a percentage, individualised to the specific instrument and service, using actually incurred costs as a proxy.
- Q&AAnsweredInferred · 90%
AI summaryWhen a client places an order by telephone and ex-ante costs cannot first be provided on a durable medium, the firm may offer either to delay the transaction until the information is sent, or to give the cost information orally before the service and at the same time on a durable medium.
- Q&AAnsweredInferred · 90%
AI summaryEx-ante costs and charges must also be disclosed for client sell orders, but under Article 50(6) only the service costs, since the firm is neither recommending nor marketing the instrument; the illustration of the cumulative effect of costs on return is also required.
- Q&AAnsweredInferred · 90%
AI summaryEx-ante costs and charges disclosures may use an assumed investment amount, including for non-linear charging structures, but the assumption must reflect where the expected transaction sits in the charging structure, based for example on discussions with the client or past transactions.
- Q&AAnsweredInferred · 90%
AI summaryCosts and charges disclosures should use MiFID II's own terminology (as transposed and as in Annex II of the Delegated Regulation), for example calling third-party payments by that name; firms may add commercial terms only if clearly defined by reference to the MiFID II terms.
- Q&AAnsweredInferred · 90%
AI summaryWhere an instrument has no product costs, or product costs need not be assessed under Article 50(6), firms may disclose ex-ante costs through a grid by service and instrument category instead of before each transaction, provided the figures match what transaction-specific disclosure would show and the categories are granular enough.
- Q&AAnsweredInferred · 90%
AI summaryEx-ante costs and charges must be disclosed in a fully individualised, transaction-based way, specific to the instrument (by ISIN) and the service; generic disclosures are not enough, the only relief being the use of an assumed investment amount that reflects the costs the client would actually incur.
- Q&AAnsweredInferred · 90%
AI summaryTaxes tied to providing a service, such as stamp duty, transaction taxes or VAT, must always be included in costs and charges disclosures; taxes on the investment's income or gains may be included at the firm's discretion.
- Q&AAnsweredInferred · 90%
AI summaryFor portfolio management, ex-ante costs and charges are disclosed before the service starts, not for each investment decision, based on the assets under management and the anticipated model or bespoke portfolio matching the client's profile and mandate, covering both service and product costs.
- Q&AAnsweredInferred · 90%
AI summaryFirms may base the MiFID II ex-ante product cost disclosure on the cost components in a PRIIPs KID, using either the annualised raw cost data or the reduction-in-yield figure, adjusted where the client's investment amount or a non-linear charging structure differs from the KID's standard assumptions.
- Q&AAnsweredInferred · 80%
AI summaryESMA considers funds investing mainly in CoCo bonds generally unsuitable for the retail market and expects manufacturers and distributors to consider excluding retail clients from the positive target market, or placing them in the negative target market, at the latest at their next product review.
- Q&AAnsweredInferred · 95%
AI summaryA firm that offers only instruments issued by itself or closely linked entities cannot call its advice independent, even if those products (such as funds or wrappers) give indirect exposure to other issuers; the range assessed under Article 24(7) MiFID II is judged on the instruments the firm directly offers.
- Q&AAnsweredInferred · 90%
AI summaryA free research trial is an inducement but may be an acceptable minor non-monetary benefit if it is agreed in advance with a defined scope, lasts no more than three months, involves no payment or other consideration, is not repeated with the same provider within twelve months, is not billed to clients and is documented.
- Q&AAnsweredInferred · 90%
AI summaryFrom 3 January 2018 portfolio managers may not retain inducements, including ongoing payments for investments made before that date; only amounts accrued up to 2 January 2018 may be kept, and thereafter firms must pass payments to clients or end the arrangements.
- Q&AAnsweredInferred · 90%
AI summaryThere is no carve-out for fixed income, currency and commodity research from the inducement restrictions in Article 24(7)-(8) MiFID II: depending on its nature it is research (paid under Article 13 of the Delegated Directive) or a minor non-monetary benefit, and firms may pay for it themselves, through an RPA or by subscription.
- Q&AAnsweredInferred · 85%
AI summaryMacro-economic analysis can be research paid from a research payment account if it meets Recital 28 of the MiFID II Delegated Directive, informing views on instruments, issuers or markets and suggesting an investment strategy, as ESMA considers most macro-economic analysis does.
- Q&AAnsweredInferred · 90%
AI summaryPayments a firm receives for genuinely administering funds on behalf of a UCITS management company or external AIF manager are generally outside the MiFID II inducement rules, even if it also provides investment services in those funds, unless the delegation is not legitimate or effective.
- Q&AAnsweredInferred · 90%
AI summaryPayments a firm receives for genuinely managing funds on delegation from a UCITS management company or AIF manager (or for advising them, or managing internally managed funds) are generally outside the inducement rules for its other clients unless the arrangement circumvents them, but the firm must still manage the resulting conflicts of interest.
- Q&AAnsweredInferred · 95%
AI summaryPayments an investment firm receives from a UCITS management company or AIF manager for marketing its funds are inducements under MiFID II where the firm also provides investment services to its own clients in those funds, so the quality-enhancement and other Article 24(9) conditions apply; the same goes for internally managed funds.
- Q&AAnsweredInferred · 90%
AI summaryInducements received by independent advisers or portfolio managers are a liability of the firm until passed to the client as soon as reasonably possible, as Article 12(1) of the Delegated Directive requires; client terms should set out how and to which account they are transferred and their status on insolvency.
- Q&AAnsweredExplicit reference · 90%
AI summaryPayments or benefits that firms providing independent advice or portfolio management give to third parties in connection with those services are subject to Article 24(9) MiFID II; the stricter Article 24(7)(b) and (8) rules cover only what such firms receive from third parties.
- Q&AAnsweredInferred · 90%
AI summaryFull costs and charges disclosure is the default for eligible counterparties; the limited application under Article 50(1) of the Delegated Regulation needs an agreement and, for instruments embedding a derivative, the counterparty's indication that it will not offer them to its own clients, which firms should record.
- Q&AAnsweredInferred · 90%
AI summaryThe first annual ex-post costs and charges report should cover a period ending no later than 12 months after the ongoing relationship began and be sent as soon as possible after that; reports spanning MiFID I and II periods may use MiFID II methodology throughout or split the periods with an explanation.
- Q&AAnsweredInferred · 90%
AI summaryMark-ups and structuring costs embedded in the transaction price must be identified and disclosed, calculated as the difference between the firm's price for the position and the client's price, using the PRIIPs RTS methodology (Annex VI) for PRIIPs.
- Q&AAnsweredInferred · 90%
AI summaryFor ex-ante disclosure of transaction costs, firms should use actually incurred costs as a proxy, adjusted for expected material changes; where no data exist they may estimate (for example using the PRIIPs RTS method), explain the basis, and review assumptions against ex-post experience.
- Q&AAnsweredInferred · 90%
AI summaryProfessional clients and eligible counterparties may agree to a limited application of the detailed Article 50 cost rules, for example dropping the illustration of cumulative costs on return or currency conversion details, but never to disapplying the core Article 24(4) duty to disclose all costs, aggregated and itemised on request.
- Q&AAnsweredInferred · 90%
AI summaryWhere a cost or charge that must be disclosed in aggregated or itemised form is zero, the firm should show an explicit zero rather than leave the item out, to keep disclosures comparable.
- Q&AAnsweredInferred · 90%
AI summaryFor disclosing mark-ups and mark-downs under Recital 79 of the MiFID II Delegated Regulation, the firm's position price is the instrument's current fair market value when offered (ex ante) or sold (ex post) to the client, so price changes from market risk while the firm held it are excluded.
- Q&AAnsweredInferred · 90%
AI summaryEx-post disclosure of transaction costs must cover both explicit and implicit costs; for retail products firms should use the PRIIPs RTS methodology (Annex VI, paragraphs 12-20), or a simpler alternative where that is disproportionate, provided actual costs are identified and the basis of calculation is disclosed.
- Q&AAnsweredInferred · 95%
AI summaryCosts and charges must be aggregated into service costs, product costs and separately itemised third-party payments, totalled as a cash amount and a percentage; an itemised breakdown must be given on request, at least by the Annex II cost categories, and firms should make it easy to ask for one.
- Q&AAnsweredInferred · 90%
AI summaryWhere a distributor cannot obtain cost data from the manufacturer, it may use its own estimate of total costs, ideally using the PRIIPs RTS methodology, provided it is satisfied the estimate is reasonable and sufficiently accurate.
- Q&AAnsweredInferred · 90%
AI summaryWhere no data on actually incurred costs exist (for example a new firm or client), firms must make reasonable ex-ante estimates that include every variable affecting the client's costs, such as instrument, size, commissions and taxes, plus forward-looking assumptions for ongoing services.
- Q&AAnsweredInferred · 85%
AI summaryThe PRIIPs cost methodology captures all costs of a PRIIP (one-off, ongoing including explicit and implicit transaction costs, and incidental costs such as performance fees), so manufacturers can supply all the product cost components needed for MiFID II disclosure.
- Q&AAnsweredInferred · 85%
AI summaryDuring the PRIIPs transition, when UCITS and some other funds provided only a UCITS KIID, firms still had to disclose all product costs, including transaction costs missing from the KIID, obtaining them from the fund manager or estimating them using the PRIIPs RTS method.
- Q&AAnsweredInferred · 85%
AI summaryTo apply the PRIIPs cost methodology, firms can use the public PRIIPs KID for ex-ante figures but should obtain ex-post data, and all data for non-PRIIPs instruments, from the manufacturer where it is not publicly available.
- Q&AAnsweredInferred · 85%
AI summaryThe PRIIPs cost methodology need not be used for instruments outside PRIIPs because they are not packaged (such as shares or sovereign bonds), but should be used for packaged products outside PRIIPs only because they are not sold to retail investors, such as professional-only AIFs.
- Q&AAnsweredInferred · 85%
AI summaryFirms paying for research through a research payment account must disclose before the service both the research budget for the relevant group of portfolios and the estimated charge to each client, the latter as a single figure in both percentage (or basis points) and cash terms; a guaranteed maximum is allowed but a range is not.
- Q&AAnsweredInferred · 85%
AI summaryFirms paying for research from a research budget must set it in advance at a granular level, manage it under senior management oversight with an audit trail, value research against quality criteria separately from execution decisions, and keep payments unlinked to transaction volumes; fixed subscription arrangements may be acceptable if justified by client benefit.
- Q&AAnsweredInferred · 90%
AI summaryArranging meetings with corporate issuers ('corporate access') is not research and cannot be paid from a research payment account; it is a separate service, and independent advisers and portfolio managers must assess whether it is a material benefit or an acceptable minor non-monetary benefit.
- Q&AAnsweredInferred · 90%
AI summaryAn ex-post illustration of the cumulative effect of costs on return that uses only historical data must show the spikes and fluctuations that actually occurred; 'anticipated' spikes arise only where the firm adds a forward-looking illustration of expected costs.
- Q&AAnsweredInferred · 95%
AI summaryEU firms subject to the MiFID II inducement rules must apply them to research from third-country providers just as to any other third-party benefit, or pay for it under Article 13 of the Delegated Directive.
- Q&AAnsweredInferred · 95%
AI summaryFirms may not simply accept unrequested free research: it falls under the inducement rules, so independent advisers and portfolio managers must pay for it under Article 13 of the Delegated Directive, others must assess it under Article 24(9), and unwanted research should be blocked or stopped.
- Q&AAnsweredInferred · 90%
AI summaryFor independent advisers and portfolio managers, third-party material is a minor non-monetary benefit only if it is not substantive in content, such as short-term market commentary; substantive research is research subject to Article 13 of the Delegated Directive whatever the provider calls it.
- Q&AAnsweredInferred · 85%
AI summaryMoney in a research payment account belongs to the investment firm once charged to clients, but must be controlled by the firm and used only to buy research for clients; it becomes client money only when rebated, and the firm should align charges with research spending and keep control if administration is outsourced.
- Q&AAnsweredInferred · 90%
AI summaryThe inducement rules apply equally to research from another group entity: firms must assess it under Article 24(7)-(9), pay through an RPA under Article 13 of the Delegated Directive with attention to conflicts and fair cost allocation, or refuse it; a global business model does not override these duties.
- Q&AAnsweredInferred · 90%
AI summaryEx-post costs and charges information must be given annually where there is an ongoing relationship, but firms may also report more often (for example quarterly), using the same methodology and realised costs where available, and explaining to clients how this information relates to the mandatory annual figures.
- Q&AAnsweredInferred · 90%
AI summaryThe required illustration of the cumulative effect of costs on return can be a graph, table or narrative, but must show the effect of total costs and charges on return, any expected spikes or fluctuations in costs, and an accompanying description.
- Q&AAnsweredInferred · 90%
AI summaryThe ex-post illustration of the cumulative effect of costs on return must reflect the spikes and fluctuations actually realised; 'anticipated' spikes are relevant only where the firm also gives a forward-looking illustration of expected costs.
- Q&AAnsweredInferred · 90%
AI summaryWhere a client buys and sells a fund within the year, the personalised ex-post cost disclosure should apply the fund's annualised costs over the actual holding period if they reflect costs incurred, or be adjusted on a best-effort basis (with the manufacturer's help), plus actual one-off costs such as mark-ups.
- Q&AAwaiting answerInferred · 90%
AI summaryAsks whether a firm can still call its advice independent if, after comparing a sufficient range of instruments, it often ends up recommending its own or closely linked entities' products. The question has been published but not yet answered.
- Q&AAnsweredInferred · 70%
AI summaryThe financing alternatives that a firm offering corporate finance advice and underwriting or placing must describe to an issuer may be limited to those suited to the issuer's needs, but should include non-investment services such as loans; the firm should also say which alternatives it did not consider and why.
- GuidelinesPublishedESMA rulebook
AI summaryESMA guidelines of April 2022 (ESMA35-43-3006) on the appropriateness assessment and execution-only services under Article 25(3) and (4) MiFID II, covering information to clients, collecting and checking information on knowledge and experience, warnings when a product is inappropriate, the conditions for execution-only, staff training and record keeping; they apply six months after publication in all EU languages.
- GuidelinesPublishedESMA rulebook
AI summaryESMA's original guidelines (ESMA35-43-620), applying from 3 January 2018, on the product governance obligations in Articles 16(3) and 24(2) MiFID II: how manufacturers identify a target market and distribution strategy, how distributors refine and review them, and issues common to both, with illustrative examples. ESMA has since issued revised guidelines.
- Q&ALegacy Q&A documentESMA rulebook
AI summaryESMA's consolidated legacy Q&A document (ESMA35-43-349, final version 15 December 2023) on MiFID II investor protection topics, including best execution, suitability, call recording, inducements and research, costs and charges, client categorisation, third-country firms and product governance. It is no longer updated; Q&As from 2024 are in ESMA's Q&A tool.
Commentary
No law-firm commentary is linked to this provision yet.
393 more documents relate to MiFID II as a whole without naming an article.
UK counterpart
- DivergedExplicit reference · 90%
EU changes after exit: Directive (EU) 2021/338 (by 28 Feb 2022), Directive (EU) 2024/2811 (from 6 Jun 2026).
- SYSC 19F.1.3R MiFID requirement on remuneration incentives
- COBS 2.1.1R The client's best interests rule
- COBS 2.2A.2R Information disclosure in good time
- COBS 2.2A.3R Information disclosure in good time
- COBS 2.3A.5R Rules on inducements
- COBS 2.3A.15R Inducements relating to the provision of independent advice, restricted advice and portfolio management services to retail clients in the United Kingdom
- COBS 2.3A.16R Inducements relating to the provision of independent advice and portfolio management services to retail clients outside the United Kingdom or to professional clients
- COBS 2.3A.20G Acceptable minor non-monetary benefits
- COBS 2.3A.30G Guidance on inducements
- COBS 4.5A.1R Application
- COBS 6.1A.5BG Acceptable minor non-monetary benefits
- COBS 6.1ZA.11R Information about costs and associated charges: MiFID and insurance distribution
- COBS 6.1ZA.12R Information about costs and associated charges: MiFID and insurance distribution
- COBS 6.1ZA.13R Information about costs and associated charges: MiFID and insurance distribution
- COBS 6.1ZA.16R Information about costs and charges of different services or products: MiFID business
- COBS 6.2B.11R Firms holding themselves out as independent
- COBS 6.2B.33R Disclosing the nature of advice provided
- COBS 6.2B.34R Disclosing the nature of advice provided
- COBS 9A.3.6R Periodic assessments: MiFID business and insurance-based investment products
- COBS 14.3A.3R Providing a description of the nature and risks of financial instruments
- PROD 1.3.1R General: Who? What?
- PROD 3.2.1R General
- PROD 3.3.1R General
- DivergedExplicit reference · 90%
EU changes after exit: Directive (EU) 2021/338 (by 28 Feb 2022), Directive (EU) 2024/2811 (from 6 Jun 2026). UK changes after exit to COBS 1 Annex 1: FCA 2025/40 (from 23 Oct 2025), FCA 2025/32 (from 19 Jan 2026), FCA 2026/5 (from 2 Mar 2026).
- COBS 2.3A.6R · Rules on inducementsDivergedExplicit reference · 90%
EU changes after exit: Directive (EU) 2021/338 (by 28 Feb 2022), Directive (EU) 2024/2811 (from 6 Jun 2026). UK changes after exit to COBS 2.3A.6R: FCA 2023/45 (from 5 Apr 2024).
- COBS 2.3A.19R · Acceptable minor non-monetary benefitsDivergedExplicit reference · 90%
EU changes after exit: Directive (EU) 2021/338 (by 28 Feb 2022), Directive (EU) 2024/2811 (from 6 Jun 2026). UK changes after exit to COBS 2.3A.19R: FCA 2021/59 (from 1 Mar 2022), FCA 2024/29 (from 1 Aug 2024), FCA 2025/40 (from 23 Oct 2025).
- DivergedExplicit reference · 90%
EU changes after exit: Directive (EU) 2021/338 (by 28 Feb 2022), Directive (EU) 2024/2811 (from 6 Jun 2026). UK changes after exit to COBS 4.3.1R: FCA 2025/31 (from 19 Jan 2026).
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Version history
- From 6 Jun 2026
- From 28 Feb 2022 to 6 Jun 2026
- From 17 Sept 2014 to 28 Feb 2022
Each entry is a consolidated version of the act on EUR-Lex in which this provision appears. The text itself is on the official site.