Page 619 - 《期货和衍生品行业监管动态》（2022年合集）

期货和衍生品行业监管动态

standards under Article 34 of the Markets in Financial Instruments Directive (MiFID
II), covering the provision of investment services across the EU.

The main amendments proposed add the following items to the information that

investment firms are required to provide at the passporting stage:

 the marketing means the firm will use in host Member States;

 the language(s) for which the investment firm has the necessary

arrangements to deal with complaints from clients from each of the host Member

States in which it provides services;

 in which Member States the firm will actively use its passport as well as

the categories of clients targeted; and

 the investment firm’s internal organisation in relation to the cross-border
activities of the firm.

The cross-border provision of investment services is a key element of the single

market of financial services as it fosters competition and expands the offer available

to consumers who can choose among a broader number of firms and investment

opportunities.

Lately, ESMA and NCAs have noted the continued increase in cross-border

activities to retail clients provided under the MiFID II free provision of services

regime. This increase results from several factors, including the development of the

single market and the digitalisation of financial services, which further facilitates

firms to provide services across borders. The pandemic has also created conditions

that contributed to an increase in retail investors’ exposure to securities markets,

including cross-border.

This is a welcome development, consistent with the objective to develop the

single market for financial services in the EU.

However, the increase in cross-border activities by investment firms clearly

requires NCAs to increase their focus on the supervision of cross-border activities and

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