CySec has issued a Circular regarding MIFID II Guidelines on Cross Selling Practices
The Cyprus Securities and Exchange Commission (CySec) has issued a Circular to inform the Regulated Entities about the following:
1. The European Securities and Markets Authority (ESMA) has published its Guidelines on Cross Selling Practices under MiFID II (‘the Guidelines’) to ensure investors are treated fairly when a firm offers two or more financial products or services as part of a package.
2. The Guidelines include principles on:
i. improving disclosures when different products are cross-sold with one another;
ii. requiring firms to provide investors with all relevant information in a timely and clear manner;
iii. addressing conflicts of interest arising from remuneration models; and
iv. improving client understanding on whether purchasing the individual products offered in a package is possible.
3. The CySEC adopts the Guidelines.
4. The Guidelines will apply from 3 January 2018.
Source: CySec
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