MEP Sibylle Berg (NI) has asked the European Commission to clarify who bears legal responsibility for investment advice under the Markets in Financial Instruments Directive (MiFID II) when multiple staff or automated systems are involved in preparing and delivering personal recommendations. The question, submitted on 10 July 2026, targets a practical gap in the current framework: while MiFID II defines investment advice as personal recommendations to a client, the suitability assessment and statement are often handled by different individuals or semi-automated systems. Berg asks whether the determining factor for establishing who provided the advice is the person who actually conveys the recommendation to the client, even if the suitability statement is prepared or transmitted by others. She also queries whether the suitability statement under Article 25 of MiFID II and Article 54 of Delegated Regulation (EU) 2017/565 should be understood as documentation of a recommendation already made, rather than a standalone act. Finally, she asks whether the individual giving the recommendation must be the same person who generates, approves, or transmits the suitability statement, or whether responsibility remains unaffected if system records do not show that person's identifier. The question signals Berg's concern that current rules may create legal uncertainty for both firms and clients, potentially undermining investor protection. The Commission is expected to reply within approximately six weeks, and its answer will indicate whether it sees a need for further guidance or legislative clarification.
Source📩 Open question ↗
Asked bySibylle Berg (NI)