MEP Sibylle Berg (NI) has submitted a parliamentary question to the European Commission seeking clarity on how MiFID II distinguishes between supervised and independent investment advice when responsibilities are divided among employees or semi-automated systems. The question, filed on 10 July 2026, targets a growing practice in investment firms where one employee conducts the client meeting and explains a recommendation, while another employee or a system handles the suitability assessment, approval, or suitability statement. Berg asks three specific questions: first, what criteria determine whether the employee conducting the meeting is providing investment advice or merely acting under supervision; second, whether the decisive factor is who communicates the personal recommendation to the client or who carries out the suitability assessment; and third, what requirements exist under MiFID II and Delegated Regulation (EU) 2017/565 for a clear, transparent, and unambiguously attributable allocation of responsibilities when tasks are split among multiple persons or systems. The question does not propose numerical targets or deadlines but seeks to clarify existing legal obligations. It signals a concern that current practices may blur the line between supervised and independent advice, potentially undermining investor protection. The Commission is expected to reply within approximately six weeks, and its answer will indicate whether it considers the existing framework sufficient or whether further guidance or legislative action is needed. The outcome could affect investment firms' operational models, compliance costs, and the clarity of investor rights under MiFID II.
Source📩 Open question ↗
Asked bySibylle Berg (NI)