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European Union

MiFID II tied agents: EU regime, firm obligations, ESMA supervisory expectations, passporting procedures and notifications, and the Mastromartino judgment

Published by a LexisNexis EU Law expert
Practice notes
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This Practice Note explores the concept of tied agents within the recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II). It also sets out the obligations for firms that appoint a tied agent or an EEA tied agent, and summarises the passporting framework for tied agents. For information on the broader passporting regime under MiFID II, see Practice Note: Exercising passport rights under EU MiFID II. For details on options available to third-country firms seeking to access the EEA market, see Practice Note: EU MiFID II & MiFIR—third-country regime.

regime

MiFID II sets out a regime for tied agents and requires Member States to have a tied agents regime in place. Under MiFID II, a ‘tied agent’ is a natural or legal person who, under the full and unconditional responsibility of only one investment firm on whose behalf it acts, may:

  • promote investment services and/or ancillary services to clients or prospective clients
  • receive and transmit client instructions or orders relating to investment services or financial instruments
  • place financial instruments
  • provide advice to clients or prospective clients regarding those financial instruments or services...
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Web page updated on 21/05/2026

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