ESMA’s reminder on reverse solicitation principles and its supervisory expectations
By EsqSocial Corporation 19/01/21
Twelve days after the provisional entry into force of the EU-UK Trade and Cooperation Agreement (TCA)1 the European Securities and Markets Authority (ESMA) published a short but focused public statement, reminding non-EU/EEA firms and notably UK firms on the principles of “reverse solicitation”. Reverse solicitation allows third-country firms, including UK firms, to service EU clients without triggering local licensing requirements. This requires, however that the client in the EU initiates, “at...
By: Dentons