Abstract
The article analyzes individual distribution situations, particularly in relation to framework agreements. It states that brokering of the conclusion of contracts that do not specify an order and therefore do not realte to a particular financial instrument does not fall within the scope of MiFID II as the reception and transmission of instructions unless another investment service is provided, in particular investment advice.
The question of whether the brokered contract relates to a particular financial instrument or instrument should be assessed on a case-by-case basis, taking into account relevant documents and other circumstances related to the contract and its brokering. Particular attention should be paid to investing in standardized portfolios.
For further discussion, the question of the impacts of the found conclusions on investor protection is offered.