Art. 16a — Exemptions from product governance requirements

MiFID II Article 16a — Exemptions from product governance requirements. Directive 2014/65/EU, Chapter II — Authorisation and operating conditions for investment firms.

An investment firm shall be exempted from the requirements set out in the second to fifth subparagraphs of Article 16(3) and in Article 24(2), where the investment service it provides relates to bonds with no other embedded derivative than a make-whole clause or where the financial instruments are marketed or distributed exclusively to eligible counterparties.