On 7 July 2026, the European Securities and Markets Authority (ESMA) issued a Supervisory Briefing on triangular passporting.
MiFID II does not explicitly cover, nor prohibit the practice of triangular passporting. Triangular passporting is the practice of authorised investment firms using a branch or tied agent established through the freedom of establishment (Article 35 MiFID II) in a host Member State (Member State B) to provide investment services in accordance with the freedom to provide investment services and activities (Article 34 MiFID II) in another host Member State (Member State C).
The Supervisory Briefing sets out ESMA’s and Member State competent authorities’ common understanding and expectations under the MiFID II framework. It covers the following supervisory expectations – firms’ responsibilities, supervisory competencies, general information to clients and client access to alternative dispute resolution mechanisms and compensation schemes.