Who Called Whom? And How Long Ago? The Reverse Solicitation Debate Reignites

You may delay, but time will not

Benjamin Franklin

Just because a client asked you once, doesn’t mean you can keep calling them forever.

That surprises a lot of people. Especially those relying on reverse solicitation to offer their products or services.

But as European regulators sharpen their definitions of what counts as marketing or offering, the space for reverse solicitation keeps shrinking.

Take the ESMA guidelines under MiCA: they make it clear—existing relationships don’t give you a blank cheque.

Here’s what matters:

1. The clock starts ticking fast.

Under MiCA, you can only rely on a client’s initial request for 30 days.

After that, new contact = new solicitation.

2. Same asset doesn’t mean any asset.

Separate guidance defines what counts as the same crypto asset.

Bundled offerings or related products are unlikely to qualify.

The truth is in the market data.

European investors do buy foreign products—but mostly from within their own countries. Cross-border interest is not triggered by accident.

In the latest version of our newsletter we dig deeper on reverse solicitation and its relationship with marketing in Europe.