ESMA has published an opinion which excludes fund managers from the scope of intervention powers under MiFIR. Articles 40 and 42 of MiFIR give ESMA and national competent authorities (NCAs) power to temporarily prohibit or restrict the marketing, distribution or sale of certain financial instruments or shares in UCITS and AIFs. However, these intervention powers apply only to MiFID firms and credit institutions, and do not apply to AIFMs or to UCITS management companies. In addition, fund management companies may be given permission under the AIFMD or UCITS IV to carry out certain MiFID services and activities (such as individual portfolio management, investment advice and, for AIFMs only, reception and transmission of orders) in relation to all MiFID financial instruments and not just units of collective investment undertakings (CIUs). Therefore, if a restriction were applied to MiFID firms in relation to these activities, that restriction, unless allowed under national law, could not be applied to fund management companies carrying out those activities for the same reasons as for the marketing of UCITS and AIFs.