ESMA – MIFID II – Supervisory Actions to be taken

Posted on 22 Jul 2019

ESMA has announced the launch of a common supervisory action with National Competent Authorities on MIFID II appropriateness rules. This is to be carried our during the second half of 2019. The supervisory activity will be focused on the application of MIFID II as to the requirements of the appropriateness assessment. A sample of investment firms will be chosen by each NCA of each EU member state. The supervisory activity will be based on the ESMA’s supervisory briefing on MIFID II appropriateness requirements which can be accessed here. The supervisory briefing’s topics are the following:

  • Determining situations where the appropriateness assessment is required;
  • Obtaining information from clients;
  • Assessment of appropriateness;
  • Warnings to clients;
  • Qualification of firm’s staff; and
  • Record-keeping.

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