Regulatory Alerts2023-07-11
Final Report on review of technical standards on passporting under Article 34 of MiFID II
The European Securities and Markets Authority (ESMA) has published a Final Report proposing amendments to the Regulatory and Implementing Technical Standards governing MiFID II passporting to enhance the supervision of cross-border investment services. The revised standards require investment firms to notify home national competent authorities of their intended marketing means, complaint handling arrangements, and specific host Member States where they will actively target clients. ESMA submitted these draft standards to the European Commission for adoption, aiming to bolster investor protection and ensure effective oversight of the freedom to provide services regime without altering supervisory responsibilities.
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