Regulatory Alerts2021-01-20
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Conduct of Business Rulebook Revisions
The document amends the Conduct of Business Rulebook to transpose Article 44(a) of Directive (EU) 2019/879 (BRRD2) and implement ESMA guidelines on staff knowledge and competence. MiFID firms offering subordinated eligible liabilities issued on or after 28 December 2020 to Retail Clients must now conduct a suitability test before any transaction, prohibiting the sale if the instrument is deemed unsuitable. Additionally, new rules in Part A, Section 4 of Chapter 4 establish specific knowledge and competence requirements for staff providing information about investment products or giving investment advice.
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