Regulatory Alerts2022-04-12
Added · Updated
Guidelines on certain aspects of the MiFID II appropriateness and execution-only requirements
ESMA issues guidelines clarifying the application of MiFID II appropriateness and execution-only requirements for competent authorities and firms. The document mandates that firms inform clients about the purpose of appropriateness assessments and prohibits misleading statements regarding client responsibility. It requires firms to implement policies to collect accurate knowledge and experience data, avoiding self-assessment and ensuring questionnaires are clear and resistant to circumvention. Competent authorities must notify ESMA of their compliance status within two months of publication, while the guidelines apply six months after publication.
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