Regulatory Alerts2021-04-06
Added · Updated
Guidelines on certain aspects of the MiFID II compliance function requirements
These guidelines establish requirements for the compliance function of investment firms, credit institutions, UCITS management companies, and AIFMs regarding risk assessment, monitoring, and reporting under MiFID II. Senior management must ensure the compliance function conducts a risk-based assessment and implements a monitoring programme that includes on-site inspections and considers complaints data. Mandatory compliance reports must cover all business units and include specific details on policies, findings, actions taken, and product governance arrangements. The guidelines apply from two months after publication on ESMA’s website and replace the 2012 guidelines on MiFID I compliance.
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