Regulatory Alerts2023-04-03
Added · Updated
Guidelines on certain aspects of the MiFID II suitability requirements
ESMA issues guidelines clarifying the application of MiFID II suitability requirements for investment advice and portfolio management services provided to retail and professional clients. The document mandates that firms inform clients clearly about the assessment's purpose, avoid disclaimers limiting firm responsibility, and ensure questionnaires are designed to prevent misleading or biased responses. It specifies detailed obligations for collecting client information, including sustainability preferences, and sets out specific disclosure requirements for robo-advice services to address gaps in client understanding. Competent authorities must notify ESMA of their compliance status within two months of publication, while firms are not required to report compliance.
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