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|Date||Ref.||Title||Section||Type||Download||Info||Summary||Related Documents||Translated versions|
|06/07/2012||2012/387||Final report Guidelines on certain aspects of the MiFID suitability requirements||Guidelines and Technical standards, MiFID - Investor Protection||Final Report||PDF
|23/09/2014||2014/1164 Annex||Annex to the Statement by Steven Maijoor, Chair of ESMA to the ECON hearing, 23 September 2014||Corporate Information||Final Report||PDF
|19/12/2014||2014/1569||Technical Advice to the Commission on MiFID II and MiFIR||MiFID - Investor Protection, MiFID - Secondary Markets||Technical Advice||PDF
|Reasons for publication The European Securities and Markets Authority (ESMA) received a formal request (mandate) from the European Commission (Commission) on 23 April 2014 to provide technical advice to assist the Commission on the possible content of the delegated acts required by several provisions of Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). The mandate focuses on technical issues which follow from MiFID II and MiFIR and is available on the European Commission website (here). ESMA was required to provide technical advice by no later than six months after the entry into force of MiFID II and MiFIR (2 July 2014). Contents This final report follows the same structure as the Consultation Paper (CP) published by ESMA on 22 May 2014 which is: (1) Introduction, (2) Investor protection, (3) Transparency, (4) Data publication, (5) Micro-structural issues, (6) Requirements applying on and to trading venues, (7) Commodity derivatives and (8) Portfolio compression. This paper also contains summaries of responses to the CP received by ESMA. The rationale of those items covered already in the CP for which no relevant changes have been introduced, is not developed again in this Final Report. ESMA recommends, therefore, to read this report together with the CP published on 22 May 2014 to have a complete vision of the rationale for ESMA’s technical advice. Next steps Delegated acts should be adopted by the Commission so that they enter into application by 30 months following the entry into force of the Directive and Regulation, taking into account the right of the European Parliament and Council to object to a delegated act within 3 months (which can be extended by a further 3 months).|
|25/02/2015||2015/494||Best Execution under MiFID||MiFID - Investor Protection, Supervisory convergence||Final Report||PDF
|The European Securities and Markets Authority (ESMA) has conducted a peer review on how national regulators (national competent authorities or NCAs) supervise and enforce the MiFID provisions relating to investment firms’ obligation to provide best execution, or obtain the best possible result, for their clients when executing their orders. ESMA found that the level of implementation of best execution provisions, as well as the level of convergence of supervisory practices by NCAs, is relatively low. In order to address this situation a number of improvements were identified, including: • prioritisation of best execution as a key conduct of business supervisory issue; • the allocation of sufficient resources to best execution supervision; and • a more proactive supervisory approach to monitoring compliance with best execution requirements, both desk-based and onsite inspections. The review was conducted on the basis of information provided by 29 NCAs and complemented by on-site visits to the NCAs of France, Liechtenstein, Luxembourg, Malta, Poland and Spain.|
|30/06/2015||2015/1006||Final Report on MiFID II-MiFIR draft technical standards on authorisation, passporting, registration of third country firms and cooperation between competent authorities||MiFID - Investor Protection||Technical Standards||PDF
|30/11/2015||2015/1783||Final Report on complex debt instruments and structured deposits||MiFID - Investor Protection||Final Report||PDF
|17/12/2015||2015/1886||Final report on guidelines for the assessment of knowledge and competence||MiFID - Investor Protection||Final Report||PDF
Reasons for publication
1. Article 25(1) of Directive 2014/65/EU (MiFID II) states that Member States shall require investment firms to ensure and demonstrate to competent authorities on request that natural persons giving investment advice or providing information about financial instruments, investment services or ancillary services to clients on behalf of the investment firm possess the necessary knowledge and competence to fulfil their obligations under Article 24 and Article 25 .
2. The European Securities and Markets Authority is required by Article 25(9) of MiFID II to develop – by 3 January 2016 - guidelines specifying criteria for the assessment of knowledge and competence of investment firms’ personnel. The guidelines will come into effect on 3 January 2017.
3. In accordance with Article 16(2) of the ESMA Regulation, a consultation was launched on 23 April 2015. The Consultation Paper (CP) set out draft ESMA guidelines for the assessment of knowledge and competence of individuals in investment firms providing investment advice or information about financial instruments, investment services or ancillary services to clients on behalf of the investment firm. The consultation period closed on 10 July 2015.
4. ESMA received 80 responses. The answers received on the CP are available on ESMA’s website unless respondents requested otherwise.
5. As provided by Article 16 of the ESMA Regulation, ESMA also sought the advice of the Securities and Markets Stakeholder Group’s (SMSG).
6. This paper contains summaries of responses received and feedback statements provided by ESMA. ESMA recommends that this report should be read together with the CP published on 23 April 2015 to have a complete understanding of the rationale for the guidelines. The final guidelines presented in Annex VI take into account the comments and suggestions raised by respondents.
7. Section II briefly summarises the feedback to the CP and the main responses from ESMA.
8. Section III contains the Annexes: Annex I provides the Summary of questions, Annex II contains the legislative mandate, Annex III reports the cost-benefit analysis, Annex IV reports the Opinion of the Securities and Markets Stakeholder Group, Annex V details the feedback on the CP, Annex VI sets out the final text of the guidelines and Annex VII describes some illustrative examples of the application of certain aspects of the guidelines.
9. The final guidelines in Annex VI will be translated into the official EU languages and published on the ESMA website. The publication of the translations will trigger a two-month period during which National Competent Authorities (NCAs) must notify ESMA whether they comply or intend to comply with the guidelines.
|22/12/2015||2015/1861||Final report- Guidelines on cross-selling practices||MiFID - Investor Protection||Final Report||PDF
|07/04/2016||2016/584||Suitability Peer Review- Final Report||MiFID - Investor Protection, Supervisory convergence||Final Report||PDF
|07/04/2016||2016/585||Suitability Peer Review- Annex||MiFID - Investor Protection, Supervisory convergence||Final Report||PDF
|02/06/2017||ESMA35-43-620||Final report on guidelines on MiFID II product governance requirements||MiFID - Investor Protection||Final Report||PDF
|29/11/2017||ESMA42-111-4285||Peer review on certain aspects of the compliance function under Mi-FID I||MiFID - Investor Protection, Supervisory convergence||Final Report||PDF
|28/05/2018||ESMA35-43-869||Guidelines on certain aspects of the MiFID II suitability requirements||MiFID - Investor Protection||Final Report||PDF
|03/05/2019||ESMA35-43-1737||Final report on integrating sustainability risks and factors in the MIFID II||Audit, MiFID - Investor Protection, Sustainable finance||Final Report||PDF
|06/01/2020||ESMA70-151-2703||Final Report- Guidelines on Reporting Under SFTR||Securities Financing Transactions||Final Report||PDF
|06/01/2020||ESMA70-151-2838||Guidelines on Reporting Under SFTR||Securities Financing Transactions||Final Report||PDF
|04/02/2020||ESMA35-43-2134||ESMA’s Technical Advice to the Commission on the effects of product intervention measures||MiFID - Investor Protection||Technical Advice||PDF
|01/04/2020||ESMA35-43-2126||Technical Advice on the impact of the inducements and costs and charges disclosure requirements under MiFID II||MiFID - Investor Protection||Technical Advice||PDF
|05/06/2020||ESMA35-36-1946||Final Report Guidelines on certain aspects of the MiFID II compliance function requirements||Guidelines and Technical standards, MiFID - Investor Protection||Final Report||PDF
|28/09/2020||ESMA35-43-2424||Draft technical standards on the provision of investment services and activities in the Union by third-country firms under MiFID II and MiFIR||MiFID - Investor Protection||Final Report||PDF