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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
24/06/2020 ESMA64-87-193 Management Board decision- Implementing rules on the middle management staff , Decision PDF
210.2 KB
05/06/2020 ESMA35-36-1946 Final Report Guidelines on certain aspects of the MiFID II compliance function requirements , Final Report PDF
395.33 KB
23/03/2020 ESMA22-328-275 Decision of the Management Board- Rules of Procedure , Decision PDF
144.92 KB
06/03/2020 ESMA-22-328-402 Decision on Conflict of Interest Policy for Non-Staff Decision PDF
259.95 KB
11/02/2020 ESMA22-328-356 Decision of the Board of Supervisors- Election of Management Board Members , Decision PDF
116.69 KB
12/11/2019 ESMA63-313-548 Financial Regulation of the European Securities and Markets Authority , Decision PDF
759.59 KB
03/05/2019 ESMA35-43-1737 Final report on integrating sustainability risks and factors in the MIFID II , , Final Report PDF
371.73 KB
31/01/2019 ESMA35-43-1562 CFD Renewal Decision (2) Notice Decision PDF
103.92 KB
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21/12/2018 ESMA35-43-1533 ESMA35-43-1533 Binary Options Renewal Decision Notice Decision PDF
83.04 KB
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31/10/2018 ESMA35-43-1397 CFD Renewal Decision Notice Decision PDF
101.55 KB
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28/05/2018 ESMA35-43-869 Guidelines on certain aspects of the MiFID II suitability requirements Final Report PDF
788.12 KB
29/11/2017 ESMA42-111-4285 Peer review on certain aspects of the compliance function under Mi-FID I , Final Report PDF
1.25 MB
02/06/2017 ESMA35-43-620 Final report on guidelines on MiFID II product governance requirements Final Report PDF
713.52 KB
26/01/2017 ESMA40-1432018523-304 Decision- Adopting Rules of Procedure on Professional Secrecy Decision PDF
332.94 KB
07/04/2016 2016/585 Suitability Peer Review- Annex , Final Report PDF
987.81 KB
07/04/2016 2016/584 Suitability Peer Review- Final Report , Final Report PDF
459.35 KB
22/12/2015 2015/1861 Final report- Guidelines on cross-selling practices Final Report PDF
389.42 KB
18/12/2015 2015/1887 Follow-up report on the development of the Best Practice Principles for Providers of Shareholder Voting Research and Analysis , Final Report PDF
645.64 KB
17/12/2015 2015/1886 Final report on guidelines for the assessment of knowledge and competence Final Report PDF
422.68 KB

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.

Contents

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.

Next Steps

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.

30/11/2015 2015/1783 Final Report on complex debt instruments and structured deposits Final Report PDF
409.89 KB