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Type of document
|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
|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.|
|10/11/2015||2015/1639||Steven Maijoor at Economic and Monetary Affairs Committee, European Parliament, Scrutiny Hearing on MiFID II||MiFID - Investor Protection, Speeches||Speech||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.
|18/12/2015||2015/1887||Follow-up report on the development of the Best Practice Principles for Providers of Shareholder Voting Research and Analysis||Corporate Finance, Corporate Governance||Final Report||PDF
|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
|26/05/2016||2016/739||Speech Financial News 20th Anniversary Awards for Excellence- Steven Maijoor, 26 May 2016, London||MiFID - Investor Protection, Speeches||Speech||PDF
|14/11/2016||2016/1565||Final Report on the clearing obligation for financial counterparties with a limited volume of activity||Post Trading, Press Releases||Final Report||PDF
|17/11/2016||2016/1584||Safeguarding investors is key to ensuring the capital markets Union’s success||MiFID - Investor Protection, Speeches||Speech||PDF
|02/12/2016||2016/1640||Speech by Verena Ross, ESMA Executive Director at the 2016 Global Capital Markets Conference||MiFID - Investor Protection, Speeches||Speech||PDF
|02/06/2017||ESMA35-43-620||Final report on guidelines on MiFID II product governance requirements||MiFID - Investor Protection||Final Report||PDF
|05/10/2017||ESMA35-42-597||Speech by Steven Maijoor on financial education and investor protection in Europe- IOSCO World Investor Week||MiFID - Investor Protection, Speeches||Speech||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
|21/03/2018||ESMA71-99-964||CMU, Brexit and ESA review – What’s next? Steven Maijoor BVI Keynote||Fund Management, MiFID - Investor Protection, Speeches||Speech||PDF
|28/05/2018||ESMA35-43-869||Guidelines on certain aspects of the MiFID II suitability requirements||MiFID - Investor Protection||Final Report||PDF
|27/09/2018||ESMA71-319-83||Financing Growth in the EU- speech by Verena Ross at the EBS||Corporate Finance, Speeches||Speech||PDF
|15/10/2018||ESMA31-62-1114||2017 Report on EEA prospectus activity||Corporate Finance||Final Report||PDF