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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
04/06/2019 ESMA35-30-658 ESMA35-30-658 IPISC CWG CALL FOR INTEREST Reference PDF
162.62 KB
27/03/2018 ESMA71-98-125 FAQ ESMA's product intervention measures in relation to CFDs and binary options offered to retail investors Reference PDF
389.95 KB
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06/07/2012 2012/387 Final report Guidelines on certain aspects of the MiFID suitability requirements , Final Report PDF
444.15 KB
30/11/2015 2015/1783 Final Report on complex debt instruments and structured deposits Final Report PDF
409.89 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.

02/06/2017 ESMA35-43-620 Final report on guidelines on MiFID II product governance requirements Final Report PDF
713.52 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
22/12/2015 2015/1861 Final report- Guidelines on cross-selling practices Final Report PDF
389.42 KB
19/10/2012 2012/682 Guide to investing , Reference PDF
569.39 KB
28/05/2018 ESMA35-43-869 Guidelines on certain aspects of the MiFID II suitability requirements Final Report PDF
788.12 KB
17/03/2017 esma35-30-479 IPISC CWG Application form 2017 Reference DOCX
211.55 KB
18/05/2018 ESMA35-30-643 IPISC Terms of Reference Reference PDF
152.35 KB
04/04/2019 ESMA35-36-1640 MiFID II Supervisory Briefing on Appropriateness Reference PDF
326.68 KB
13/11/2018 ESMA35-43-1206 MiFID II Supervisory Briefing on Suitability Reference PDF
557.16 KB
11/02/2019 ESMA35-43-1493 MiFID II supervisory briefing on the use of third-country branches by EU firms , , Reference PDF
469.29 KB
19/12/2012 2012/850 MiFID supervisory briefing- Suitability Reference PDF
238 KB
17/11/2015 2015/1514 Note on MiFID-MiFIR implementation delays , Reference PDF
131.7 KB
01/06/2018 ESMA35-43-1135 Notice of ESMA's Product Intervention Decisions on CFDs and binary options , Reference PDF
241.42 KB
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01/10/2018 ESMA35-43-1391 Notice of ESMA’s Product Intervention Renewal Decision in relation to binary options Reference PDF
98.36 KB
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18/05/2020 Overview recruitments Overview recruitments- Updated May 2020 , Reference PDF
276.32 KB