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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
09/02/2016 2016/235 Comment letter on Taxonomy due process , , Letter PDF
84.24 KB
27/01/2016 ESA/2016/07 The cross-selling of financial products – ESA request to the European Commission , Letter PDF
90.04 KB
22/12/2015 2015/1861 Final report- Guidelines on cross-selling practices Final Report PDF
389.42 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
20/11/2015 2015/1739 ESMA letter to EFRAG- Trustees' review of the structure and effectiveness of the IFRSF , Letter PDF
192.32 KB
18/11/2015 2015/1733 ESMA CL- ED Conceptual Framework and Update of References , Letter PDF
402.66 KB
18/11/2015 2015/1734 ESMA CL EFRAG Conceptual Framework , Letter PDF
472.48 KB
17/11/2015 2015/1513 Letter SM to EC- implementation timeline MiFID MiFIR Letter PDF
85.8 KB
23/07/2015 2015/1136 EEA prospectus activity in 2014 , Final Report PDF
578.07 KB
30/06/2015 2015/1057 ESMA Guidelines on Alternative Performance Measures , Final Report PDF
484.57 KB
29/06/2015 2015/1056 ESMA's response to EFRAG Draft Endorsement Advice on IFRS 9 Letter PDF
128.72 KB
29/06/2015 2015/1012 EFRAG deferral letter of effective date of IFRS 15 Letter PDF
36.32 KB
29/06/2015 2015/1011 Letter IASB- Deferral of the effective date IFRS 15 Letter PDF
35.63 KB
05/06/2015 2015/913 Letter to the EFRAG on IASB’s Proposed Amendments to IAS 1 Letter PDF
30.16 KB
05/06/2015 2015/912 Letter to the IASB on IASB’s Proposed Amendments to IAS 1 Letter PDF
29.93 KB
05/06/2015 2015/910 Letter to IFRS IC on Tentative Agenda Decision on IFRIC 14 Letter PDF
25.35 KB
21/05/2015 2015/857 ESMA response to the European Commission consultation on the review of the Prospectus Directive , Letter PDF
241.24 KB
21/05/2015 2015/856 Ann1 Investment-based crowdfunding- Insights from regulators in the EU Final Report PDF
319.65 KB
07/04/2015 2015/666 ESMA's comment letter regarding the IASB’s Exposure Draft Disclosure Initiative Letter PDF
241 KB