Consultation on Guidelines on certain aspects of the MiFID II compliance function requirements

Consultation on Guidelines on certain aspects of the MiFID II compliance function requirements

from 15 July 2019 to 15 October 2019


Responding to this paper  

ESMA invites comments on this paper and in particular on the specific questions summarised in Annex I. Comments are most helpful if they: 

  • respond to the question stated; 
  • indicate the specific question to which the comment relates; 
  • contain a clear rationale; and 
  • describe any alternatives ESMA should consider. 

ESMA will consider all comments received by 15 October 2019.  

All contributions should be submitted online at under the heading ‘Your input - Consultations’.  

Publication of responses 

All contributions received will be published following the close of the consultation, unless you request otherwise. Please clearly and prominently indicate in your submission any part you do not wish to be publicly disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. A confidential response may be requested from us in accordance with ESMA’s rules on access to documents. We may consult you if we receive such a request. Any decision we make not to disclose the response is reviewable by ESMA’s Board of Appeal and the European Ombudsman. 

Data protection 
Information on data protection can be found at under the heading Legal Notice. 

Who should read this paper 

This paper is primarily of interest to competent authorities and firms that are subject to Directive 2014/65/EU of the European Parliament and of the Council (MiFID II). In particular, this paper is addressed to investment firms and credit institutions providing investment services and activities, investment firms and credit institutions selling or advising clients in relation to structured deposits, UCITS management companies and external Alternative Investment Fund Managers (AIFMs) when providing investment services and activities in accordance with the UCITS Directive1 and the AIFMD.  

Document available for this Consultation
15/07/2019ESMA35-43-2019 Consultation paper on compliance function guidelines


Activity Institution Download
Association of Foreign Banks in Germany (VAB)
Austrian Savings Banks Association
Asset Management Amundi
Asset Management DUFAS (Dutch Fund and Asset Management Association)
Asset Management BVI
Asset Management European Fund and Asset Management Association
Asset Management Irish MiFID Industry Association
Banking Spanish Banking Association
Banking Italian Banking Association
Banking German Banking Industry Committee
Banking European Savings and Retail Banking Group
Banking Febelfin
Banking Association for Financial Markets in Europe (AFME)
Banking Bank Gospodarstwa Krajowego
bgk_final.pdf (440.63 KB)
Banking ABN AMRO Bank
Investment Services AMAFI
Investment Services Nordic Securities Association
Legal and Accountancy Compliance4Business
Others Consejo General de Economistas de España
Others NFU - Nordic Financial Unions
Others Austrian Federal Economich Chamber, Division Bank and Insurance
Others AFTI
Others Centre des professions financières
Others ESMA Securities and Markets Stakeholder Group
Insurance, pension & asset management BIPAR