ESMA launches Call for Evidence on sustainability in suitability and product governance


The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, launched today a Call for Evidence (CfE) on integrating sustainability preferences into suitability assessment and product governance arrangements under the Markets in Financial Instruments Directive (MiFID) II.

The objective of this  Call for Evidence (CfE) is to gather industry feedback that will help better understand the evolution of the market and provide answers as to how firms apply the new MiFID rules on sustainability.

In particular, the CfE aims to help ESMA:

  • develop a better understanding of how  MiFID II requirements are being implemented and applied by firms across the Union and the challenges firms face in their application;
  • gain a better understanding of investor experience and reactions to the inclusion of sustainability factors in investment advice and portfolio management services; and
  • collect information, views and data on main trends on aspects related to the provision of sustainable investment products and services to retail clients.

ESMA has previously updated its Guidelines on suitability and product governance requirements following the inclusion of sustainability-related requirements for investment firms into MiFID II.

Next steps

ESMA, together with the National Competent Authorities (NCAs), will assess the responses to this Call for evidence and continue monitoring the application by firms of the MiFID II requirements on suitability and product governance, including the related ESMA Guidelines.


Further information:

Sarah Edwards 

Senior Communications Officer

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