Open hearing on consultation on the review of the MiFID II product governance guidelines

14 Sep 2022, from 10:30 to 12:30 (Paris Time)
Investor protection


Registration will close on 12 September 23:59 (Paris time). Connection details will be sent to registered participants after the close of registration.

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, will hold an open hearing for its Consultation Paper on the review of the Guidelines on MiFID II product governance requirements. ESMA will consider the feedback provided through the open hearing into the final report and the final guidelines.

The consultation paper as well as the open hearing aim to gather views and qualitative/quantitative information stakeholders may have on the topic. The consultation period will end on 7 October 2022.

This open hearing will primarily be of interest to investors and consumer organisations; to investment firms; to credit institutions, UCITS management companies and external Alternative Investment Fund Managers (AIFMs) when providing investment services; and to any relevant trade association.

During the open hearing we will discuss and gather input focusing on the main proposals in the draft reviewed guidelines on product governance, which are:

  • the specification of any sustainability-related objectives a product is compatible with;
  • the practice of identifying a target market per cluster of products instead of per individual product (“clustering approach”);
  • the determination of a compatible distribution strategy where a distributor considers that a more complex product can be distributed under non-advised sales;
  • the periodic review of products, including the application of the proportionality principle.