European Union:
EU National Regulators To Confirm If They Intend To Comply With MiFID II Suitability Guidelines
23 November 2018
Shearman & Sterling LLP
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On 6 November, 2018, ESMA published on its website the official
translations of its revised Guidelines on aspects of the
suitability requirements under the revised Markets in Financial
Instruments Directive.
ESMA published the finalized Guidelines in May 2018, following a
consultation between July and December 2017. The finalized
Guidelines largely confirm ESMA's previous 2012 Guidelines on
MiFID I, but have a broader scope and ESMA has added clarifications
and refinements where necessary.
Now that the Guidelines have been translated into the official
EU languages and published on ESMA's website, national
regulators will have a two-month period (expiring on January 6,
2019) in which to notify ESMA whether they comply or intend to
comply with the guidelines. National regulators should state their
reasons for non-compliance where they do not comply or do not
intend to comply.
The Guidelines will take effect from March 7, 2019, replacing
the 2012 Guidelines.
The revised Guidelines are available at:
https://www.esma.europa.eu/sites/default/files/library/esma35-43-1163_guidelines_on_certain_aspects_of_mifid_ii_suitability_requirements_0.pdf,
details of the revised Guidelines are available at:
https://finreg.shearman.com/european-securities-and-markets-authority-iss.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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