ESMA's review related to the manner in which national competent authorities supervise MiFID conduct of business rules on providing fair, clear and not misleading information to clients. The Report mentions that there are areas that should be improved upon, such as:

  • Establishing stronger structures between different supervisory units in each Member State;
  • Defining information and marketing material to be supervised; and
  • Considering the use of integrated databases to assist in supervision of information and marketing to clients.