The European Securities and Markets Authority (ESMA) has published its final report containing guidelines on certain aspects of the Markets in Financial Instruments Directive (MiFID) compliance function requirements. The guidelines cover the monitoring, reporting and advisory obligations of the compliance function, the organisational requirements, the interaction of the compliance function with other control functions and outsourcing. They will apply to investment firms, UCITS management companies and national regulators.
ESMA has also published its final guidelines on the MiFID suitability requirements. The guidelines consider information to be given to clients about the suitability assessment, the qualifications of investment staff, the extent and proportionality of the information collected from clients, the reliability of client information, record keeping and the arrangements necessary to ensure the suitability of an investment. They will apply to investment firms, UCITS management companies and national regulators.
National regulators have two months from the date these guidelines are published on ESMA's website to confirm their compliance. The guidelines will appear on the website 60 days after the end of the confirmation period.