ESAs publish internal product approval principles: The Joint Committee of the ESAs has published  a set of high-level, cross-sector principles on financial institutions' internal product approval processes. These include the need to establish and maintain product oversight and governance processes, to target, test and monitor products, and to provide up-to-date and clear information to distributors. The focus of  the principles is internal controls that must take place prior to product launch, rather than requiring  approval by regulators. The principles are not directly applicable but they will inform ongoing work on MiFID 2, the new Capital Requirements Directive (CRD4) and IMD. (Source: Joint Position on Product Oversight and Governance Processes)