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MALTA - ESMA Publishes Guidelines to Enhance Investor Protection

The European Securities and Markets Authority (ESMA) has published guidelines on certain aspects of the appropriateness and execution-only requirements under Directive 2014/65/EU (MiFID II) and Commission Delegated Regulation (EU) 2017/565. The guidelines aim to promote a uniform standard of investment protection for investors within the EU when receiving non-advised services.

Background

The guidelines were published following a public consultation in 2021, during which ESMA received feedback from multiple stakeholders and the Securities and Markets Stakeholders Group.

Key Topics Covered

• Information disclosure to clients on the purpose of the appropriateness assessment
• Assessment of client knowledge and experience
• Extent of information collection from clients
• Reliability of client information
• Record keeping
• Qualifications of employees at MiFID firms
• Internal controls and monitoring arrangements
• Identifying situations when an appropriateness assessment is required

Objectives

The document aims to ensure a clear understanding of investment products and matching clients with appropriate products.

Effective Date

These guidelines will apply six months from their publication on ESMA’s website in all EU official languages.