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ESMA Guidelines in Malta: Key Changes and Implications for Investment Firms

The European Securities and Markets Authority (ESMA) has published a Final Report on guidelines for product governance requirements under MiFID II. The revised guidelines aim to strengthen investor protection by ensuring that financial products are manufactured and distributed in the best interests of clients.

Key Changes Introduced

• Specification of sustainability-related objectives for products
• Clustering approach for identifying target markets
• Determination of compatible distribution strategies
• Periodic reviews of products

According to Ganado Advocates, a leading commercial law firm with expertise in corporate, financial services, and maritime/aviation sectors, these changes will have significant implications for investment firms in Malta.

Implementation and Compliance

The revised guidelines will be translated into all EU official languages and apply two months after publication on ESMA’s website. Investment firms in Malta are advised to review their product governance policies and processes to align with the new guidelines.

Ganado Advocates notes that the revised guidelines aim to enhance investor protection by ensuring that financial products are manufactured and distributed in the best interests of clients. The firm’s expertise in corporate, financial services, and maritime/aviation sectors makes it well-positioned to assist investment firms in Malta with compliance matters.

Full Text of the Revised Guidelines

The full text of the revised guidelines can be found in Annex V of the Final Report.

Advice for Investment Firms in Malta

Ganado Advocates encourages investment firms in Malta to review their existing product governance policies and processes in line with the new guidelines. Specialist advice should be sought about specific circumstances.