Europejski Urząd Nadzoru Giełd i Papierów Wartościowych (European Securities and Markets Authority - ESMA), Raport uzupełniający do wzajemnej oceny niektórych aspektów funkcji zgodności w ramach MiFID I

4 July 2023

ESMA42-2004696504-7627

Follow-up Report

to the peer review on certain aspects of the compliance function under MiFID I

1 Executive Summary

1. This follow-up peer review report updates on the actions that National Competent Authorities (NCAs) have undertaken to address the issues identified in the ESMA 2017 peer review on the Guidelines on certain aspects of the compliance function under MiFID I (the Guidelines) .

2. The compliance function acts as a key second line of defence and plays a crucial role within firms to identify, assess, monitor and report on the firm’s compliance risk as set in MiFID.

3. In 2012, ESMA issued Guidelines to promote the effective and consistent performance of the compliance function and enhance the related NCAs’ supervisory approach. These Guidelines were the basis of the peer review that ESMA conducted in 2017 covering all NCAs in their supervision of investment firms . ESMA subsequently updated these Guidelines in 2020 . However, the relevant...