Europejski Urząd Nadzoru Giełd i Papierów Wartościowych (European Securities and Markets Authority - ESMA), Wytyczne ESMA na temat wymagań wobec zarządzania produktami z MiFID II
Wytyczne ESMA na temat wymagań wobec zarządzania produktami z MiFID II
27/03/2023
ESMA35-43-3448
Final report
Guidelines on MiFID II product governance requirements
1 Executive Summary
Reasons for publication
The product governance requirements introduced by MiFID II have proven to be one of the most important elements of the MiFID II investor protection framework, aiming at ensuring that financial instruments and structured deposits („products”) are only manufactured and/or distributed when this is in the best interest of clients. In accordance with Article 16(3) and 24(2) of MiFID II, firms that manufacture products for sale to clients or distribute products to clients shall maintain, operate and review adequate product governance arrangements. As part of these arrangements, a target market of end clients shall be identified and periodically reviewed for each product, and a distribution strategy must also be consistent with the identified target market. The MiFID II product governance requirements should therefore ensure that firms act in their clients’ best...
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