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ARTICLE · 25 JULY 2019

ESMA Consults On Compliance Function Requirements

Dillon Eustace
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On 15 July 2019, the European Securities and Markets Association issued a consultation paper and draft revised guidelines on certain aspects of the compliance function requirements under MiFID II.

European UnionCorporate/Commercial Law
Keith Waine
Keith Waine
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Background

On 15 July 2019, the European Securities and Markets Association ("ESMA") issued a consultation paper and draft revised guidelines on certain aspects of the compliance function requirements under MiFID II (the "Consultation Paper").

The revised guidelines, when finalised, will replace the existing ESMA guidelines on the same topic issued in 20121 and will take into account the new requirements under MiFID II along with the results of supervisory activities carried out by national competent authorities in relation to the application of the compliance function requirements.

The Guidelines and ESMA's approach to their review

The purpose of the guidelines is to enhance clarity and to foster convergence in the implementation of certain aspects of the MiFID II compliance function requirements. By helping to ensure that firms comply with the requirements, ESMA expects a corresponding strengthening of investor protection.

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