Markets In Financial Instruments Directive ("MiFID")* January 2013

ESMA GUIDELINES

Guidelines on certain aspects of the MiFID suitability requirements (the "Guidelines")

In July 2012 the European Securities and Markets Authority (ESMA) published its "Guidelines on certain aspects of the MiFID suitability requirements" applicable to both national competent authorities (in Ireland the Central Bank) and firms providing certain MiFID investment services.

When do they take effect?

The Guidelines became effective in Ireland on 23 December 2012, the Central Bank having already prior to that date formally declared its intention to comply with the Guidelines to ESMA.

To whom do they apply?

The Guidelines apply to the following firms:

• MiFID investment firms;