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ARTICLE · 06 MAY 2026

MiFID Compliance Function Assessment Checklist

Matheson
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The Central Bank of Ireland has published findings from its thematic assessment of MiFID Investment Firms' compliance functions, identifying critical weaknesses in succession planning, training programmes, monitoring effectiveness, and board documentation. Firms must now conduct comprehensive self-assessments against Article 22 of the MiFID II Delegated Regulation and ESMA Guidelines, addressing any gaps through proactive remediation while ensuring their compliance functions support consumer protection stan

IrelandFinance and Banking
Joe Beashel
Joe Beashel
Ian O'Mara
Ian O'Mara
Niamh Mulholland
Niamh Mulholland
Sara Ross
Sara Ross
Siobhán Dunne
Siobhán Dunne
James Grogan
James Grogan
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In May 2026, the Central Bank of Ireland (the “CBI”) published the outcome of a thematic assessment of the compliance function conducted across a cohort of MiFID Investment Firms, with the key objectives of assessing firms’ adherence to the compliance function requirements set out in Article 22 of the MiFID II Delegated Regulation (the “Delegated Regulation”) and the related ESMA Guidelines (the “Thematic Assessment”).

Weaknesses were identified that require remediation, including in the areas of succession planning and contingency arrangements, compliance-led training programmes, the effectiveness of compliance monitoring programmes, and the quality of board and committee minutes in reflecting substantive discussion and challenge of compliance-related matters.

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