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ARTICLE · 28 JUNE 2017

MiFID II Product Governance

Dillon Eustace
Dillon Eustace
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Dillon Eustace

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MiFID II brings with it many challenges, one of which is the new product governance regime which aims to ensure that manufacturers and distributors of investment products act...

IrelandWealth Management
Dillon Eustace
Dillon Eustace
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Introduction

MiFID II brings with it many challenges, one of which is the new product governance regime which aims to ensure that manufacturers and distributors of investment products act in the client's best interests during all stages of the life-cycle of products and services.

This will require firms to apply the new rules to product which is distributed after 3 January, 2018 including product manufactured before then. In other words, firms need to not only put new processes and procedures in place in time for 3 January, 2018, they also need to carry out assessments of their existing product line if it is to be distributed after that date.

Given the recent publication by the European Securities and Markets Authority ("ESMA") on June 2, 2017 of its Guidelines on MiFID II product governance requirements (final report) [ESMA-35-43- 620] (the "ESMA Guidelines"), now may be an opportune moment to revisit the MiFID II product governance rules.

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