ESMA Guidelines On The MiFID II Compliance Function Requirements

Following the public consultation launched in 2019 on draft guidelines on certain aspects of the MiFID II compliance function requirements, on 5 June 2020 the European Securities and Markets Authority ("ESMA") published the final guidelines on the MiFID II compliance function, which guidelines replace the ESMA guidelines on the same topic issued in 2012 and are designed to establish consistent, efficient and effective supervisory practices and to ensure the common, uniform and consistent application of certain aspects of the MiFID II compliance function.

The guidelines are addressed to investment firms and credit institutions providing investment services and activities, investment firms and credit institutions selling or advising clients in relation to structured deposits, UCITS management companies and alternative investment fund managers when providing investment services and activities in accordance with the UCITS Directive and the AIFMD.