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ARTICLE · 21 JANUARY 2026

ESMA Announces Common Supervisory Action For Investment Services

GTG Legal
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GTG Legal

GTG Legal

Since its founding in 1997, GTG has been at the forefront of Malta’s legal profession, blending...

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ESMA (European Securities and Markets Authority) continues to prioritise supervisory convergence and investor protection across the financial markets of the EU.

MaltaFinance and Banking
Kimberley Blundell
Kimberley Blundell

MiFID II Conflicts of Interest

ESMA (European Securities and Markets Authority) continues to prioritise supervisory convergence and investor protection across the financial markets of the EU. ESMA has, on the basis of identified supervisory risks related to the distribution of financial instruments to retail clients, announced a Common Supervisory Action (CSA) which will be conducted during 2026 relating to the conflicts of interest requirements under MiFID II. Undertaking CSAs was one of the outputs identified in ESMA's Work Programme for 2026.

The CSA is the application of a common assessment framework on supervisory questions in a priority area among national supervisors as well as ongoing exchanges between supervisors on these questions. The scope of the CSA in question will be that of assessing compliance with MiFID II by investment firms for conflicts of interest requirements when distributing financial instruments to retail clients, and to make sure that

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