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ARTICLE · 24 JUNE 2020

ESMA's New Guidelines On The MiFID II Compliance Function Requirements

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On 5 June 2020, the European Securities and Markets Authority (ESMA) published its final guidelines on certain aspects of the recast Markets in Financial Instruments Directive (MiFID II)...

United StatesCorporate/Commercial Law
Helen Marshall
Helen Marshall
Ezra Zahabi
Ezra Zahabi
Arshi Siddiqui
Arshi Siddiqui
Sahar Abas
Sahar Abas
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On 5 June 2020, the European Securities and Markets Authority (ESMA) published its final guidelines on certain aspects of the recast Markets in Financial Instruments Directive (MiFID II) compliance function requirements (the "Guidelines").

Recent years have seen regulators increasingly focus on testing the effectiveness of the compliance function of regulated firms, as well as a shift to principles-based and outcomes-led regulation, rather than prescriptive rulemaking in a push to encourage firms to instill cultural change led from the top down: a so-called "culture of compliance." This alert sets out some observations about the key aspects of the Guidelines that touch upon these themes and more as relevant to those responsible for compliance.

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