Page 48 - 期货和衍生品行业监管动态（2022年7月）

期货和衍生品行业监管动态

该草案还包括 2021 年 CSA 中确立的良好实践以及额外的案例研究，以补充

现有指南。ESMA 认为，这些实践案例将帮助公司遵守相关的产品管理要求。

MiFID II 引入的产品管理要求已被证明是 MiFID II 投资者保护框架中最重

要的内容之一，旨在确保公司在投资产品生命周期的各个阶段都以客户的最佳利
益为出发点行事，并防止不当销售。作为产品管理要求的一部分，必须为每个产

品确定终端客户的目标市场，并定期对其进行审查，以及必须与确定的目标市场

相匹配的销售策略。

下一步

此次征求意见将于 2022 年 10 月 7 日结束。ESMA 将在 2022 年第四季度考

虑其收到的反馈，并预计在 2023 年第一季度发布最终报告。

16. ESMA Reviews MiFID II Product Governance Guidelines (2022/7/8)

The European Securities and Markets Authority (ESMA), the EU’s securities

markets regulator, is consulting on reviewed guidelines on MiFID II product

governance guidelines. ESMA proposes updating the 2017 product governance

guidelines following several recent regulatory and supervisory developments,

including the outcome of the 2021 common supervisory action (CSA) on product

governance.

The main proposals in the draft guidelines relate to:

* the specification of any sustainability-related objectives a product is

compatible with;

* the practice of identifying a target market per cluster of products instead of per

individual product (“clustering approach”);

* the determination of a compatible distribution strategy where a distributor

considers that a more complex product can be distributed under non-advised sales;

* the periodic review of products, including the application of the proportionality

principle.

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