Page 325 - 《期货和衍生品行业监管动态》（2022年合集）

期货和衍生品行业监管动态

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.

The Consultation Paper also includes good practices identified in the 2021 CSA

to complement the existing guidelines, as well as an additional case study. ESMA

believes that these practical examples will help firms comply with the relevant

product governance requirements.

The product governance requirements introduced by MiFID II have proved to be

one of the most important elements of the MiFID II investor protection framework,

aiming at ensuring that firms act in their clients’ best interests during all stages of the

investment product’s life cycle and preventing mis-selling. As part of the product

governance requirements, a target market of end clients must be identified and
periodically reviewed for each product, as well as a distribution strategy that must be

consistent with the identified target market.

Next Steps

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