Page 727 - 《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

convergence across the European Union (EU) in the supervision of the cross-border
activities of investment firms.

The free provision of services in the EU rests on the supervision of the home

NCA and on the cooperation between home and host supervisors. To this end, this

briefing covers the following areas:

 authorisation of firms with cross-border plans;

 processing of passport notifications and their impact on the supervisory

approach applied to firms;

 arrangements in place to carry out ongoing supervisory activities;

 carrying out of ongoing supervision; and

 carrying out of investigations and inspections.

Background

Given the importance of the provision of investment services across the EU

under MiFID II, and concerns that emerged in the past on instances of cross-border

activities provided to the detriment of investors’ interests, the Board of Supervisors of

ESMA decided to launch in 2021 a peer review on the supervision of cross-border

activities of investment firms.

On 10 March 2022, ESMA published a peer review report on the supervision of

cross-border activities of investment firms. In its report, ESMA identified the need for

home supervisors to significantly improve their approach in the authorisation,

ongoing supervision and enforcement work, relating to investment firm’s cross-border

activities to retail clients. This includes calibrating their supervisory work to the

nature, scale and complexity of those firms’ cross-border activities and the risks they

pose.

Next steps

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