Page 32 - 期货和衍生品行业监管动态（2023年4月）

期货和衍生品行业监管动态

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

Markets Regulator and Supervisor, has published its Final Report on Guidelines on

MiFID II product governance guidelines.

The main amendments introduced to the guidelines concern:

 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 product governance requirements introduced by MiFID II have proven to be

one key element of the MiFID II investor protection framework, aiming at ensuring that

financial instruments and structured deposits (“products”) are manufactured and/or

distributed when this is in the best interest of clients.

By pursuing the objective of ensuring a consistent and harmonised application of
the product governance requirements, the guidelines will make sure that the objectives

of MiFID II can be efficiently achieved.

ESMA conducted a public consultation on these Guidelines to gather the views of

relevant stakeholders. The report published today contains a feedback statement

summarising the responses received and highlighting the amendments and

clarifications introduced in the final guidelines to consider the feedback received during

this consultation.

Next steps

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