ESMA Guidelines On The MiFID II Compliance Function Requirements – Corporate/Commercial Law


ESMA Guidelines On The MiFID II Compliance Function Requirements

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Following the public consultation launched in 2019 on draft
guidelines on certain aspects of the MiFID II compliance function
requirements, on 5 June 2020 the European Securities and Markets
Authority (“ESMA“) published the final
guidelines on the MiFID II compliance function, which guidelines
replace the ESMA guidelines on the same topic issued in 2012 and
are designed to establish consistent, efficient and effective
supervisory practices and to ensure the common, uniform and
consistent application of certain aspects of the MiFID II
compliance function.

The guidelines are addressed to investment firms and credit
institutions providing investment services and activities,
investment firms and credit institutions selling or advising
clients in relation to structured deposits, UCITS management
companies and alternative investment fund managers when providing
investment services and activities in accordance with the UCITS
Directive and the AIFMD.

ESMA expects that these new guidelines promote greater
convergence in the implementation, and supervision, of the new
MiFID II compliance function requirements and enhance the value of
existing standards. The twelve guidelines cover (i)
responsibilities of the compliance function, including guidelines
on compliance risk assessment, monitoring and reporting
obligations, and advisory and assistance obligations, (ii)
organisational requirements of the compliance function, including
guidelines on effectiveness, skills, knowledge, expertise and
authority, permanence and independence, and outsourcing of the
compliance function and (iii) competent authority review of the
compliance function.

The guidelines will be translated into the official EU languages
and then published on ESMA’s website and they will become
applicable two months after the translations are published.

A copy of the guidelines can be obtained by clicking here.

Should you require any assistance with the above, please contact
Andrew Caruana Scicluna (
or Giuseppe Gigante (

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.

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