The European Securities and Markets Authority (‘ESMA’) invites comments responding to its Consultation Paper on draft guidelines on MiFID II product governance requirements.

This paper is primarily of interest to competent authorities and firms that are subject to Directive 2014/65/EU of the European Parliament and of the Council (‘MiFID II’). In particular, this paper is addressed to investment firms and credit institutions performing investment services and activities and their staff; especially, firms which manufacture financial instruments or structured deposits for sale to clients, as well as the firms which distribute them. This paper is also important for trade associations, investors, and consumer groups, because the guidelines seek to implement enhanced provisions, to ensure investor protection with potential impacts for anyone engaged in the dealing with or processing of financial instruments.

ESMA will consider all comments received by 5 January 2017.

The full text of the Consultation Paper can be found here.