Updated Briefing Published By ESMA on MiFID II Appropriateness Assessments and the Execution-only Exemption

    View Authors April 2019

    We summarise the key takeaways from European Securities and Markets Authority’s (ESMA’s) updated supervisory briefing on appropriateness and the execution-only exemption under Markets in Financial Instruments Directive (2014/65/EU) (MiFID II). ESMA’s guidance provides a useful starting point for firms in evaluating their own approach on MiFID II implementation to date.

    ESMA has updated its briefing on appropriateness and the execution-only exemption in light of the 2018 update to its guidelines on suitability (the Briefing). The Briefing is structured as indicative questions that firms can ask themselves when assessing their approach in applying the MiFID II rules.