Aggregated News From Investment Management Regulators

FMA is participating in the ESMA Common Supervisory Action 2021 on MiFID II Product Governance

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The European Securities and Markets Authority (ESMA) announced on 1.2.2021 that Common Supervisory Action (CSA 2021) will take place again this year. It is an EU-wide coordinated inspection by national competent authorities. The legal standards in relation to the MiFID II Product Governance rules for manufacturers and distributors pursuant to Articles 30 and 31 WAG 2018 form the focus of review for CSA 2021. CSA 2021 is intended to contribute towards ensuring EU-wide convergence in the application of the product governance rules set forth in the Markets in Financial Instruments Directive II (MiFID II) and to improve investor protection.

The FMA is participating in CSA 2021, and will conduct inspections both in banks as well as in investment firms. CSA 2021 in being integrated into scheduled on-site inspections on product governance during the 2021 calendar year. The entities in question are informed individually prior to the on-site inspection.

The FMA passes the findings in anonymised and summarised form to ESMA.

This news item was originally published by the Financial Market Authority (FMA AT). For more information, please see the Source Link.

Regulator Information

Regulator Name: Financial Market Authority
Abbreviation: FMA
Jurisdiction: Austria

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