ESMA: Guidelines on certain aspects of the MiFID II suitability requirements

ESMA has published a consultation which sets out proposals on the existing draft guidelines issued in 2012 in order to: consider recent technological developments of the advisory market, such as robo-advice; give relevance to the results of supervisory activities conducted by national competent authorities (NCAs) on the suitability requirements; incorporate some insights of studies in the area of behavioural finance; and provide additional details on some aspects that were already covered under the 2012 guidelines. Responses are required by 13 October 2017. ESMA expects to issue a final report in Q1/Q2 2018.