ESMA: MiFID II product governance

ESMA has published the Securities and Markets Stakeholder Group’s response to ESMA’s October 2016 consultation, which raises various concerns, including the fact that many asset managers fall outside the scope of MiFiD II and are not subject to the guidelines. It proposes that this is remedied when Level 1 legislation is updated, but that ESMA should consider potential mitigating approaches in the meantime.