EU Finds Firms Fall Short On MiFID II Suitability Rules
Law360, London (July 21, 2021, 1:46 PM BST) -- National regulators will take action against investment companies that fail to properly assess whether products are suitable before selling them to consumers, Europe's markets watchdog said on Wednesday after finding holes in compliance with MiFID II rules on product suitability in the sector.
The European Securities and Markets Authority said that it identified shortcomings at EU investment firms and credit institutions in the way they comply with rules on checking the suitability of products for individual investors. The requirements are set out in the updated Markets in Financial Instruments Directive, known as MiFID II.
ESMA said on Wednesday that a supervisory...
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