On 23 September 2022, ESMA published its long-awaited Final Report with Guidelines on certain aspects of the MiFID2 suitability requirements (2022 ESMA Suitability Guidelines).
Liedekerke's ESG Advisory Team has prepared an analysis of this important document tackling the following questions:
When do the 2022 ESMA Suitability Guidelines enter into force?
Is compliance with the 2022 ESMA Suitability Guidelines a best effort obligation?
What is the ‘sequential’ approach to information collection?
How does the ‘classic’ MiFID2 test differ from the ‘new’ sustainability preferences test?
Can a distinction be made between retail clients and professional clients?
What if a client is not clear about its preferences?
Can an investment firm recommend a product that does not match the client’s sustainability preferences?
Is it possible for the client to change his/her sustainability to access a specific product offering?
What if the investment firm applies a portfolio approach to suitability?
What is the impact on training programs?
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For specific questions on this report or for more information on our Banking & Finance practice, please don't hesitate to reach out to Tom Van Dyck or visit the dedicated page here.