Article 45(9) of MiFID II mandates the European Securities and Markets Authority (ESMA) to issue guidelines on the specific notions of “sufficient time commitment”, “adequate collective knowledge, skills and experience”, “honesty, integrity and independence of mind”, “adequate human and financial resources devoted to the induction and training of members” and “diversity” in the context of the management body of a market operator. Article 63(2) of MiFID II requires, more generally, that ESMA develop guidelines for the assessment of the suitability of the members of the management body of DRSPs.
On 6 October 2016, we blogged that ESMA had published a consultation paper containing draft guidelines on specific notions under MiFID II related to the management body of market operators and data reporting services providers (DRSPs).
ESMA has now published the final draft of the guidelines which apply from 3 January 2018.
View ESMA guidelines on suitability assessment for management bodies of market operators and DRSPs under MiFID II, 29 September 2017