On 3 April 2023, the European Securities and Markets Authority (ESMA) published the official translations, including the English language version, of the guidelines on certain aspects of the MiFID II suitability requirements.

These guidelines apply in relation to Article 25(2) of MiFID II and Articles 54 and 55 of Delegated Regulation 2017/565 of 25 April 2016 (MiFID II Delegated Regulation) and apply to the provision of investment advice and portfolio management.

These guidelines principally address situations where services are provided to retail clients. They should also apply, to the extent they are relevant, when services are provided to professional clients, taking into account the provisions under Article 54(3) of the MiFID II Delegated Regulation and Annex 1 of MiFID II.

ESMA expects these guidelines to promote greater convergence in the interpretation of and supervisory approaches to the MIFID II suitability requirements by emphasising a number of important issues and thereby enhancing the value of existing standards.

The guidelines will apply from 3 October 2023 (six months from the date of publication on ESMA’s website in all EU official languages).