On 3 October 2023, the European Securities and Markets Authority’s (ESMA) guidelines on the MiFID II product governance requirements came into force.

The guidelines apply in relation to the manufacturing or distribution of financial instruments and structured deposits. In particular, the guidelines apply in relation to the following requirements:

• Article 9(3) of MiFID II.
• Article 16(3) and 16(6) of MiFID II.
• Article 24(1) and 24(2) of MiFID II.
• Articles 9 and 10 of Commission Delegated Directive (EU) 2017/5932 (MiFID II Delegated Directive).