On 8 February 2022, the European Securities and Markets Authority (EMSA) announced that it is launching a common supervisory action (CSA) with Member State competent authorities (NCAs) on the application of MiFID II costs and charges disclosure rules across the European Union. This action will allow ESMA and the NCAs to assess the application by firms of the MiFID II requirements on costs and charges. The focus of the CSA will be on information provided to retail clients. NCAs will review how firms ensure that these disclosures:
- are provided to clients in a timely manner;
- are fair, clear and not misleading;
- are based on accurate data reflecting all explicit and implicit costs and charges; and
- adequately disclose inducements.
The CSA will be conducted during this year.