On 3 June 2019, the European Securities and Markets Authority (ESMA) announced that it is launching a common supervisory action (CSA) which participant national competent authorities (NCAs) will carry out simultaneously in the second half of 2019. The supervisory activity will focus on the application of the MiFID II requirements on the assessment of appropriateness. NCAs that participate in the CSA will assess the application of the appropriateness requirements by a sample of investment firms under their supervision.

ESMA believes that the CSA, and the related sharing of practices across NCAs, will help ensure consistent implementation and application of EU rules and enhance the protection of investors as well as improve the mutual understanding of supervisory approaches by NCAs, in line with ESMA’s objectives.