ESMA review finds improvements with NCAs’ supervision of the suitability requirements

On 24th July 2018, the European Securities and Market Authority (ESMA) issued a follow-up report regarding oversight by national competent authorities (NCAs) of the Markets in Financial Instruments Directive (MiFID) suitability requirements. The Report assessed the actions ten NCAs have undertaken since the earlier peer review conducted in 2016.  The Report identified enhancements in supervising the requirements and greater deployment of enforcement action by some NCAs. These improvements should lead to an increased level of EU-wide supervisory convergence of the suitability requirements.