AMIC response to the ESMA consultation paper ‘Guidelines on certain aspects of the MiFID II suitability requirements’
27 April 2022 AMIC submitted its response to the ESMA consultation paper on the ‘Guidelines on certain aspects of the MiFID II suitability requirements’. In its response, AMIC highlighted the implementation challenges of the 2 August application date from product manufacturer, distributor and end-investor perspectives; and made specific suggestions on the proposed draft guidelines to help the clients assessment process and align the final guidelines to the Delegated Act. Most critically, AMIC recommended a no action letter from the ESAs advising NCAs to not prioritize supervisory action towards implementing sustainability preferences in the MiFID II suitability assessment as of 2 August 2022. This forbearance period would allow firms to implement the final guidelines avoiding the burden and risks arising from double implementation; as well as wider availability of products to offer to clients following their suitability assessment as the necessary (corporate related) data should become available and more reliable in 2025 the earliest.