ESMA White Paper - Guidelines on certain aspects of the MiFID compliance function requirements - July 6, 2012

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On December 22, 2011, ESMA published a consultation paper for guidelines on certain aspects of the MiFID compliance function requirements. Comments were received until February 24, 2012. This report provides a feedback statement that analyzes the 49 responses to the consultation paper. It also addresses any material changes to the technical proposals set out in Annex II and also includes the final guidelines.

This report provides responder’s answers to questions involving:

  • Compliance risk assessment
  • Monitoring, reporting, and advisory obligations of the compliance function in addition to effectiveness, permanence, and independence of the compliance function
  • Exemptions
  • Combining the compliance function with other functions

Annex I includes the advice of the Securities and Markets Stakeholder Group. While the Group supports the adoption of guidelines related to MiFID and the overall approach of ESMA with respect to the Guidelines on compliance reporting requirements, they feel that ESMA should be mindful of the costs resulting from the proposed requirements. Therefore, some requirements included in the Guidelines, such as reports, staff-training and expertise, should be adapted in order not to prevent investment firms, and especially subject small and medium-sized ones, to enter in the market and to compete with larger firms. The Group also feels that ESMA should allow more flexibility for small and medium-sized investment firms.


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