The assessment of suitability is one of the most important requirements for investor protection in the MiFID framework. It applies to the provision of any type of investment advice, whether independent or not, and to portfolio management.
The main amendments introduced to the MIFID II Delegated Regulation and reflected in the guidelines on the topic of sustainability are:
- Information to clients on the sustainability preferences – Firms will need to help clients understand the concept of sustainability preferences and explain the difference between products with and without sustainability features in a clear manner and avoiding technical language;
- Collection of information from clients on sustainability preferences – Firms will need to collect information from clients on their preferences in relation to the different types of sustainable investment products and to what extent they want to invest in these products;
- Assessment of sustainability preferences – Once the firm has identified a range of suitable products for client, in accordance with the criteria of knowledge and experience, financial situation and other investment objectives, the firm shall identify the product(s) that fulfil the client’s sustainability preferences; and
- Organisational requirements – Firms will need to give staff appropriate training on sustainability topics and keep appropriate records of the sustainability preferences of the client (if any) and of any updates of these preferences.
EIOPA recommends NCAs to dedicate higher attention to the supervision of cyber underwriting risk, in particular to (re)insurance undertakings that have potentially significant exposure to non-affirmative cyber insurance risk and to those who have not yet developed a plan to identify and manage non-affirmative cyber underwriting risk, including tailored considerations regarding the specificities of the multiple Lines of Business and products impacted.
EIOPA’s supervisory statement aims to promote supervisory convergence in how national competent authorities assess the treatment of exclusions as part of the product design and terms and conditions drafting process. The statement seeks to ensure that the interests of existing and prospective policyholders are duly taken into account when products are developed or revised or when events casting doubt on the scope of the coverage materialise.
- semplificazione documentale per gli emittenti;
- competenze di Borsa Italiana in materia di ammissione;
- ruolo e responsabilità dello Sponsor;
- disciplina dell’operatore specialista.