[Newsflash n. 42]

ACEPI (the Italian association of  Certificates and Investment Products) published a set of guidelines to facilitate the identification of the potential Target Market for certificates and investment products (the “Guide”) in accordance with the European MiFID Template (as described below).

The Target Market assessment is one of the pillar of the product governance rules that were introduced by MiFID II with the main objective to protect investors throughout the entire life cycle of financial instruments. With a view to achieving this goal through a fully harmonized approach, several issuers, intermediaries and industry associations set up the “European Working Group” (EWG) to develop a common European MiFID Template (“EMT”) that provides a functional description of the minimum set of data (defining a product’s target market and disclosing its costs and charges) to help manufacturers and distributors fulfil the new regulatory requirements.

In line with the EMT section on Target Market, ACEPI Guidelines provide a set of instructions for the assessment of six of the nine sections serving the purpose of identifying the Target Market: type of investors; level of investors’ knowledge and experience; ability to bear losses; risk tolerance; investment objectives and needs; distribution strategy.

The Guide is a tool aimed at facilitating the target market assessment and is not binding.

The Guide is available at the following links:



Vito Vittore

Marina Mirabella

Elena Pagnoni

Luigi Bonifacio

Chiara Di Torrice