MiFID2: ESMA publishes guidelines on management bodies of market operators and data reporting services providers

03/10/2017 | Clifford Chance

ESMA has published guidelines on assessing the suitability and effectiveness of the management bodies of market operators and data reporting services providers (DRSPs) under MiFID2.

 

The guidelines seek to develop common standards to be taken into consideration when appointing new or assessing current members of management bodies. Specific matters that should be taken into consideration and form the subject of formal written policies and compliance processes include time commitment, managerial competence, honesty and integrity, conflicts of interest, training, and recruitment and diversity.

 

The guidelines apply to national competent authorities (NCAs), market operators and DRSPs from 3 January 2018.