Supervision release 25 May 2023 – 32/2023

Revision to FIN-FSA regulations and guidelines 7/2018 concerning certain aspects of the MiFID II suitability and remuneration requirements

By revising regulations and guidelines 7/2018, the Financial Supervisory Authority (FIN-FSA) implements nationally the European Securities and Markets Authority’s (ESMA) guidelines on certain aspects of the MiFID II suitability requirements (ESMA35-43-3172) and guidelines on certain aspects of the MiFID II remuneration requirements (ESMA35-43-3565). These guidelines replace the ESMA guidelines ESMA35-43-1163 and ESMA/2013/606 on the same topics.

The revision will enter into force on 3 October 2023.

In its regulations and guidelines, the FIN-FSA recommends that entities falling within the scope of application of the ESMA Guidelines comply with them.

The guidelines on certain aspects of the MiFID II suitability requirements builds on the text of the 2018 ESMA guidelines, which have been reviewed to consider among others the changes to the MiFID II Delegated Regulation to integrate sustainability factors, risk and preferences into organisational requirements and operating conditions for investment firms

The guidelines on certain aspects of the MiFID II remuneration requirements build on the text of the 2013 guidelines on remuneration policies and practices (MiFID), which have been substantially confirmed (albeit clarified and refined where necessary). In addition, it takes into account new requirements under MiFID II and the results of supervisory activities conducted by national competent authorities on the topic.

For further information, please contact

Saara Rundqvist, Senior Supervisor, telephone +358 9 183 5320 or saara.rundqvist(at)fiva.fi

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