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ESMA launches a common supervisory action with NCAs on MiFID II product governance rules


01 February 2021

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, is launching a common supervisory action (CSA) with national competent authorities (NCAs) on the application of MiFID II product governance rules across the European Union (EU). The CSA will be conducted during 2021.

This action will allow ESMA and the NCAs to assess the progress made by manufacturers and distributors of financial products in the application of these key requirements. The CSA will help in the analysis of:

  • how manufacturers ensure that financial products’ costs and charges are compatible with the needs, objectives and characteristics of their target market and do not undermine the financial instrument's return expectations;
  • how manufacturers and distributors identify and periodically review the target market and distribution strategy of financial products; and
  • what information is exchanged between manufacturers and distributors and how frequently this is done.

ESMA has issued guidelines on the topic in 2017 and has also more recently published a series of Q&As, all of which will be considered for this 2021 CSA.

ESMA believes this initiative, and the related sharing of practices across NCAs, will help ensure consistent implementation and application of EU rules and enhance the protection of investors in line with ESMA’s objectives.

The CSA contributes to fulfilling ESMA’s mandate on building a common supervisory culture among NCAs to promote sound, efficient, and consistent supervision throughout the EU. ESMA’s promotion of supervisory convergence is done in close cooperation with NCAs


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