Ireland—ESMA Guidelines on MiFID II product governance requirements now applicable

Table of contents

• Background
• The Guidelines
• Manufacturers
• Identification of the potential target market by the manufacturer: categories to be considered
• Identification of the potential target market: differentiation on the basis of the nature of the product manufactured
• Distributors
• Timing and relationship of target market assessment of the distributor with other product governance processes
• Relationship between the product governance requirements and the assessment of suitability or appropriateness
• Identification of the target market by the distributor: categories to be considered
• Identification of the target market differentiation on the basis of the nature of the product distributed

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Article summary

Finance & Financial Services analysis: ESMA’s new Guidelines on MiFID II product governance requirements came into effect on 3 October 2023. The Guidelines aim to ensure that firms which manufacture and distribute financial instruments and structured deposits act in the best interests of clients during all stages of the life cycle of products and services. Patrick Brandt, partner, Kevin Allen, partner, and Louise Hogan, associate, at A&L Goodbody examine the Guidelines.