Published date: 21 August 2012

Guidelines on certain aspects of the MiFID suitability requirements (ESMA/2012/387)

These guidelines will be replaced by Guidelines on certain aspects of the MiFID II suitability requirements (ESMA35-43-1163) and will cease to apply as from 60 calendar days after the reporting requirement date referred to in paragraph 13 of those Guidelines.

I. Scope

Who?

1. These guidelines apply to investment firms (as defined in Article 4(1)(1) of MiFID), including credit institutions that provide investment services, UCITS management companies [These guidelines only apply to UCITS management companies when they are providing the investment services of individual portfolio management or of investment advice (within the meaning of Article 6(3)(a) and (b) of the UCITS Directive).], and competent authorities.

What?

2. These guidelines apply in relation to the provision of the following investment services listed in Section A of Annex I of the Markets in Financial Instruments Directive (MiFID):

(a) investment advice;

(b) portfolio management.

3. Although these guidelines principally