The members of the European Association of Co-operative Banks (EACB) are pleased to comment on ESMA’s Consultation paper on Guidelines on certain aspects of the MiFID compliance function requirements.
The European Co-operative Banks welcome ESMA’s initiative to enhance clarity and foster convergence in the implementation of the MiFID organisational requirements relating to certain aspects of the compliance function.
We would nonetheless like to stress (as set out in the explanatory text of the Consultation) that the Guidelines are not intended to introduce additional requirements for investment firms or competent supervisory authorities outside the scope of Article 13 of MiFID and Article 6 of the MiFID Implementing Directive. We would therefore welcome clarification on this in the final ESMA Guidelines.
Furthermore we would ask for a clarification in the final version of the ESMA-Guideline that they should be read together with the proportionality principle as set out in Article 6(1) of the MiFID Implementing Directive (paragraph 5 of the Consultation paper).
