The Austrian Financial Market Authority (FMA) has today published the European Securities and Markets Authority (ESMA) guidelines on “certain aspects of the MiFID suitability requirements” in relation to investment advice. The FMA will apply these guidelines with immediate effect.
The guidelines contain practical advice on assessing compliance with the suitability requirements. This suitability assessment forms the basis for a credit institution or investment firm’s investment advice. It is used to gauge which financial instruments or investment services appear suitable for a given customer. Specifically, the guidelines contain sample questions that the customer adviser asks of the customer in relation to the customer’s knowledge and experience, financial situation and investment aims, as well as the extent to which the suitability assessment has been explained to the customer. In addition, the guidelines also explore the specialist qualifications that are needed for the customer advisers who will carry out the suitability assessment.
These guidelines form an interpretation of the Markets in Financial Instruments Directive (MiFID) and of the national transpositions of this European legal framework – in Austria’s case the 2007 Wertpapieraufsichtsgesetz (Securities Supervision Act).
The ESMA guidelines (German only) can be found on the FMA website at https://www.fma.gv.at/en/eu/esma-guidelines/
Journalists may address further enquiries to:
Klaus Grubelnik (FMA Media Spokesperson)
+43 (0)1 24959 5106
+43 (0)676 882 49 516