The European Securities and Markets Authority announced on 16.01.2023 that the Common Supervisory Action (CSA 2022) in the field of investor protection will take place again this year. It is an EU-wide coordinated inspection by national competent authorities. The focus of the inspections in CSA 2023 will be on the legal rules in MiFID II (Market in Financial Instruments Directive 2014/65/EU) in relation to marketing communications and advertising pursuant to Article 49 of the Securities Supervision Act 2018 (WAG 2018) in conjunction with Article 44 of Delegated Regulation (EU) 2017/565. CSA 2023 is intended to contribute towards ensuring EU-wide convergence in the application of the MiFID II ex-post statement of costs rules for retail customers and to improve investor protection. The opportunity will also be taken in this regard to tackle the issue of Greenwashing in marketing communications.
The FMA is participating in CSA 2023, and will conduct inspections both in banks as well as in investment firms. CSA 2023 is being integrated into scheduled on-site inspections during 2023. The entities in question are informed individually prior to the on-site inspection.