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FMA participating in the ESMA Common Supervisory Action 2022 on MiFID II costs and charges

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The European Securities and Markets Authority announced on 08.02.2022 that the Common Supervisory Action (CSA 2022) will take place again this year. It is an EU-wide coordinated inspection by national competent authorities. The area of focus of the CSA 2022 is on the legal standards in relation to MiFID II (Market in Financial Instruments Directive) for the statement of costs and charges pursuant to Article 48 of the Securities Supervision Act 2018 in conjunction with Article 50 of Delegated Regulation (EU) 2017/565 with a focus on the ex-post statement of costs. CSA 2022 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 FMA is participating in CSA 2022, and will conduct inspections both in banks as well as in investment firms. CSA 2022 is being integrated into scheduled on-site inspections during 2022. The entities in question are informed individually prior to the on-site inspection.

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