La CNMV adopta las Directrices relativas a determinados aspectos de los requisitos de idoneidad de la MiFID II

The CNMV informed ESMA that it complies with the Guidelines on certain aspects of suitability requirements under MiFID II. The CNMV had already communicated this compliance in July 2022.
The CNMV will consider these Guidelines in its supervisory responsibilities, particularly in the review of compliance with sustainability preference regulations outlined in the 2023 activity plan (eventid=19916).
The purpose of these Guidelines is to ensure consistent implementation of MiFID II suitability requirements related to sustainability. These requirements, introduced in April 2021 through an amendment to the Delegated Regulation (EU) 2017/565, pertain to the organizational and operational conditions of investment firms.
Key points of the Guidelines include:
– Entities should collect detailed information about a client’s sustainability preferences, as defined in the Delegated Regulation, in order to align financial instruments‘ sustainability characteristics with the client’s preferences.
– The obligation to gather information about clients‘ sustainability preferences has been applicable since August 2022. Entities must have adjusted their systems and processes to ask relevant questions during suitability tests.
– For existing clients, information updates on sustainability preferences should occur at the latest during the next periodic update. ESMA expects this update to take place within 12 months of implementing the new obligations.
– Suitability assessments regarding sustainability preferences should be conducted after evaluating suitability based on other factors, such as knowledge and experience, financial situation, and investment objectives.
– Entities are prohibited from recommending products that do not align with the client’s sustainability preferences. However, clients can adjust their preferences if desired, and the reasons for such adjustments should be documented in the suitability report.
– Staff members of entities should possess the necessary knowledge and competencies regarding sustainability preferences and be able to explain them to clients in non-technical language. Appropriate training should be provided.
The new version of the Guidelines incorporates findings from a joint supervisory action conducted by ESMA and national competent authorities in 2020 and aligns with the convenience guidelines and changes introduced by the Capital Markets Recovery Package.