Evaluation de l’adéquation de la directive MIF 2 : l’AMF applique les orientations de l’ESMA mises à jour

The AMF has released an update to its Position DOC-2019-03, incorporating the revised guidelines issued by ESMA regarding certain aspects of the MiFID II suitability requirements (ESMA35-43-3172_E).
To recall, ESMA initiated a project at the end of 2021 to revise its guidelines on suitability assessment for investment advice and portfolio management services. The revisions were driven by the publication of Delegated Regulation (EU) 2021/1253, which took effect on 2 August 2022, mandating investment service providers to gather sustainability preferences of clients during suitability assessments. Additionally, implementation issues identified during the 2020 common supervisory action on this matter prompted the update. On 27 September 2022, ESMA published its final report on the revised guidelines, followed by the translated versions on 3 April 2023.
The AMF has integrated the new ESMA guidelines into its updated Position DOC-2019-03 to promote greater convergence and facilitate a unified understanding and supervision of the requirements. The revised position will be applicable from 3 October 2023, with the objective of providing clarity and guidance on various aspects, such as informing clients about the purpose and scope of the suitability assessment, understanding clients‘ preferences, updating client information, comprehending investment products, and ensuring the suitability of investments. The inclusion of these ESMA guidelines will further enhance investor protection measures.
The scope of the updated position has been extended to encompass FIAs, who operate under the French national regime. Although the ESMA guidelines do not directly apply to FIAs, the AMF General Regulation requires them to adhere to rules analogous to those applicable to investment service providers concerning the assessment of investment advice suitability, including considering clients‘ sustainability preferences.
In light of this, the AMF has decided to extend the reach of the ESMA guidelines to FIAs, along with an update to Position-Recommendation DOC-2006-23, which will also be effective from 3 October 2023.