ESMA: Follow-up report on the progress of NCAs – Steps of progress by CySEC
The European Securities and Markets Authority (ESMA) has released a follow-up report on the compliance function under MiFID I, assessing the progress made by National Competent Authorities (NCAs) since the previous peer review in 2017.
The follow-up report focuses on the efforts of several NCAs, namely CySEC (CY), HCMC (EL), CBI (IS), AFM (NL), and ATVP (SI). These authorities have displayed commendable progress through the implementation of stronger supervisory frameworks, conducting investigations and thematic reviews, and utilizing enforcement tools to discourage misconduct within firms.
The report acknowledges the strides made by CySEC and CBI while offering guidance on further enhancements:
CySEC: The authority is encouraged to consolidate its supervisory approach to maintain an ongoing focus on firms’ compliance functions. This consolidation will ensure continuous monitoring and evaluation of compliance activities.
CBI: In order to bolster its supervisory approach, CBI is advised to integrate all aspects of the ESMA Guidelines on the compliance function under MiFID into its framework. Additionally, increasing controls on the compliance function of non-banking investment firms is recommended.
For more information on the follow-up report and its recommendations please visit the following link provided by ESMA – https://lnkd.in/ddTPDXW4