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MiFID II Product Governance How to assess target market

  1. The negative target market area has an optional character. Via the negative target market, a corresponding non-suitability can directly be declared for individual aspects of the target market. The query profile MiFID II - Target market contains data on the subjects: Customer category; Investment objectives; Investment horizon; Risk indicato
  2. The FSMA takes the view that it is preferable not to mention the target market in the prospectus of an issuer who is not subject to MiFID II as this information is not drafted by the issuer, does not concern the issuer and may be considered misleading. The Prospectus Regulation does not require the prospectus to contain information on the target market
  3. target market criteria which may be appropriate for manufacturers (and distributors) to consider when identifying the target market for the products they manufacture and/or distribute. 2.1 Development of the guidelines The guidelines focus on the identification of the target market, and are intended for use by MiFID
  4. Target Market Definition How to efficiently define the target market and incorporate it in the general advisory rule set Why is it an issue now? Under MiFID II, as well as under PRIIPs, all product manufacturers and distributors are obliged to define a target market for their products which are in line with the overall clients needs and requests. MiFID II is defining the core principles but.
  5. MiFID II - Product Governance The product governance rules under MiFID II, including guidelines issued by ESMA, take effect from 3 January 2018. The new regime represents a fundamental change to European financial product distribution and will be challenging for firms to implement. Manufacturers and distributors of financial products and services will have to put in place robust processes for.
  6. The European Securities and Markets Authority (ESMA) has published today the Final Report on product governance guidelines under the Markets in Financial Instruments Directive II (MiFID II) regarding the target market assessment by manufacturers and distributors of financial products
  7. Standard Chartered Bank Financial Markets Division Target Market and Distribution Strategy for financial instruments and investment services under MiFID II (Wholesale Markets) Standard Chartered Bank's Financial Markets Division (SCB FM) offers to its clients and counterparties globally a number of financial instruments and services that are in scope for the Markets in Financial.

MiFID II - Target market with product governance dat

  1. MiFID II: target market identification What are product manufacturers' and distributors' obligations in relation to target market identification? 19 October 2017 Background. Earlier this year we reported on the FCA's consultation on its proposed implementation of the MiFID II provisions on product governance. In our article, we looked ahead at how the FCA's proposed implementation of.
  2. In order to align better with German market requirements, compliance with MiFID II product government has been added. Impacting EMT target market: ESG is now a dedicated field of 'client objectives and needs' Reference date is date of setup or validation of the 'target market'. Impacting costs and charges : Reference date of the data required for ex-post and for ex-ante; Borrowing.

The negative target market should be defined by means of the same criteria as the positive target market, while the application of the proportionality principle may only be accepted with some criteria or even with a single criterion in case there is a clear contradiction with the requirements and needs of the target market. 19 The negative target market should not be automatically defined as. Gli obblighi MiFID II di product governance sono indirizzati ai: PRODUTTORI (creano, sviluppano, emettono e/o concepiscono strumenti finanziari) • TARGET MARKET POTENZIALE •il mercato di riferimento di clienti finali per le cui esigenze, caratteristiche e obiettivi il prodotto è compatibile e a cui il prodotto dovrà essere destinato DISTRIBUTORI (offrono, raccomandano o vendono prodotti. MiFID II - Target Market Analysis You might have thought you'd heard the last of MiFID II - unfortunately not. A further member joined the MiFID II party and this is not someone distributors and financial advisers have welcomed with open arms. As part of MiFID II, we (compliance officers) are looking for Target Market Analysis documents within firms. This document is a summary of, as you. For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the Rights and the offered shares. Each distributor is responsible for undertaking its own.

Product governance is one of the major topics affected by MiFID II. Today, we will have a closer look at the obligations surrounding the target market definition, which is an important aspect in. Target Market Reporting Specification MiFID II sets out obligations throughout the distribution chain to determine whether financial instruments are reaching the clients for whose needs, characteristics and objectives it was not considered compatible. Investment firms are also required to take reasonable steps to ensure that the financial instruments are distributed to the identified target.

0l),' 3urgxfw *ryhuqdqfh 7dujhw 0dunhw 'lvforvxuh %dfnjurxqg 0rujdq 6wdqoh\ kdv lpsohphqwhg d sursruwlrqdwh iudphzrun iru frpsoldqfh zlwk wkh surgxfw jryhuqdqfh uhtxluhphqwv vhw rxw e\ 'luhfwlyh (8 0dunhwv lq ilqdqfld MiFID II, EMT and target market. It goes without saying that investments should only be recommended to, or included in discretionary portfolios of, clients whose needs, characteristics and objectives they meet. MiFID II has formalised this obligation by requiring advisers, platforms and DFMs (collectively referred to as distributors) to consider matching any funds or products with target. MiFID II requires that we differentiate between complex and non-complex products. For complex products we are required to offer a Target Market Assessment and Appropriateness Test and offer appropriate reporting and risk warnings to non-professional clients. A new Appropriateness Test will be introduced which will be available in the Account Section in the platforms under: Account > Other.

MiFID II: Target market and complexity. Under MiFID II, product manufacturers and distributors are required to define their target investor markets and take steps to ensure that products end up only in the hands of the intended market, with products being defined as either complex or non-complex. Save: Share: Target market Ensuring products end up only in the hands of the intended target. MiFID II, arguably the most significant piece of capital markets regulation in recent years, goes live in January 2018. While it introduces a number of new and technically demanding rules, the product governance requirements designed to enhance investor protection by regulating the design and distribution of products will be among the most challenging

PROD 3 : Product governance: Section 3.3 : Distribution of products and MiFID investment services 3 3.3.22 R 3.3.23 G 3.3.24 R 3.3.25 R 3.3.26 R 3.3.27 R 3.3.28 R PROD 3/6 www.handbook.fca.org.uk Release 0 Oct 2020 (1) the range offinancial instrumentsthefirmoffers or recommends; and (2) theinvestment servicesprovided to the respective target markets. [Note:article 10(8) of theMiFID Delegated. }, SIX Financial Information is following the EMT (European MiFID Template) approach. We are continuously in touch with manufacturers and aggregators for receiving the corresponding data for Target Market and Cost / Charges. In addition to the statements made within the VDF Release Notes 2/2017 we would like to provide you with an overview with regard to the cost & charges that will be delivered. Good onduct onsulting's Target Market Population & Decision Guide 2 developed through the Fund Manager, Intermediary & Distributor Working Group (FIDWG), which sets out guidance on how to define target market. 2. EXEUTIVE SUMMARY 7. MiFID II has resulted in a step change in the expectations of regulators with respect to the engagement o About MiFID II/R. The Markets in Financial Instruments Directive 2004/39/EC (MiFID I) was adopted in 2004, entered into force in 2007, and is regarded as the constitution for European financial markets ; The revision of MiFID comprises 2 texts: MiFID II, a directive requiring national transposition, and MiFIR, a regulation that is directly applicable; The revision primarily aims to create.

Target Market Under MiFID II: The Distributor's Perspective. Charles University in Prague Faculty of Law Research Paper No. 2018/II/1. 16 Pages Posted: 30 Jul 2018 Last revised: 1 Aug 2018. See all articles by Martin Hobza Martin Hobza. Charles University in Prague - Faculty of Law. Aneta Vondráčková . Charles University in Prague - Faculty of Law. Date Written: July 17, 2018. Abstract. One. Section 16 of Schedule 4 of the European Union (Markets in Financial Instruments) Regulations 2017 (MIFID II Regulations) requires that product manufacturers review the financial instruments they devise or otherwise create on a regular basis, taking into account any event that could materially affect the potential risk to the identified target market. Investment firms shall consider if the. Target Market and Distribution Strategy for financial instruments and investment services provided in circumstances where Directive 2014/65/EU (MiFID II) and related regulations apply In the event that the UK withdraws from the EU, from the date of such withdrawal in respect of Citi Entities subject to the UK Provisions, references in this Policy to MiFID II or any related regulations or. UK Finance MiFID II Product Governance: Guidelines on Information Exchange Between Manufacturers and Distributors | 3 MiFID II sets out clear expectations for manufacturers to make available to distributors appropriate information on the financial instruments and the product approval process, including the identified target market of the instrument1. It also requires distributing firms to have. European MiFID Template (EMT 3.0) Since 3 January 2018, financial product distributors have to provide their customers with additional information on the target market and the costs of the investment funds they sell. The European MiFID Template (EMT) describes this additional information. Fund companies can use it to transmit the relevant data to sales outlets throughout the EU. The EMT has.

Target market validation. Where you've already completed one, we can help you to validate whether, in practice, the business is delivering into the target market, by assessing the controls you have in place as well as the products and services being distributed. Product governance health check. Using our MiFID II health check tool we can review how you've implemented the product governance. As part of the new rules, investment firms are required to identify or review and refine, as the case may be, the target market for each financial instrument they distribute. This means that they have to specify the type(s) of client for whose needs, characteristics and objectives the financial instrument is compatible. Further, MiFID II introduces new cost disclosure requirements which aim at. that financial instruments are designed to meet the needs of the identified target market and that the distribution strategy is appropriate, and contains the post-sale obligation of ensuring a product ends up in the hands of the correct target market, is switched off for eligible counterparty clients. MiFID II does als Among the most striking novelties in MiFID II are without doubt the product governance rules, which to this day cause a lot of interpretation and implementation difficulties. They introduce a kind of know-your-customer requirements at product level: both in the design and the distribution phase of a product, the target market for that product is to be identified. As a result product. MiFID II Product Governance - Solely for the purposes of each manufacturer's product approval process, the target market assessment in respect of the Notes has led to the conclusion that: (i) the target market for the Notes is eligible counterparties, professional clients and retail clients, each as defined in Directive 2014/65/EU (as amended, MiFID II) and each having (1) at least basic.

Markets. We serve our institutional investor clients by helping them to understand developments in global markets and offering execution and risk management tools across each major asset class. Explore Markets; Research. Our analysts strive to deliver differentiated market insights, actionable ideas and collaborative Research across asset classes In line with Recital 20 of the MiFID II Delegated Directive, relevant information could include, for example, information on which distribution channels have been employed, the proportion of sales made outside the target market, summary information of the types of client, a summary of any complaints received and questions suggested by the manufacturer to a sample of clients for feedback. Such. MIFID II PRODUCT GOVERNANCE / PROFESSIONAL INVESTORS AND ECPS ONLY TARGET MARKET -Solely for the purposes of each manufacturer's product approval process, the target market assessment in respect of the Notes, taking into account the five categories referred to in item 18 of the Guidelines published by ESMA on 5 February 2018 has led to the conclusion that: (i) the target market for the.

Background. ESMA published, on 5 June 2020, new final guidelines on certain aspects of the compliance function requirements under the recast Markets in Financial Instruments Directive (MiFID II. MARKET INFRASTRUCTURE 4 MIFID II - THE TIME T ACT IS W There are less than 220 days until the implementation date of MiFID II, the time to act is now! Niamh Mulholland MIFID II - THE TIME TO ACT IS NOW 5. 6 MIFID II THE TIME TO ACT IS NOW. Transaction Reporting Transaction reporting is an important part of the existing MiFID framework and is also integral to regulators' ability to. MIFID II product governance / target market - The Final Terms in respect of any Notes (or Pricing Supplement, in the case of Exempt Notes) If the programme includes a specific reference to Drawdown Prospectus, this should be reflected here. will. Consider including may for a programme with a non-MiFID issuer and non-MiFID guarantor(s) to cater for circumstances where the managers in. FinDatEx platform launches EMT V3 standardising data sharing under MIFID 2 . BRUSSELS, 10 December 2019 - The Financial Data Exchange Templates (FinDatEx) platform today publishes its first template, the 3 rd iteration of the European MiFID Template (EMT V3) available on FinDatEx website.. This template standardises the information on target market and costs between product manufacturers and. La MiFID II, la Directive sur les marchés d'instruments financiers, qui abroge la MiFID I, a été adoptée en mai 2014.Ses dates de transposition et d'application ont été reportées d'un an : les Etats membres devaient transposer les nouvelles règles pour le 2 juillet 2017 et celles-ci sont d'application depuis le 3 janvier 2018.Tous les Etats membres ont à présent transposé la MiFID II

MiFID II Target Market: 5 categories and distribution strategy; PRIIPs KID/EMT/EPT key data fields e.g. weblink KID & SRI and the MiFID II Target Market fields; How we help our clients Investor. Target Market Qualified investor Wealth Manager/ Private Bank Financial Planner Non advised / XO Professional investor −Only compatible with a target market that meets the MiFID professional investor criteria −Distinction between Per se and Elective? −Compatible with a target market that meets FCA Qualified investor criteria e.g EBF advisor: Pauline Guerin Publication date: 19 May 2020. The EBF welcomes the European Commission consultation on MiFID Refit. The EBF believes it is appropriate to take targeted amendments of the investor protection and market structure rules, in particular in the context of the Covid- 19 recovery where financial markets should work in an efficient way

Mention of the target market in prospectuses of issuers

La conformité avec MiFID II et MiFIR est complexe. Cette journée est élaborée en vue de vous aider à adopter les meilleures pratiques en termes d'efficacité et de conformité Vous vous pencherez notamment sur les nouveaux développements induits par l'actualité (ESMA, FSMA..) et sur les mesures correctrices à prendre . Programme. MiFID II & MiFIR. MiFID II & MiFIR Faites le point Votr Citi Markets and Securities Services Target Market Page 1 of 4 CITI MARKETS AND SECURITIES SERVICES Negative target market: Retail clients (as defined in MiFID II), unless otherwise specified in connection with a particular Financial Instrument. Elective professional clients All Financial Instruments manufactured and/or distributed by Citi, except non-generic and/or complex transactions. MiFID II PRODUCT GOVERNANCE / PROFESSIONAL INVESTORS AND ECPS ONLY TARGET MARKET - Solely for the purposes of each manufacturers' product approval process, the target market assessment in respect of the Notes taking into account the five categories referred to in item 18 of the Guidelines published by European Securities and Markets Authority (ESMA) on 5 February 2018 has led to the. MiFID II: target market identification Burges Salmon LLP United Kingdom October 19 2017 What are product manufacturers' and distributors' obligations in relation to target market. MiFID II, level 1 sets out the higher level requirement for product manufacturers to maintain, as part of their organisational arrangements, appropriate product review processes to ensure investment products are 'consistent with the needs' of identified target markets. Product distributors are also required to ensure that their organisational arrangements include provision for access to.

Under MiFID II, manufacturers of products will also need to collect information from their distributors confirming whether products have been sold to a suitable investor - i.e. according to the target market information. One aspect that remains unclear, however, is how distributors will accurately define sales as being 'inside the target market', 'outside the target market', or 'in. MiFID II, EMT and target market. It goes without saying that investments should only be recommended to, or included in discretionary portfolios of, clients whose needs, characteristics and objectives they meet. Read more. Mikkel Bates. 31 July 2019. European MiFID Template v3 - A work in progress. The European MiFID Template (EMT) has been used to transfer target market and costs and charges. As Product Governance is an important part of MiFID II, the programme offers an inside view of the implementation of one of the most significant parts of it, which is the identification and the assessment of the potential target market. The programme will offer a practical approach to meet increasing regulatory requirements and will offer an enhanced package of knowledge to participants to. • Determine the target market for the product. • Comply with MiFID disclosure, suitability assessment, inducement and conflicts of interest rules. • Have product governance controls to ensure the products it offers or recommends are compatible with the characteristics, needs and objectives of the identified target market. • Ensure it can obtain all required information from the product.

markets. Under the MiFID II framework, the transaction reporting requirements increased considerably. The scope of products which need to be reported has been extended with transaction reporting now being required for all products traded on European RMs, OTFs and MTFs. In addition to an increase in the number of products that qualify for reporting, the number of data fields required for MiFID. Target audience. All citizens and organisations are welcome to contribute to this consultation. For the more technical part of the consultation, views are welcome, in particular, from Member States, national competent authorities, the European Supervisory Authorities, consumer organisations and market participants (such as data service providers, trading venues, investment firms, asset. La réforme MiFID (Markets in Financial Instruments Directive), dont la Directive a été publiée par l'Union Européenne au mois d'avril 2004, établira un nouveau cadre réglementaire sur les marchés d'instruments financiers. Cette Directive cadre a pour objectif de promouvoir la prestation transfrontalière de services d'investissement, en instaurant un régime harmonisé dans tous les. Target Market and the European MiFID Template 1. What is Natixis' approach to the target market? Natixis has worked with both local industry association guidance, from the European Fund and Asset Management Association (EFAMA) and the developments of the European Working Group in defining a standard approach to target market. Natixis has adopted the European MiFID Template (EMT) to share.

Target Market Identification When launching an Investment Product, BNP Paribas will identify the Target Market for the Product. Clients for whom the Product is not compatible will also be identified ('Negative Target Market'). In line with regulatory guidance, the Target Market for each Investment Product will be assessed based on the following: Client type Knowledge and experience. MIFID II therefore requires investment firms to identify a target market when distributing a new product even if such a product has been manufactured by a third party. However, the directive does not detail the level of granularity for the determination of the target market. The Final Report considers that the required level of granularity depends on the complexity of the product. Mainstream. The MiFID II Directive is also completed by level 3 Guidelines prepared by the European Securities and Markets Authority (ESMA). ESMA consulted on and published Guidelines on cross-selling, on complex debt instruments and structured deposits, on the assessment of knowledge and competence, on product governance (and the target market in particular), on the assessment of suitability of the.

However, BaFin expects that more shape will soon be given to the process of identifying the target market, for example as a result of the changes proposed as part of the European Securities and Markets Authority's (ESMA) consultation on integrating sustainability risks and factors in MiFID II (see BaFinJournal January 2019) Objectives . The preparatory work on MiFID II and MiFIR began one year after the entry into force of MiFID. The regulator has focused on correcting the weaknesses observed during the 2008 financial crisis and adapting to new market practices and developments (emergence of high-frequency trading, commodity price volatility, increased use of other-the-counter transactions) Following technical advice received from the European Securities and Markets Authority (ESMA) and a public consultation, the European Commission (the Commission) published legislative proposals in 2011 to amend MiFID by recasting it as a new Directive (MiFID II 1) and a new Regulation (MiFIR 2). The legislative proposals were the subject of intense political debate between the European.

• MiFID II/MiFIR introduces a market structure framework which enhances transparency, notably by closing loopholes and ensuring that trading, wherever appropriate, takes place on regulated platforms. To this end, it subjects shares and non-equity instruments to a trading obligation. It further introduces a new multilateral trading venue, the Organized Trading Facility (OTF), for non-equity. MIFID II PRODUCT GOVERNANCE / PROFESSIONAL INVESTORS AND ECPS ONLY TARGET MARKET - Solely for the purposes of each manufacturer's product approval process, the target market assessment in respect of the Notes has led to the conclusion that: (i) the target market for the Notes is as follows: client category: professional clients and eligible counterparties, each as defined in Directive 2014. With MiFID II coming into force, all client outreach activity will also be strictly regulated. This will include not just marketing materials, but also financial promotions, disclosure of charges and fees to clients and any informative content that you might release, online and offline, to engage your target audience

target market - Solely for the purposes of each manufacturer's product approval process, the target market assessment in respect of the Notes has led to the conclusion that: (i) the target market for the Notes is eligible counterparties an d professional clients only, each as defined in the Markets in Financial Instruments Directive (Directive 2014/65/EU) (as amended, MiFID II); and (ii. recommend, including assessing their respective target markets and client types. On 13 May 2014, the Council of the European Union formally endorsed a new regulatory regime that will replace the current Markets in Financial Instruments Directive 2004/39/EC (MiFID). The new legislation, in the form of a recast Directive 2014/65/EU (MiFID II) and Regulation 2014/600/EU, is scheduled to be. In the second half of 2018, BaFin conducted a market survey in relation to certain new conduct of business and organisational rules under the second European Markets in Financial Instruments Directive (MiFID II): 55 institutions were surveyed about product governance, among them 25 financial services institutions, five securities trading banks and 25 banks and savings banks The product governance requirements are laid down in Articles 16(3) and 24(2) of MiFID II as well as in Articles 9 and 10 of the MiFID II Delegated Directive, and cover a broad range of topics, both product and process related. However, ESMA's guidelines mainly address the target market assessment, as this aspect was identified as the most important one for ensuring the common, uniform and. process, the target market assessment in respect of the Notes has led to the conclusion that: (i) the target market for the Notes is eligible counterparties, professional clients and retail clients, each as defined in MiFID II; and (ii) all channels for distribution of the Notes are appropriate. Any person subsequently offering, selling or recommending the Notes (a distributor) should take.

ESMA publishes final report on product governance

MIFID II . A PROD AT ADVISER IMPACTS . Learning objectives • Identify the main adviser impacts of the Markets in Financial Instruments Directive II (MiFID II) • Develop a greater awareness of the costs and charges disclosure requirements • Comprehend the impacts of MiFID II on the different centralised investment propositions (CIP MiFID ii - ESG & Sustainability upgrade. May 24th, 2019. This has been a long time coming, but happily ESMA has recently (3 May 2019) published the reports that start the process of bringing investment markets into line with the EU's Climate Action plan through the integration of sustainability and ESG factors throughout the investment chain, including financial advice The European Refit Commission has launched a survey consultation on MiFID II which has questions that many market participants will be interested in. The reason for the survey is both to receive information about the experience of MiFID II (defined here to include MiFIR) and to seek views from stakeholders on changes to the regime. The European Commission's survey suggests that MiFID II. Οδηγία MiFID Οι Ευρωπαϊκές Οδηγίες MiFID I και MiFID II (Markets in Financial Instruments Directive) συνδυαστικά με τον Κανονισμό MiFIR (Markets in Financial Instruments Regulation) καθορίζουν το θεσμικό πλαίσιο της διάθεσης επενδυτικών προϊόντων και της λειτουργίας.

The Republic of Sra Is Going To Hold Fixed IncomeClearly display WM data for the target market definition

MiFID II product governance / Retail investors

Markets in Financial Instruments (MiFID II) - Directive 2014/65/EU. Law details. Information about Directive 2014/65/EU including date of entry into force and links to summary and consolidated version. Amending and supplementary acts. Amendments. Implementing and delegated acts. Implementation. Implementation by EU countries . Guidance on the implementation of the law. Upcoming. Planned. MiFID II brings with it many challenges, one of which is the new product governance regime which aims to ensure that manufacturers and distributors of investment products act in the client's best interests during all stages of the life-cycle of products and services. This will require firms to apply the new rules to product which is distributed after 3 January, 2018 including product. As per MiFID categorisations. Please find below the generic target market assessment for this asset class category. The target market is an objective description of the clients targeted by a financial instrument. Execution-only clients and clients for whom the Bank has not collected information to perform a thorough analysis of their compatibility with the target market of the product, could. The issuers (manufacturers) of Financial Instruments (i.e. product governance on creation and target market) MiFID II imposes new rules on so-called manufacturers and distributors to ensure that all financial instruments (including structured deposits) are directed at an adequate target market and are subject to a product approval process. The rules apply to Financial Instruments. objectives of that target market. MiFID Firms are required to comply with the product governance rules in an appropriate and proportionate way, by considering the nature of the investment product, the investment service and the target market of the product.4 1 References in this note to EEA Member States are to the member states of the European Economic Area. 2 See Articles 16(3.

MiFID II: target market identification - Burges Salmo

MIFID II PRODUCT GOVERNANCE / PROFESSIONAL INVESTORS AND ECPS ONLY TARGET MARKET - Solely for the purposes of each manufacturer's product approval process, the target market assessment in respect of the Notes has led to the conclusion that, in relation to the type of clients criterion only: (i) the type of clients to whom the Notes are targeted is eligible counterparties and professional. MIFID II PRODUCT GOVERNANCE / PROFESSIONAL INVESTORS AND ELIGIBLE COUNTERPARTIES ONLY TARGET MARKET - Solely for the purposes of the manufacturers' product approval process, the target market assessment in respect of the Notes, taking into account the five categories referred to in item 18 of the Guidelines published by ESMA on 5 February 2018, has led to the conclusion that: (i) the. Under the MIFID II regulations, new product governance requirements apply to both manufacturers (fund managers and platforms) and distributers (advisers and execution only platforms). Manufacturers are now required to ensure that each product or fund they offer is designed to meet the needs of a clearly identified target market. They must specify the type or types of client whose needs. Markets in Financial Instruments Directive II (MiFID II) Turning Regulatory Challenges into Business Opportunities . Introduction The regulatory environment surrounding banks and other investment firms globally is characterized by stringent, very complex, highly uncertain, often multiple and — at times — conflicting regulations. In addition to causing a huge increase in the costs of.

FinDatEx publishes the European MiFID Template Version 3

target market assessment in respect of the Notes, taking into account the five categories referred to in item 18 of the Guidelines published by ESMA on 5 February 2018 has led to the conclusion that: (i) the target market for the Notes are eligible counterparties and professional clients only, each as defined in Directive 2014/65/EU (MiFID II); and (ii) all channels for distribution of the. MiFID II Article 24(2) Investment firms which manufacture financial instruments for sale to clients shall ensure that those financial instruments are designed to meet the needs of an identified target market of end clients within the relevant category of clients, the strategy fordistribution of the financial instruments is compatible with the identified target market, and the investment firm.

Target market under MiFID II: the distributor's

target market for the Notes is eligible counterparties and professional clients only, each as defined in Directive 2014/65/EU, as amended (MiFID II); and (ii) all channels for distribution of the Notes to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the Notes (a distributor) should take into. Target Market: Voor klanten die hun beleggingsfondsen aanhouden via Global Fund Services gaan wij per ISIN de informatie ontsluiten die voor het aanleveren van productinformatie noodzakelijk is. Gezamenlijke informatie over uw klant en producten stelt u in staat om een juiste analyse te maken die voldoet aan MIFID II If target market data is granular and delivered on a frequent basis, managers will be well-placed to introduce material changes to their distribution processes. Well-packaged, comprehensive target market data can help managers identify investor and geographical trends and localised risk appetites, allowing manufacturers to build products that are more aligned and tailored to their customers. standards developed by the European Securities and Markets Authority (ESMA). MiFID II and MiFIR, together with the Commission delegated acts as well as regulatory and implementing technical standards will be applicable from 3 January 2018. INTRODUCTION & EXECUTIVE SUMMARY The wording of the 10 October 2016 Guidelines and Final report for MiFID II transaction reporting state that Corporate.

MiFID II - Target Market Analysis - Apricit

The target market for the proposed financial instrument must be identified and an assessment must be made of whether the financial instrument meets the identified needs, characteristics and objectives of the target market. Specific types of clients for whom the proposed financial instrument is appropriate, and the groups for which it is inappropriate, must be identified tor, Autofilling of Target Market Data and Commodity Derivative Indicator. Target Group This document is aimed at VDF clients who have implemented the SIX MiFID II Data Packages. The key members in the target group for this document are Senior BAs with VDF knowledge, Compliance Officers and MiFID II Project Managers. In order to correctly interpret this document, it is necessary to be familiar. defining a target market and its coordination with the distribution strategy. They apply in a suitable and proportionate manner, taking into account the nature of the investment product, the investment service and the product's target market. The products concerned are financial instruments as defined in point (15) of Article 4 (1) of MIFID II and structured deposits as defined in point (43.

Announcement MiFID II Main Changes for authorisations

market: MiFID I

MIFID II PRODUCT GOVERNANCE / TARGET MARKET - Solely for the purposes of each manufacturer's product approval process, the target market assessment in respect of the Notes has led to the conclusion that: (i) the target market for the Notes is eligible counterparties and professional clients only, each as defined in Directive 2014/65/EU (as amended, MiFID II); and (ii) all channels for. Target Market Categories . Target Market Category ESMA Guidance Example Category Client Type . The firm should specify at which type of client the product is targeted. This specification should be made according to the MiFID II client categorisation of retail client, professional client and/or eligible counterparty (ECP)

“Product Review” Obligations under MiFID II: A Dashboard

Mifid II will introduce extensive product governance requirements on both manufacturers and distributors of investment products, including the requirement to identify a target market of end clients. The structured products industry is also concerned with the new market infrastructure and transparency requirements. For example, Mifid II extends the Systematic Internaliser regime, so that it. The following MiFID II FAQ provides answers to questions asked about Janus Henderson's approach to MiFID II topics, including Costs & Charges; availability of the European MiFID Template (EMT) and Target Market. The FAQs will be regularly updated, as and when new questions are received Product governance processes under MiFID II - Target market assessment (with target market categories, client's best interests rules, target market disclosures), Key points for product manufacturers (guidance notes, acquisition channels, etc.) and distributors (distribution strategies, third-country manufacturers, etc.), Proportionality (simple products, wholesale markets, secondary. T2S (TARGET2-Securities) is a new European securities settlement engine which aims to offer centralised delivery-versus-payment (DvP) settlement in central bank funds across all European securities markets. It is important to take note of the fact that T2S is not a central securities depository (CSD), but a platform which will enable CSDs to increase their competitiveness The term 'target market' is used widely in general marketing theory, and recommends that the target market segment and customer is considered before a product is developed and distributed. MiFID II Product Governance is about applying this concept to financial products and markets, with the ultimate aim of protecting the investor who is buying the product/service

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