In June 2017, ESMA published the "Guidelines on MiFID II product
governance requirements", which further specify the requirements of
MiFID II and its Delegated Directive with regard to target market
determination. BaFin has implemented these guidelines as BT 51 in the
Minimum Requirements for the Compliance Function and the Further
Conduct, Organisation and Transparency Obligations for Investment
Services Companies (MaComp). ESMA has now consulted the market on its
reviewed guidelines. The German Banking Industry Committee has
commented.
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