The European Securities and Markets Authority (ESMA) enacted guidelines on the basis of the MiFID Directive (2004/39/CE) and its implementing Directive (2006/73/CE). These guidelines aim to clarify the obligations arising from the compliance function. They apply to investment services providers when they provide investment services and ancillary services.
These guidelines, which are reproduced in the AMF position, provide details on the following:
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the responsibilities of the compliance function (assessment of the risk of non-compliance, the implementation of a control programme, the content of the compliance report, staff training);
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the compliance function organisational requirements (resources, experience and expertise, continuity, independence and outsourcing);
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the procedures for assessment of the function by the regulator.
Full AMF position
© AMF - Autorité des Marchés Financiers
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