The Cyprus Securities and Exchange Commission (CySEC) has published an updated version of its supervisory and compliance requirements: ‘MiFID Supervisory Briefing on Suitability’ and ‘MiFID 11 Supervisory Briefing on Appropriateness and Execution Only’.
The updates pertain to various areas, including – among others: qualifications of the firm’s staff and record keeping; assessment of appropriateness; warnings to clients, and obtaining information from clients.
The aim of the updates is to promote a common supervisory approach in the application of the MiFID appropriateness/suitability rules primarily to the competent authorities, whilst also serving as an indicator to market participants.
