The European Securities and Markets Authority (ESMA) has published guidelines on several aspects of the Markets in Financial Instruments Directive II (MiFID II) compliance function requirements.

The guidelines apply to competent authorities and to the following market participants:
(i) investment firms when carrying out investment services or investment activities or when selling or advising clients in relation to structured deposits;
(ii) credit institutions when carrying out investment services or investment activities or when selling or advising clients in relation to structured deposits;
(iii) undertakings for collective investment in transferable securities (UCITS) management companies when providing the services referred to in Article 6(3) of the UCITS Directive (e.g. management of portfolios of investments), in accordance with Article 6(4) of that Directive;
(iv) alternative investment fund managers (AIFMs) when providing the services referred to in Article 6(4) of the AIFMD (e.g. management of portfolios of investments), in accordance with Article 6(6) of that Directive.

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