The European Securities and Markets Authority (ESMA) published on 23 July 2026 a compliance table detailing how national competent authorities have implemented its Guidelines on certain aspects of the MiFID II appropriateness and execution only requirements. The document, reference ESMA35-43-3327, confirms that all EU member state authorities have either fully complied or intend to comply with the guidelines, which aim to harmonise investor protection standards across the bloc.
The compliance table lists each national authority's status, indicating whether they comply, intend to comply, or have not complied (with reasons). The guidelines themselves, originally adopted by ESMA, address key aspects of the Markets in Financial Instruments Directive (MiFID II), specifically the appropriateness assessment required when firms provide investment services without advice, and the conditions for execution-only services where no appropriateness test is needed. By ensuring consistent application, ESMA seeks to reduce regulatory fragmentation and enhance investor protection, particularly for retail clients.
The publication marks a formal step in ESMA's ongoing efforts to supervise the consistent implementation of MiFID II rules. The compliance table serves as a transparency tool for market participants and consumers, allowing them to verify how each member state has adopted the guidelines. For investment firms, the harmonised approach reduces compliance costs associated with navigating divergent national interpretations. However, some firms may face increased operational burdens if their home authority adopts stricter requirements than previously applied. Retail investors stand to benefit from more uniform protections across the EU, though the guidelines do not introduce new substantive obligations beyond those already in MiFID II. National regulators retain some flexibility in enforcement, which may lead to minor variations in practice. No further institutional follow-up is expected beyond periodic updates to the compliance table.