ESMA Sheds Light on MiFID II Product Governance.

The MiFID II Product Governance regime presents a number of implementation challenges for firms. The rules originated from an existing FCA regime, which derived from a need to protect retail investors who were sold complicated and/or risky investment products. MiFID II expanded these rules to capture all investment products (including mass-market non-complex) and all categories of investors (including wholesale in addition to retail markets).