Source: European Parliament
Question for written answer E-003135/2025
to the Commission
Rule 144
Daniel Caspary (PPE)
The author has received several citizens’ enquiries from banks calling for the European Securities and Markets Authority (ESMA) to update the guidelines on some aspects of MiFID II requirements. The letters all make reference to the April 2022 and April 2023 updates of the guidelines.
The banks complain that these ESMA guidelines now require investment services to assess, through a questionnaire, their clients’ understanding of the key features and risks of the financial instruments offered. Clients see these requirements as a heavy bureaucratic burden, and it affects the relationship of trust between them and the bank. They also feel like they are being tested with the compulsory knowledge questionnaire. Furthermore, the banks complain about the hassle of having regularly update the knowledge questionnaire.
Will the Commission revise and simplify these heavy bureaucratic requirements for clients?
Submitted: 30.7.2025