ESMA has published the results of its peer review on the guidelines on certain aspects of the compliance function under MiFID 1. The review covered a 2 year period and assessed the approaches of 31 NCAs. It included some on-site visits. While ESMA found some divergences in practice, it assessed 27 NCAs positively on their supervision of how the compliance function performs risk assessments, monitors compliance obligations and provides reports to senior management. It found 22 NCAs good on supervising the advisory role of compliance. The review identified several good practices. However, it also identified concerns with the practices of some. The Icelandic supervisor concerned ESMA in all areas of supervision, and the Dutch in most. It also had concerns over parts of the Cypriot, Greek and Slovenian regulators’ practices.
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