03/10/2023 (Agence Europe) – The European Securities and Markets Authority (ESMA) has announced that in 2024 it will launch a joint supervisory action on the sustainability requirements of the Markets in Financial Instruments Directive (MiFID) (see EUROPE 13256/12). This joint surveillance action, which will be carried out with the national competent authorities, will analyse the way in which companies collect information on the sustainable development preferences of their customers. In addition, ESMA will assess firms’ arrangements for understanding and properly classifying investment products that include sustainability factors, how firms ensure that an investment is suitable from a sustainability perspective, and how firms “specify any sustainability-related objectives a product is compatible with as part of the target market assessment of the investment product”. (TM)