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In June 2017, ESMA published the "Guidelines on MiFID II product governance requirements", which further specify the requirements of MiFID II and its Delegated Directive with regard to target market determination. BaFin has implemented these guidelines as BT 51 in the Minimum Requirements for the Compliance Function and the Further Conduct, Organisation and Transparency Obligations for Investment Services Companies (MaComp). ESMA has now consulted the market on its reviewed guidelines. The German Banking Industry Committee has commented.
