On 2 August 2022, Commission Delegated Regulation (EU) 2021/12531 will enter into force, amending the requirements of Directive 2014/65/EU (hereinafter “MiFID II”) as regards the integration of sustainability preferences for investment firms. The Delegated Regulation will require financial intermediaries to take their clients’ preferences regarding sustainable development into account.

Adopted in April 2021, this Delegated Regulation strengthens MiFID II and requires financial intermediaries to ensure that the investment range offered to their clients is suitable to the profile of those clients with regards to environmental, social and governance (“ESG”) criteria.

It therefore requires suitability tests (KYC questionnaires) to be updated to reflect investors’ sustainability preferences for investment advice and portfolio management services.

The stated aim of the European Commission is to strengthen investor protection and improve the way that investment products are selected and distributed.

In order to gain a clear understanding of the whys and wherefores of this Delegated Regulation, a quick recap of MiFID II and how it works is helpful.

We explain everything to you!



Les Acteurs de la Finance Responsable (AFR) is an association registered under the law of July 1, 1901, whose ambition is to federate a community of responsible finance experts and to contribute to the development of best practices around the major French and international issues of responsible finance.

For more information on the association: Website