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StatementFinanceEUConfirmed

ESMA tells investment firms using AI that MiFID II duties still apply

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Source: European Securities and Markets Authority

The European Securities and Markets Authority issued a statement on 30 May 2024 giving initial guidance to firms that use AI when providing investment services to retail clients. It says such firms must meet MiFID II requirements on organisation, conduct of business and acting in clients’ best interests, and lists risks including algorithmic bias, poor data quality, opaque decisions and over-reliance on AI. ESMA and national supervisors said they would monitor AI use and decide whether further action is needed.

Why it matters

EU investment firms using chatbots or AI in advice and portfolio management were told that existing MiFID II client-protection duties cover those tools, with the firm answerable for their outputs.

When
30 May 2024
ID
WTA-N-2024-0104
Who
ESMA

Summary by wheresthe.ai, from European Securities and Markets Authority. Checked against the source on 9 Oct 2026.

Read the original at European Securities and Markets Authority

Source copy: download the page as saved on 18 Oct 2026 (PDF). Document the source offers: document 1 (PDF). Also held by the Internet Archive.

Cite this story

WTA-N-2024-0104: “ESMA tells investment firms using AI that MiFID II duties still apply.” wheresthe.ai, 30 May 2024. https://wheresthe.ai/d/eu-esma-ai-investment-services-statement-2024-05/ (source: European Securities and Markets Authority).

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