One of the innovations introduced by MiFID II is product governance, including target market assessment as a crucial part of product governance measures. The target market of a financial instrument as an intended group of end clients sharing common characteristics shall generally be determined both by the manufacturer and the distributor of the respective financial instrument. From the related duties, the paper refers to those imposed on the distributor. The paper addresses the following issues. Firstly, what is the target market, including the distributor’s target market, and what are the distinct types of target markets? Secondly, which process and criteria should the distributor apply when assessing the target market? How does the distributor’s target market interact with the manufacturer’s target market and are there any frictions? Thirdly, what are the theoretical and practical issues in case an out-of-scope manufacturer is involved? Is there any specific information the distributor shall assess and if so, where to find it? Finally, which consequences arise from the interaction between target market assessment and the suitability/appropriateness assessment under MiFID II? Namely, could the financial instrument be distributed within the so called negative target market and at the same time be appropriate and/or suitable at the level of an individual client as a representative of the negative target market?

中文翻译：

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MiFID II 下的目标市场：经销商的视角

MiFID II 引入的创新之一是产品治理，包括目标市场评估作为产品治理措施的重要组成部分。金融工具的目标市场作为具有共同特征的预期终端客户群，通常由相应金融工具的制造商和分销商共同确定。从相关职责来看，本文是指对经销商施加的职责。该论文解决了以下问题。首先，目标市场是什么，包括经销商的目标市场，目标市场有哪些不同的类型？其次，分销商在评估目标市场时应采用哪些流程和标准？分销商的目标市场与制造商的目标市场如何互动，是否存在摩擦？第三，如果涉及范围外的制造商，理论和实践问题是什么？分销商是否需要评估任何具体信息？如果是，在哪里可以找到？最后，目标市场评估与 MiFID II 下的适宜性/适当性评估之间的相互作用会产生哪些后果？即，金融工具是否可以在所谓的负面目标市​​场内分配，同时适合和/或适合作为负面目标市​​场代表的个人客户？目标市场评估与 MiFID II 下的适宜性/适当性评估之间的相互作用会产生哪些后果？即，金融工具是否可以在所谓的负面目标市​​场内分配，同时适合和/或适合作为负面目标市​​场代表的个人客户？目标市场评估与 MiFID II 下的适宜性/适当性评估之间的相互作用会产生哪些后果？即，金融工具是否可以在所谓的负面目标市​​场内分配，同时适合和/或适合作为负面目标市​​场代表的个人客户？