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Reset all filters| Date | Ref. | Title | Section | Type | Download | Info | Summary | Related Documents | Translated versions |
|---|---|---|---|---|---|---|---|---|---|
| 27/03/2014 | 2014/332 | Structured Retail Products- Good practices for product governance arrangements | MiFID - Investor Protection, Innovation and Products | Opinion | PDF 203.1 KB |
Legal basis 1. Regulation (EU) No 1095/2010 (ESMA Regulation) sets out the European Securities and Markets Authority’s (ESMA) scope of action, tasks and powers which include “enhancing customer protection”, and “foster[ing] investor protection”. 2. In order to continue delivering on this investor protection statutory objective, ESMA is issuing this opinion on certain aspects linked to the manufacturing and distribution of structured retail products (SRP). This opinion takes into account relevant work done in this field both at European and interna-tional level. 3. This opinion is without prejudice to the requirements for the provision of investment services and activities established in the Markets in Financial Instruments Directive (MiFID) and its implementing measures (notably, Directive 2006/73/EC), the regulatory developments arising from the MiFID review or existing product rules that may apply to SRPs. 4. ESMA’s competence to deliver an opinion is based on Article 29(1) (a) of the ESMA Regulation. In accordance with Article 44(1) of the ESMA Regulation, the Board of Supervisors has adopted this opinion. Background 5. In its July 2013 report on ‘Retailisation in the EU’ , ESMA highlighted that, from a consumer protec-tion perspective, retail investors may face difficulties in understanding the drivers of risks and returns of structured products. If retail investors do not properly understand the risk and reward profile of structured products, and if the products are not properly assessed against the risk appetite of retail investors, retail investors might be exposed to unexpected losses and this might lead to complaints, reputational risks for manufacturers and distributors, and a loss of confidence in the regulatory framework and, more broadly, in financial markets. 6. In 2013, ESMA mapped the measures adopted in the EU Member States in relation to complex products in order to identify issues and to better understand the rationale behind national initiatives (by looking at similarities and differences in the various approaches, and reviewing how complexity has been treated in the different EU Members States). 7. As a result, ESMA has developed a broad set of non-exhaustive examples of good practices, attached as Annex 1 hereto, illustrating arrangements that firms - taking into account the nature, scale and complexity of their business - could put in place to improve their ability to deliver on investor protection regarding, in particular, (i) the complexity of the SRPs they manufacture or distribute, (ii) the nature and range of the investment services and activities undertaken in the course of that business, and (iii) the type of investors they target. These good practices should also be a helpful tool for competent authorities in carrying out their supervisory action. Opinion 8. ESMA considers that sound product governance arrangements are fundamental for investor protec-tion purposes, and can reduce the need for product intervention actions by competent authorities. 9. ESMA considers that, when supervising firms manufacturing or distributing an SRP, competent authorities should promote, in their supervisory approaches, the examples of good practices for firms set out in Annex 1 hereto. 10. Although the good practices set out in Annex 1 hereto focus on structured products sold to retail investors, ESMA considers that they may also be a relevant reference for other types of financial in-struments (such as asset-backed securities, or contingent convertible bonds), as well as when financial instruments are being sold to professional clients. 11. The exposure to risk is an intrinsic feature of investment products. The good practices set out in Annex 1 refer to product governance arrangements and do not (and cannot) aim at removing investment risk from products. | |||
| 20/06/2019 | ESMA70-155-2925 | Position limit on French Power Peak contracts | MiFID - Secondary Markets | Opinion | PDF 235.2 KB |
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| 20/06/2019 | ESMA70-155-2941 | Position limit on French Power Base contracts | MiFID - Secondary Markets | Opinion | PDF 232.18 KB |
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| 24/09/2019 | ESMA70-155-5827 | Position limit on EEX Italian Power Peak contracts | MiFID - Secondary Markets | Opinion | PDF 234.36 KB |
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| 24/09/2019 | ESMA70-155-2929 | Position limit on EEX Italian Power Base contracts | MiFID - Secondary Markets | Opinion | PDF 223.5 KB |
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| 20/06/2019 | ESMA70-155-4451 | Position limit on Czech PXE Power Base contract | MiFID - Secondary Markets | Opinion | PDF 261.58 KB |
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| 20/03/2019 | ESMA-70-155-5287 | Position limit notification for Hungarian Future | MiFID - Secondary Markets | Opinion | PDF 537.44 KB |
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| 25/04/2017 | ESMA70-145-76 | Points for convergence in relation to MAR accepted market practices on liquidity contracts | Market Abuse, Market Integrity | Opinion | PDF 166.37 KB |
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| 30/04/2019 | ESMA70-155-2935 | Phelix DEAT Power Peak Futures position limit opinion | MiFID - Secondary Markets | Opinion | PDF 252.75 KB |
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| 30/04/2019 | ESMA70-155-5289 | Phelix DEAT OTF Base Futures position limit opinion | MiFID - Secondary Markets | Opinion | PDF 217.88 KB |
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| 30/04/2019 | ESMA70-155-6353 | Phelix DE Power Peak Futures position limit opinion | MiFID - Secondary Markets | Opinion | PDF 272.08 KB |
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| 13/07/2017 | ESMA70-154-270 | Opinion to support supervisory convergence in the area of secondary markets in the context of the United Kingdom withdrawing from the European Union | Brexit, MiFID - Secondary Markets, Supervisory convergence | Opinion | PDF 181.69 KB |
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| 13/07/2017 | ESMA35-43-762 | Opinion to support supervisory convergence in the area of investment firms in the context of the United Kingdom withdrawing from the European Union | Brexit, MiFID - Investor Protection, Supervisory convergence | Opinion | PDF 236.23 KB |
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| 22/05/2017 | ESMA70-156-117 | Opinion on traded on a trading venue under MiFID II | MiFID - Secondary Markets | Opinion | PDF 155.64 KB |
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| 03/06/2020 | ESMA70-154-165 | Opinion on third-country trading venues for the purpose of transparency under MiFID II / MiFIR | MiFID - Secondary Markets | Opinion | PDF 102.28 KB |
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| 03/06/2020 | ESMA70-156-112 | Opinion on third-country trading venues for the purpose of position limits under MiFID II | MiFID - Secondary Markets | Opinion | PDF 100.21 KB |
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| 27/09/2017 | ESMA70-145-171 | Opinion on the intended accepted market practice on liquidity contracts notified by the CMVM | Market Integrity | Opinion | PDF 364.69 KB |
Link to the revised template describing the Portuguese AMP as established by a decision of the Portuguese CMVM of 9 November 2017 and published in accordance with Article 2 (3) of Commission Delegated Regulation (EU) 2016/908: https://www.esma.europa.eu/sites/default/files/cmvm_annex_-_amp_on_liquidity_contracts.pdf |
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| 23/12/2020 | ESMA70-155-6641 | Opinion on the assessment of pre-trade transparency waivers | MiFID - Secondary Markets | Opinion | |||||
| 16/07/2020 | ESMA70-155-6641 | Opinion on the assessment of pre-trade transparency waivers | MiFID - Secondary Markets | Opinion | PDF 331.36 KB |
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| 02/10/2018 | ESMA70-154-884 | Opinion on the ancillary activity calculations | MiFID - Secondary Markets | Opinion |