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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
07/02/2014 2014/146 MiFID practices for firms selling complex products MiFID - Investor Protection, Warnings and publications for investors Opinion PDF
122.37 KB
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.
16/02/2015 2015/280 ESMA supervision of Credit Rating Agencies and Trade Repositories Corporate Information, Credit Rating Agencies, Post Trading Annual Report PDF
891.95 KB		 This document reports on the direct supervisory activities carried out by ESMA during 2014 regarding credit rating agencies (CRAs) and trade repositories (TRs) within the European Union (EU). It sets out ESMAs key areas of action during 2014 and outlines ESMA’s main priorities for 2015.
12/05/2016 ESA/2016/41 Opinion of the ESAs- ECAI credit assessments Credit Rating Agencies, Joint Committee Opinion PDF
379.79 KB
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
08/02/2018 ESMA80-199-153 ESMA’s supervision of credit rating agencies, trade repositories and monitoring of third country central counterparties- 2017 Annual Report and 2018 Work Programme Credit Rating Agencies Annual Report PDF
1.03 MB
05/09/2018 ESMA70-151-1651 On the European Commission’s proposed amendments to SFTR Securitisation Opinion PDF
405.72 KB
04/12/2018 ESMA33-9-281 CRA market share report Credit Rating Agencies Annual Report PDF
827.25 KB
10/01/2019 ESMA50-165-731 ESMA annual statistical report on performance and costs of retail investment products in the EU MiFID - Investor Protection, Risk Analysis & Economics - Markets Infrastructure Investors Annual Report PDF
3.43 MB
10/01/2019 ESMA71-99-1081 Press release- ESMA report finds investment product performance highly impacted by charges MiFID - Investor Protection, Risk Analysis & Economics - Markets Infrastructure Investors Annual Report PDF
159.37 KB
31/01/2019 ESMA33-128-600 ESMA Opinion on securitisation RTS Securitisation Opinion PDF
4.02 MB
19/02/2019 ESMA80-199-273 ESMA supervision 2019 work plan and annual report 2018 Credit Rating Agencies Annual Report PDF
622.46 KB
02/04/2019 ESMA-35-43-1780 ESMA opinion under Article 43(2) MiFIR (AFM_CFDs) MiFID - Investor Protection Opinion PDF
97.4 KB
02/04/2019 ESMA-35-43-1776 ESMA opinion under Article 43(2) MiFIR (AFM_BO) MiFID - Investor Protection Opinion PDF
97.69 KB
02/04/2019 ESMA-35-43-1797 ESMA opinion under Article 43(2) MiFIR (KNF_BO) MiFID - Investor Protection Opinion PDF
101.6 KB
02/04/2019 ESMA-35-43-1811 ESMA opinion under Article 43(2) MiFIR (FCA_BO) MiFID - Investor Protection Opinion PDF
110.99 KB
13/05/2019 ESMA-35-43-1877 ESMA opinion under Article 43(2) MiFIR (AT_BO) MiFID - Investor Protection Opinion PDF
99.61 KB
13/05/2019 ESMA35-43-1906 ESMA opinion under Article 43(2) MiFIR (AT_CFD) MiFID - Investor Protection Opinion PDF
105.71 KB
13/05/2019 ESMA35-43-1906 ESMA opinion under Article 43(2) MiFIR (AT_CFD) MiFID - Investor Protection Opinion PDF
105.71 KB
28/05/2019 ESMA-35-43-1913 ESMA opinion under Article 43(2) MiFIR (FI_BO) MiFID - Investor Protection Opinion PDF
97.11 KB

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