ESMA LIBRARY
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Reset all filters| Date | Ref. | Title | Section | Type | Download | Info | Summary | Related Documents | Translated versions |
|---|---|---|---|---|---|---|---|---|---|
| 22/06/2012 | 2012/382 | MiFID Q&A in the area of investor protection and intermediaries | MiFID - Investor Protection | Q&A | PDF 319.78 KB |
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| 20/03/2013 | 2013/317 | Framework for the assessment of third country prospectuses under Article 20 of the Prospectus Directive | Prospectus, Corporate Disclosure | Opinion | PDF 725.59 KB |
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| 18/12/2013 | 2013/1944 | Format of the base prospectus and consistent application of Article 26(4) of the Prospectus Regulation | Prospectus, Corporate Disclosure | Opinion | PDF 75.6 KB |
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| 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 |
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| 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. | |||
| 08/02/2016 | 2016/268 | Opinion on equivalence of Turkish prospectus regime | Prospectus | Opinion | PDF 98.76 KB |
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| 31/03/2017 | ESMA35-36-794 | Q&A Relating to the provision of CFDs and other speculative products to retail investors under MiFID | MiFID - Investor Protection | Q&A | PDF 948.76 KB |
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| 31/05/2017 | ESMA42-110-433 | General Principles to support supervisory convergence in the context of the UK withdrawing from the EU | Brexit, Supervisory convergence | Opinion | PDF 182.68 KB |
The European Securities and Markets Authority’s (ESMA) competence to deliver an opin-ion is based on Article 29(1)(a) of Regulation (EU) No 1095/2010 of the European Parliament and of the Council (ESMA Regulation). In accordance with Article 44(1) of the ESMA Regulation, the Board of Supervisors has adopted this opinion. |
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| 13/07/2017 | ESMA35-45-344 | Opinion to support supervisory convergence in the area of investment management in the context of the United Kingdom withdrawing from the European Union | Brexit, Fund Management, Supervisory convergence | Opinion | PDF 246.6 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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| 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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| 09/11/2018 | ESMA35-36-1262 | Technical Q&As on product intervention measures on CFDs and binary options | MiFID - Investor Protection | Q&A | PDF 147.84 KB |
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| 02/04/2019 | ESMA-35-43-1780 | ESMA opinion under Article 43(2) MiFIR (AFM_CFDs) | MiFID - Investor Protection | Opinion | PDF 97.4 KB |
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| 02/04/2019 | ESMA-35-43-1776 | ESMA opinion under Article 43(2) MiFIR (AFM_BO) | MiFID - Investor Protection | Opinion | PDF 97.69 KB |
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| 02/04/2019 | ESMA-35-43-1797 | ESMA opinion under Article 43(2) MiFIR (KNF_BO) | MiFID - Investor Protection | Opinion | PDF 101.6 KB |
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| 02/04/2019 | ESMA-35-43-1811 | ESMA opinion under Article 43(2) MiFIR (FCA_BO) | MiFID - Investor Protection | Opinion | PDF 110.99 KB |
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| 11/04/2019 | ESMA31-62-780 | Q&A on Prospectus Related Topics | Brexit, Corporate Disclosure, Corporate Finance, Corporate Governance, Corporate Information, Prospectus, Supervisory convergence | Q&A | PDF 957.9 KB |
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| 11/04/2019 | ESMA31-67-127 | Question and answers on Transparency Directive (TD) | Brexit, Corporate Disclosure, Corporate Finance, Supervisory convergence, Transparency | Q&A | PDF 352.79 KB |
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| 13/05/2019 | ESMA-35-43-1877 | ESMA opinion under Article 43(2) MiFIR (AT_BO) | MiFID - Investor Protection | Opinion | PDF 99.61 KB |
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| 13/05/2019 | ESMA35-43-1906 | ESMA opinion under Article 43(2) MiFIR (AT_CFD) | MiFID - Investor Protection | Opinion | PDF 105.71 KB |