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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
27/01/2016 ESA/2016/07 The cross-selling of financial products – ESA request to the European Commission , Letter PDF
90.04 KB
27/07/2012 2012/476 Reply of ESMA to the European Commission’s Green Paper on Shadow Banking Letter PDF
175.94 KB
15/02/2012 2012/100 Regulators re-elect Jean Guill, Kurt Pribil and Fernando Restoy to ESMA’s Management Board , Press Release PDF
111.25 KB
18/01/2018 ESMA71-99-930 Product Intervention Call for Evidence PR , Press Release PDF
138.63 KB
08/11/2011 2011/371 Press release- Regulators elect Martin Wheatley to ESMA's Management Board , Press Release PDF
131.43 KB
25/07/2016 2016/1167 Press release- ESMA issues warning on sale of speculative products to retail investors Press Release PDF
147.01 KB
19/12/2018 ESMA71-99-1085 Press release- ESMA consults on measures to promote sustainability in EU capital markets , , Press Release PDF
125.69 KB
15/12/2016 2016/1656 Press release- ESMA appoints new member to its Management Board , Press Release PDF
143.86 KB
27/03/2018 ESMA71-98-128 Press release- ESMA agrees to prohibit binary options and restrict CFDs to protect retail investors , Press Release PDF
235.94 KB
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12/02/2018 ESMA71-99-946 Press release- ESAs warn consumers of risks in buying virtual currencies Press Release PDF
128.93 KB
22/12/2015 2015/1872 Press Release Cross Selling Guidelines Press Release PDF
156.66 KB

The European Securities and Markets Authority (ESMA) has published its Guidelines on Cross-Selling Practices under MiFID II (guidelines) to ensure investors are treated fairly when an investment firm offers two or more financial products or services as part of a package.

The guidelines include principles on:

  • improving disclosures when different products are cross-sold with one another;
  • requiring firms to provide investors with all relevant information in a timely and clear manner;
  • addressing conflicts of interest arising from remuneration models; and
  • improving client understanding on whether purchasing the individual products offered in a package is possible.

The European Supervisory Authorities (ESAs) – EBA, EIOPA and ESMA - initially intended to issue joint guidelines covering all cross-selling practices taking place in the banking, insurance and securities sectors given that cross-selling is often cross-sectoral, and had consulted the stakeholders previously on this basis.

However, in light of legal concerns, the ESAs decided not to issue joint guidelines on cross-selling practices but agreed that ESMA should issue ESMA-only guidelines under MiFID II in order to meet its 3 January 2016 deadline.

While ESMA’s guidelines take into account the results of the ESAs’ joint consultation, the final report focuses on the feedback regarding cross-selling practices under MIFID II. Further, the guidelines are addressed to national regulators supervising the firms which provide MiFID services, when they engage in cross-selling practices.

The ESAs intend to inform the European Commission about the issues encountered and raise the possibility of legislative change to provide a foundation for future joint guidelines.

The guidelines will apply from 3 January 2017.

30/05/2018 ESMA71-99-987 PR on EBA-ESMA statement on retail holders of bail-inable instruments , , Press Release PDF
281.95 KB
29/11/2017 ESMA71-99-661 Peer Review on MiFID Compliance Function Press Release , , Press Release PDF
149.89 KB
01/10/2018 ESMA70-156-236 Letter to the Commission on MiFID II third country regime Letter PDF
152.92 KB
28/01/2014 2013/1941 Letter to Jonathan Faull (EC) regarding draft technical standards , Letter PDF
44.25 KB
23/02/2015 2015/168 Letter to EU Institutions re ESMA’s 2015 Work Programme , , Letter PDF
37.31 KB
Dear Mr Gualtieri, Ms Ribkina and Commissioner Hill, On 30 September 2014 we sent you ESMA’s Work Programme for 2015, which was based on the budget request that had been approved by ESMA’s Board of Supervisors: a budget of €38,639,000 and 147 Establishment Plan posts. The EU budget had not been voted at the time. Following the adoption of the EU budget, ESMA’s 2015 expenditure budget is €33,601,402 (plus an additional €3,100,000 from assigned revenues for tasks delegated from National Competent Authorities) with an Establishment Plan of 137 posts. ESMA’s Board of Supervisors has approved a revised work programme to account for the difference of €5m and 10 Establishment Plan posts; representing a 15% reduction compared to the planned ESMA budget and 7% of its Establishment Plan. ESMA will therefore lack sufficient resources to execute all the tasks that were initially planned for 2015. The Work Programme explains the areas where reprioritisation had to take place, including the risk that ESMA will not fully meet its legal obligations, for instance due to the delay of delivery compared to legally set timetables. A summary of the deprioritised tasks is annexed to the Work Programme and reproduced in the table below. 2014/1200rev ESMA Work Programme
17/11/2015 2015/1513 Letter SM to EC- implementation timeline MiFID MiFIR Letter PDF
85.8 KB
01/10/2018 ESMA35-36-1442 IPISC UK withdrawal from the EU Letter Letter PDF
234.85 KB
15/03/2013 2013/311 Gérard Rameix elected to ESMA’s Management Board , Press Release PDF
106.68 KB
01/06/2018 ESMA71-99-973 ESMA71-99-973 Press Release Product Intervention EUOJ publication , , Press Release PDF
241.5 KB