ESMA LIBRARY
The ESMA Library contains all ESMA documents. Please use the search and filter options to find specific documents.
167
REFINE YOUR SEARCH
Sections
- (-) Remove MiFID - Secondary Markets filter MiFID - Secondary Markets
- (-) Remove MiFID - Investor Protection filter MiFID - Investor Protection
- (-) Remove Press Releases filter Press Releases
- Risk Analysis & Economics - Markets Infrastructure Investors (48) Apply Risk Analysis & Economics - Markets Infrastructure Investors filter
- Post Trading (44) Apply Post Trading filter
- Market Integrity (39) Apply Market Integrity filter
- Short Selling (33) Apply Short Selling filter
- Fund Management (32) Apply Fund Management filter
- Supervisory convergence (24) Apply Supervisory convergence filter
- IFRS Supervisory Convergence (23) Apply IFRS Supervisory Convergence filter
- Corporate Disclosure (19) Apply Corporate Disclosure filter
- Joint Committee (19) Apply Joint Committee filter
- Innovation and Products (16) Apply Innovation and Products filter
- COVID-19 (14) Apply COVID-19 filter
- Market Abuse (14) Apply Market Abuse filter
- Credit Rating Agencies (12) Apply Credit Rating Agencies filter
- Corporate Information (11) Apply Corporate Information filter
- Securities and Markets Stakeholder Group (11) Apply Securities and Markets Stakeholder Group filter
- Prospectus (10) Apply Prospectus filter
- Planning reporting budget (8) Apply Planning reporting budget filter
- Benchmarks (7) Apply Benchmarks filter
- Board of Supervisors (7) Apply Board of Supervisors filter
- Market data (7) Apply Market data filter
- Securitisation (7) Apply Securitisation filter
- Sustainable finance (7) Apply Sustainable finance filter
- CCP Directorate (6) Apply CCP Directorate filter
- Brexit (4) Apply Brexit filter
- Trade Repositories (4) Apply Trade Repositories filter
- IAS Regulation (3) Apply IAS Regulation filter
- Corporate Finance (2) Apply Corporate Finance filter
- Guidelines and Technical standards (2) Apply Guidelines and Technical standards filter
- Management Board (2) Apply Management Board filter
- Trading (2) Apply Trading filter
- Vacancies (2) Apply Vacancies filter
- Corporate Governance (1) Apply Corporate Governance filter
- European Single Electronic Format (1) Apply European Single Electronic Format filter
- Transparency (1) Apply Transparency filter
- Warnings and publications for investors (1) Apply Warnings and publications for investors filter
Type of document
- (-) Remove Opinion filter Opinion
- (-) Remove Report filter Report
- (-) Remove Vacancy filter Vacancy
- Press Release (340) Apply Press Release filter
- Reference (183) Apply Reference filter
- Speech (163) Apply Speech filter
- Guidelines & Recommendations (92) Apply Guidelines & Recommendations filter
- Statement (76) Apply Statement filter
- Consultation Paper (60) Apply Consultation Paper filter
- Final Report (48) Apply Final Report filter
- Letter (33) Apply Letter filter
- Investor Warning (27) Apply Investor Warning filter
- Compliance table (18) Apply Compliance table filter
- Q&A (11) Apply Q&A filter
- Technical Standards (8) Apply Technical Standards filter
- Annual Report (7) Apply Annual Report filter
- Decision (7) Apply Decision filter
- Technical Advice (5) Apply Technical Advice filter
- SMSG Advice (2) Apply SMSG Advice filter
Your filters
MiFID - Secondary Markets X Speeches X International cooperation X Securities Financing Transactions X MiFID - Investor Protection X Press Releases X Report X Vacancy X Opinion X
Reset all filtersDate | 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. | |||
02/05/2016 | 2016/666 | Opinion on draft RTS 2 non-equity transparency | MiFID - Secondary Markets | Opinion | PDF 193.79 KB |
||||
02/05/2016 | 2016/666 ANNEX | Annex- Opinion on draft RTS 2 non-equity transparency | MiFID - Secondary Markets | Opinion | PDF 633.28 KB |
||||
02/05/2016 | 2016/668 | Opinion on draft RTS 21 position limits | MiFID - Secondary Markets | Opinion | PDF 152.8 KB |
||||
02/05/2016 | 2016/668 ANNEX | Annex- Opinion on draft RTS 21 position limits | MiFID - Secondary Markets | Opinion | PDF 124.02 KB |
||||
30/05/2016 | 2016/730 | Opinion on draft RTS 20 on ancillary activity | MiFID - Secondary Markets | Opinion | PDF 148.29 KB |
||||
30/05/2016 | 2016/730 ANNEX | Annex- Opinion on draft RTS 20 on ancillary activity | MiFID - Secondary Markets | Opinion | PDF 220.42 KB |
||||
06/06/2016 | 2016/743 | Multi-venue trading increases liquidity in EU equity markets despite duplicate orders | Press Releases, Risk Analysis & Economics - Markets Infrastructure Investors | Report | PDF 247 KB |
||||
24/07/2019 | 2019-ESMA-35-43-1980- | ESMA opinion under Article 43(2) MiFIR (BG_CFD) | MiFID - Investor Protection | Opinion | PDF 98.64 KB |
||||
24/07/2019 | 2019-ESMA-35-43-1985- | ESMA opinion under Article 43(2) MiFIR (DK_CFD) | MiFID - Investor Protection | Opinion | PDF 98.63 KB |
||||
24/07/2019 | 2019-ESMA-35-43-2042- | ESMA opinion under Article 43(2) MiFIR (HR_CFD) | MiFID - Investor Protection | Opinion | PDF 99.31 KB |
||||
24/07/2019 | 2019-ESMA-35-43-2043- | ESMA opinion under Article 43(2) MiFIR (HR_BO) | MiFID - Investor Protection | Opinion | PDF 115.77 KB |
||||
06/04/2020 | ESMA 50-165-1098 | ESMA annual statistical report on performance and costs of retail investment products in the EU- 2020 | Fund Management, Innovation and Products, MiFID - Investor Protection | Report | PDF 4.08 MB |
||||
06/08/2020 | ESMA 70-155-9767 | Opinion on position limits on CEGH VTP | MiFID - Secondary Markets | Opinion | PDF 306.8 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-35-43-1780 | ESMA opinion under Article 43(2) MiFIR (AFM_CFDs) | MiFID - Investor Protection | Opinion | PDF 97.4 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 |