ESMA LIBRARY
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Date | Ref. | Title | Section | Type | Download | Info | Summary | Related Documents | Translated versions |
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28/05/2014 | 2014/576 | Voting Procedures for CCP colleges under EMIR | Post Trading | Opinion | PDF 94.15 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. | |||
28/10/2019 | ESMA22-106-1990 | SMSG Opinion on ESMA's Report on performance and cost of retail investment products | Securities and Markets Stakeholder Group | Opinion | PDF 148.41 KB |
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31/10/2018 | ESMA22-106-1296 | SMSG Opinion on EC request to ESAs on cost and performance of retail investment, insurance and pension products | Securities and Markets Stakeholder Group | Opinion | PDF 152.91 KB |
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09/03/2015 | 2015/511 | Revised opinion on draft RTS on the clearing obligation on interest rate swaps | Post Trading | Opinion | PDF 336.52 KB |
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15/03/2013 | 2013/312 | Regulatory technical standards on colleges for central counterparties supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 | Post Trading | Opinion | PDF 151.67 KB |
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01/08/2013 | 2013/1072 | Practical arrangements for the late transposition of the AIFMD | Fund Management | Opinion | PDF 93.1 KB |
The European Securities and Markets Authority (ESMA) has published an Opinion on arrangements for the late imposition of the AIFMD. The scope of the opinion is confined to the provision of collective portfolio management services. Arrangements before implementation of the Directive in all Member States Notification of marketing of EU AIFs when the host MS of the AIFM has not transposed the Directive (Articles 31 and 32 of the Directive) ESMA believes that, if the Directive has been transposed in the home MS of the AIFM, the competent authority of the host MS of the AIFM (Article 32) or home MS of the AIFM (Article 31) may not refuse a valid notification under the Directive on the ground that the Directive has not yet been transposed in the host MS. This applies irrespective of whether the marketing is done using the freedom to provide services or by means of a branch. Management passport (Article 33 of the Directive) ESMA believes that AIFMs established in a MS that has transposed the Directive should be able to manage an EU AIF via the management passport, both using the freedom to provide services or by means of a branch, in a MS where the Directive has not been transposed, irrespective of the provisions currently in place in such jurisdiction since the relevant provisions of the Directive are of a self-executing nature, and provided the AIFM is authorised to manage that type of AIF in accordance with Article 33(1) of the AIFMD. Any local restrictions on AIFMs that are not in accordance with the AIFMD will need to be disapplied. | |||
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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13/04/2016 | 2016/592-594 | Opinions on Pension Schemes Exemptions | Post Trading | Opinion | PDF 273.73 KB |
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02/02/2016 | 2016/184-199 | Opinions on Exemptions from the clearing obligation for pension schemes | Post Trading | Opinion | PDF 388.77 KB |
Today’s document published by ESMA contains opinions on 16 UK-based pension schemes where the UK Financial Conduct Authority (FCA) is the competent authority for securities markets. After the exemptions are granted by the FCA, ESMA will publish the list of the types of entities/ arrangements that have been exempted. |
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13/10/2011 | 2011/342 | Opinion- Practical arrangements for the late transposition of the UCITS IV Directive | Fund Management | Opinion | PDF 41.33 KB |