ESMA LIBRARY

The ESMA Library contains all ESMA documents. Please use the search and filter options to find specific documents.
207
DOCUMENTS

REFINE YOUR SEARCH

Sections

Type of document

Your filters
MiFID - Investor Protection X MiFID - Secondary Markets X Corporate Information X Board of Supervisors X Fund Management X Corporate Disclosure X Joint Committee X Prospectus X Opinion X Summary of Conclusions X
Reset all filters
Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
30/04/2020 ESMA22-106-2146 Summary of Conclusions Board of Supervisors conference call- 18 March 2020 Summary of Conclusions PDF
147.09 KB
30/04/2020 ESMA22-106-2136 Summary of Conclusions Board of Supervisors conference call- 16 March 2020 Summary of Conclusions PDF
182.1 KB
15/05/2020 ESMA22-106-2343 Summary of Conclusions Board of Supervisors conference call- 15 April 2020 Summary of Conclusions PDF
171.42 KB
30/04/2020 ESMA22-106-2133 Summary of Conclusions Board of Supervisors conference call- 13 March 2020 Summary of Conclusions PDF
129.85 KB
14/04/2020 ESMA22-106-2127 Summary of Conclusions Board of Supervisors conference call- 10 March 2020 Summary of Conclusions PDF
151.75 KB
02/07/2020 ESMA22-106-2600 Summary of Conclusions Board of Supervisors conference call- 10 June 2020 Summary of Conclusions PDF
169.74 KB
07/05/2020 ESMA22-106-2274 Summary of Conclusions Board of Supervisors conference call- 1 April 2020 Summary of Conclusions PDF
176.21 KB
15/05/2020 ESMA22-106-2277 Summary of Conclusions Board of Supervisors conference call- 1 April 2020 Summary of Conclusions PDF
155.69 KB
18/10/2019 ESMA22-106-1929 Summary of Conclusions Board of Supervisors Conference call 9 September 2019 Summary of Conclusions PDF
197.84 KB
20/06/2016 2016/BS/117rev1 Summary of Conclusions Board of Supervisors Conference call 28/04/2016 Summary of Conclusions PDF
208.82 KB
19/06/2019 ESMA22-106-1773 Summary of Conclusions Board of Supervisors Conference call 10 April 2019 Summary of Conclusions PDF
151.41 KB
03/04/2018 ESMA22-106-906 Summary of Conclusions Board of Supervisors Conference call 1 March 2018 Summary of Conclusions PDF
167.28 KB
06/08/2019 ESMA22-106-1868 Summary of Conclusions Board of Supervisors Conference call 1 July 2019 Summary of Conclusions PDF
115.69 KB
01/06/2017 ESMA22-106-209 Summary of Conclusions Board of Supervisors Conference call 03/05/2017 Summary of Conclusions PDF
185.2 KB
28/03/2019 ESMA22-106-1685 Summary of Conclusions Board of Supervisors call 5 March 2019 Summary of Conclusions PDF
288.98 KB
27/03/2014 2014/332 Structured Retail Products- Good practices for product governance arrangements , 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.
17/12/2015 2015/BS/232rev SoC November 2015 Board of Supervisors Summary of Conclusions PDF
279.1 KB
21/10/2015 2015/BS/140 SoC June 2015 Board of Supervisors Summary of Conclusions PDF
271.78 KB
09/12/2019 ESMA22-106-1980 SoC ESMA Board of Supervisors October 2019 Summary of Conclusions PDF
311 KB
12/12/2019 ESMA22-106-2009 SoC ESMA Board of Supervisors Conference call November 2019 Summary of Conclusions PDF
136 KB