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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
21/10/2015 JC/2015/071 Press release- JC AML CP Final , Press Release PDF
107.76 KB
10/11/2015 2015/1639 Steven Maijoor at Economic and Monetary Affairs Committee, European Parliament, Scrutiny Hearing on MiFID II , Speech PDF
158.43 KB
11/11/2015 JC/2015/078 ESAs consult on PRIIPs key information for retail investors , , Press Release PDF
120.45 KB
04/12/2015 JC/2015/087 ESAs issue discussion paper on automation in financial advice , Press Release PDF
95.61 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.

08/02/2016 2016/268 Opinion on equivalence of Turkish prospectus regime Opinion PDF
98.76 KB
07/04/2016 JC/2016/21 PR Joint Press Release draft RTS on PRIIPs , , Press Release PDF
207.66 KB
07/04/2016 2016/582 ESMA finds room for improvement in national supervision of investment advice to retail clients , , Press Release PDF
107.49 KB
12/05/2016 ESA/2016/41 Opinion of the ESAs- ECAI credit assessments , Opinion PDF
379.79 KB
26/05/2016 2016/739 Speech Financial News 20th Anniversary Awards for Excellence- Steven Maijoor, 26 May 2016, London , Speech PDF
168.88 KB
02/06/2016 2016/903 ESMA reminds firms of responsibilities when selling bail-in securities Press Release PDF
145.75 KB
17/06/2016 2016/982 Opinion on inside information disclosure under the Market Abuse Regulation Opinion PDF
278.89 KB
30/06/2016 2016/1047 Press Release Prospectus Peer Review , Press Release PDF
188.52 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
05/10/2016 2016/1438 ESMA consults on product governance guidelines to safeguard investors , Press Release PDF
152.24 KB
17/11/2016 2016/1584 Safeguarding investors is key to ensuring the capital markets Union’s success , Speech PDF
323.38 KB
02/12/2016 2016/1640 Speech by Verena Ross, ESMA Executive Director at the 2016 Global Capital Markets Conference , Speech PDF
281.71 KB
19/12/2016 2016/JCESA PR Press release- European Supervisory Authorities consult on Big Data , Press Release PDF
150.29 KB
08/02/2017 ESMA71-844457584-346 Review of the European Supervisory Authorities: Opportunities to ensure a safe and sound financial system , Speech PDF
187.98 KB
25/04/2017 ESMA70-145-76 Points for convergence in relation to MAR accepted market practices on liquidity contracts , Opinion PDF
166.37 KB