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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
03/05/2004 04-207 Summary of the responsibilities of the new authorities joining CESR. Annex to Press Release ref:CESR/04-203 CESR Archive Press Release PDF
120.94 KB
01/08/2002 02-159 Summary of the responses to the ESCB/CESR call for contributions on European clearing and settlement systems CESR Archive Final Report PDF
60.37 KB
20/04/2002 02-060 Summary of responses to the second consultation on Stabilisation and Allotment CESR Archive Final Report PDF
79.95 KB
28/10/2004 04-349 Summary of responses to the consultation on the Role of CESR at “Level 3” Under the Lamfalussy Process CESR Archive Final Report PDF
120.6 KB
17/10/2008 08-514b Summary of responses to Questionnaire on Transposition of the Transparency Directive CESR Archive Final Report PDF
84.13 KB
19/11/2010 10-1415 Summary of responses from investment firms and execution venues to CESR’s 2009 Best Execution Questionnaire (Sections 1-4) CESR Archive Reference PDF
346.24 KB
20/11/2007 07-753 Summary of key points for retail investors arising from CESR consultation on key investor information disclosures for UCITS CESR Archive Final Report PDF
87.32 KB
01/04/2008 08-113 Summary of CESR’s self assessment of the implementation of the guidelines to simplify the notification procedure of UCITS CESR Archive Final Report PDF
1.02 MB
06/07/2009 09-212 Summary of CESR’s self assessment of the implementation of Standard No 2 on financial information – Coordination of enforcement activities CESR Archive Final Report PDF
719.48 KB
22/10/2004 04-572 Summary of answers to consultation on Clearing and Settlement Systems CESR Archive Final Report PDF
181.11 KB
12/01/2004 04-015 Summary and Responses on the Committee of European Securities Regulators (CESR) and the European System of Central Banks (ESCB) joint consultation on Standards for Securities Clearing & Settlement Systems in the European Union CESR Archive Final Report PDF
133.85 KB		 This note summarises the responses to the ESCB-CESR public consultation on the consultative report entitled
07/04/2016 2016/584 Suitability Peer Review- Final Report MiFID - Investor Protection, Supervisory convergence Final Report PDF
459.35 KB
07/04/2016 2016/585 Suitability Peer Review- Annex MiFID - Investor Protection, Supervisory convergence Final Report PDF
987.81 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.
23/03/2001 ResolutionStockholm Stockholm Resolution CESR Archive Reference PDF
18.53 KB		 Resolution of the European Council on more effective securities market regulation in the European Union Stockholm, 23 March 2001
12/10/2020 ESMA22-105-1248 Steven Maijoor Opening Statement for ECON Hearing 12 October 2020 Board of Supervisors, Brexit, Corporate Information, COVID-19, Joint Committee, Speeches Statement PDF
134.36 KB
03/04/2019 ESMA71-319-93 Steven Maijoor Keynote speech- BETTER FINANCE 10th Anniversary 2019 Fund Management, MiFID - Investor Protection, Risk Analysis & Economics - Markets Infrastructure Investors, Speeches Speech PDF
165.49 KB
10/11/2015 2015/1639 Steven Maijoor at Economic and Monetary Affairs Committee, European Parliament, Scrutiny Hearing on MiFID II MiFID - Investor Protection, Speeches Speech PDF
158.43 KB
25/09/2000 Compilation-offering Status of implementation of the standards for participants in an offering CESR Archive Final Report PDF
569.8 KB
09/11/2020 ESMA70-155-10958 Statement_Brexit_ESMA IT systems_2020Q4 Brexit Statement PDF
163.2 KB

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