Consultation on the draft RTS for the establishment of an EU code of conduct for issuer-sponsored research

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Responding to this paper 

ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in Annex 1. Comments are most helpful if they:

  • respond to the question stated;
  • indicate the specific question to which the comment relates;
  • contain a clear rationale; and
  • describe any alternatives ESMA should consider.

ESMA will consider all comments received by 18 March 2025.

All contributions should be submitted online.

Publication of responses

All contributions received will be published following the close of the consultation, unless you request otherwise. Please clearly and prominently indicate in your submission any part you do not wish to be publicly disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. A confidential response may be requested from us in accordance with ESMA’s rules on access to documents. We may consult you if we receive such a request. Any decision we make not to disclose the response is reviewable by ESMA’s Board of Appeal and the European Ombudsman.

Data protection

Information on data protection can be found under the heading ‘Legal Notice and Data protection’.

Who should read this paper?

All interested stakeholders are invited to respond to this consultation paper. This paper is primarily of interest to competent authorities, firms that are subject to Directive 2014/65/EU on Markets in Financial Instruments (MiFID II), research providers, issuers, and investors.​

Activity Institution Download
Others Eumedion
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Others CNMV's Advisory Committee
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AFG
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Banking Austrian Federal Economic Chamber, Division Bank and Insurance
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Others Instituto Español de Analistas
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Regulated markets, exchanges and trading systems Deutsche Börse Group
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Others AlphaValue
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Others Norwegian Securities Dealers Association
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Others EFFAS - European Federation of Financial Analysts' Societies
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Others Euro IRP
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Issuers Deutsches Aktieninstitut e.V.
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Others SFAF French Society of Financial Analysts
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Investment Services Finance Denmark
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Others Finance Finland
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Others Deutsche Vereinigung für Finanzanalyse und Asset Management e. V. (DVFA)
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Banking BNP Paribas
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Others AFME
  • 209915
Banking Febelfin
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Investment Services Swedish Securities Markets Association
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Asset Management German Investment Funds Association BVI
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Banking European Association of Co-operative Banks
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Legal and Accountancy ANSA
  • 209930
  • 209931
Others AMAFI
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Investment Services Bundesverband der Wertpapierfirmen (bwf)
  • 209939
Others BETTER FINANCE
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AMF Italia
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