Call for evidence on the retail investor journey: understanding retail participation in capital markets

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
• are accompanied by explanations, practical examples, or evidence drawn from experience.

ESMA will consider all comments received by 21 July 2025. 

All contributions should be submitted online on this consultation page.

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

Personal data contained in the file will be published as submitted. If you don't wish such personal data to be publicly available, you should not include personal data within the document you upload to a public consultation. Alternatively, you may choose the option not to have your response published on the ESMA website. For further details on data processing, please refer to the record register.

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

Who should read this paper?

This paper is primarily addressed to investor and consumer organisations, as it seeks input on how retail investors experience key aspects of the investment process and whether certain regulatory requirements support or hinder their engagement with capital markets.

The paper is also relevant to investment firms, credit institutions, and other entities subject to Directive 2014/65/EU on Markets in Financial Instruments (MiFID II) when providing investment services (“firms” or “investment service providers”) as well as to trade associations and other stakeholders involved in financial regulation, investor education, and retail investment market developments.