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:

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

ESMA will consider all comments received up to four weeks following the publication of this
paper.
All contributions should be submitted online at www.esma.europa.eu under the heading ‘Your
input - Consultations’.

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.