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Investor protection policy

Investor protection policy

  

ESMA GUIDELINES

ESMA can issue guidelines (and recommendations) which are addressed to competent authorities or financial market participants. The purpose of these guidelines is to enhance clarity and foster convergence in the implementation of the MiFID conduct of business and organisational requirements.  A full overview of ESMA guidelines and their status is available in the Guidelines and Technical Standards section.

ESMA has issued the following guidelines in the area of MiFID II and Investor Protection:

  • Guidelines on certain aspects of the MiFID suitability requirements
  • Guidelines on remuneration policies and practices (MiFID)
  • Guidelines on certain aspects of the MiFID compliance function requirements
  • Guidelines for the assessment of knowledge and competence
  • Guidelines on complex debt instruments and structured deposits
  • Guidelines on cross-selling practices

ESMA Opinions

ESMA can issue an opinion to competent authorities or financial market participants in order to build a common supervisory culture and consistent supervisory practices. Issuing and opinion can also ensure uniform procedures and consistent approaches throughout the Union.

ESMA Opinion on MiFID practices for firms selling complex products

ESMA Q&As

ESMA can issue Questions and Answers (Q&As) to competent authorities or financial market participants in order to build a common supervisory culture and consistent supervisory practices, as well as ensure uniform procedures and consistent approaches throughout the Union. All Q&As published by ESMA are available on the Q&A page.

  • Q&As on MiFID: Common positions agreed by CESR Members of the Investor Protection and Intermediaries Standing Committee
  • Q&As on Understanding the definition of advice under MiFID
  • Q&As on MiFID in the area of investor protection and intermediaries
  • Q&As on MiFID complex and non complex financial instruments for the purposes of the Directive’s appropriateness requirements
  • Q&As on Best Execution under MiFID
  • Q&As on MiFID II and MiFIR Investor protection topics

MIFID II RTS & ITS

MiFID II/MiFIR empowers ESMA to propose Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS). Furthermore, the European Commission requests ESMA to provide technical advice for the adoption of Commission delegated acts. A full overview of ESMA RTS and ITS is available in the Guidelines and Technical Standards section.

ESMA has issued the following RTS and ITS in the area of MiFID II and Investor Protection:

  • RTS Article 7(4) Authorisation of investment firms
  • RTS Article 27(10) Best Execution
  • RTS Article 34(8) Passporting of investment services  
  • RTS Article 35(11) Passporting of investment services  
  • RTS Article 80(3) Cooperation and exchange of information between NCA  
  • RTS Article 46(7)  Registration of third country firms
  • ITS Article 7(5) Authorisation of investment firms 
  • ITS Article 34(9) Passporting of investment services 
  • ITS Article 35(12) Passporting of investment services 
  • ITS Article 71(7) Sanctions 
  • ITS Article 80(4) Cooperation and exchange of information between NCA  
  • ITS Article 81(4) Cooperation and exchange of information between NCA  
  • ITS Article 84(4) Consultation prior to authorisation  

JOINT COMMITTEE GUIDELINES - ESMA JOINT COMMITTEE GUIDELINES AND OTHER DOCUMENTS

In conjunction with the two other European Supervisory Authorities, EBA and EIOPA, ESMA  (as part of the Joint Committee) can issue guidelines  to ensure cross-sectoral consistency and joint positions in the area of supervision of financial conglomerates and on other cross-sectoral issues. A full overview of ESMA guidelines and their status is available in the Guidelines and Technical Standards section.

The ESAs have issued the following output in the area of MiFID and Investor Protection:

  • Guidelines on complaints-handling for the securities (ESMA) and banking (EBA) sectors
  • Statement on Placement of financial instruments with depositors, retail investors and policy holders ('Self placement')
  • Joint Position on Manufacturers’ Product Oversight & Governance Processes (POG)