Call for Evidence on sustainability in suitability and product governance

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Investor protection

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 15 September 2023.

All contributions should be submitted through the response form below.

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 Legal Notice and Data protection section.

Who should read this 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) and their clients. Due to its focus on investor protection issues, this paper is therefore addressed to investors and consumer organisations; to investment firms and credit institutions providing investment advice or discretionary portfolio management services; to UCITS management companies and external Alternative Investment Fund Managers (AIFMs) when providing the investment services of investment advice or individual portfolio management; and to any relevant trade association.

Activity Institution Download
Investment Services tetrateam - Nachhaltige Konzepte OHG
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Investment Services SSMA
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Others FNG - Forum Nachhaltige Geldanalgen e.V.
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Banking AIPB Associazione Italiana Private Banking
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Fintech choyze GmbH
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Insurance, pension & asset management BIPAR (European Federation of Insurance Intermediaries)
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Investment Services International Capital Markets Association (ICMA)
  • 202349
Investment Services BVI
  • 202350
Banking Italian Banking Association
  • 202351
Investment Services European Federation of Financial Advisers and Financial Intermediaries (FECIF)
  • 202352
Banking Dutch Association of Banks (NVB)
  • 202353
Asset Management European Fund and Asset Management Association (EFAMA)
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Banking German Banking Industry Committee
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Banking Febelfin
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AfW - Bundesverband Finanzdienstleistung e. V.
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Others 2° Investing Initiative
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Others AMAFI
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Banking European Association of Co-operative Banks
  • 202373
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Asset Management AFG
  • 202376
Banking Fédération Bancaire Française
  • 202379
  • 202389
Others WWF European Policy Office
  • 202391
Asociación Española de Banca (AEB)
  • 202465