Sun. Oct 17th, 2021

MiFID – Investor Protection


Registration will close on 21 November at 23:59.  Connection details will be sent to registered participants.

Hearing on

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, will hold an open hearing for its Call for Evidence on a number of retail investor protection topics under MiFID II. These views will feed into ESMA’s technical advice to the European Commission (EC) on the development of its strategy for retail investment.

The call for evidence as well as the open hearing aim to gather views and qualitative/quantitative information stakeholders may have on the topics as covered by the EC’s request for advice of 27 July 2021. The consultation period will end on 2 January 2022.

This open hearing will primarily be of interest to investor and consumer associations, investment firms and credit institutions performing investment services and activities and to manufacturers of PRIIPs, to any relevant trade associations and industry bodies and members of the academic community.

During the open hearing we will discuss and gather input on the following main topics:

  1. Disclosures: identification of any significant overlaps, gaps, redundancies and inconsistencies across investor protection legislation that might have a detrimental effect on investors. In particular, the call for evidence seeks input on how the rules work from a retail investor perspective – whether consumers can make informed choices, avoid information overload and overly complex information while ensuring investor protection;
  2. Digital disclosures:  an assessment of how regulatory disclosures and communications can work best for consumers in the digital age and proposes options as to how existing rules might be adapted, such as allowing layered information. But also input is sought on the use of gamification apps and services in the financial realm; and
  3. Digital tools and channels: an assessment of both risks and opportunities with respect to retail investing stemming from both the increasing availability of digital tools and the increasing levels of direct investor participation via online trading platforms and robo advisors. In addition, the call for evidence also explores the topic of open finance i.e. how far value chains should be opened up by sharing specific investor data amongst investment firms and third party providers.

Source – ESMA: Call for evidence on retail investor protection aspects