In July the European Commission released their long-awaited Retail Investment Strategy, including multiple proposals aimed at boosting retail participation in capital markets. EFAMA has provided comments on this in their ‘Have your say’ forum, where we briefly highlight some of our main concerns.
Retail Investment
EFAMA is a long-standing advocate of a retail investment strategy that gives EU citizens the necessary tools and the confidence to put their savings to work by investing in capital markets - one of the objectives of the CMU project.
We support harmonised rules governing retail investor participation, as well as a greater emphasis on the benefits of investing, as they would go a long way towards offsetting the phenomenon of European households losing their hard-earned wealth to inflation. We also consider investment advice and its availability essential to increasing retail participation in European capital markets, along with improved financial disclosures and increased financial literacy.
Related policy positions
Policy Position
Distribution ＆ Client Disclosures
Retail Investment
02 September 2023
EC "HAVE YOUR SAY" consultation on the EU Strategy for Retail Investors
Policy Position
Distribution ＆ Client Disclosures
Retail Investment
16 December 2022
Joint Industry letter on the importance of advice and preserving the commission-based model
EFAMA, together with EBF, Insurance Europe, EACB, EAPB, ESBG and EUSIPA, issued a public letter addressed to Vice-President Dombrovskis, Commissioners McGuinness and Director-General Berrigan, remarking the importance of advice for European retail investors and the need to maintain the coexistence of fee-based and commission-based advice.
Policy Position
Distribution ＆ Client Disclosures
Retail Investment
10 October 2022
ESMA’s Consultation paper on the review of the guidelines on MiFID II product governance requirements
EFAMA wholeheartedly supports ESMA’s objective of ensuring a consistent and harmonised application of the MiFID II product governance requirements. In our response to their consultation on the topic, we raised the following points:
Related news
Policy Position
Distribution ＆ Client Disclosures
Retail Investment
10 October 2022
ESMA’s Consultation paper on the review of the guidelines on MiFID II product governance requirements
EFAMA wholeheartedly supports ESMA’s objective of ensuring a consistent and harmonised application of the MiFID II product governance requirements. In our response to their consultation on the topic, we raised the following points:
Policy Position
Distribution ＆ Client Disclosures
Retail Investment
07 July 2022
EU Commission targeted consultation on open finance framework and Data sharing in the financial sector
EFAMA appreciates the opportunity to comment on the European Commission's Targeted consultation on open finance framework and data sharing in the financial sector.
Policy Position
Retail Investment
31 May 2022
EC CfE ON RETAIL INVESTMENT – NEW PACKAGE OF MEASURES TO INCREASE CONSUMER PARTICIPATION IN CAPITAL MARKETS
EFAMA wholeheartedly supports a retail investment strategy that gives EU citizens the necessary tools and the confidence to put their savings to work by investing in capital markets.
Related publications
Publication
Retail Investment
27 November 2023
Retail Investment Strategy: Positive elements for European Investors and ones that should be reconsidered
The European Commission’s proposal for a Retail Investment Strategy is currently being debated within the European Parliament and Council. As a contribution to this discussion, EFAMA have produced a short leaflet which summarises the needs of EU retail investors, what the proposal gets right, and alternative proposals to consider, with a special focus on disclosures and advice.
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