Fri, 28/03/2014 - 10:35
The European Securities and Markets Authority (ESMA) has published an opinion on structured retail products, setting out good practices for firms when manufacturing and distributing these products.
The good practices focus on:
ESMA expects national competent authorities to embed these good practices in their supervisory approaches to structured retail product providers.
Steven Maijoor (pictured), ESMA chair, says: “The good practices published today provide a roadmap for both firms and national competent authorities on the practices they should embed, as manufacturers, distributors and supervisors, to ensure the existence of sound product governance arrangements and consistent supervisory practices needed for adequate investor protection across the European Union.”
ESMA considers these good practices will bridge the gap until the MiFID II product governance requirements are further developed and in place. The good practices cover the following areas:
Although the good practices focus on structured products designed for retail customers, they may also be a relevant reference for other types of financial instruments such as asset-backed securities, or contingent convertible bonds, as well as when financial instruments are being sold to professional clients.
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