The European Securities and Markets Authority (ESMA) today publishes a call for evidence on a number of retail investor protection topics under MiFID II.
ESMA is seeking information from stakeholders on three topics:
- Disclosures – identification of any significant overlaps, gaps, redundancies and inconsistencies across investor protection legislation that might have a detrimental effect on investors;
- 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; and
- 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 – how value chains should be opened up by sharing specific investor data amongst investment firms and third party providers.