On 7 February 2014, the European Securities and Markets Authority ("ESMA") published an opinion on MiFID practices for firms selling complex products (ESMA/2014/146).
The opinion is intended to remind national supervisors and investment firms of the minimum standards applicable when complex products (which according to ESMA include most types of structured product) are marketed to retail investors.
ESMA is concerned that compliance with MiFID selling practices may have fallen short of expected standards and that complex investment products previously only available to professional clients are in some cases being provided to retail investors who may not fully understand the products.
ESMA has also issued an EU-wide investor warning to raise awareness about the risks of investing in complex products.
ESMA's Opinion is available at: http://www.esma.europa.eu/system/files/ipisc_complex_products_- _opinion_20140105.pdf
ESMA's investor warning is available at: http://www.esma.europa.eu/system/files/investor_warning_- _complex_products_20140207_-_en_0.pdf
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