FIA EPTA appreciates the opportunity to provide feedback to the European Securities and Markets Authority (ESMA) on the call for evidence On the European Commission mandate on certain aspects relating to retail investor protection. FIA EPTA considers that regulatory measures should be taken to encourage and highlight the benefits of exchange-listed products. Retail investors should be protected against any product or market structure that is not transparent, overly complex or clearly jeopardising retail investor interests via corrosive conflicts of interest. Products that meet requirements of simplicity and are traded on a trading venue should be accessible, paired with sufficient and simple communication on risks and characteristics. Any other products should be measured against a test of 1) transparency of the market and 2) transparency of the product itself, addressing inherent conflicts of interest with the issuer of any product.
