On 2 August 2021, the European Securities and Markets Authority (ESMA) published a call for advice that it had received from the European Commission.

In the call for advice the Commission asks ESMA to help it with the preparation of legislative proposals implementing certain aspects of the EU retail investment strategy. ESMA is invited by the Commission to provide technical advice in the following areas:

  • Addressing and enhancing investor engagement with disclosures.
  • Drawing out the benefits of digital disclosures.
  • Assessing the risks and opportunities presented by new digital tools and

The technical advice of ESMA will be a key input to the Commission’s work to develop a strategy for retail investments and to make appropriate adjustments to the legislative framework.

In parallel to this call for advice, the Commission services has sent a call for advice to the European Insurance and Occupational Pensions Authority (EIOPA) on similar but not identical aspects regarding the protection of retail investors (investing in insurance-based investment products). ESMA is invited to coordinate closely with EIOPA with respect to the elements that are common to both calls for advice.

The Commission asks ESMA to deliver its report by 30 April 2022.