On 19 April 2022, the European Securities and Markets Authority (ESMA) published a letter that it had sent to the European Commission setting out certain observations on the Commission’s consultation on options to enhance the suitability and appropriateness assessments. Among other things, the ESMA notes in the letter that the Commission’s proposal to apply a unique and standardised retail investor assessment regime that no longer differentiates among the various investment services might raise questions of whether a “one size fits all” approach can effectively serve all different types of retail investors and situations.