Page 25 - 期货和衍生品行业监管动态（2025年5月刊）

期货和衍生品行业监管动态

月 21 日前提交意见。

基于反馈结果，ESMA 将与各成员国监管机构共同评估是否需要通过特定监

管调整或澄清来加强投资者保护并提高散户对金融市场的参与度。

ESMA Asks Input on the Retail Investor Journey as Part of Simplification and

Burden Reduction Efforts (2025/5/21)

The European Securities and Markets Authority (ESMA), the EU’s financial

markets regulator and supervisor, has today launched a Call for Evidence (CfE) on the

retail investor journey under MiFID II.

The purpose of this CfE is to gather feedback from stakeholders to better

understand how retail investors engage with investment services, and whether

regulatory or non-regulatory barriers may be discouraging participation in capital

markets.

The CfE explores:

 key retail market trends, such as the appeal of speculative products for
younger investors and the influence of social media on investment decisions;

 the practical application of MiFID II requirements in areas such as

regulatory disclosures, assessment of suitability and appropriateness; and

 additional areas such as the investor experience under the European

crowdfunding framework and broader reflections on how to strike the right

balance between investor protection and enabling informed risk-taking.

Alongside the CfE, ESMA also publishes a summary of the main points,

translated into all EU languages to facilitate responses from consumers and their

representatives.

Background

As part of broader efforts to support efficient simplification and burden reduction

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