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Increasing retail access and engagement in capital markets (MiFID II, PRIIPs,…)

Day 2 Afternoon

Thursday 12 September

Room :

Fennia II - Roundtable

Speakers

Chair
Verena Ross - Executive Director, ESMA
Public Authorities
Mario Nava - Director, Horizontal Policies, DG FISMA, European Commission
Ivana Ravlić Ivanović - Head of the Financial System Sector, Ministry of Finance of the Republic of Croatia
Paul-Willem van Gerwen - Head of Efficient Capital Markets Division and Trade Decisions Supervisor, Dutch AFM
Industry Representatives
Simon Janin - Head of Public Affairs, Amundi Asset Management
Sergio Trezzi - Managing Director, Head of EMEA Retail Distribution and LatAm, Invesco Asset Management S.A.
Other stakeholder & expert
Guillaume Prache - Managing Director, Better Finance

Objectives of the session

The objective of this session is to assess the current state of play of retail investment in capital markets in the EU and the conditions for developing retail engagement in capital markets further in the current market environment.

The panel will also discuss the respective roles of the EU and member states in developing retail investment, whether the current EU policy framework and the initiatives underway (MiFID II, PRIIPs, CMU…) are likely to foster the development of retail capital markets in the EU and what changes or additional policy actions might be needed.

Points of discussion

What is the current state of play of retail investment in capital markets in the EU? Should retail investment be further developed and for what reasons? What are the main conditions to do so in the current market environment and do these vary across the EU and different securities markets?

What are the respective roles of the EU and member states in fostering more retail investment? Are the EU initiatives underway (MiFID II, PRIIPs, CMU…) likely to contribute significantly to increasing retail investment in capital markets and what further policy initiatives or adjustments to existing legislations may be needed? Should retail investment channels be further diversified or developed in the EU (e.g. with the development of pension or workplace schemes, in addition to the PEPP, or crowdfunding)?