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Retail Investment Strategy: are we tackling the main issues?

Day 2 Afternoon

Thursday 27 April

Room :



Rodrigo Buenaventura
Chairman - Spanish Securities and Exchange Commission (CNMV)
Public Authorities
Jos Heuvelman
Member of the Executive Board  - Dutch Authority for the Financial Markets
Fausto Parente
Executive Director - European Insurance and Occupational Pensions Authority
Jérôme Reboul
Head of the Regulatory Policy and International Affairs Directorate - Autorité des Marchés Financiers
Verena Ross
Chair - European Securities and Markets Authority
Andreas Wimmer
Member of Board of Management, Head of Asset Management Division & Allianz Life in the U.S. - Allianz SE
Industry Representatives
Sergiu Cristian Manea
Chief Executive Officer & Chairman of Management Board - Romanian Commercial Bank (BCR)
Elisabeth Sterner
Head of Nordic Region - BlackRock
Patrick Thomson
Chief Executive Officer, EMEA - J.P. Morgan Asset Management
Other stakeholder & expert
Guillaume Prache
Managing Director - Better Finance


This session will discuss the main options currently being considered in the preparation of the EU Retail Investment Strategy and identify the key priorities that this initiative should focus on, taking into account the potential benefits and unintended consequences for the different stakeholders concerned. The first part of the discussion will focus on the issues relating to value-for-money and inducements and in a second round of discussion we will cover the other issues and priorities that the upcoming Retail Investment Strategy should focus on in the areas of disclosure, suitability and supervision in particular.

Points of discussion

  1. Value-for-money and inducements: Do inducements have major consequences for retail investors? Would further requirements regarding inducements be beneficial for retail investors, what are the main options to consider and what impacts are expected? What does the concept of value-for-money encompass? How important is the improvement of value-for-money for developing retail investment and what are the main issues that need tackling? What effects can be expected from the measures proposed by the ESAs for enhancing product governance requirements?
  2. Other key priorities of the Retail Investment Strategy (RIS): What are the other main priorities to focus on for developing retail participation? Are there best practices that may be considered in the context of the RIS and how can digitalisation be taken advantage of in this context? What role can the supervisory framework play in developing retail investment? Can a common approach to the RIS be defined across the EU or should actions be more differentiated across member states according to the maturity of capital market investment?