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Retail investment strategy:  main objectives and policy priorities

Day 2 Morning

Thursday 09 September

Room :

Plenary Room 1


Rodrigo Buenaventura
Chairman - Spanish Securities and Exchange Commission (CNMV)
Public Authorities
Isabel Benjumea
MEP, ECON Committee - Committee on Economic and Monetary Affairs, European Parliament
Martin Merlin
Director, Banks Insurance and Financial Crime, DG FISMA - DG for Financial Stability, Financial Services and Capital Markets Union, European Commission
Jean-Paul Servais
President - Financial Services and Markets Authority, Belgium (FSMA)
Industry Representatives
Christoph Bergweiler
Chief Executive Officer, Conducting Officer and Member of the Board of Directors - J.P. Morgan Asset Management
Christian Hyldahl
Managing Director, Co-Head of Continental Europe & Head of Nordics - BlackRock
Thomas Schaufler
Member of the Management Board - Erste Group Bank AG
Other stakeholder & expert
Guillaume Prache
Managing Director - Better Finance

This session will first discuss the current trends regarding retail investment and the main obstacles and challenges to the further development of retail investment across the Union. The panel will also assess the policy priorities for developing retail investment that should be considered in the context of the forthcoming retail investment strategy and how these may build on and complete existing frameworks and on-going initiatives to review capital market regulations (such as the CMU action plan, on-going reviews of MiFID 2, IDD, PRIIPs).

Points of discussion

  1. How is retail investment evolving in the EU? What changes have been observed since the beginning of the Covid crisis and what are the longer term prospects? Is it relevant that retail investment becomes more prevalent in EU capital markets? What are the main obstacles and challenges to the growth of retail investment in the EU?
  2. What key policy priorities should be pursued in the forthcoming retail investment strategy? What improvement should be brought to the existing EU distribution frameworks (MIFID 2, IDD, PRIIPs…) and investment product frameworks in the context of their on-going review? Are improvements at the investment product, distribution and investor protection levels sufficient for significantly increasing retail investment or would more structural measures be needed e.g. concerning pensions, tax, the further integration of EU capital markets …?