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ARTICLE · 28 FEBRUARY 2014

Structured Thoughts: News For The Financial Services Community, Volume 5, Issue 2

Morrison Foerster
Morrison Foerster
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Morrison Foerster

Morrison Foerster

With approximately 1,000 lawyers in 19 offices, Morrison & Foerster is a preeminent global law firm...

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The European Securities and Markets Authority finally published its views on the regulation of structured products on 7 February 2014,

United StatesFinance and Banking
Bradley Berman
Bradley Berman
Steven Bleiberg
Steven Bleiberg
Peter Green
Peter Green
Lloyd Harmetz
Lloyd Harmetz
Jeremy Jennings-Mares
Jeremy Jennings-Mares
Lewis Lee
Lewis Lee
Anna Pinedo
Anna Pinedo
Helen Yu
Helen Yu
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Opinions and Warnings – ESMA's Views on Complex Products

The European Securities and Markets Authority (ESMA) finally published its views on the regulation of structured products on 7 February 2014, focusing in particular on selling practices relating to "complex" investments. Accepting that EU regulatory requirements in this area (as set out in the Markets in Financial Instruments Directive (MiFID1)) should already "be sufficient, if correctly applied, supervised and enforced,"2 ESMA felt it necessary to provide a detailed opinion (the "Opinion")3 to national competent authorities (NCAs), serving as both a reminder of their existing duties and obligations when regulating the marketing and sale of complex products under MiFID, as well as providing additional color with respect to the approach that should be taken in order to ensure compliance. The existing approach under MiFID, it feels, is the right one. The execution, however, is lacking—particularly with respect

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