ESMA launches call for evidence on retail investor journey under MiFID II

The European Securities and Markets Authority (ESMA) has launched a call for evidence (CfE), accompanied by a press release, to gather input on the retail investor journey in capital markets under the revised EU Markets in Financial Instruments Directive (MiFID II). The CfE aims to assess whether regulatory or non-regulatory barriers may discourage retail investor participation in capital markets. The CfE considers:

• Retail market trends, including the growing appeal of speculative products among younger investors and the rising influence of social media on investment decisions.
• Specific regulatory requirements under MiFID II, such as regulatory disclosures and assessment of suitability and appropriateness, which can impact retail investors.
• Additional areas such as the investor experience under the European crowdfunding framework and broader reflections on how to achieve the right balance between investor protection and enabling informed risk-taking.

ESMA has also published a summary of the CfE to facilitate responses by consumers and related organisations. The deadline for comments to the CfE is 21 July. ESMA will use the responses to assess, in Q3 2025, whether specific clarifications or regulatory adjustments are needed.

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