Delegation meets Steven Maijoor, who leads the European Securities and Markets Authority
BRUSSELS, 3 December 2014 – An ESBG delegation led
by ESBG President François Pérol met today with ESMA Chair Steven Maijoor.
During the meeting, ESBG strongly reaffirmed its position on
the treatment of inducements in the context of the MiFID’s new investor
protection rules on the remuneration of financial advisors. ESMA representatives took note of an ESBG warning that too restrictive requirements
will endanger the inducement-based advice in Europe as it appears in a context
of a set of new requirements that cut banks’ source of revenues.
ESMA clarified, however, that the client will need to have a service in return of the
remuneration perceived by the advisor and that it will need to be “enhancing”.
They assured that what is prepared by them is only an advice and does not have
to be followed by the European Commission, leaving room for continuing the
dialogue with European Commission competent services.