ESBG meets ESMA leader


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.