Frankfurt-based counsel Hartmut T. Renz published “ESMA Opinion on Structured Retail Products – Good Practices for Product Governance Arrangements“ in Journal of Investment Compliance No. 4/2014 in collaboration with Kaye Scholer colleagues Ingrid Kalisch, Stuart Axord and George Williams Jr.
The article explains supervisory practices of European Securities and Markets Authority (ESMA) and their recommendations for the distribution and manufacturing of structured retail products. Payment instruments are discussed in relation to so-called target markets and product governance requirements, the definitions of which are currently heavily debated in MIFID 2 discussions. The article explains the bridge presented by ESMA, connecting supervisory practice as part of MiFID 1 with the ongoing discussions concerning implementation of MiFID2 requirements.
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