EFAMA appreciates the opportunity to comment on the European Commission's Targeted consultation on open finance framework and data sharing in the financial sector.
Retail Investment
EFAMA is a long-standing advocate of a retail investment strategy that gives EU citizens the necessary tools and the confidence to put their savings to work by investing in capital markets - one of the objectives of the CMU project.
We support harmonised rules governing retail investor participation, as well as a greater emphasis on the benefits of investing, as they would go a long way towards offsetting the phenomenon of European households losing their hard-earned wealth to inflation. We also consider investment advice and its availability essential to increasing retail participation in European capital markets, along with improved financial disclosures and increased financial literacy.
Related policy positions
Policy Position
Distribution ＆ Client Disclosures
Retail Investment
07 July 2022
EU Commission targeted consultation on open finance framework and Data sharing in the financial sector
Policy Position
Retail Investment
31 May 2022
EC CfE ON RETAIL INVESTMENT – NEW PACKAGE OF MEASURES TO INCREASE CONSUMER PARTICIPATION IN CAPITAL MARKETS
EFAMA wholeheartedly supports a retail investment strategy that gives EU citizens the necessary tools and the confidence to put their savings to work by investing in capital markets.
Policy Position
Distribution ＆ Client Disclosures
Retail Investment
24 May 2022
IOSCO Retail Market Conduct Task Force Report
EFAMA appreciates the opportunity to respond to the IOSCO Retail Market Conduct Task Force's consultation on retail investment trends.
In our view, the IOSCO report provides a comprehensive picture of the retail market trends and risk magnifiers.
We also take the opportunity to share our views on the following areas:
Related news
Viewpoint
Capital Markets
Competitiveness
Retail Investment
Pensions
23 September 2026
The key is to grow pension assets across the EU
This article was published in Börsen-Zeitung on 15 September 2026.
Tanguy van de Werve, Director General at the European Fund and Asset Management Association, discusses new legislation working its way through Brussels – and why he views pension reform as the real key to providing the capital needed for economic growth.
Viewpoint
Retail Investment
08 July 2026
The illusion of the finish line: why the EU’s Retail Investment Strategy is far from “done”
This article was published in Funds Europe on 7 July 2026.
Press Release
Retail Investment
09 June 2026
EU Member States endorse Retail Investment Strategy that runs counter to SIU objectives
Latest decision is a major missed opportunity to boost retail participation in Europe
Related publications
Publication
Capital Markets
Capital Markets Union
Retail Investment
22 January 2024
Household Participation in Capital Markets
This report analyses the progress made in recent years by European households in allocating more of their financial wealth to capital market instruments (pension plans, life insurance, investment funds, debt securities and listed shares) and less in cash and bank deposits. It also includes policy recommendations on improving retail participation in capital markets, including for the Retail Investment Strategy currently under discussion.
Some key findings include:
Publication
Retail Investment
27 November 2023
Retail Investment Strategy: Positive elements for European Investors and ones that should be reconsidered
The European Commission’s proposal for a Retail Investment Strategy is currently being debated within the European Parliament and Council. As a contribution to this discussion, EFAMA have produced a short leaflet which summarises the needs of EU retail investors, what the proposal gets right, and alternative proposals to consider, with a special focus on disclosures and advice.
Contact
Senior Regulatory Policy Advisor
