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ESMA comments on a number of topics covered by the consultation: product characteristics of a possible EU personal pension product, information to policyholders and distribution rules.
This response should be considered in the broader context of ESMA’s responses to the CMU Green Paper1 and to the EC Green Paper on Retail Financial Services2 which, amongst other aspects, stated ESMA’s interest in the European Commission’s plan to contribute to the assessment of the case for a policy framework for personal pensions.
ESMA wishes to share with the Commission some reflections on a number of topics mentioned in the Consultation which appear relevant to ESMA. These reflections have been developed assuming that the potential EU framework for personal pensions could be established as a voluntary 29th/2nd regime.
ESMA however takes note of the option of establishing a European personal account and wishes to express our willingness to be involved in any further reflections on this option – should this model be further explored – as well as invite the Commission to consider that any chosen model complies with EU investor protection standards, also taking into account ESMA’s views mentioned hereafter, and Commission’s objectives to establish simple, safe personal pension products and to address the current obstacles linked to complexity and lack of understanding from consumers.