This paper is of interest to competent authorities, investors and firms that are subject to Directive 2014/65/EU of the European Parliament and of the Council (MiFID II) and to the Regulation 1286/2014/EU of the European Parliament and of the Council (PRIIPs).

ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in Annex 1. Comments are most helpful if they:

1. respond to the question stated;
2. indicate the specific question to which the comment relates;
3. contain a clear rationale; and
4. describe any alternatives ESMA should consider.

ESMA will consider all comments received by 2 January 2022.