ESMA call for evidence on the retail investor journey: understanding retail participation in capital markets
On 21 May 2025, the European Securities and Markets Authority (ESMA) launched a Call for Evidence (CfE) on the retail investor journey under MiFID II: ESMA asks input on the retail investor journey as part of simplification and burden reduction efforts.
This CfE is primarily addressed to investor and consumer organisations, seeking insights into how retail investors experience key stages of the investment process, and whether certain regulatory requirements support or hinder their participation in capital markets. The CfE is also relevant for investment firms, credit institutions, and other MiFID II investment service providers as well as for industry associations and other stakeholders.
The purpose of the CfE is to collect feedback from stakeholders that will help ESMA gain a better understanding of how retail investors engage with investment services, and to identify any regulatory or non-regulatory obstacles that may limit their engagement.
Stakeholders are invited to provide their input to ESMA by 21 July 2025.