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Distinguished ladies and gentlemen, Thank you for allowing us to express our opinion on the proposed Retail Investment Strategy Directive. Ascofind is an Italian association of independent financial advisory firms. Firstly, we would like to welcome the Commission's proposal for a directive which introduces numerous changes to the existing legislation in order to enhance investor protection.

Finance Denmark (FIDA) supports the aims of the Retail Investment Strategy (RIS) to enhance retail investor participation and protection, and to ensure that investors are offered high-quality advice for products and services, which bring them value for money. However, we are concerned with the narrow focus on costs, and we generally find that the effects of the package might not reflect the Commissions intentions.

Dear Sirs, Ascofind is an Italian Association gathering investment firms and financial advisory firms that offer investment advice on an independent basis. A recent Report on financial investments of Italian households, published in December 2020 by the Italian Authority Consob, reveals that only 33% of Italian savers access the financial markets.

Finance Denmark support the initiative of an EU Strategy for Retail Investors and suggest that the well-being of the investor is put at the center of the strategy. Consumer protection in the context of the CMU is about generating trust and transparency, whilst promoting a better investment and saving culture.