Investor protection : Letter to Apple on preventing online harm from unauthorised financial advertisements

The Chair 28 May 2025 ESMA35-1872330276-2405 Apple Distribution International Limited Hollyhill Industrial Estate Hollyhill Cork T23 YK84 Ireland Ref: Preventing online harm from unauthorised financial advertisements Dear Sir/Madam, The European Securities and Markets Authority (ESMA) is an independent public Authority of the European Union (EU) that was established on 1 January 2011. ESMA’s mission is to enhance investor protection, promote orderly financial markets and safeguard financial stability. I am writing on behalf of ESMA and all the national competent authorities (NCAs) of the 27 Member States of the European Union, as we seek to collaborate with online platforms and digital service providers such as Apple to mitigate the harm caused by unauthorised firms promoting financial products and services through online tools and applications. The increasing spread of online scams targeting retail investors poses a serious risk to investors themselves and to society as a whole, with fraudulent actors exploiting digital platforms to advertise unlawful financial services. These activities often mislead consumers into engaging with firms that lack proper authorisation resulting therefore in financial losses and also in the loss of trust in the financial sector and, more widely, in social media platforms and in the digital environment. We also refer to the recent initiative by the International Organization of Securities Commissions (IOSCO) highlighting...