European industry comments on client categorisation: A group of European securities associations has written to the Commission setting out its concerns about an internal European Commission proposal to categorise any client as retail when dealing with complex products. The response stresses any decision to do this may lead to the closing of some markets or to certain firms closing down, as they are not designed to operate in a retail client environment. While investors must have the right protections, the associations stress investors must also be encouraged and enabled to take responsibility for their own actions.