Contract award notice

Study on Options for Development of Online Tools and Services Supporting Retail Investors in Investment Decisions

Section I: Contracting authority

I.1) Name and addresses

Official name
European Commission — Directorate General for Financial Stability, Financial Services and Capital Markets Union
National registration number
Postal address
SPA2, 07/027
Postal code
NUTS code
BE100 - Arr. de Bruxelles-Capitale / Arr. van Brussel-Hoofdstad
Contact person

Internet address(es)

Main address:

Address of the buyer profile:   -

I.2) Joint procurement

The contract involves joint procurement:   no

In the case of joint procurement involving different countries, state applicable national procurement law:   -

The contract is awarded by a central purchasing body:   no

I.4) Type of the contracting authority

European institution/agency or international organisation

I.5) Main activity

General public services

Section II: Object

II.1) Scope of the procurement

II.1.1) Title

Study on Options for Development of Online Tools and Services Supporting Retail Investors in Investment Decisions

Reference number:   FISMA/2017/117(05)/C

II.1.2) Main CPV code

Main CPV code:   79311400 - Economic research services

Supplementary CPV code:   -

II.1.3) Type of contract


II.1.4) Short description

The objective of the study is to:
— map the most suitable existing and emerging solutions of online tools and services supporting retail investors in investment decisions in the EU and worldwide and assess their risks and opportunities from a consumer perspective,
— propose options for non-legislative initiatives at the EU level and provide their assessment,
— identify a preferred option(s) and provide a project description for its implementation.
The study should consider options to support (further) development of private or public initiatives (e.g. on-line calculators, public databases, private-public initiatives).

II.1.6) Information about lots

This contract is divided into lots:   no

II.1.7) Total value of the procurement (excluding VAT)

Value:   274.200,00

Currency:   EUR

II.2) Description

II.2.1) Title


Lot No:   -

II.2.2) Additional CPV code(s)

Main CPV code:   66171000 - Financial consultancy services

Supplementary CPV code:   -

II.2.3) Place of performance

NUTS code:   00 - N/A

Main site or place of performance:   The tasks are to be performed at the premises designated by the contractor. A maximum of 3 co-ordination meetings with the contracting authority will be held in Brussels.

II.2.4) Description of the procurement

The Contractor is requested to carry out the following tasks and provide the following:
1) Carry out a mapping and an analysis of existing or emerging solutions supporting retail investors in selecting investment products, in particular:
(a) describe the tools and services in the European Union and worldwide that help investors overcome the challenges they encounter when searching and comparing retail investment products and describe the risks and the opportunities for consumers using these tools;
(b) identify European or international practices that could be taken as an example, or as a starting point to be developed into an EU wide tool or service;
(c) identify the shortcomings of existing solutions; in particular describe how a potential conflict of interest stemming from financing models is (or is not) addressed.
2) Propose at least 3 options for non-legislative initiatives at EU level and their assessment:
The description of the proposed options should include at least the following:
(a) value added of the proposed option for all the stakeholders concerned;
(b) impact on existing market and stakeholders;
(c) synergies and interoperability with existing tools and services;
(d) form and technical set-up that it might take e.g. an on-line platform, website, application;
(e) data collection, storage and consolidation process, including the role and responsibility of players involved;
(f) how presentation of complete, fair and easy to understand results will be ensured;
(g) key stakeholders responsible for development and operations;
(h) financial needs and their sources, specifically need for public funding at national or EU levels and their form;
(i) describe whether it can be implemented in the EU within the existing legal and regulatory framework or which changes in EU law would be required;
(j) other legal, regulatory and technical constraints to be resolved.
These options should be compared to a “business as usual scenario” i.e. an organic development of the market for data consolidation led by commercial entities. The "business as usual scenario" should specifically take into account that there are already private initiatives which provide specialist information and analytical services for their clients.
3) Propose a path for implementation of the preferred option(s), in particular:
(a) identify the preferred option and explain the reasoning;
(b) provide a Project Description that should inter alia specify: the overview of the project, its objectives, benefits, implementation method, timeline, requirements, estimated financial resources and their form and expected outcomes.

II.2.5) Award criteria

Criteria below

II.2.11) Information about options

Options:   no

Description of options:   -

II.2.13) Information about European Union funds

The procurement is related to a project and/or programme financed by European Union funds:   no

II.2.14) Additional information


Section IV: Procedure

IV.1) Description

IV.1.1) Type of procedure

IV.1.3) Information about a framework agreement or a dynamic purchasing system

The procurement involves the establishment of a framework agreement:   no

A dynamic purchasing system was set up:   no

IV.1.6) Information about electronic auction

An electronic auction has been used:   no

IV.1.8) Information about the Government Procurement Agreement (GPA)

The procurement is covered by the Government Procurement Agreement:   yes

IV.2) Administrative information

IV.2.1) Previous publication concerning this procedure

Notice number in the OJ S:   2018/S 131-298069

IV.2.8) Information about termination of dynamic purchasing system

The notice involves the termination of the dynamic purchasing system published by the above contract notice:   no

IV.2.9) Information about termination of call for competition in the form of a prior information notice

The contracting authority will not award any further contracts based on the above prior information notice:   no

Section V: Award of contract

Contract No:   FISMA/2017/117(05)/C1/ST/OP

Lot No:   -

Title:   Study on Options for Development of Online Tools and Services Supporting Retail Investors in Investment Decisions

A contract/lot is awarded:   yes

V.2) Award of contract

V.2.1) Date of conclusion of the contract


V.2.2) Information about tenders

Number of tenders received:   0

Number of tenders received from SMEs:   0

Number of tenders received from tenderers from other EU Member States:   0

Number of tenders received from tenderers from non-EU Member States:   0

Number of tenders received by electronic means:   0

The contract has been awarded to a group of economic operators:   no

V.2.4) Information on value of the contract/lot

Initial estimated total value of the contract/lot:   -

Total value of the contract/lot:   -

Lowest offer:   -

Highest offer:   -

V.2.5) Information about subcontracting

The contract is likely to be subcontracted:   no

Proportion:   -

Short description of the part of the contract to be subcontracted:   -

Section VI: Complementary information

VI.3) Additional information


VI.4) Procedures for review

VI.4.1) Review body

Official name
General Court of the Court of Justice of the European Union
Postal address
rue du Fort Niedergrünewald
Postal code
2925 Luxembourg
+352 4303-1
+352 4303-2100
Internet address

VI.4.2) Body responsible for mediation procedures

Official name
Postal address
Postal code
Internet address

VI.4.3) Review procedure

Precise information on deadline(s) for review procedures:   Within 2 months of the notification to the plaintiff or, in the absence thereof, of the day on which it came to knowledge. A complaint to the European Ombudsman does not have as an effect either to suspend or to open a new period for lodging appeals.

VI.4.4) Service from which information about the review procedure may be obtained

Official name
Postal address
Postal code
Internet address

VI.4.5) Date of dispatch of this notice


Annex D1 – General procurement: Justification for the award of the contract without prior publication of a call for competition in the Official Journal of the European Union

1. Justification for the choice of the negotiated procedure without prior publication of a call for competition in accordance with Article 32 of Directive 2014/24/EU

No tenders or no suitable tenders/requests to participate in response to:

open procedure:   no

restricted procedure:   no

The products involved are manufactured purely for the purpose of research, experiment, study or development under the conditions stated in the directive:   -

The works, supplies or services can be provided only by a particular economic operator for the following reason:

absence of competition for technical reasons:   no

procurement aiming at the creation or acquisition of a unique work of art or artistic performance:   no

protection of exclusive rights, including intellectual property rights:   no

Extreme urgency brought about by events unforeseeable for the contracting authority and in accordance with the strict conditions stated in the directive:   no

Additional deliveries by the original supplier ordered under the strict conditions stated in the directive:   no

New works/services, constituting a repetition of existing works/services and ordered in accordance with the strict conditions stated in the directive:   -

Service contract to be awarded to the winner or one of winners under the rules of a design contest:   -

Procurement of supplies quoted and purchased on a commodity market:   -

Purchase of supplies or services on particularly advantageous terms:

from a supplier which is definitively winding up its business activities:   -

protection of exclusive rights, including intellectual property rights:   -

2. Other justification for the award of the contract without prior publication of a call for competition in the Official Journal of the European Union

The procurement falls outside the scope of application of the directive:   no

3. Explanation


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