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Topic: Retail

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European Commission adopts Delegated Regulation on RTS on co-operation and exchange of information for passporting under PSD2

Article 28(5) of the revised Payment Services Directive (PSD2) empowers the European Commission (Commission) to adopt, following the submission of draft standards by the European Banking Authority (EBA), and in accordance with Articles 10 to 14 of Regulation No (EU) 1093/2010, delegated acts specifying the framework for cooperation and exchange of information between competent authorities … Continue Reading

AFM wants clarification differences between saving and investment products in comparative advertisements

On 14 July 2017, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) issued a press release in which it points out an increase in advertisements that present investing as an alternative to saving. The AFM wants parties who offer investment products to be clear around the differences between investing and saving. … Continue Reading

EBA final guidelines on authorisation and registration under PSD2

The European Banking Authority (EBA) has published a final report on the EBA guidelines on the information to be provided by applicants intending to obtain authorisation as a payment institution (PI) or e-money institution (EMI), or to register as an account information service provider under the revised Payment Services Directive (PSD2). The guidelines have been … Continue Reading

European banking associations outline concerns about third party interactions under PSD2

The European Association of Co-operative Banks, European Banking Federation and the European Savings Bank Group have co-published a joint request to the European Parliament to reject certain aspects of the European Commission’s proposed amendments to the European Banking Authority’s draft regulatory technical standards on strong customer authentication and common and secure open standards of communication … Continue Reading

Final EBA guidelines on professional indemnity insurance under PSD2

The European Banking Authority (EBA) has published final guidelines under the revised Payment Services Directive (PSD2) on the criteria on how to stipulate the minimum monetary amount of the professional indemnity insurance (PII) or other comparable guarantee for payment initiation services (PIS) and account information services (AIS). The EBA also sets out the responses to … Continue Reading

ESAs publish Q&A on the PRIIPs KID

The European Supervisory Authorities (ESAs) have co-published their first set of questions and answers related to the key information document (KID) requirements for Packaged Retail and Insurance-based Investment Products (PRIIPs) laid down in European Commission Delegated Regulation (EU) 2017/653. The Q&A covers the following topics: market risk assessment; methodology for assessing credit risk; summary risk … Continue Reading

Guidelines on the application of the PRIIPs Regulation

The European Commission has adopted guidelines on the application of the Regulation on key information documents for packaged retail and insurance-based investment products (PRIIPs Regulation). The PRIIPs Regulation applies from 1 January 2018. The guidelines do not contain or create new legal rules. Rather it seeks to further facilitate the implementation of, and the coverage … Continue Reading

EBA opinion on Commission’s intention to amend draft RTS on strong customer authentication and common and secure communication

The European Banking Authority (EBA) has published an opinion responding to the European Commission’s intention to amend the EBA’s draft regulatory technical standards (RTS) on strong customer authentication and common and secure communication under the revised Payment Services Directive (PSD2). The EBA disagrees with three of the four concrete amendments the Commission proposes on the … Continue Reading

EBA consults on central contact points under the PSD2

The European Banking Authority (EBA) has issued a consultation paper on draft regulatory technical standards on the criteria for determining the circumstances in which the appointment of a central contact point pursuant to Article 29(4) of the revised Payment Services Directive (PSD2) is appropriate and the functions of those central contact points.… Continue Reading

European Commission launches pan-EU private pensions product

The European Commission has published long-awaited legislative proposals on creating a pan-European Personal Pension’s Product (PEPP). The PEPP regime will provide the building blocks for the creation of a voluntary single personal pension product that can be marketed by providers on a pan-European scale. The new regime is intended to sit alongside existing national products … Continue Reading

ECON draft report on retail financial services action plan

The European Parliament’s Committee on Economic and Monetary Affairs (ECON) has published a draft report on the European Commission’s action plan on retail financial services. The draft report contains a motion for a European Parliament resolution on the action plan and an explanatory statement by the rapporteur, Olle Ludvigsson. In the explanatory statement the rapporteur … Continue Reading

Commission proposes amendments draft RTS on strong customer authentication and common and secure open standards of communication under PSD2

The European Banking Authority (EBA) has published a letter sent by the European Commission (Commission), in which the Commission states that it intends to amend the draft regulatory technical standards (RTS) on strong customer authentication and common and secure open standards of communication under Article 98(4) of the revised Payment Services Directive (PSD2). Specifically the … Continue Reading

EBA consults on PSD2 guidelines on security measures for operational and security risks

The revised Payment Services Directive (PSD2) entered into force in the EU on 12 January 2016 and will apply as of 13 January 2018. The PSD2 confers 11 mandates on the European Banking Authority (EBA), one of which relates to the development, in close cooperation with the European Central Bank (ECB), of guidelines on the … Continue Reading

Revised Delegated Regulation on RTS on key information document on PRIIPs published in OJ

On  9 March 2017, we blogged that European Commission adopted Commission Delegated Regulation (EU) of 8 March 2017 supplementing the Regulation on key information documents for packaged retail and insurance-based investment products by laying down regulatory technical standards with regard to the presentation, content, review and revision of key information documents and the conditions for … Continue Reading

Commission Action Plan on Retail Financial Services

The European Commission has published its long-awaited Action Plan on Retail Financial Services. Notably the Action Plan has been rebranded as the “Consumer Financial Services Action Plan” and is less FinTech (financial technology) focussed than anticipated. Presumably, this work has been subsumed by the FinTech Task Force (FTTF), an internal Commission task force established in … Continue Reading

Commission adopts amended Delegated Regulation on RTS on key information document for PRIIPs

The European Commission has adopted Commission Delegated Regulation (EU) of 8 March 2017 supplementing the Regulation on key information documents (KID) for packaged retail and insurance-based investment products (PRIIPs) by laying down regulatory technical standards with regard to the presentation, content, review and revision of KIDs and the conditions for fulfilling the requirement to provide … Continue Reading

Regulation postponing PRIIPs Regulation published in OJ

There has been published in the Official Journal of the EU (OJ) a Regulation deferring the date of application of the Regulation on key information documents for packaged retail and insurance-based investment products (PRIIPs Regulation). The PRIIPs Regulation will now apply from 1 January 2018. View Regulation (EU) 2016/2340 of the European Parliament and of … Continue Reading

Joint Committee of ESAs responds to Commission on proposed amendments to PRIIPs RTS

The Joint Committee of the European Supervisory Authorities (ESAs) has published a letter in response to the European Commission’s (Commission) intention to amend the draft regulatory technical standards (RTS) that the ESAs submitted under Articles 8(5), 10(2) and 13(5) of the Regulation on key information documents for packaged retail and insurance-based investment products. The letter … Continue Reading

IOSCO final report on retail OTC leveraged products

The International Organization of Securities Commissions (IOSCO) has published a final report on retail over-the-counter leveraged products, which analyses offers of rolling-spot forex contracts, contracts for differences and binary options to retail investors. The report identifies various risks related to the marketing and sale of complex OTC leveraged products to retail investors, and describes how … Continue Reading

Council of EU postponed PRIIPs Regulation by one year

The Council of the EU has announced that it has adopted a Regulation postponing the application date of the Regulation on key information documents for packaged retail and insurance-based investment products (PRIIPs Regulation). The PRIIPs Regulation will now apply from 1 January 2018 instead of 31 December 2016. The one year delay will enable regulatory … Continue Reading

European Parliament votes to delay the PRIIPs Regulation

The European Parliament has issued a press release announcing that it has voted to delay the Regulation on key information documents for packaged retail and insurance-based investment products (PRIIPs Regulation).  The text of a legislative resolution delaying the application date of the PRIIPs Regulation to 1 January 2018 has also been published. View Parliament demands … Continue Reading

ECON report on proposed Regulation amending date of application of PRIIPs Regulation

The European Parliament’s Committee on Economic and Monetary Affairs has published its report on the proposal for a Regulation amending the date of application of the Regulation on key information documents for packaged retail and insurance-based investment products (PRIIPs Regulation). The proposed Regulation defers to the date of application of the PRIIPs Regulation to 1 … Continue Reading

European Parliament resolution on Commission Green Paper on retail financial services adopted

The European Parliament has published the adopted provisional text of its resolution on the European Commission’s Green Paper on retail financial services. The provisional text includes a list of short –term and long-term priorities. View Provisional text of the European Parliament resolution on European Commission Green Paper on retail financial services adopted, 22 November 2016… Continue Reading
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