On 24 May 2023, the European Commission published its Retail Investment Strategy (RIS), a legislative package intended to empower retail investors to take more informed investment decisions that would better correspond to their investment needs and objectives.

The RIS comprises of a Directive as regards the EU retail investor protection rules. This Omnibus Directive amends the EU retail investor protection framework set out in the:

  • Markets in Financial Instruments Directive II (MiFID II).
  • Alternative Investment Fund Managers Directive (AIFMD).
  • Undertakings for Collective Investment in Transferable Securities Directive (UCITS Directive).
  • Directive on the provision of insurance or reinsurance distribution services to third parties (IDD).
  • Directive on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II).

Accompanying the Omnibus Directive is a proposed Regulation which amends the Regulation on key information documents for packaged retail and insurance-based investment products (PRIIPs).

In our latest briefing note, we discuss the key points arising from the Omnibus Directive as it impacts MiFID II.