Germany

Topic: Retail

Subscribe to Retail RSS feed

Commission Delegated Regulation supplementing EU Crowdfunding Regulation

On 22 January 2024, there was published in the Official Journal of the EU, Commission Delegated Regulation (EU) 2024/358 of 29 September 2023 supplementing the EU Crowdfunding Regulation with regard to regulatory technical standards (RTS) specifying requirements on credit scoring of crowdfunding projects, pricing of crowdfunding offers, and risk management policies and procedures. The RTS: … Continue Reading

ESMA Discussion Paper on MiFID II investor protection topics linked to digitalisation

On 14 December 2023, the European Securities and Markets Authority (ESMA) issued a Discussion Paper on MiFID II investor protection topics linked to digitalisation. The Discussion Paper discusses the main trends in digitalisation that are linked to the MiFID II investor protection topics. MiFID II aims at being technology neutral. This means that market participants … Continue Reading

Council adopts regulation easing access to corporate information for investors

On 27 November 2023, the Council of the EU issued a press release announcing that it had adopted a Regulation creating the European Single Access Point (ESAP). The proposal for a regulation establishing the ESAP was part of the Capital Markets Union package which the European Commission presented on 25 November 2021. The regulation is … Continue Reading

European Parliament ECON Committee debate on Retail Investment package draft report

On 24 October 2023, the European Parliament Economic and Monetary Affairs (ECON) Committee held a debate on the draft report on the Retail Investment package. The draft report was published by rapporteur Stephanie Yon-Courtin (Renew, FR)on 5 October 2023 and contains her proposed amendments to the European Commission’s (Commission) proposals. The publication of the draft … Continue Reading

European Parliament publishes draft report on Retail Investment Strategy

On 5 October 2023, European Parliament rapporteur Stéphanie Yon-Courtin (Renew, FR) published her two draft reports concerning the Retail Investment Strategy (RIS) package. The first draft report  contains the rapporteur’s proposed amendments to the European Commission’s proposal, which contained proposed amendments to the following pieces of EU legislation: The rapporteur also published her draft report … Continue Reading

European Parliament publishes draft reports on retail investment package  

On 24 May 2023, the European Commission tabled a retail investment package comprising two proposals: a proposal amending several directives (the proposed ‘omnibus directive’) and an amending regulation proposal. The proposed omnibus directive would amend the following directives regarding retail investor protection rules: The proposed regulation would amend Regulation 1286/2014 on key information documents for … Continue Reading

ESMA guidelines on MiFID II product governance requirements

On 3 October 2023, the European Securities and Markets Authority’s (ESMA) guidelines on the MiFID II product governance requirements came into force. The guidelines apply in relation to the manufacturing or distribution of financial instruments and structured deposits. In particular, the guidelines apply in relation to the following requirements:… Continue Reading

European Parliament ECON Committee holds first discussion on Retail Investment Package

On 19 September 2023, the European Parliament Economic and Monetary Affairs (ECON) Committee held its first exchange of views on the Retail Investment Package. The Retail Investment Package, which was published by the European Commission (Commission) on 24 May 2023, aims to empower retail investors to take more informed investment decisions that would better correspond … Continue Reading

European Council announces provisional political agreement on financial services contracts concluded at a distance

On 7 June 2023, the European Council announced that it had reached provisional political agreement with the European Parliament on a draft Directive that updates the 2002 Directive on distance marketing of consumer financial services. Specifically, the draft Directive repeals the 2002 Directive and introduces new provisions for financial services contracts concluded at a distance … Continue Reading

ESMA statement highlighting the risks arising from the provision of unregulated products and / or services by investment firms

On 25 May 2023, the European Securities and Markets Authority (ESMA) published a statement highlighting the risks arising from the provision of unregulated products and/or services by investment firms. ESMA is concerned that the practice of investment firms offering products and services that are not regulated gives rise to both investor protection and prudential risks. … Continue Reading

Ten things to know about the EU Retail Investment Strategy

Today, the European Commission (Commission) published its Retail Investment legislative package with the aim of empowering retail investors to take more informed investment decisions that would better correspond to their investment needs and objectives. During the run-up to the Commission’s proposal, a number of issues were intensively debated by policymakers and stakeholders. The most controversial … Continue Reading

ESAs consolidated Q&As on the PRIIPs KID

On 17 May 2023, the European Supervisory Authorities (ESAs) published consolidated questions and answers on the PRIIPs key information document. The document combines responses given by the European Commission to questions requiring the interpretation of Union Law according to Article 16b(5) of the ESA Regulations, which are colour coded in blue, and responses generated by … Continue Reading

Update on EU Retail Investment Strategy

As part of its 2020 Capital Markets Union (CMU) Action Plan, the European Commission (Commission) has been working on a retail investment strategy. The Commission’s aim is to empower retail investors to take more informed investment decisions that would better correspond to their investment needs and objectives. Following a public consultation conducted in May 2022, … Continue Reading

IOSCO publishes final measures for regulators to consider in addressing emerging retail market conduct issues

On 30 March 2023, the International Organisation of Securities Commissions (IOSCO) published a final report from its retail market conduct taskforce which provides an overview of the evolving retail trading landscape and sets out a suite of potential measures for regulators to consider in building or enhancing their respective regulatory approaches to retail misconduct issues. … Continue Reading

Published in the OJ: Corrigendum to Commission Delegated Regulation (EU) 2021/2268

On 16 March 2023, there was published in the Official Journal of the European Union (OJ) a Corrigendum to Commission Delegated Regulation (EU) 2021/2268 of 6 September 2021 amending the regulatory technical standards laid down in Commission Delegated Regulation (EU) 2017/653 as regards the underpinning methodology and presentation of performance scenarios, the presentation of costs … Continue Reading

Corrigendum to Commission Delegated Regulation (EU) 2021/2268

On 12 January 2023, there was published in the Official Journal of the EU, a Corrigendum to Commission Delegated Regulation (EU) 2021/2268 of 6 September 2021 amending the regulatory technical standards laid down in Commission Delegated Regulation (EU) 2017/653 as regards the underpinning methodology and presentation of performance scenarios, the presentation of costs and the … Continue Reading

EBA publishes Q&As on the PRIIPs key information document

On 21 December 2022, the European Banking Authority (EBA)  published Questions and Answers (Q&As) on the Package Retail Insurance-based Investment Products (PRIIPs) Key Information Document (KID). The Q&As concern Regulation (EU) No 1286/2014 (the PRIIPs Regulation) and its Delegated Acts. The original delegated rules are found in Commission Delegated Regulation (EU) 2017/653. However, this has … Continue Reading

EBA updates Q&As on the PRIIPs KID

On 14 November 2022, the European Banking Authority (EBA) published an updated version of its Questions and Answers (Q&As) on the PRIIPs key information document. The Q&As have been updated in respect of: General topics. ‘What is this product’? Product categories. Past performance. Derivatives. Multi-option products. Investment funds. Autocallable products. Calculation of the summary cost … Continue Reading

Published in the OJ – RTS and ITS supplementing the EU Crowdfunding Regulation

On 8 November 2022, there was published in the Official Journal of EU the following regulatory technical standards (RTS) and implementing technical standards (ITS) supplementing the EU Crowdfunding Regulation: Commission Delegated Regulation (EU) 2022/2111 of 13 July 2022 supplementing the EU Crowdfunding Regulation with regard to RTS specifying conflicts of interest requirements for crowdfunding service … Continue Reading

Commission Delegated Regulation (EU) 2022/1988 extending the transitional period for continuing to provide crowdfunding services in accordance with national laws as referred to in Article 48(1) of EU Crowdfunding Regulation

On 21 October 2022, there was published in the Official Journal of the European Union (OJ) Commission Delegated Regulation (EU) 2022/1988 of 12 July 2022 extending the transitional period for continuing to provide crowdfunding services in accordance with national law as referred to in Article 48(1) of Regulation (EU) 2020/1503 of the European Parliament and … Continue Reading

IOSCO final report on retail distribution and digitalisation

On 12 October 2022, the International Organization of Securities Commissions (IOSCO) published a final report on retail distribution and digitalisation. IOSCO sees retail distribution and digitalisation as a priority given the recent and rapid developments in online marketing and distribution which are changing the way in which financial firms interact with prospective clients and financial … Continue Reading

Futures: German regulator prohibits marketing to retail clients

The German Federal Financial Supervisory Authority (Bundes­anstalt für Finanz­dienst­leistungs­aufsicht – BaFin) makes use of its product intervention powers under the European Markets in Financial Instruments Regulation (MiFIR): Under a general administrative act (All­ge­mein­ver­fügung) dated 30 September 2022 (link to English convenience translation), BaFin prohibited the marketing, distribution and sale of futures to retail clients domiciled in … Continue Reading

European Commission launches consultation on consumer rights – adapting out-of-court dispute resolution to digital markets

On 28 September 2022, the European Commission launched a consultation on consumer rights – adapting out-of-court dispute resolution to digital markets. The consultation aims to collect views of various interested organisations and businesses on how to increase the efficiency of retail markets in the EU, how to ensure a level playing field among traders operating … Continue Reading
LexBlog