Germany

Topic: Retail

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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

European Commission launches consultation on consumer protection – strengthened enforcement cooperation

On 28 September 2022, the European Commission launched a consultation on consumer protection-strengthened enforcement cooperation. The consultation aims to collect the 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 all traders operating in this market, from … Continue Reading

ESMA updates Q&As on EU Regulation on crowdfunding service providers for business

On 23 September 2022, the European Securities and Markets Authority (ESMA) updated their Q&As on the EU Regulation on European crowdfunding service providers for business. The following sections of the Q&As have been updated: General provisions: 3.8, 3.9, 3.10, 3.11 and 3.12. Investor protection provisions: 5.10, 5.11, 5.12, 5.13, 5.14 and 5.15.… Continue Reading

European Commission publishes final report on disclosure, inducements and suitability rules for retail investors study

Introduction  On 2 August 2022, the European Commission published a final report which it produced in May concerning the findings from a study that examined disclosure, inducements and suitability rules for EU retail investors. The study feeds into the development of the Retail Investment Strategy announced earlier this year, being one of the actions planned … Continue Reading

Commission adopts Delegated Regulations under the Crowdfunding Regulation

On 13 July 2022, the European Commission published: Delegated Regulation supplementing the Crowdfunding Regulation with regard to regulatory technical standards (RTS) on individual portfolio management of loans by crowdfunding service providers, specifying the elements of the method to assess credit risk, the information on each individual portfolio to be disclosed to investors, and the policies … Continue Reading

Commission publishes crowdfunding Delegated Regulation

On 12 July 2022, the European Commission published the following Delegated and Implementing Regulations supplementing the EU Crowdfunding Regulation: Delegated Regulation extending the transitional period for continuing to provide crowdfunding services in accordance with national law as referred to in Article 48 of the EU Crowdfunding Regulation. Delegated Regulation supplementing the EU Crowdfunding Regulation with … Continue Reading

EBA replies to European Commission’s call for advice on the Mortgage Credit Directive review

On 23 June 2022, the European Banking Authority (EBA) published an Opinion and Report in response to the European Commission’s call for advice (CFA) on the review of the Mortgage Credit Directive (MCD). The CFA covered 17 questions across 7 topical areas, which were the evaluation of the MCD, digitalisation, ways to facilitate the cross-border … Continue Reading

Published in OJ – Commission Delegated Regulation amending PRIIPs KID Delegated Regulation and related Delegated Regulation concerning extension of transitional arrangements

On 24 June 2022, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2022/975 of 17 March 2022 which amends Article 18 of Delegated Regulation (EU) 2017/653 (otherwise known as the PRIIPs KID Delegated Regulation) so that Article 14(2) applies until 31 December 2022 (instead of 1 July 2022). … Continue Reading

Commission adopts stronger consumer rules for online financial services

On 11 May 2022, the European Commission published a draft Directive that amends the current EU rules on Distance Marketing of Consumer Financial Services, which govern financial services sold at a distance. The press release mentions that the draft Directive provides for: Easier access to a 14-day withdrawal right for distance contracts for financial services. … Continue Reading

ESAs call for improvements in product descriptions intended for retail investors

On 10 May 2022, the European Supervisory Authorities (ESAs) issued a supervisory statement on expectations regarding the ‘What is this product?’ section of the key information document (KID) for packaged retail and insurance based investment products (PRIIPs). The supervisory statement is addressed to Member State competent authorities and is delivered on the basis of Article … Continue Reading

ESAs recommend changes to make the PRIIPs key information document more consumer-friendly

On 3 May 2022, the European Supervisory Authorities (ESAs) published their technical advice to the European Commission on the review of the Regulation on packaged retail and insurance-based investment products (PRIIPs Regulation). The advice will serve as input for developing the Commission’s Retail Investment Strategy. Within section 3 of the technical advice, sections 3.1 to … Continue Reading

Commission call for evidence: Retail investment – new package of measures to increase consumer participation in capital markets

On 3 May 2022, the European Commission issued a call for evidence regarding retail investment and a new package of measures to increase consumer participation in capital markets. The initiative is intended to provide for an evidence-based assessment on the functioning of the current retail investor protection rules and, if deemed appropriate, an impact assessment … Continue Reading

ESMA final report on Commission mandate on certain aspects relating to retail investor protection

On 29 April 2022, the European Securities and Markets Authority (ESMA) issued a final report on the European Commission mandate on certain aspects relating to retail investor protection under MiFID II. The Commission sent a formal request (mandate) to the ESMA last year seeking technical advice on certain aspects relating to retail investor protection asking … Continue Reading

Corrigendum to Delegated Regulation 2021/2268

On 13 April 2022, there was published in the Official Journal of the EU, a Corrigendum to Commission Delegated Regulation 2021/2268 of 6 September 2021 amending the regulatory technical standards laid down in Commission Delegated Regulation 2017/653 as regards the underpinning methodology and presentation of performance scenarios, the presentation of costs and the methodology for … Continue Reading

FOS publish strategic plans and budget 2022/23

On 30 March 2022, the Financial Ombudsman Service (FOS) published their 2022/2021 Plans and Budget, setting out their plans to invest in change, reduce the time it takes to resolve cases, to become financially sustainable and to enable them to deliver a better service for customers. The document includes the volumes of complaints the FOS … Continue Reading

IOSCO consults on recent retail investor trends and related conduct implications

On 21 March 2022, the International Organisation of Securities Commissions (IOSCO) published a consultation report that seeks comments on the issues identified in an earlier report by its Retail Market Conduct Task Force (RMCTF) which focussed on the retail conduct implications of COVID-19. The RMCTF report was largely based on a survey which highlighted some … Continue Reading

Commission adopts Delegated Regulation amending PRIIPs KID Delegated Regulation and related Delegated Regulation concerning extension of transitional arrangements

On 17 March 2022, the European Commission adopted a Delegated Regulation amending the regulatory technical standards (RTS) laid down in Delegated Regulation (EU) 2017/653 (otherwise known as the PRIIPs KID Delegated Regulation) as regards the extension of the transitional arrangement laid down in Article 14(2) of that Regulation and amending the RTS laid down in … Continue Reading

EBA consults on draft technical standards setting requirements for crowdfunding service providers

On 8 December 2021, the European Banking Authority (EBA) issued a consultation on draft Regulatory Technical Standards (RTS) specifying the information that crowdfunding service providers shall provide to investors. The proposed requirements cover the method used for the calculation of credit scores and loan prices, the factors that the providers need to consider when carrying … Continue Reading

MEPs give companies more time to present key information to small investors in the EU

Members of the European Parliament (MEPs) extended the deadline by which investment companies must present a key information document (KID) to retail investors before they are offered a financial product until 31 December 2022, to give them time to prepare. Before signing a contract, all small (non-professional) investors should receive a standard format KID to … Continue Reading
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