On 8 February 2019, the Council of the EU published an ‘I’ Item note on the proposed Regulation on a pan-European personal pension product. Following negotiations between the Austrian Presidency, the European Parliament and the European Commission, a provisional agreement between the institutions was achieved on 13 December 2018 – a final compromise text is … Continue Reading
On 8 February 2019, the European Supervisory Authorities (ESAs) issued final recommendations following their consultation on targeted amendments to the Delegated Regulation covering the rules for the key information document (KID) for packaged retail and insurance based investment products (PRIIPs). The ESAs have decided not to propose targeted amendments at this stage. Instead they will … Continue Reading
On 7 February 2019, the European Banking Authority (EBA) published a webpage concerning a new working group on application programming interfaces (APIs) under the revised Payment Services Directive (PSD2). The webpage notes that the working group will be chaired by the EBA and composed of representatives from a variety of external stakeholders, with which the … Continue Reading
On 31 January 2019, there was published in the Official Journal of the EU (OJ) the European Securities and Markets Authority (ESMA) decision of 23 January 2019 renewing the temporary restriction on the marketing, distribution or sale of contracts for differences (CFDs) to retail clients. This decision extends for three months, from 1 February 2019, … Continue Reading
On 14 January 2019, the European Commission launched a consultation evaluating whether the Consumer Credit Directive (CCD) is still fit for purpose given all the market developments since its launch in in April 2008. Stakeholders can contribute to the consultation by filling in an online questionnaire. The deadline for responses is 8 April 2019.… Continue Reading
On 10 January 2019, the European Securities and Markets Authority (ESMA) published its first annual statistical report on the performance and costs of retail investment products in the EU. The report is focused on UCITS, alternative investment funds sold to retail investors (retail AIFs) and structured retail products (SRPs). The report provides a comprehensive overview … Continue Reading
On 21 December 2018, ESMA published a notice of its decision adopted on 14 December 2018 under Article 40 of MiFIR to renew the prohibition on the marketing, distribution or sale of binary options to retail clients. The decision has applied from 2 January 2019, and will apply for a period of three months. The … Continue Reading
On 8 November 2018, the Joint Committee of the European Supervisory Authorities published a consultation paper setting out proposed amendments to the PRIIPs Delegated Regulation (Commission Delegated Regulation (EU) 2017/653 of 8 March 2017). The amendments relate to the empowerment in Article 8(5) of the PRIIPs Regulation concerning the presentation and content of the key … Continue Reading
On 1 October 2018, the European Supervisory Authorities (ESAs) co-published a response to the European Commission’s request to develop guidance on facilitating the production and distribution of information on investment funds as of 1 January 2020. The ESAs state that they are still of the view that an approach whereby retail investors will receive both … Continue Reading
The European Securities and Markets Authority (ESMA) has announced that it is renewing the prohibition on the marketing, distributing or sale of binary options to retail clients. The prohibition has been in effect since 2 July 2018, and will extend for a further 3-month period from 2 October 2018. However, ESMA has agreed to two … Continue Reading
On 20 July 2018, the European Supervisory Authorities published further guidance on the Key Information Document (KID) requirements for Packaged Retail and Insurance-based Investment Products (PRIIPs). The guidance consists of: additional Questions and Answers; and updates to the Flow diagrams for the risk and rewards calculations (New calculation example for Category 3 PRIIPs stress performance … Continue Reading
The European Commission has published an evaluation roadmap of the Consumer Credit Directive (CCD). The evaluation of the CCD is expected to conclude in 2019. The evaluation will gather evidence regarding the functioning of the CCD in its totality and in particular, regarding the following aspects: design and distribution phases of credit products; cross-selling of … Continue Reading
On 24 April 2018, the European Commission published a study that has been produced for it which provides facts and figures on the current features and functioning of European markets for retail investment products. The study identifies obstacles that consumers face in the EU when buying investment funds, investor-driven life insurance or private pension. By … Continue Reading
On 11 April 2018, the European Commission issued legislative proposals for a new deal for consumers to ensure that EU consumers fully benefit from their rights under EU law. In summary the new deal seeks to strengthen consumer rights online and give consumers the tools to enforce their rights and get compensation. In terms of … Continue Reading
The Committee on Payments and Market Infrastructures (CPMI) has published a report on cross-border retail payments. The report aims to present a holistic view of cross-border retail payments, covering the various cross-border retail payment types and the processes behind clearing and settlement of cross-border retail payments. For the purposes of the report, cross-border retail payments … Continue Reading
The European Securities and Markets (ESMA) has issued a statement to provide an update on its work in relation to the provision of contracts for differences (CFDs), including rolling spot forex and binary options to retail clients. ESMA has been concerned about the provision of speculative products such as CFDs, including rolling spot forex and … Continue Reading
Article 98(4) of the revised Payment Services Directive (PSD2) empowers the European Commission (Commission) to adopt, following submission of draft standards to the European Banking Authority (EBA), and in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010, delegated acts specifying the requirements of strong customer authentication, the exemptions from its application and … Continue Reading
The Joint Committee of the European Supervisory Authorities has published updated Q&As on the key information document (KID) requirements for packaged retail and insurance-based investment products as laid down in Commission Delegated Regulation (EU) 2017/653. The updated document includes new Q&As on the following: market risk assessment; performance scenarios; derivatives; multi-option products. The section on … Continue Reading
The German Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) has published a new draft circular on product oversight and governance arrangements for retail banking products with the objective of strengthening consumer protection in relation to financial products offered in the market. The draft circular shall govern how financial institutions are expected to control and manage the … Continue Reading
Packaged retail and insurance-based investment products (PRIIPs) are increasingly being offered that target specific social or environmental objectives, and not only purely financial objectives. In light of this, article 8(3)(c) of the PRIIPs Regulation requires a section of the key information document (KID) entitled “What is this product?” to outline the nature and main features … Continue Reading
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
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
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
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
