On 3 February 2021, the European Supervisory Authorities (ESAs) submitted to the European Commission a final report containing final draft regulatory technical standards (RTS) on amendments to the key information document for packaged retail and insurance-based investment products (PRIIPs). The final report follows a consultation paper that the ESAs launched on 16 October 2019. The … Continue Reading
On 18 December 2020, the European Commission adopted a Delegated Regulation supplementing Regulation 2019/1238 with regard to regulatory technical standards specifying the requirements on information documents, on the costs and fees included in the cost cap and on risk mitigation techniques for the pan-European Personal Pension Product together with annexes. The regulatory technical standards are … Continue Reading
The global pandemic has brought the importance of good conduct and fair customer outcomes firmly into the spotlight. Whilst this principle is clear, how to interpret it effectively across different sectors, customer service arrangements and delivery models can be challenging. Businesses have also had to rapidly adapt to the broad and growing range of guidance … Continue Reading
On 3 November 2020, the European Banking Authority (EBA) issued its second report on how firms have implemented the EBA guidelines on product oversight and governance arrangements (the Guidelines). The report identifies good practices that firms have put in place and concludes that many of them do not sufficiently put the required focus on ensuring … Continue Reading
On 6 October 2020, the European Parliament issued a press release stating that it had adopted at second reading a Regulation on European crowdfunding service providers for business and a Directive making amendments to MiFID II. The adopted texts of both the Regulation and the Directive can be found here. The press release states that … Continue Reading
On 20 July 2020, the Council of the EU announced that it had adopted a Directive and a Regulation on crowdfunding. The Council’s press release on the new legislative measures states: The new legislative framework is part of the EU Capital Markets Union project. It will remove barriers for crowdfunding platforms to provide their services … Continue Reading
On 3 April 2020, the European Commission issues a consultation on a retail payments strategy for the EU. The public consultation, which is published together with the public consultation on a new digital finance strategy, is a key step towards the adoption of a retail payments strategy for Europe. The deadline for comments on the … Continue Reading
On 27 February 2020, the European Commission published its final report concerning the consumer testing study of retail investors’ preferred option regarding performance scenarios and past performance information within the key information document (KID) under the packaged retail and insurance-based investment products (PRIIPs) framework. The results of the consumer test of performance scenarios in the … Continue Reading
On 26 November 2019, the European Central Bank (ECB) published a speech given by Benoît Cœuré, ECB executive board member, entitled “Crossing the chasm to the retail payments of tomorrow”. In his speech, Mr Cœuré explains the ECB’s governing council decision to relaunch its retail payments strategy. The aim of the strategy is to actively … Continue Reading
On 8 November 2019, there was published in the Official Journal of the European Union (OJ) a Commission Delegated Regulation (EU) 2019/1866 which amends Article 18 of Delegated Regulation (EU) 2017/653 supplementing the Regulation on key information documents for packaged retail and insurance-based investment products (PRIIPs) by laying down regulatory technical standards with regard to … Continue Reading
On 8 November 2019, the Council of the EU announced that it had adopted a Directive amending the Unfair Commercial Practices Directive (2005/29/EC), the Consumer Rights Directive (2011/83/EU), the Unfair Contract Terms Directive (93/13/EEC) and the Price Indication Directive (98/6/EC) (the Directive). The intention of the Directive is to guarantee higher standards of protection for … Continue Reading
On 24 October 2019, the Joint Committee of European Supervisory Authorities (ESAs) published a joint supervisory statement on the application of the Regulation on key information documents for packaged retail and insurance-based investment products (PRIIPs) to bonds. The ESAs state that uncertainty over the application of the PRIIPs Regulation to bonds has led to negative … Continue Reading
On 23 October 2019, the European Banking Authority (EBA) published an opinion on the disclosure to consumers of banking services through digital means under the Distance Marketing of Consumer Financial Services Directive (DMFSD). The EBA explains that the DMFSD was established to provide a legal framework governing the distance marketing of financial services. The implementation … Continue Reading
On 16 October 2019, the Council of the EU (Council) published a note (dated 15 October 2019) from the General Secretariat of the Council to the Delegations attaching the following addenda: a three-column table setting out the opening positions of the European Commission (Commission), the Council and the European Parliament (Parliament) in respect of the … Continue Reading
On 16 October 2019, the Joint Committee of the European Supervisory Authorities (ESAs) published a consultation paper setting out proposed amendments to existing rules underpinning the key information document (KID) for packaged retail and insurance-based investment products (PRIIPS). The main aims of the review are to: address issues that have been identified by stakeholders and … Continue Reading
On 25 July 2019, there was published in the Official Journal of the European Union (OJ) Regulation (EU) 2019/1238 on a pan-European personal pension product (PEPP). The Regulation will enter force on 14 August 2019. It will apply 12 months after publication in the OJ of the delegated acts referred to in Article 28(5) (Content … Continue Reading
On 22 July 2019, the European Commission adopted a guidance notice on the interpretation and application of the Unfair Contract Terms Directive (UCTD). The main purpose of the guidance notice is to present, in a structured way, the interpretation which the Court of Justice of the EU has provided on the key concepts and provisions … Continue Reading
On 9 July 2019, the Joint Committee of the European Supervisory Authorities (ESAs) published a report on the cross-border supervision of retail financial services. The report provides an overview of the main rules that apply in the EU in respect of consumer protection, conduct of business, and the cooperation between Member State national competent authorities … Continue Reading
On 3 July 2019, the European Commission adopted a Delegated Regulation which lays down a transitional arrangement under Delegated Regulation (EU) 2017/653 that is consistent with the extended transitional arrangement in Regulation (EU) No 1286/2014. It allows manufacturers of packaged retail and insurance-based investment products (PRIIPs) that offer investment funds as the only underlying investment … Continue Reading
On 2 July 2019, the European Securities and Markets Authority (ESMA) issued three opinions on product intervention measures taken by the national competent authorities (NCAs) of Sweden, France and the UK. ESMA’s opinion finds that the proposed measures are justified and proportionate and that it is necessary for NCAs of other Member States to take … Continue Reading
On 1 July 2019, the European Securities and Markets Authority (ESMA) announced that it will not renew the temporary prohibition of the marketing, distribution or sale of binary options to retail clients in the EU. ESMA is not renewing its temporary prohibition on the basis that most Member State national competent authorities have now taken … Continue Reading
The European Securities and Markets Authority (ESMA) has initiated work on a broad review of Delegated Regulation (EU) 2017/653 on key information documents (KID) for packaged retail and insurance-based investment products (PRIIPs). In a speech delivered by Evert van Walsum, Head of Investors and Issuers Department at ESMA, on 13 May 2019, it was announced … Continue Reading
On 9 April 2019, the European Commission published a new webpage detailing a consultation on the Distance Marketing Directive (the Directive). The Commission notes that since 2002, when the Directive came into force, the retail financial sector has gone increasingly digital, with new products and actors available on the market and new sales channels being … Continue Reading
On 4 April 2019, the European Supervisory Authorities published additional Q&As on the key information document (KID) requirements for packaged retail and insurance-based investment products. Answers to the following questions have been added: What aspects should be considered by the manufacturer when determining the recommended holding period of a PRIIP? Which form and name should … Continue Reading
