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
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
On 21 October 2021, the European Supervisory Authorities (ESAs) opened a call for evidence regarding the Regulation on packaged retail and insurance-based investment products (PRIIPs Regulation). The call for evidence follows a call for advice on the PRIIPs Regulation that the ESAs received earlier this year from the European Commission. The ESAs are requesting information … Continue Reading
On 1 October 2021, the European Securities and Markets Authority (ESMA) issued a call for evidence on a number of retail investor protection topics under MiFID II. The call for evidence follows a letter that ESMA received from the European Commission in July this year asking for assistance in the preparation of legislative proposals implementing … Continue Reading
On 21 September 2021, the European Securities and Markets Authority (ESMA) published the keynote address that Natasha Cazenave (Executive Director, ESMA) gave at the Saline del Risparmio on 17 September 2021. The keynote address is entitled Retail investors’ challenges: what investor protection safeguards should accompany increased retail participation in capital markets? The keynote address focuses … Continue Reading
On 7 September 2021, the European Commission adopted: Commission Delegated Regulation 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 methodology for the calculation of summary cost indicators, the presentation and content of information on … Continue Reading
On 2 August 2021, the European Securities and Markets Authority (ESMA) published a call for advice that it had received from the European Commission. In the call for advice the Commission asks ESMA to help it with the preparation of legislative proposals implementing certain aspects of the EU retail investment strategy. ESMA is invited by … Continue Reading
On 2 August 2021, the European Securities and Markets Authority published the call for advice that the Joint Committee of the European Supervisory Authorities (ESAs) had received from the European Commission regarding the Packaged Retail and Insurance-based Investment Products Regulation (PRIIPs Regulation). The Commission invites the Joint Committee to provide advice on the following areas … Continue Reading
On 4 June 2021, the European Banking Authority (EBA) issued a consultation paper on draft regulatory technical standards (RTS) on individual portfolio management of loans offered by crowdfunding service providers under Article 6(7) of the European Crowdfunding Service Providers Regulation (ECSPR). In the consultation paper the EBA puts forward proposals with respect to disclosures and … Continue Reading
On 11 May 2021, the European Commission issued a public consultation on the upcoming retail investment strategy, which is planned for adoption in early 2022, as announced in last year’s Capital Markets Union Action Plan. In line with the Commission’s stated objective of “an economy that works for people”, the Commission is seeking to ensure … Continue Reading
On 20 April 2021, the European Commission published for consultation a road map for a retail investment strategy for the EU. The September 2020 Capital Markets Union Action Plan noted the Commission’s intention to propose a retail investment strategy for the first half of the year of 2022, that should seek to ensure that retail … Continue Reading
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
