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:

  • Directive 2009/65/EU on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities.
  • Directive 2009/138/EC on the taking-up and pursuit of the business of insurance and reinsurance.
  • Directive 2011/61/EU on Alternative Investment Fund Managers.
  • Directive 2014/65/EU on Markets in Financial Instruments.
  • Directive 2016/97 on Insurance Distribution.

The proposed regulation would amend Regulation 1286/2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs) as regards the modernisation of the key information document.

On 5 October 2023, the European Parliament Committee on Economic and Monetary Affairs published a draft report on the proposed omnibus directive and a draft report on the proposed regulation amending the Regulation on PRIIPs.