We have published a new briefing note – The ECON Report on the proposal for an EU Retail Investment Strategy – Some small steps in the right direction, a large step towards governmental price controls for investment services.

Following an intense debate, the European Parliament (EP) accepted the proposal for an Omnibus Directive submitted by the Committee on Economic and Monetary Affairs (ECON) on 23 April 2024. This briefing note is not a complete analysis of the EP-Position but focuses on the manufacturing and distribution of non-insurance investment products, i.e. financial instruments, including shares of UCITS and alternative investment funds. It is divided into four sections:

  • Section I deals with the revised regime for inducements.
  • Section II covers new product governance requirements applicable to manufacturers and distributors of investment products.
  • Section III analyses ECON’s proposed new regime for investment advisory services as well as non-advised services.
  • Section IV covers miscellaneous topics, such as cost disclosure and record-keeping of marketing materials.