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EBA consults on draft RTS on crowdfunding

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

Commission consults on upcoming retail investment strategy

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

Commission consults on a road map for a retail investment strategy

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

ESAs issue final report on amendments to the PRIIPs KID

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

Commission Delegated Regulation of 18.12.2020 supplementing Regulation (EU) 2019/1238 with regard to RTS 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

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

Conduct Healthcheck | Take our questionnaire

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

EBA encourages financial institutions to put the required focus on consumers’ interests when applying product oversight and governance arrangements

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

European Parliament adopts Regulation and Directive on European crowdfunding service providers

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

Council adopts new rules for crowdfunding platforms

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

Commission consultation on EU Retail Payments Strategy

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

Commission final report: Consumer testing services – retail investors’ preferred option regarding performance scenarios and past performance information within the KID

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

ECB speech on the European retail payments market

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

Commission Delegated Regulation amending PRIIPs Delegated Regulation to align transitional arrangements

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

Council of EU adopts EU consumer protection Directive

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

Joint ESAs’ supervisory statement on application of PRIIPs Regulation to bonds

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

EBA opinion on disclosure to consumers buying financial services through digital channels

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

Council note comparing trilogue positions on crowdfunding legislation

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

Joint Committee of ESAs consult on amendments to PRIIPs Delegated Regulation

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

Pan-European Personal Product Regulation published in OJ

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

Commission guidance notice on the Unfair Contract Terms Directive

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

ESAs publish recommendations on the supervision of retail financial services provided across borders

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

Commission adopts Delegated Regulation amending PRIIPs Delegated Regulation to align transitional arrangements

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

Product intervention measures taken by Sweden, France and the UK

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

ESMA ceases renewal of product intervention measure relating to binary options

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
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