On 25 May 2023, the European Securities and Markets Authority (ESMA) published a statement highlighting the risks arising from the provision of unregulated products and/or services by investment firms. ESMA is concerned that the practice of investment firms offering products and services that are not regulated gives rise to both investor protection and prudential risks. … Continue Reading
Today, the European Commission (Commission) published its Retail Investment legislative package with the aim of empowering retail investors to take more informed investment decisions that would better correspond to their investment needs and objectives. During the run-up to the Commission’s proposal, a number of issues were intensively debated by policymakers and stakeholders. The most controversial … Continue Reading
On 17 May 2023, the European Supervisory Authorities (ESAs) published consolidated questions and answers on the PRIIPs key information document. The document combines responses given by the European Commission to questions requiring the interpretation of Union Law according to Article 16b(5) of the ESA Regulations, which are colour coded in blue, and responses generated by … Continue Reading
As part of its 2020 Capital Markets Union (CMU) Action Plan, the European Commission (Commission) has been working on a retail investment strategy. The Commission’s aim is to empower retail investors to take more informed investment decisions that would better correspond to their investment needs and objectives. Following a public consultation conducted in May 2022, … Continue Reading
On 30 March 2023, the International Organisation of Securities Commissions (IOSCO) published a final report from its retail market conduct taskforce which provides an overview of the evolving retail trading landscape and sets out a suite of potential measures for regulators to consider in building or enhancing their respective regulatory approaches to retail misconduct issues. … Continue Reading
On 16 March 2023, there was published in the Official Journal of the European Union (OJ) a Corrigendum to Commission Delegated Regulation (EU) 2021/2268 of 6 September 2021 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 … Continue Reading
On 12 January 2023, there was published in the Official Journal of the EU, a Corrigendum to Commission Delegated Regulation (EU) 2021/2268 of 6 September 2021 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 … Continue Reading
On 21 December 2022, the European Banking Authority (EBA) published Questions and Answers (Q&As) on the Package Retail Insurance-based Investment Products (PRIIPs) Key Information Document (KID). The Q&As concern Regulation (EU) No 1286/2014 (the PRIIPs Regulation) and its Delegated Acts. The original delegated rules are found in Commission Delegated Regulation (EU) 2017/653. However, this has … Continue Reading
On 14 November 2022, the European Banking Authority (EBA) published an updated version of its Questions and Answers (Q&As) on the PRIIPs key information document. The Q&As have been updated in respect of: General topics. ‘What is this product’? Product categories. Past performance. Derivatives. Multi-option products. Investment funds. Autocallable products. Calculation of the summary cost … Continue Reading
On 8 November 2022, there was published in the Official Journal of EU the following regulatory technical standards (RTS) and implementing technical standards (ITS) supplementing the EU Crowdfunding Regulation: Commission Delegated Regulation (EU) 2022/2111 of 13 July 2022 supplementing the EU Crowdfunding Regulation with regard to RTS specifying conflicts of interest requirements for crowdfunding service … Continue Reading
On 21 October 2022, there was published in the Official Journal of the European Union (OJ) Commission Delegated Regulation (EU) 2022/1988 of 12 July 2022 extending the transitional period for continuing to provide crowdfunding services in accordance with national law as referred to in Article 48(1) of Regulation (EU) 2020/1503 of the European Parliament and … Continue Reading
On 12 October 2022, the International Organization of Securities Commissions (IOSCO) published a final report on retail distribution and digitalisation. IOSCO sees retail distribution and digitalisation as a priority given the recent and rapid developments in online marketing and distribution which are changing the way in which financial firms interact with prospective clients and financial … Continue Reading
On 28 September 2022, the European Commission launched a consultation on consumer rights – adapting out-of-court dispute resolution to digital markets. The consultation aims to collect views of various interested organisations and businesses on how to increase the efficiency of retail markets in the EU, how to ensure a level playing field among traders operating … Continue Reading
On 28 September 2022, the European Commission launched a consultation on consumer protection-strengthened enforcement cooperation. The consultation aims to collect the views of various interested organisations and businesses on how to increase the efficiency of retail markets in the EU, how to ensure a level playing field among all traders operating in this market, from … Continue Reading
On 23 September 2022, the European Securities and Markets Authority (ESMA) updated their Q&As on the EU Regulation on European crowdfunding service providers for business. The following sections of the Q&As have been updated: General provisions: 3.8, 3.9, 3.10, 3.11 and 3.12. Investor protection provisions: 5.10, 5.11, 5.12, 5.13, 5.14 and 5.15.… Continue Reading
Introduction On 2 August 2022, the European Commission published a final report which it produced in May concerning the findings from a study that examined disclosure, inducements and suitability rules for EU retail investors. The study feeds into the development of the Retail Investment Strategy announced earlier this year, being one of the actions planned … Continue Reading
On 13 July 2022, the European Commission published: Delegated Regulation supplementing the Crowdfunding Regulation with regard to regulatory technical standards (RTS) on individual portfolio management of loans by crowdfunding service providers, specifying the elements of the method to assess credit risk, the information on each individual portfolio to be disclosed to investors, and the policies … Continue Reading
On 12 July 2022, the European Commission published the following Delegated and Implementing Regulations supplementing the EU Crowdfunding Regulation: Delegated Regulation extending the transitional period for continuing to provide crowdfunding services in accordance with national law as referred to in Article 48 of the EU Crowdfunding Regulation. Delegated Regulation supplementing the EU Crowdfunding Regulation with … Continue Reading
On 23 June 2022, the European Banking Authority (EBA) published an Opinion and Report in response to the European Commission’s call for advice (CFA) on the review of the Mortgage Credit Directive (MCD). The CFA covered 17 questions across 7 topical areas, which were the evaluation of the MCD, digitalisation, ways to facilitate the cross-border … Continue Reading
On 24 June 2022, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2022/975 of 17 March 2022 which amends Article 18 of Delegated Regulation (EU) 2017/653 (otherwise known as the PRIIPs KID Delegated Regulation) so that Article 14(2) applies until 31 December 2022 (instead of 1 July 2022). … Continue Reading
On 11 May 2022, the European Commission published a draft Directive that amends the current EU rules on Distance Marketing of Consumer Financial Services, which govern financial services sold at a distance. The press release mentions that the draft Directive provides for: Easier access to a 14-day withdrawal right for distance contracts for financial services. … Continue Reading
On 10 May 2022, the European Supervisory Authorities (ESAs) issued a supervisory statement on expectations regarding the ‘What is this product?’ section of the key information document (KID) for packaged retail and insurance based investment products (PRIIPs). The supervisory statement is addressed to Member State competent authorities and is delivered on the basis of Article … Continue Reading
On 3 May 2022, the European Supervisory Authorities (ESAs) published their technical advice to the European Commission on the review of the Regulation on packaged retail and insurance-based investment products (PRIIPs Regulation). The advice will serve as input for developing the Commission’s Retail Investment Strategy. Within section 3 of the technical advice, sections 3.1 to … Continue Reading
On 3 May 2022, the European Commission issued a call for evidence regarding retail investment and a new package of measures to increase consumer participation in capital markets. The initiative is intended to provide for an evidence-based assessment on the functioning of the current retail investor protection rules and, if deemed appropriate, an impact assessment … Continue Reading
