Members' Research Service By / June 22, 2023

Retail investor package [EU Legislation in Progress]

On 24 May 2023, the Commission tabled a retail investment package comprising two proposals: a proposal amending a number of directives – the proposed ‘omnibus directive’ on the one hand, and an amending regulation proposal, on the other.

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Written by Issam Hallak (1st edition).

On 24 May 2023, the European Commission put forward a package of two proposals to amend existing directives and a regulation with a view to fostering retail investor information transparency and ensuring that investment decisions are best for investors. The objective is to enhance trust and confidence, thereby increasing retail investor participation in financing the economy. The package is mostly concerned with clarity in communication and the prevention of misleading marketing. It also intends to mitigate potential conflicts of interest for advisers and increase retail investments’ value for money.

In the European Parliament, the file has been referred to the Committee on Economic and Monetary Affairs (ECON). The Council has also started its discussions.


Proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 1286/2014 as regards the modernisation of the key information document and proposal for a directive of the European Parliament and of the Council amending Directives (EU) 2009/65/EC, 2009/138/EC, 2011/61/EU, 2014/65/EU and (EU) 2016/97 as regards the Union retail investor protection rules
Committee responsible:Economic and Monetary Affairs (ECON)COM(2023) 278
COM(2023) 279
Rapporteurs:Stéphanie Yon-Courtin (Renew, France)2023/0166(COD)
Shadow rapporteurs:Ralf Seekatz (EPP, Germany), Denis Nesci (ECR, Italy)Ordinary legislative
procedure (COD)
(Parliament and Council
on equal footing – formerly ‘co-decision’)

Next steps expected: National parliaments’ opinions
EU legislation in progress

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