Proposal for a Directive 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

Author (Corporate)
Series Details COM (2023) 279
Publication Date 24/05/2023
Content Type


Legislative initiative tabled by the European Commission on 24 May 2023, introducing amendments to Directive (EU) 2009/65/EC, Directive 2009/138/EC, Directive 2011/61/EU, Directive 2014/65/EU and Directive (EU) 2016/97 as regards the European Union's (EU) retail investor protection rules. This is a text with EEA relevance. It is also known as an Omnibus Directive.

Further information:

In its 2020 Capital Markets Union (CMU) Action Plan, the European Commission announced its intention to put forward a strategy for retail investments in the EU. The core objective of the CMU is to ensure that consumers can fully benefit from the investment opportunities offered by capital markets. Retail participation in capital markets varies widely across the Member States. The goal was shared by the Council of the European Union in its conclusions from December 2020, and by the European Parliament in a Resolution adopted in October 2020.

The Commission showed concerns that capital markets did not sufficiently serve the long-term financing needs of EU citizens. Several problems were identified along the retail investor journey, such as the difficulty to access investment product information, exposure to risk of inappropriate influence by unrealistic marketing information, shortcomings in the way products and manufactured and distributed, high level of costs of some investment products.

This draft law was adopted by the European Commission on 24 May 2023 as part of a retail investment package. It seeks to ensure that the legal framework for retail investments sufficiently empowers consumers, encourages improved and fairer market outcomes and ultimately creates the necessary conditions to grow retail investor participation in capital markets. It revises the existing rules set out in the Markets in Financial Instruments Directive (MiFID II), the Insurance Distribution Directive (IDD), the Undertaking for Collective Investment in Transferable Securities (UCITS) Directive, the Alternative Investment Fund Managers Directive (AIFMD), and the taking-up and pursuit of the business of Insurance and Reinsurance Directive (Solvency II).

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Related Links
EUR-LEX: SWD(2023)278: Staff Working Document accompanying the Proposal - Impact Assessment Report
EUR-LEX: SWD(2023)279: Staff Working Document accompanying the Proposal - Executive Summary of the Impact Assessment Report
European Commission: Publications: Retail investment package
European Commission: Press Release, 24/05/2023: Capital Markets Union: Commission proposes new rules to protect and empower retail investors in the EU
European Commission: Questions and answers on the Retail Investment Package (24 May 2023)
European Commission: Remarks by Executive Vice-President Dombrovskis and Commissioner McGuinness at the press conference on the Retail Investment Package (24 May 2023)

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