Proposal for a Regulation amending Regulation (EU) No 1286/2014 as regards the modernisation of the key information document

Summary:

Legislative initiative tabled by the European Commission on 24 May 2023, introducing amendments to Regulation (EU) No 1286/2014 as regards the modernisation of the key information document. This is a text with EEA relevance.

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.

This draft law seeks to amend Regulation (EU) No 1286/2014 - also known as the PRIIPS Regulation - to adapt disclosures to the digital environment and to the evolving needs of retail investors, and to provide further clarity on the scope of PRIIPs with regards to corporate bonds with make-whole clauses and immediate annuities. It was adopted by the European Commission on 24 May 2023 as part of a retail investment package.

• Primary Source

Official

EUR-LEX: SWD(2023)278: Staff Working Document accompanying the Proposal - Impact Assessment Report https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=SWD:2023:278:FIN

EUR-LEX: SWD(2023)279: Staff Working Document accompanying the Proposal - Executive Summary of the Impact Assessment Report https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=SWD:2023:279:FIN

European Commission: Publications: Retail investment package https://finance.ec.europa.eu/publications/retail-investment-package_en

European Commission: Press Release, 24/05/2023: Capital Markets Union: Commission proposes new rules to protect and empower retail investors in the EU https://ec.europa.eu/commission/presscorner/detail/en/ip_23_2868

European Commission: Questions and answers on the Retail Investment Package (24 May 2023) https://ec.europa.eu/commission/presscorner/detail/en/qanda_23_2869

European Commission: Remarks by Executive Vice-President Dombrovskis and Commissioner McGuinness at the press conference on the Retail Investment Package (24 May 2023) https://ec.europa.eu/commission/presscorner/detail/en/speech_23_2911

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