Retail Investment Strategy

Context

Europe has one of the highest individual savings rates in the world. However, the level of retail investor participation in capital markets remains low compared to other economies, with a majority of savings kept in bank deposits and traditional saving products, generating low or even negative real interest rates with the current level of inflation.

Developing retail investment in order to ensure that EU citizens benefit from the investment opportunities offered by capital markets and that EU enterprises have access to more adequate long-term funding is one of the main objectives of the CMU.

A Retail Investment Package (RIP) was proposed by the Commission in May 2023 aiming to empower retail investors to make investment decisions that are aligned with their needs and preferences and to encourage more retail participation in capital markets, while ensuring that investors are treated fairly and duly protected.

The measures proposed address some key issues that hinder retail investment at present, notably in terms of trust, potential conflicts of interest, value-for-money and financial literacy and also aim to adapt the retail investment framework to the digital age. The RIP package includes a wide range of measures in four main areas, covering the entire investment journey of retail investors: (i) product distribution and advice; (ii) product disclosures and information; (iii) investor education and access; and (iv) supervisory cooperation.

These measures are included in two texts, which amend existing legislation to take into account these new requirements and improvements:

An amending Directive, which revises the current rules set out in the MiFID II, IDD, UCITS, AIFMD and Solvency II Directives
An amending Regulation which revises the PRIIPs Regulation

Eurofi documents

Extracted from the main Eurofi publications (Regulatory Updates, Views Magazines and Conference Summaries)

Stéphanie Yon-Courtin - European Parliament | Guillaume Bérard - Financial Services and Markets Authority, Belgium (FSMA) | Marie-Anne Barbat-Layani - Autorité des Marchés Financiers (AMF) | Alban Aucoin - Crédit Agricole S.A. | Christian Staub - Fidelity International | Aleksandra Maczynska - BETTER FINANCE

Safeguard the access of retail investors to advice and diversification - September 2023

Renaud Dumora - Head of Investment & Protection Services

Retail investment in the digital age - September 2023

Carlo Comporti - Commissione Nazionale per le Società e la Borsa (CONSOB) | Fausto Parente - European Insurance and Occupational Pensions Authority (EIOPA) | Michael McGrath - Department of Finance | Luís Laginha de Sousa - Portuguese Securities Market Commission (CMVM) | Vicente Cancio Garcia - Zurich Insurance, Spain | Stefan Lehmann - Generali Deutschland AG | Andfre Themudo - k

Retail Investment Package proposals - September 2023

Marie-Anne Barbat-Layani - Autorité des Marchés Financiers (AMF) | Guillaume Bérard - Financial Services and Markets Authority, Belgium (FSMA) | Verena Ross - European Securities and Markets Authority (ESMA) | Cyril Roux - Groupama | Tobias Pross - Allianz Global Investors GmbH | Christian Staub - Fidelity International | Stéphanie Yon-Courtin - European Parliament | Aleksandra Macsynska - Better Finance

For an effective “retail investor strategy” - September 2023

Guillaume Prache - Better Finance

Retail Investment Strategy - April 2023

Verena Ross - European Securities and Markets Authority (ESMA) | Fausto Parente - European Insurance and Occupational Pensions Authority (EIOPA) | Jos Heuvelman - Dutch Authority for the Financial Markets (AFM) | Jérôme Reboul - Autorité des Marchés Financiers (AMF) | Guillaume Prache - Better Finance | Andreas Wimmer - Allianz | Elisabeth Sterner - BlackRock | Sergiu Cristian Manea - Romanian Commercial Bank (BCR)

Retail Investment Strategy - September 2022

Natasha Cazenave - European Securities and Markets Authority | Tsvetelina Penkova - European Parliament | Jean-Paul Servais - Financial Services and Markets Authority, Belgium | Barbara Antonides - Dutch Authority for the Financial Markets | Fausto Parente - European Insurance and Occupational Pensions Authority | Matthew Holmes - Zurich Insurance Company Ltd | Simon Janin - Amundi | Guillaume Prache - Better Finance

Retail investment strategy - February 2022

Benoît de Juvigny - Autorité des Marchés Financiers | Ugo Bassi - European Commission | Gabriel Bernardino - Portuguese Securities Market Commission | Stéphanie Yon-Courtin - European Parliament | Jos Heuvelman - Dutch Authority for the Financial Markets | Guillaume Prache - Better Finance | Simon Janin - Amundi | Robyn Laidlaw - Vanguard Asset Management, Ltd | Gerben Everts - European Investors’ Association

Retail investment strategy - September 2021

Rodrigo Buenaventura - Spanish Securities and Exchange Commission | Martin Merlin - European Commission | Guillaume Prache - Better Finance | Jean-Paul Servais - Financial Services and Markets Authority, Belgium | Stéphanie Yon-Courtin - European Parliament | Christoph Bergweiler - J.P. Morgan Asset Management | Christian Hyldahl - BlackRock | Thomas Schaufler - Erste Group Bank AG

Retail investment - April 2021

Maria Luis Albuquerque / Guillaume Prache - Better Finance | Ante Žigman - Croatian Financial Services Supervisory Agency | Stéphanie Yon-Courtin - European Parliament | Christian Staub - Fidelity International | Fausto Parente - European Insurance and Occupational Pensions Authority | Simon Janin - Amundi

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