The Commission Services has published a working document providing an update on the European Commission's ongoing work on Packaged Retail Investment Products (PRIPs) and further detail on how the Commission will take forward the commitments it made in the 30 April 2009 Communication on PRIPs. PRIPs comprise investment funds, retail structured products and insurance-based investment products. The Communication announced an ambitious work programme to deliver a coherent, horizontal regulatory approach to the protection of investors in these retail investment products, covering both pre-contractual product information and the rules governing selling practices.
Internal Market and Services Commissioner Charlie McCreevy said: "This is a further step towards our aim of rebuilding investor confidence in the financial markets by making it easier for retail investors to understand and compare products and ensuring that they are always treated fairly by those selling to them."
In view of identifying options for the legislative action necessary to achieve these objectives, the Commission Services have and continue to engage extensively with stakeholders, including hosting a technical workshop with industry experts and consumer representatives which has confirmed a strong degree of support for this initiative.
In the working document, the Commission Services provide an outline of the next steps envisaged in view of delivering on the commitments taken in the Communication before consulting on more concrete proposals in the forthcoming months.
View Update on Commission work on Packaged Retail Investment Products, 16 December 2009