The Commission wants to tighten the rules for and the supervision of depositaries. The consultation will end on 31 January 2011.

PRIPs are packaged products for retail investors, such as investment funds, insurance-related investment and structured products. The Commission announced in 2009 that it wanted to improve protection for investors in these products. The rules on product information and sale needed to be more effective and coherent. The committees of European supervisors published a joint report on PRIPs last year (see Financial Markets Newsletter of November 2010).

The Commission’s consultation relates to:

  • the scope of PRIPs regulation  
  • the rules on pre-contractual disclosure  
  • the rules on sale of PRIPs

The consultation period ends on 31 January 2011.

The Commission has started a consultation on the review of the MiFID. Such review is needed to bring the Directive more in line with the (new) rules on, among other things, derivatives. The MiFID should also offer more protection to investors, and member states should be given less room for their own interpretation of the MiFID provisions.

The consultation period ends on 2 February 2011.

Surveys carried out by the committees of supervisors in the past few years have shown that the national sanctioning regimes strongly diverge. In the Commission’s view, further convergence and reinforcement of sanctioning regimes are needed to promote adequate operation of the financial markets. It has therefore proposed to set minimum standards at European level. All member states should have administrative sanctions for violation of essential provisions, require sanctions that have been imposed to be made public, and have administrative sanctions against the responsible person and the financial institution on whose behalf that person acted. The Commission also wants to assess whether and in which instances criminal sanctions would be appropriate.

The consultation period ends on 19 February 2011.

Consultation on technical details of a possible European crisis management framework

The Commission wants to present a proposal by this summer for a European approach to crisis management and recovery and resolution funds for banks. It is currently holding a consultation on the technical aspects of this proposal. The consultation will continue until 3 March 2011.