As part of the long, ongoing process of seeking to promote a more consistent approach in the regulation of structured retail financial products, on 26 November 2010, the EU Commission published its consultation paper (the “Consultation Paper”) on legislative steps for packaged retail investment products (“PRIPs”).
It had originally been expected that the Commission would publish more detailed legislative proposals rather than a further consultation paper. The Consultation Paper does, however, build upon the earlier Commission communication in relation to PRIPs dated 30 April 2009, and a subsequent update and technical workshops. It also takes into account the recent joint report of the three Level 3 Committees (the “3L3 Report”). As with the previous consultations and reports, the Consultation Paper focuses on three key areas: (i) the scope of the definition of PRIPs, (ii) a more consistent approach to pre-contractual disclosure across different products, and (iii) the rules in relation to selling practices.
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