It has been almost three years since the European Commission's work began in relation to the regulation of packaged retail investment products (Prips)and there is still some way to go before the new legislation is finalised and comes into force.

The EU Commission has conducted extensive consultation in relation to substitute investment products since issuing a call for evidence on the neeed for a coherent approach to product transparency and distribution requirements in October 2007. This led to a communication on Prips in April 2009. A further period of consultation with market participants followed and the Commission is expected to publish an outline of its legislative proposals within the next few months.