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DRAFT REPORT (COM(2023)0279 – C90182/2023 – 2023/0167(COD))

On the proposal for a directive of the European Parliament and of the Council amending Directives (EU) 2009/65/EC, 2009/138/EC, 2011/61/EU, 2014/65/EU and (EU) 2016/97 as regards the Union retail investor protection rules

ECON-PR-753711

Committee on Economic and Monetary Affairs · Rapporteur: Stéphanie YonCourtin

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✦ In short · AI summary of this text, generated 25 Sept 2026

Written by a language model from the full text only; every figure comes from the text. The paragraph links open the paragraph a statement rests on — check the text itself before relying on it.

This is the rapporteur's draft report on the Commission proposal to amend five directives on retail investor protection. It adopts a first-reading position with amendments. The draft keeps inducements but tightens the best-interest test, requires advisors to recommend cost-efficient products, and deletes the proposed ESMA and EIOPA value-for-money benchmarks. It adds rules on finfluencers, an anti-forum-shopping principle, data provider requirements, and powers for supervisors to use webscraping and joint on-site inspections. It extends the Commission's review of the rules from three to five years after the end of the transposition period and broadens its scope.

Committee position. The rapporteur proposes to amend the Commission proposal: keep inducements with tighter best-interest rules, delete the value-for-money benchmarks, add finfluencer and data provider rules, strengthen cross-border supervision, and extend the review to five years.

Key points

  1. Parliament adopts its first-reading position on the proposal to amend Directives 2009/65/EC, 2009/138/EC, 2011/61/EU, 2014/65/EU and (EU) 2016/97 on retail investor protection.
  2. The Commission should refer the matter to Parliament again if it replaces or substantially amends its proposal.
  3. The draft removes the Commission's proposed prohibition on paying or receiving inducements for non-advised sales and the related exemptions.
  4. It keeps the ban on inducements in portfolio management, allowing firms to accept and retain fees, commissions or benefits only from the client or a person acting on the client's behalf.
  5. Minor non-monetary benefits below EUR 100 per annum remain allowed if clearly disclosed.
  6. Advisors must base advice on an appropriate range of suitable products and recommend the most cost-efficient ones, judged on net return expectations after all costs and charges.
  7. For insurance-based investment products, advisors must recommend the most efficient product based on performance, level of risk and costs.
  8. The draft deletes the Commission's proposed ESMA and EIOPA value-for-money benchmarks and the related comparison, testing and reporting obligations.
  9. Firms using finfluencers must sign a written agreement, give supervisors their identity and contact details on request, and regularly check their activity.
  10. Member States must refuse authorisation or registration for firms whose head office is in one Member State but which provide services solely in other Member States, to prevent forum shopping.
  11. Data providers must supply financial and non-financial market data on fair, reasonable, non-discriminatory and transparent terms, with disclosed methodologies and non-discriminatory fees based on actual costs.
  12. National supervisors may impose risk warnings beyond risky products and use webscraping to monitor online activity; ESMA and EIOPA may initiate and coordinate joint on-site inspections.

Who is affected

  • Investment firms and insurance distributors: face new advice, marketing and finfluencer rules.
  • Retail investors and insurance customers: get more transparent advice and cost information.
  • Data providers: must meet fair, transparent and non-discriminatory access rules.
  • National competent authorities: gain powers on risk warnings, webscraping and inspections.
  • Member States: must enforce anti-forum-shopping and financial literacy rules.

Figures and deadlines

  • Minor non-monetary benefits below EUR 100 per annum may be allowed if disclosed.
  • Review of the rules five years after the end of the transposition period.
  • ESMA draft regulatory technical standards due 18 months after the directive's entry into force.
  • EIOPA draft regulatory technical standards due 9 months after the directive's entry into force.

Legal basis: Article 294(2) and Articles 53(1) and 62 of the Treaty on the Functioning of the European Union.