Press conference by Michel Barnier on legislative initiatives in the financial services sector to boost investment and improve consumer protection
On 3 July 2012, Michel Barnier, Member of the EC in charge of Internal Market and Services, presented a legislative package that raises standards and removes loopholes for the benefit of consumers. Specifically, the package proposes new, consumer-friendly standards for information about investments, raises standards for advice, and tightens certain rules on investment funds to ensure their safety.
The package is composed of three legislative proposals: a proposal for a regulation on key information documents for packaged retail investment products (PRIPS), a revision of the Insurance Mediation Directive (IMD), and a proposal to boost protection for those who buy investment funds (currently governed by the Directive on Undertakings for Collective Investment in Transferable Securities (UCITS). LINKLINKLINK