EU Commission Retail Investment Package

Insights EU Commission Retail Investment Package Bernd Geier · July 13, 2023

On May 24, 2023, the EU Commission published the hotly debated retail investment package. Private investors are to be increasingly encouraged to invest in the capital market. The proposal brings far-reaching changes in the area of MiFID II.

The package proposes the prohibition of payments from the issuer in non-advisory business. Payments for orders will be partially prohibited. The regulation mainly affects fund sales and certificates. However, the draft does not contain an originally planned general ban on “payment for order flow”. In this respect, the rule that conflicts of interest must be managed remains in place.

Cost disclosure has also been expanded and standardized. Regulations on the disclosure of the price-performance ratio and on cost benchmarks have been added. A new reporting system for product costs to supervisory authorities will be introduced.

Further details can be found in the guest article by our partner Prof. Dr. Bernd Geier in the Börsen-Zeitung of June 16, 2023.


Bernd Geier is a partner focused on finance, regulatory law, and funds. His practice covers the entire spectrum of regulatory issues (compliance), with a focus on the financial sector, including FinTech. He advises clients on financial market regulation, transaction structuring and optimisation, outsourcing law, as well as on new technologies (cryptocurrencies) and sustainability requirements (ESG)…Read more