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The European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) issued today a joint supervisory statement regarding the ‘What is this product?’ section of the key information document (KID) for packaged retail and insurance-based investment products (PRIIPs). The expectations put forward in the supervisory statement aim at improving the quality of descriptions provided by PRIIPs manufacturers and thereby contribute to better protection of retail investors. 

The European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) published today their technical advice to the European Commission on the review of the Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation. The advice will serve as input for developing the Commission’s Retail Investment Strategy.

The European Supervisory Authorities (EBA, ESMA and EIOPA – the ESAs) today warn consumers that many crypto-assets are highly risky and speculative. The ESAs set out key steps consumers can take to ensure they make informed decisions.

The European Banking Authority (EBA) published today a Report on the application of its Guidelines on the remuneration of sales staff in force since 2016. The EBA’s assessment revealed that financial institutions focus more on prudential requirements and commercial interests than on meeting the interests of consumers. However, the EBA also identified good practices that are considered to be compliant with the Guidelines.

The European Banking Authority (EBA) launched today a consultation on draft Regulatory Technical Standards (RTS) specifying the information that crowdfunding service providers shall provide to investors. The proposed requirements cover the method used for the calculation of credit scores and loan prices, the factors that the providers need to consider when carrying out a credit risk assessment and conducting a valuation of a loan, and the underlying policies and governance arrangements. The consultation runs until 8 March 2022.

The European Banking Authority (EBA) published today its Final Report on draft Regulatory Technical Standards (RTS) specifying the information that crowdfunding service providers offering individual portfolio management of loans shall provide to investors in relation to the method to assess credit risk, and on each individual portfolio. The draft RTS also specify the policies, procedures and organisational arrangements that crowdfunding service providers shall have in place in relation to any contingency fund they may offer to investors. These RTS are the first of two mandates assigned to EBA with a view to contributing to a sound prudential and disclosure framework for crowdfunding service providers.

The European Supervisory Authorities (ESAs) have opened today a call for evidence regarding the PRIIPs (Packaged retail and insurance-based investment products) Regulation.

The European Banking Authority (EBA) published today a methodological guide to mystery shopping (MS). This guide has been developed based on the findings and good practices identified in the EBA report on MS activities of NCAs published earlier this year and aims to support NCAs in the design and implementation of MS activities.