The Retail workstream was tasked with coordinating the IRSG’s response to a number of legislative proposals affecting retail investments including MiFID II, PRIPS and IMD. Following agreement of the Level 1 texts in 2014, the IRSG workstream began monitoring the Level 2 work closely and, if appropriate, will consider engaging with ESMA’s consultations.

The IRSG's key policy positions are:

  • Clear and consistent rules on product disclosures in the Key Information Document (KID) should promote consumer engagement and confidence in financial products.
  • Extending the scope of the proposal to securities rather than just packaged investment products is problematic.
  • The legal liability and sanctions regime for the KID needs to be proportionate.
  • The ability to sell products on an 'execution only' basis needs to be maintained.
  • Consistent selling rules across MiFID and IMD need to be put in place avoid regulatory arbitrage.

The following papers have been drafted to support the group's work:

IRSG report on Packaged Retail Investment Products

IRSG position paper on Retail Investment Products


It is clear that strong, well-regulated retail markets that place the consumer at their heart are necessary for restoring consumer confidence and promoting economic growth. Retail investors are increasingly offered a wide variety of different investment products which may be difficult for the average investor to comprehend and difficult for the average investor to compare. The European Commission and European Parliament have attempted to address these issues through a number of legislative proposals (MiFID II, PRIIPS, IMD etc.) which were approved on 16 April 2014. Work is now due to begin on the level 2 provisions before the legislation takes effect in 2017.