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Retail Investment Package: New Rules for Consumer Protection in the World of Investments

Retail Investment Package: New Rules for Consumer Protection in the World of Investments

Czech Republic
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On 24 May 2023, the European Commission published "the most ambitious legislative proposal since the inception of EU financial regulation ", as the Commissioner for Financial Services Mairead McGuinnes described the proposal for a directive as regards the retail investor protection rules (Retail Investment Package).

The main goal of the proposal is to enhance the position of the consumer as a retail investor, so that the consumers can make better and confident decisions about their investments.

The new rules will be reflected, for example, in the Insurance Distribution Directive (IDD), the taking-up and pursuit of the business of Insurance and Reinsurance Directive (Solvency II), the Undertaking for Collective Investment in Transferable Securities Directive (UCITS), the Alternative Investment Fund Managers Directive (AIFMD) and in the Markets in Financial Instruments Directive (MiFID II).

One of the most interesting aspects of the proposal is the long-awaited revision of the existing rules set out in the Insurance Distribution Directive (IDD), especially in the context of product governance and marketing communication in relation to investment products.

By Michaela Šmotková, Associate, and Iva van Leeuwen, Junior Lawyer, JSK Law Firm

Czech Republic Knowledge Partner

PRK Partners, one of the leading Central European law firms, has been helping clients achieve their business objectives almost 30 years. Our team of lawyers, based in our Prague, Ostrava, and Bratislava offices, has a unique knowledge of Czech and Slovak law and of the business environment. Our lawyers studied at top law schools in the United States, United Kingdom, Switzerland and elsewhere. They also have experience working for leading international and domestic law firms in a number of jurisdictions. We speak your language, too. Our legal team is fluent in more than 15 languages, including all the key languages of the region.

PRK Partners has one of the most experienced legal teams on the market. We are consistently rated as one of the leading law firms in the region. We have received many significant honours and awards for our work. We represent the interests of international clients operating in the Czech Republic in an efficient way, combining local knowledge with an understanding of their global requirements in a business-friendly approach. We are one of the largest law firms in the Czech Republic and Slovakia. Our specialised teams of lawyers and tax advisors advise major global corporations as well as local companies. We provide comprehensive legal advice drawing on our profound knowledge of local law and markets.

Our legal advice delivers tangible results – as proven by our strong track record. We are the only Czech member firm of Lex Mundi, the world's leading network of independent law firms. As one of the leading law firms in the region, we have received many national and international awards, in some cases several years in a row. Honours include the Chambers Europe Award for Excellence, The Lawyer and Czech and Slovak Law Firm of the Year. Thanks to our close cooperation with leading international law firms and strong local players, we can serve clients in multiple jurisdictions around the globe. Our strong network means that we can meet your needs, wherever you do business.

PRK Partners has been repeatedly voted among the most socially responsible firms in the category of small and mid-sized firms and was awarded the bronze certificate at the annual TOP Responsible Firm of the Year Awards.

Our work is not only “business”: we have participated on a longstanding basis in a wide variety of pro bono projects and supported our partners from the non-profit sector (Kaplicky Centre Endowment Fund, Tereza Maxová Foundation, Czech Donors Forum, etc.).

Firm's website: www.prkpartners.com

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