• Legal basis
The EU has in place a legislative framework governing retail investor protection, which has been developed over several decades. The level of retail investor protection has been significantly strengthened over the years, in particular following the 2008 financial crisis. The current comprehensive legislative framework consists of five legal instruments which aim to harmonise - on a sector-by-sector basis - the requirements for retail investor protection in the area of investment services, insurance-based investment and asset management. The Directives subject to amendments in this proposal (the 'Directives') provide for regulatory frameworks on:
- the provision of investment services ('MiFID'),
- the provision of insurance or reinsurance distribution services to third parties ('IDD'),
- the take-up and pursuit of insurance business within the EU ('Solvency II'),
- the coordination of laws, regulations and administrative provisions relating to undertakings for collective
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