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The Commission published a call for evidence on the impact of the fragmented regulatory landscape for retail investment products on the protection of retail investors.
This call for evidence focuses on whether this fragmented regulatory landscape leads to unacceptably high variations in the level of product disclosure and investor protection, depending on the regulatory status of the investment product. It does not call into question differences in the rules governing the authorisation or prudential supervision of the institutions which originate these products.
The call asks which investment products should be taken into consideration; the factors driving the sale and promotion of particular investment products; whether and how varying information disclosures or distribution regulations lead to investor detriment; and, if material risks are identified, on the need for corrective action.
A feedback statement will be issued in March 2008. The Commission will release in autumn 2008 a Communication on whether these issues call for EU-level action.
Deadline for responses is