Between Intention and Reality: RIS and FIDA under Scrutiny
Those who wish to strengthen retail participation in capital markets must not build regulatory barriers to entry. Yet current developments in Brussels suggest a growing risk of precisely that. Two legislative initiatives are currently under the spotlight: the Retail Investment Strategy (RIS) and the Framework for Financial Data Access (FIDA). Both aim to reshape key aspects of the European financial market architecture – but with vastly different objectives and implications.
Retail Investment Strategy: Well-Intended but Ill-Designed
The declared aim of the RIS is to empower retail investors and mobilize private capital to stimulate economic growth. A legitimate goal, in principle. But the way the legislative process is unfolding tells a different story. The ongoing trilogue negotiations have reached an impasse, with three divergent texts from the European Commission, the Council, and the Parliament confronting each other – some with fundamental contradictions.
According to Members of the European Parliament, the current trilogue represents an unprecedented situation: for the first time, both Council and Parliament have formally rejected the Commission's original draft, jointly urging the Commission to revise and simplify its own proposal...
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