Horizon Scanner Finance October 2026 - European Developments

European Commission requests ESMA technical advice on Retail Investment Strategy implementation

On 24 August 2026, the European Commission published its request to the European Securities and Markets Authority (ESMA) (PDF, 698 KB) to provide technical advice on implementing key aspects of the Retail Investment Strategy (RIS) package. The request follows the political agreement reached on the RIS package and seeks ESMA's input on detailed Level 2 measures needed to operationalise the reforms.

The request provides the clearest indication to date of the practical requirements firms are likely to face under the RIS package. A key focus is the development of a new "value for money" framework across retail investment products, requiring assessment of whether products' costs and charges are justified having regard to their features, performance and benefits to investors. ESMA has also been asked to develop detailed criteria in relation to inducements, the assessment of undue