1. E.g., P. Mülbert and A. Wilhelm, ‘Reforms of EU Banking and Securities Regulation after the Financial Crisis’, 26 Banking and Finance Law Review (2010) p. 187.
2. Respectively, COM(2011) 656/4 (addressing investment firm and trading market regulation) and COM(2011) 652/4 (addressing the details of trading market transparency). At the time of writing, the measures had just embarked on what is likely to be a long and contested institutional negotiation.
3. The PRIPs reform process can be traced to 2007 and the Commission’s initial call for evidence: European Commission, Call for Evidence. Need for a Coherent Approach to Product Transparency and Distribution Requirements for ‘Substitute’ Retail Investment Products (2009).
4. Under the UCITS IV Directive (Directive 2009/65/EC, OJ 2009 L 302/32) and its accompanying measures on the KIID: Commission Regulation 583/2010, OJ 2010 L 176/1 and CESR (now ESMA) guidance on the related synthetic risk and reward indicator (CESR/10-673) and ongoing charges (CESR/10-674).
5. European Commission, Consultation on Legislative Steps for the PRIPS Initiative (December 2010). A suite of proposals is expected in mid-2012.