EC call for advice to ESMA requesting technical advice on level 2 measures under RIS package

The European Commission (EC) has published a call for advice (dated 30 July) to the European Securities and Markets Authority (ESMA) requesting technical advice to assist in developing level 2 measures implementing the retail investment strategy (RIS) package. The package takes the form of a directive containing targeted amendments to a number of EU directives in the area of financial services, including the Markets in Financial Instruments Directive (MiFID II), the Solvency II Directive, the Undertakings for Collective Investment in Transferable Securities (UCITS) Directive and the Alternative Investment Fund Managers Directive (AIFMD) (the Omnibus Directive), and a regulation amending the Packaged Retail And Insurance-Based Investment Products (PRIIPs) Regulation.

A provisional agreement was reached on the RIS package on 18 December 2025 and approved by the Council of the European Union on 5 June and by the European Parliament on 23 June. The adopted legislative texts are still subject to lawyer-linguists' review, but the EC does not expect any substantive changes. The completion of the lawyer linguists work is expected at the latest in September. Final votes by the Council and the Parliament are expected in Q4, which means the publication of the RIS package in the Official Journal of the EU should occur at the latest in January 2027.

Member States will have 24 months to transpose the Omnibus Directive from the date it enters into force. They will have to apply the provisions of the legal text as from July 2029, assuming that the Omnibus Directive is published in January 2027 and that a 30-month implementation period will apply following the date of entry into force. Level 2 measures will also need to be transposed into national laws and regulations by Member States.

The EC is seeking ESMA's technical advice on certain delegated acts to supplement or specify specific provisions of MiFID II, UCITS Directive and AIFMD. To simplify the adoption of the proposed Level 2 measures, ESMA is requested to group the mandates in two delegated acts, a delegated regulation and a delegated directive, for each of the sectoral legislative frameworks. ESMA must submit its advice to the EC by 1 October 2027.

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