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4 NEWS 18.5.2023 THE European Commission on Wednesday adopted a Retail Invest- ment Package that places the consum- ers' interests at the centre of retail in- vesting. e aim is to empower retail investors to make investment decisions that are aligned with their needs and preferenc- es, ensuring that they are treated fairly and duly protected. is will enhance retail investors' trust and confidence to safely invest in their future and take full advantage of the EU's Capital Markets Union. One of the Commission's three key objectives of the 2020 Capital Markets Union Action Plan was to make the EU an even safer place for citizens to invest in the long term. is package aims to achieve that goal and encourage participation in EU cap- ital markets, which has traditionally been lower than in other jurisdictions, such as the United States – even though Europeans have very high savings rates. Boosting the Capital Markets Union is also an essential means to channel pri- vate funding into our economy and to fund the green and digital transitions. e package includes ambitious and wide-ranging measures to: • Improve the way information is provided to retail investors about investment products and services, in ways that are more meaningful and standardised, by adapting disclosure rules to the digital age and investors' growing sustainability preferences; • Increase transparency and com- parability of costs by requiring the use of a standard presentation and terminology on costs. is will ensure that investment prod- ucts bring real value for money to retail investors; • Ensure that all retail clients re- ceive at least annually a clear view of the investment performance of their portfolio; • Address potential conflicts of interest in the distribution of in- vestment products by banning inducements for "execution-only" sales (i.e. where no advice is pro- vided) and ensuring that finan- cial advice is aligned with retail investors' best interests. Stricter safeguards and transparency will also be introduced where induce- ments are allowed; • Protect retail investors from mis- leading marketing by ensuring that financial intermediaries (i.e. advisors) are fully responsible for the use (and misuse) of their mar- keting communication, including where it is made via social media, or via celebrities or other third parties they remunerate or incen- tivise. • Preserve high standards of pro- fessional qualifications for finan- cial advisors. • Empower consumers to make better financial decisions, by en- couraging Member States to im- plement national measures that can support citizens' financial literacy, regardless of their age, and social and educational back- ground. • Reduce administrative burdens and improve the accessibility of products and services for sophis- ticated retail investors, by making the eligibility criteria to become a professional investor more pro- portionate. • Enhance supervisory coopera- tion to make it easier for national competent authorities and Eu- ropean Supervisory Authorities to ensure that rules are properly and effectively applied in a coher- ent manner across the EU and to jointly fight fraud and malpractic- es. is latest package is wide-ranging in scope and touches on the entire invest- ment journey of the consumer. It con- sists of an amending Directive, which revises the existing rules set out in the Markets in Financial Instruments Directive (MiFID II), the Insurance Distribution Directive (IDD), the Un- dertaking for Collective Investment in Transferable Securities (UCITS) Direc- tive, the Alternative Investment Fund Managers Directive (AIFMD), and the taking-up and pursuit of the business of Insurance and Reinsurance Directive (Solvency II), as well as an amending Regulation, which revises the Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation. THE Maltese French Chamber of Com- merce recently hosted a social network- ing event attended by the community of French businesses operating in Malta and Maltese businesses doing business with France. Agnès Von der Mühll, French Ambas- sador to Malta, commended the Mal- tese French Chamber for its continuous efforts to strengthen the already very dynamic and successful relationships between Maltese and French businesses which she described as "a vibrant testi- mony of the deep friendship between our two countries and the dynamism of the bilateral relations and the density of our economic ties, with France proud to count Malta as one of its main trading partners." She praised the dynamism of the French community. "ese are present in many sectors, from self-employed entrepreneurs to large corporations in the insurance sec- tor, logistics, transport, microchips and pharmaceutical products. I also thank and pay tribute to the many Maltese business leaders who have become key players in Malta's dynamic growth." Von der Mühll concluded by thanking Malta for its unfailing support during the French Presidency of the European Union at a time when Europe is "shaken by geopolitical upheavals unprecedent- ed since the Second World War with the war waged by Russia against Ukraine, its sovereignty and independence, against its very existence" and saluted Malta's cooperation for an effective multilater- alism as it sits on the United Nations Security Council for two years. Ian Borg, Minister for Foreign and European Affairs and Trade confirmed France as one of Malta's main trade partners. Maltese exports to France have aver- aged at around €229.2m per year over the past five years, while imports have averaged at around €342.1m annual- ly. A significant proportion of exports consist of high-value-added goods pro- cessed in Malta. And in terms of tourism, France is also one of Malta's largest tourism markets where in 2022, figures for incoming tourism exceeded the previous record set in 2019. Borg underlined the excellent and friendly relations between Malta and France and stressed that both countries will continue sharing their common goals and objectives namely stability, peace, and prosperity while continuing to address challenges such as migration and the environment together. Commission proposes new rules to protect and empower retail investors in the EU Maltese French Chamber of Commerce hosts networking event

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