06/06/2023 (Agence Europe) – On Tuesday 6 June, eight financial services industry associations, including the European Association of Cooperative Banks (EACB) and the European Association of Public Banks (EAPB), voiced their concerns about certain provisions of the European Commission’s proposal on retail investment (see EUROPE 13187/21). The signatories of the declaration believe that the timetable for implementing the new requirements is “unfeasible”. “At present, the transposition dates proposed in the current draft would make it impossible for the industry to comply”. In addition, for the signatories of the statement, the proposed approach to the “best interest of the client test” focuses “disproportionately” on costs. This, they argue, could “lead clients to prioritise the cheapest product”. The number of processes and requirements is also singled out as likely to “discourage consumer engagement”. To see the document: https://aeur.eu/f/796 (TM)