11/05/2009 (Agence Europe) - In response to the European Commission announcement that it is to launch legislative initiative to harmonise pre-contractual disclosures on retail investment products (see EUROPE 9891) the European Banking Federation (EBF) has warned against a “one-size-fits-all” approach for banks. It fears that such a standardised approach will not take account of the particular characteristics of the individual product. With regard to harmonising the rules governing the sales practices for retail investment products, the EBF agrees with using the specific standards set out in the MiFID directive (2004/39/EC) as the benchmark along the whole of the value chain. (M.B./transl.rt)