Modernisation of the key information document

Background

The share of EU households' assets in financial securities, i.e. listed shares and bonds, is particularly low compared with similar economies, especially the United States. Increasing households' – i.e. retail investors' – participation would provide further financial support for the EU's economy and priorities. In addition, a 2022 Eurobarometer survey highlighted the essential informational role of financial advisors for retail investors.

European Commission proposal

On 24 May 2023, the European Commission put forward the retail investment strategy, a package of two legislative proposals to strengthen retail investors' trust and confidence in securities markets. It is part of the strategy for the savings and investments union (2025), although it was first presented within the strategy for a capital markets union (2015).

The present proposal for a regulation is aimed at amending Regulation (EU) 1286/2014 on key information documents for packaged retail and insurance‑based investment products and enhancing clarity. Particularly, it seeks to clarify certain aspects and definitions, and to introduce a 'Product at a glance' section.

Provisional agreement

Negotiators for Parliament and the Council reached a provisional agreement on 18 December 2025. The required information for retail investors should provide them with the information needed to make investment decisions. These include details on expected risks and returns as well as on the costs incurred, which will be presented in a more visible and accessible way. The new template for the key information document will be developed accordingly by the relevant European supervisory authorities. In addition, the information presented in key information documents will have to be available in a machine‑readable format within 30 months after the entry into force of the new rules, in order to facilitate comparison.

For the Council, the Committee of Permanent Representatives (Coreper) endorsed the agreement resulting from interinstitutional negotiations on 5 June 2026. In Parliament, the committee responsible for the file – the Committee on Economic and Monetary Affairs (ECON) – approved the provisional agreement on 23 June 2026 with 33 votes in favour, 21 votes against, and 4 abstentions. The European Parliament is expected to vote on the agreed text during the first November part‑session.