Regulatory Alerts2015-11-05
Order ECC/2316/2015 of 4 November on Information and Classification Obligations for Financial Products
The Spanish Ministry of Economy and Competitiveness issues Order ECC/2316/2015 to standardize pre-contractual information and risk classification for retail financial products, including bank deposits, insurance savings, and pension plans. The regulation mandates that financial institutions provide a graphical risk indicator and specific liquidity and complexity alerts to non-professional clients to facilitate product comparison and risk comprehension. This framework applies to both domestic and foreign entities operating in Spain, while explicitly excluding products already governed by EU regulations such as PRIIPs or collective investment schemes.
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