Capital markets union: Council adopts new rules facilitating access to pension products and investment funds


The Council today adopted two key reforms in the framework of the Capital Markets Union.

They adopted:

  • a regulation providing greater choice for people who wish to save for their retirement and expanding the market for personal pensions through the creation of a “pan-European pension product” (PEPPs).
  • a package of measures aimed at removing existing barriers to the cross-border distribution of investment funds.


The PEPPs regulation creates a new type of voluntary personal pension product. Its features will be the same throughout the EU and it can be offered by a wide range of providers, such as insurance companies, banks, occupational pension funds, investment firms and asset managers. Providers will benefit from an EU passport, allowing them to sell PEPPs in different member states.  

The PEPP will give people a new EU-wide saving option that will complement state-based, occupational and national personal pension schemes. It will allow consumers to voluntarily complement their savings for retirement, while benefitting from solid consumer protection. The PEPP will be portable between member states: savers will be able to continue contributing to their PEPP when moving to another member state.

Cross-border distribution of investment funds

The agreement enhances the current regulatory framework applying to investment funds. It will facilitate the cross-border distribution of investment funds by eliminating existing regulatory barriers and reducing distribution costs.

In particular, the measures will:

  • Make it easier for EU alternative investment fund managers to test the appetite of potential professional investors in new markets.
  • Clarify customer service obligations for asset managers in their host Member State.
  • Align procedures and conditions for managers of collective investment funds to exit national markets when they decide to terminate the offering or placement of their funds.
  • Introduce increased transparency and creation of a single online access point for information on national rules related to marketing requirements and applicable fees.

Next steps

Following the signature of the adopted legislation on 20 June, the new measures for PEPPs and cross-border distribution of funds will be published in the Official Journal shortly after

signature and will enter into force 20 days later.

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