European Parliament rejects the core of the Retail Investment Strategy

In short

• On 12 November 2026 the European Parliament rejected the provisional agreement on the Omnibus Directive, the main part of the Retail Investment Strategy: 286 in favour, 300 against, 23 abstentions.
• The companion regulation on the PRIIPs key information document was adopted: 311 in favour, 261 against, 38 abstentions.
• The changes to the Insurance Distribution Directive, MiFID II, Solvency II, UCITS and AIFMD that the directive would have made do not go ahead for now.

What was rejected

The Omnibus Directive carried most of the reforms of the Retail Investment Strategy, including value for money rules, changes to the rules on inducements, marketing requirements and client categorisation. It would have amended five laws: MiFID II, the Insurance Distribution Directive (IDD), Solvency II, UCITS and AIFMD.

The Parliament and the Council reached the provisional agreement in December 2025, and the Parliament’s Economic and Monetary Affairs Committee endorsed it in June 2026. In plenary, the agreement fell short by 14 votes.

What was adopted

The regulation that modernises the key information document for packaged retail and insurance-based investment products (PRIIPs) was adopted, together with a joint statement of the Parliament, the Council and the Commission. It now goes on to formal adoption.

What happens next

What happens to the directive is open. The options are renegotiating the disputed parts, reopening the whole agreement with the Council, or a long stalemate. For insurers and distributors, today’s IDD rules stay in place for now.

Source: European Parliament, minutes, results of votes, 12 November 2026 (items 5 and 6).

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Questions and answers

Did the European Parliament reject the Retail Investment Strategy?

It rejected the main part. On 12 November 2026 the provisional agreement on the Omnibus Directive got 286 votes in favour and 300 against. The PRIIPs regulation on the key information document was adopted.

Does the vote change the Insurance Distribution Directive?

No. The IDD changes were part of the rejected directive, so today’s IDD rules continue to apply.