{"id":68696,"date":"2026-04-09T16:06:56","date_gmt":"2026-04-09T14:06:56","guid":{"rendered":"https:\/\/www.lexia.it\/2026\/04\/09\/ris-directive-ban-incentives\/"},"modified":"2026-04-09T16:38:55","modified_gmt":"2026-04-09T14:38:55","slug":"ris-directive-ban-incentives","status":"publish","type":"post","link":"https:\/\/www.lexia.it\/de\/2026\/04\/09\/ris-directive-ban-incentives\/","title":{"rendered":"The RIS directive ultimately limits the ability of states to impose bans on incentives"},"content":{"rendered":"\n<p><a href=\"https:\/\/www.lexia.it\/de\/professionista\/angelo-messore\/\">Angelo Messore<\/a>, Partner at LEXIA, was recently interviewed by Il Sole 24 Ore to provide an expert and detailed view on the Retail Investment Strategy (RIS), a regulation that has sparked extensive debate in the European financial landscape. With the approval of the final version of the directive, the text comes with more contained ambitions compared to the initial proposals, marking a significant shift from the original assumptions.<\/p>\n\n\n\n<p>One of the main novelties concerns retrocessions: while an absolute ban was initially discussed, the final version limits the ability of member states to introduce such a measure. Additionally, the much-discussed &#8222;best interest test&#8220; has been made more flexible.<\/p>\n\n\n\n<p>Angelo Messore pointed out several critical aspects related to these changes, particularly regarding investor protection and market stability. On the risk of a race to the bottom, he explained: &#8222;The obligation to always recommend the least expensive or least complex product would have risked triggering a &#8218;race to the bottom&#8216; towards very basic financial instruments, particularly penalizing private clients who require more sophisticated investment solutions.&#8220;<\/p>\n\n\n\n<p>From a value-for-money perspective, Messore highlighted two main potential issues: on one hand, the possibility of encouraging riskier products, and on the other, the risk that investors may hastily divest during market downturns, creating instability and uncertainty.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.ilsole24ore.com\/art\/la-direttiva-ris-fine-limita-stati-porre-divieti-gli-incentivi-AINVS6HC\">Full article on Il Sole 24 Ore ><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Angelo Messore, Partner at LEXIA, was recently interviewed by Il Sole 24 Ore to provide an expert and detailed view on the Retail Investment Strategy (RIS), a regulation that has sparked extensive debate in the European financial landscape. With the approval of the final version of the directive, the text comes with more contained ambitions &hellip; <a href=\"https:\/\/www.lexia.it\/de\/2026\/04\/09\/ris-directive-ban-incentives\/\">Continued<\/a><\/p>\n","protected":false},"author":13,"featured_media":68674,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[794],"tags":[],"area":[],"collana":[],"competenza":[733],"class_list":["post-68696","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press-de","competenza-financial-services-regulatory-fintech"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The RIS directive limits ability of states to impose ban on incentives - LEXIA<\/title>\n<meta name=\"description\" content=\"Angelo Messore analyzes the RIS directive in an interview with Il Sole 24 Ore, highlighting risks and opportunities for investors.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lexia.it\/de\/2026\/04\/09\/ris-directive-ban-incentives\/\" \/>\n<meta property=\"og:locale\" content=\"de_DE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The RIS directive limits ability of states to impose ban on incentives - 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