As from January 2018, MiFIR and the PRIIPs Regulation provide national supervisors with competences to adopt measures restricting or limiting financial activities or practices, or the marketing, distribution or sale of financial instruments, structured deposits and insurance-based investments. Moreover, these regulations give competences to the European Supervisory Authorities (ESMA, EBA and EIOPA) to coordinate and facilitate national product intervention measures in order to safeguard the level playing field. In addition, the European Supervisory Authorities can also directly prohibit or restrict the same products, activities or practices in the entire Union, albeit only temporarily.In this contribution we first offer a discussion of the historical evolution of product intervention, including an overview of national measures taken in a number of Member States before the entry into force of the MiFIR and the PRIIPs Regulation. Then we scrutinize the conditions of the MiFIR and PRIIPs product intervention regime and examine ESMA’s first product intervention measures. Finally, we take a critical look at the scope of application of the product intervention measures based on MiFIR.We conclude that the MiFIR and PRIIPs product intervention measures can be considered the keystone of the EU investor protection regime. Since a well-functioning product governance regime should make product intervention measures superfluous in the majority of circumstances, we welcome the fact that national and European authorities have shown restraint and only introduced product intervention measures in regard of a very limited number of products. Nevertheless for the product intervention regime to optimally function, we have argued in favour of a number of changes in the regulations and in the way they are interpreted.

中文翻译：

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MiFIR和PRIIPs产品干预制度：需要干预吗？

从2018年1月开始，MiFIR和PRIIPs条例赋予国家主管人员权限，以采取措施来限制或限制金融活动或惯例，或金融工具，结构性存款和基于保险的投资的营销，分销或销售。此外，这些法规赋予欧洲监管机构（ESMA，EBA和EIOPA）以协调和促进国家产品干预措施以维护公平竞争环境的权限。此外，欧洲监督机构也可以直接在整个联盟中禁止或限制相同的产品，活动或做法，尽管只是暂时的。在此贡献中，我们首先讨论产品干预的历史演变，包括对《 MiFIR》和《 PRIIPs条例》生效之前许多成员国采取的国家措施的概述。然后，我们仔细检查MiFIR和PRIIPs产品干预制度的条件，并研究ESMA的首批产品干预措施。最后，我们对基于MiFIR的产品干预措施的应用范围进行了批判性研究。我们得出的结论是，MiFIR和PRIIPs产品干预措施可以被视为欧盟投资者保护制度的重点。由于运作良好的产品治理制度应在大多数情况下使产品干预措施变得多余，因此，我们欢迎国家和欧洲当局表现出克制，仅针对极少数产品采取产品干预措施的事实。