On 17 April 2019, the European Union (“EU”) enacted Directive (EU) 2019/882 (the “Accessibility Directive”), which sets out accessibility requirements for products and services across the EU. Notably, European investment firms (“Investment Firms”) fall within the scope of the Accessibility Directive where they provide certain consumer banking services as defined in Article 3(28) of the Accessibility Directive (“Consumer Banking Services”). Investment Firms which provide investment services, such as the reception and transmission of orders, execution of orders, portfolio management and investment advice to retail clients and ancillary services are under the scope.
The main objective of the Accessibility Directive is to increase the availability of accessible banking and investment products and services. It sets out the main requirements for clear and accessible information regarding investment services, as well as making the services accessible. To achieve this, the Accessibility Directive outlines what “accessible” means, sets principles and imposes obligations on Investment Firms.
The Accessibility Directive came into effect on 28 June 2025 and applies to Consumer Banking Services and relevant products placed on the market after 28 June 2025. Contracts with retail investors entered into before 28 June 2025 may remain unchanged until their termination or until 28 June 2030, whichever takes place the earliest.
This post focuses on Consumer Banking Services provided by Investment Firms. As the Accessibility Directive only applies where Consumer Banking Services are provided to retail clients, it does not apply to Investment Firms providing services to professional investors only.
The Accessibility Directive applies to Investment Firms providing Consumer Banking Services, which refer to investment services under the regulatory framework established by Directive 2014/65/EU on markets in financial instruments (“MiFID II”). It also applies to management companies when they are providing Consumer Banking Services under their MiFID top-up permissions.
Certain investment services, investment activities and ancillary services fall within the category of Consumer Banking Services. Consumer Banking Services in scope of the Accessibility Directive are reception and transmission of orders, execution of orders, portfolio management and investment advice. Ancillary services in scope of the Accessibility Directive are safekeeping and administration of financial instruments, granting of credits or loans, investment research and financial analysis, and foreign exchange services related to the aforementioned Consumer Banking Services.
In order to achieve its objectives, the Accessibility Directive sets out specific principles which Investment Firms must take into consideration:
Article 4(3) of the Accessibility Directive requires that when providing Consumer Banking Services, Investment Firms must comply with the general accessibility requirements, such as providing information or instructions about how to use the services. Information, instructions, user interface and support services must be also presented in an understandable way users can perceive. Notably, the electronic information should be in line with the POUR principles.
The provided information should be made available through electronical means such as websites. It should also be made available via more than one sensory channel, presented in an understandable way, offered in text formats that can generate alternative assistive formats and fonts of adequate size, shape, contrast and adjustable spacing. Non-textual content should be supplemented with accessible alternatives. The user interface and functionality design shall contain features, elements and functions that allow persons with disabilities to access, perceive, operate, understand and control the product by ensuring a list of provisions.
Also, where available, support services (help desks, call centres, technical support, relay and training services) that communicate information on accessibility and assistive technology compatibility via accessible modes shall be provided.
Investment Firms must integrate functions, policies, and procedures that specifically address the needs of persons with disabilities, ensuring interoperability with assistive technologies. Identification methods, electronic signatures, security and payment services that are made available must be in line with the POUR principles. It must be ensured that all information is understandable without exceeding a B2 language complexity level.
Investment Firms must prepare and make publicly available (in both written and oral accessible formats) the information on how they meet the Accessibility Directive’s accessibility requirements.
Microenterprises, i.e. firms below certain threshold levels of staff (fewer than 10 people) or turnover (not exceeding EUR 2,000,000), are exempt from formal compliance with the Accessibility Directive. However, these micro-enterprises should monitor the implementation in their home member state. Firmspecific exemptions may also apply if compliance with the Accessibility Directive fundamentally alters the nature of the service or constitutes a “disproportionate burden”.
If you have any further questions about how the Accessibility Directive impacts your firm, Zeidler’s legal team is here to help. Contact us.
