Today, EFAMA publishes an open letter calling on MEPs to vote against the final text of the Retail Investment Strategy (RIS) in the European Parliament Plenary session on 12 November. We highlight that the RIS falls short of its objectives, is largely still a black box, adds regulatory complexity instead of removing it, causes additional fragmentation of the Single Market and legal uncertainty for firms, and will cause the EU to fall further behind in global competitiveness.