The ABBL warmly welcomes today’s adoption by the ECON committee of the European Parliament of a Motion for a Resolution on Key Information Documents for PRIIPs.
After discussions in the ECON Committee with the European Commission and EIOPA, the Committee voted overwhelmingly in favour of a Motion for a Resolution on Key Information Documents for PRIIPs (in other words a rejection of the proposal).
In substance the Motion for a Resolution calls for several technical issues to be solved, calls on the Commission to make the necessary adaptations to the envisaged timeline of the PRIIPS implementation so as to avoid the entry into force of level 1 legislation without RTS, and object the RTS as it stands.
The Motion still has to be adopted by the European Parliament plenary session.
The ABBL considers that a delay is truly necessary to remove uncertainties and clarify financial intermediaries obligations. Therefore the ABBL welcomes the rejection of the RTS so as to offer proper time to re-draft these Technical Standards that are key to enable retail investors to understand and compare key features of PRIIPs.