This Monday evening the economic and monetary affairs committee (ECON) has voted a motion for an early non-objection for the delegated act on the PRIIPS regulation. This has now to be confirmed by the plenary and the Council in order to clear the way for implementation. Both are rather formalities as the ECON vote was passed with 41 of 43 votes and objections to level II Acts in Council are extremely rare.
Sven Giegold, Green PRIIPS shadow rapporteur, comments:
“Parliament clears the way in order to give product issuers more time to implement PRIIPS. This is good news for issuers and investors who can hope for accurate PRIIPS documents. Greens succeeded to make the true risks of investment products visible through an additional visualized “stress scenario”. It is equally welcome that the insurance lobby failed to get unjustified special treatment for products covered by solvency II. The parliament’s negotiation team has also resisted successfully calls to include misleading past performance data in the PRIIPS documents.”