Rejection of the legislation covering packaged retail and insurance-based investment products (PRIIPs)

The European Parliament's economic and monetary committee endorsed a resolution on 1 September 2016 calling for changes to the legislation covering 'packaged retail and insurance-based investment products' (PRIIPs).

The proposal was adopted by the European Commission on 30 June and supplemented the PRIIPs regulation. It introduces regulatory technical standards (RTS) specifying the content and underlying methodology of the so-called Key Information Document (KID) that will have to be provided to retail consumer when they buy certain investment products as of 31 December 2016.

The plenary session of the parliament confirmed the decision to return the proposal to the Commission for revision.

European Commission: DG Banking and Finance: Packaged retail and insurance-based investment products http://ec.europa.eu/finance/finservices-retail/investment_products/index_en.htm

EUR-Lex: Summaries of Legislation: Key information about investment products http://eur-lex.europa.eu/legal-content/EN/LSU/?uri=celex:32014R1286

European Parliament: Press Release, 14.09.16: Packaged retail investment products: Parliament returns draft law to Commission http://www.europarl.europa.eu/news/en/news-room/20160909IPR41784/

EUObserver, 28.09.16: New EU rules on financial products in limbo https://euobserver.com/economic/135267

---