On September 14, 2016, the European Parliament announced its
decision to reject the European Commission's proposed Delegated
Regulation supplementing the Regulation on key information
documents (KIDs) for packaged retail and insurance based products
(PRIIPs) (Regulation 1286/2014) (PRIIPs KID Regulation).
The text of the legislative resolution rejecting the proposed
Delegated Regulation sets out a number of reasons why the
Parliament decided to reject the Delegated Regulation,
The need for detailed guidance on the "comprehension
alert" without which there is a risk of inconsistent
implementation of this component in the KIDs within the single
The need for clarification surrounding the treatment of
multi-option products; and
The risk that the rules within the Delegated Regulation are
contrary to the purpose of the legislation which is to provide
retail investors clear, comparable, non-misleading and
understandable information on PRIIPs.
As well as calling on the Commission to submit a new delegated
regulation, the European Parliament also calls on the Commission to
postpone the application date of the PRIIPs KID Regulation, to
ensure that the requirements in the Regulation and Delegated
Regulation are implemented smoothly and avoid the application of
level 1 without RTS being in force.
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