European Parliament overwhelmingly backs last-minute rejection of PRIIPs KID standards

Concerns over projection of future performance

Daniel Flynn
clock • 3 min read

The European Parliament (EP) has voted to reject the current regulatory technical standards for the implementation of PRIIPs Key Information Documents (KIDs), passing the issue onto the European Commission for debate and further increasing the likelihood of a delay to the directive's implementation.

The European Parliament voted 602 in favour of passing the rejection to the European Commission and Council, against four who voted against. It is the first time the Parliament has rejected regulatory technical standards. Higher authorities will now decide whether to redraft the current PRIIPs regulatory standards, following concerns they could "mislead" investors in their current form.  The rejection was passed to European Parliament for debate at the end of last month, when its Committee on Economic and Monetary Affairs supported a complaint by MEPs which called for urgent change...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA's SDR regulation will 'make advisers sit up and listen'

FCA's SDR regulation will 'make advisers sit up and listen'

‘There has to be a fundamental re-educating of the adviser community’

Isabel Baxter
clock 30 November 2023 • 4 min read
Advice/guidance boundary review will help 'bridge advice gap'

Advice/guidance boundary review will help 'bridge advice gap'

The FCA’s latest update leads to mixed reactions from the industry

Sahar Nazir
clock 04 August 2023 • 4 min read
FCA review confirms investment pathways working 'as intended'

FCA review confirms investment pathways working 'as intended'

No changes to initiative but industry called to better support savers

Holly Roach
clock 12 July 2023 • 3 min read