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...
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