The Investment Association (IA) has backed European Parliament's majority decision to reject the current regulatory technical standards (RTS) for the implementation of PRIIPs Key Information Documents (KIDs), but said scrutiny should extend to the directive's presentation of costs and charges.
Yesterday, the European Parliament voted 602 in favour of passing the rejection to the European Commission and Council, against four who voted against. The European Commission will now be tasked with re-drafting the RTS, which are believed to be due in October. Despite the setback, the 31 December PRIIPs implementation date still stands. Florian van Megen, retail markets specialist at the IA said the proposed rules would have led to "extremely flawed and misleading retail investor disclosure". "We agree with the overwhelming majority of the European Parliament that rejected the pro...
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