Yesterday, Wednesday 10th of November, the European Commission announced its decision to propose a postponement of the PRIIPs regulation's entry into application by one year, i.e. by 01 January 2018. The EACB is welcoming the proposition. In fact, last month the Association sent, together with the European Savings and retail Banking Goup (ESBG), a letter to Commissioner Valdis Dombrovski urging for a decision on postponing the PRIIPs regulation.
According to the EC “after the European Parliament (EP) rejected the Regulatory Technical Standards (RTS) that underpin the format and methodology used to compile the KID, both the EP and a large majority of Member States also called for a postponement in the entry into application of the Regulation. While the European Commission believes that the PRIIPs Regulation is sufficiently clear as well as directly applicable on its own, its objectives would be better served by having the RTS on Key Information Documents already in place. In particular, the RTS will be important in offering consumers the benefit of having KIDs that are more easily comparable and standardised. The delay gives issuers and distributors of PRIIPs products until 1 January 2018 to put the provisions in place. This one-year extension is being proposed exceptionally in the interest of ensuring a smooth implementation for European consumers and to ensure legal certainty for the sector.”
