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.
The PRIIPs Regulation is a key piece of legislation that aims to improve the quality of information provided to consumers. It introduces a standardised factsheet, known as a Key Information Document (KID), which is designed to present the main features of an investment product in a simple and accessible manner. Thanks to the KID, EU consumers will, for the first time, be able to easily compare the potential risks and rewards of investment products, funds and investment-linked insurance policies.
"PRIIPS is an important piece of legislation that will provide consumers with accessible and transparent information on complex investment products. To ensure legal certainty and a smooth implementation for consumers we are today proposing to extend the date of application by one year," said
"The objective of PRIIPs is to increase protection of retail investors and restore consumer trust in the financial services industry. Furthermore, greater transparency and harmonisation will benefit the internal market in financial services by creating a level playing field among different products and distribution channels. However, we have taken note of the concerns of the
PRIIPs Regulatory Technical Standards: next steps
In addition, to ensure greater clarity for insurance companies, the
The ESAs will now have six weeks to resubmit the revised RTS to the Commission. It will have to be adopted by the Commission and then be subject to scrutiny by the
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