The Council of the EU (the Council) has published an information note from the General Secretariat to the Permanent Representatives Committee on the outcome of the European Parliament’s first reading of the Regulation on key information documents for packaged retail and insurance-based investment products (the PRIPs Regulation).
In the note, the General Secretariat explains that:
- on 20 November 2013, the Parliament voted in plenary to adopt one amendment to the European Commission’s proposal, but then postponed the vote on the legislative resolution to a later session (not bringing the Parliament’s first reading to a close). The proposal was instead referred back to the Parliament’s Committee on Economic and Monetary Affairs (ECON), pursuant to rule 57(2) of the Parliament’s rules of procedure;
- in accordance with the provisions of Article 294 of the Treaty on the Functioning of the EU and the joint declaration on practical arrangements for the co-decision procedure, a number of informal contacts then took place between the Council, the Parliament and the Commission, with a view to reaching an agreement at first reading;
- ECON submitted a new compromise amendment to the proposed PRIIPs Regulation. The amendment had been agreed during the informal contacts. It was intended to replace, rather than complement, the amendment already adopted by the Parliament in plenary on 20 November 2013;
- on 15 April 2014, the Parliament in plenary first voted to adopt the compromise proposal (replacing the amendment adopted on 20 November 2013), and then proceeded to adopt its legislative resolution, bringing its first reading to a close; and
- the Parliament’s position reflects what had been previously agreed between the institutions. As a result, the Council should be in a position to approve the Parliament’s position. The proposal would then be adopted in the wording that corresponds to the Parliament’s position.
The Parliament’s legislative resolution is set out in the Annex to the note.
View Information note: proposal for a Regulation of the European Parliament and of the Council on key information documents for investment products – outcome of the European Parliament’s first reading, 16 April 2014