On 5 September 2016, the European Parliament’s Economic and Monetary Affairs Committee (ECON) unanimously adopted a resolution that objected to the European Commission’s proposed Delegated Regulation supplementing the Regulation on key information documents for packaged retail and insurance-based investment products (PRIIPs Regulation). The draft Delegated Regulation sets out regulatory technical standards (RTS) on the presentation, content, review and revision of key information documents (KIDs) and the conditions for fulfilling the requirement to provide such documents. Following the ECON vote the draft Delegated Regulation would be put to a full plenary vote of the European Parliament.
On 15 September 2016, the European Parliament announced that it had rejected the Commission’s proposed Delegated Regulation.
The European Parliament has now published the provisional edition of the text of the legislative resolution rejecting the draft Delegated Regulation. The legislative resolution also calls on the Commission to submit a new delegated act that takes into account the concerns raised.