Procedure completed, awaiting publication in Official Journal
Role | Committee | Rapporteur | Shadows |
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Lead | ECON | BERÈS Pervenche (S&D) | PIETIKÄINEN Sirpa (EPP), KAMALL Syed (ECR), JEŽEK Petr (ALDE), CARTHY Matt (GUE/NGL), GIEGOLD Sven (Verts/ALE) |
Opinion | IMCO | ||
Opinion | LIBE |
Legal Basis TFEU 114
Activites
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2016/12/14
Final act signed
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2016/12/12
End of procedure in Parliament
- #3507
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2016/12/08
Council Meeting
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2016/12/08
Act adopted by Council after Parliament's 1st reading
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2016/12/01
Results of vote in Parliament
- Results of vote in Parliament
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T8-0458/2016
summary
The European Parliament adopted by 561 votes to 9, with 75 abstentions, a legislative resolution on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 1286/2014 of the European Parliament and of the Council on key information documents for packaged retail and insurance-based investment products as regards the date of its application. Parliament’s position, adopted at first reading following the ordinary legislative procedure, seeks to defer the date of application by 12 months, until 1 January 2018 of Regulation (EU) No 1286/2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs). Regulation (EU) No 1286/2014 introduced a series of measures aimed at enhancing investor protection and rebuilding consumer trust in the financial services industry by increasing transparency in the retail investment market. It requires manufacturers of packaged retail and insurance-based investment products to produce a key information document ('KID'). On 30 June 2016, the Commission adopted a delegated regulation supplementing Regulation (EU) No 1286/2014 which specifies the presentation and the content of the KID and its standardised format, the methodology underpinning the presentation of risk and reward and the calculation of costs, the conditions and the minimum frequency for reviewing the information contained in the KID and the conditions for fulfilling the requirement to provide the KID to retail investors. On 14 September 2016, the European Parliament objected to the delegated regulation adopted by the Commission. Together with a large majority of Member States, Parliament called for a deferral of the date of application of Regulation (EU) No 1286/2014 in order to reduce legal uncertainty and give more time to PRIIPs manufacturers to prepare for the application of the new rules.
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2016/11/29
Committee report tabled for plenary, 1st reading/single reading
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A8-0356/2016
summary
The Committee on Economic and Monetary Affairs adopted the report by Pervenche BERÈS (S&D, FR) on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 1286/2014 of the European Parliament and of the Council on key information documents for packaged retail and insurancebased investment products as regards the date of its application. The committee recommended that the European Parliament approve the Commission proposal without amendment. The proposal seeks to defer the date of application of Regulation (EU) No 1286/2014 by 12 months, until 1 January 2018, in order to reduce legal uncertainty and give more time to PRIIPs manufacturers to prepare for the application of the new rules. On 14 September 2016, the European Parliament objected to the delegated regulation adopted by the Commission on 30 June 2016 and called, together with a large majority of Member States, for a deferral of the date of application of Regulation (EU) No 1286/2014.
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A8-0356/2016
summary
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2016/11/28
Vote in committee, 1st reading/single reading
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2016/11/21
Committee referral announced in Parliament, 1st reading/single reading
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2016/11/09
Legislative proposal published
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COM(2016)0709
summary
PURPOSE: to defer the date of application of Regulation (EU) No 1286/2014 of the European Parliament and of the Council on key information documents for packaged retail and insurance-based investment products. PROPOSED ACT: Regulation of the European Parliament and of the Council. ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council. BACKGROUND: Regulation (EU) No 1286/2014 of the European Parliament and of the Council introduced a series of measures aimed at enhancing investor protection and rebuilding consumer trust in the financial services industry by increasing transparency in the retail investment market. It requires manufacturers of packaged retail and insurance-based investment products (PRIIPs) to produce a Key Information Document (KID). The Regulation empowers the European Supervisory Authorities to prepare regulatory technical standards specifying the elements of the KID. On 6 April 2016, the ESAs jointly submitted the draft regulatory technical standards (RTS) on the KID for PRIIPs to the Commission. The draft RTS were endorsed by the Commission on 30 June 2016 by adopting the Delegated Regulation on KID. During the scrutiny period, the Council raised no objections to the Commission Delegated Regulation. However, on 14 September 2016, the European Parliament rejected it. The European Parliament called on the Commission to review the provisions relating to multi-option PRIIPs, performance scenarios and comprehension alert. Moreover, the European Parliament and a large majority of Member States asked the Commission to defer the date of application of Regulation (EU) No 1286/2014. Given the exceptional circumstances that have led to delays in the adoption of the Delegated Regulation and in order to reduce legal uncertainty and give more time to PRIIPs manufacturers to prepare for the application of the new rules, the date of application of Regulation (EU) No 1286/2014 shall be deferred. CONTENT: the proposal seeks to defer the date of application of Regulation (EU) No 1286/2014 by 12 months, until 1 January 2018, in order to reduce legal uncertainty and give more time to PRIIPs manufacturers to prepare for the application of the new rules.
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COM(2016)0709
summary
Documents
- Legislative proposal published: COM(2016)0709
- Committee report tabled for plenary, 1st reading/single reading: A8-0356/2016
- Results of vote in Parliament: Results of vote in Parliament
- Decision by Parliament, 1st reading/single reading: T8-0458/2016
History
(these mark the time of scraping, not the official date of the change)
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