BETA


2016/2816(DEA) Presentation, content, review and revision of key information documents and conditions for fulfilling the requirement to provide such documents

Progress: Procedure completed - delegated act rejected

RoleCommitteeRapporteurShadows
Lead ECON
Lead committee dossier:
Legal Basis:
RoP 111-p3

Events

2016/12/21
   Commission response to text adopted in plenary
Documents
2016/09/14
   EP - Results of vote in Parliament
2016/09/14
   EP - Decision by Parliament, 1st reading/single reading
Details

The European Parliament adopted by 602 votes to 4, with 12 abstentions, a resolution objecting to Commission delegated regulation of 30 June 2016 supplementing 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 (PRIIPs) by laying down regulatory technical standards with regard to the presentation, content, review and revision of key information documents and the conditions for fulfilling the requirement to provide such documents.

Members considered that the delegated act as adopted by the Commission contains flaws in the methodology for the calculation of future performance scenarios and does not therefore fulfil the requirement under Regulation (EU) No 1286/2014 to provide information which is ‘accurate, fair, clear and not misleading’.

In particular, the delegated act does not show for some PRIIPs, even in the adverse scenario, and even for products which have regularly led to losses over the recommended minimum holding period, that investors could lose money.

Left unchanged, there is a risk that the rules set out in the delegated regulation go against the spirit and aim of the legislation , which is to provide clear, comparable, understandable and non-misleading information on PRIIPs to retail investors.

Therefore, Parliament called on the Commission to submit a new delegated act which takes account of the above concerns.

It also called on the Commission to consider a proposal postponing the application date of Regulation (EU) No 1286/2014 without changing any other provision of level 1 in order to ensure a smooth implementation of the requirements set out in the Regulation and the delegated regulation, and avoid the application of level 1 without regulatory technical standard being in force in advance.

Documents
2016/09/05
   EP - Motion for a resolution objecting delegated act
Documents
2016/08/30
   EP - Amendments tabled in committee
Documents
2016/07/06
   EP - Committee referral announced in Parliament, 1st reading/single reading
2016/06/30
   EC - Non-legislative basic document
Documents
2016/06/30
   EC - Non-legislative basic document published
Documents
2016/06/30
   EP/CSL - Initial period for examining delegated act 3 month(s)

Documents

Activities

Votes

B8-0974/2016 - Résolution

2016/09/14 Outcome: +: 602, 0: 12, -: 4
DE IT FR ES GB PL RO PT BE NL SE BG EL CZ AT HU IE SK LT FI DK LU HR EE SI MT LV CY
Total
77
64
61
47
56
39
30
21
20
21
17
16
17
18
14
14
10
10
9
9
7
6
6
6
6
6
5
4
icon: S&D S&D
171

Netherlands S&D

3

Hungary S&D

2

Ireland S&D

For (1)

1

Denmark S&D

2

Luxembourg S&D

For (1)

1

Croatia S&D

For (1)

1

Estonia S&D

For (1)

1

Slovenia S&D

For (1)

1

Malta S&D

3

Latvia S&D

1

Cyprus S&D

For (1)

1
icon: PPE PPE
171

Finland PPE

2

Luxembourg PPE

3

Estonia PPE

For (1)

1

Cyprus PPE

1
icon: ALDE ALDE
61

United Kingdom ALDE

1

Romania ALDE

3

Austria ALDE

For (1)

1

Ireland ALDE

For (1)

1

Denmark ALDE

1

Luxembourg ALDE

For (1)

1

Croatia ALDE

For (1)

1

Estonia ALDE

3

Slovenia ALDE

For (1)

1
icon: ECR ECR
56

Italy ECR

2

Romania ECR

For (1)

1

Netherlands ECR

2

Bulgaria ECR

2

Greece ECR

For (1)

1

Czechia ECR

2

Finland ECR

For (1)

1

Croatia ECR

For (1)

1
icon: GUE/NGL GUE/NGL
49

Italy GUE/NGL

2

United Kingdom GUE/NGL

1

Netherlands GUE/NGL

3

Denmark GUE/NGL

For (1)

1

Cyprus GUE/NGL

2
icon: Verts/ALE Verts/ALE
42

Belgium Verts/ALE

2

Netherlands Verts/ALE

2

Austria Verts/ALE

3

Hungary Verts/ALE

1

Lithuania Verts/ALE

For (1)

1

Finland Verts/ALE

For (1)

1

Luxembourg Verts/ALE

For (1)

1

Estonia Verts/ALE

For (1)

1

Latvia Verts/ALE

1
icon: ENF ENF
31

Germany ENF

For (1)

1

United Kingdom ENF

Abstain (1)

1

Poland ENF

1

Romania ENF

1

Belgium ENF

For (1)

1

Netherlands ENF

2

Austria ENF

2
icon: EFDD EFDD
25

Germany EFDD

1

France EFDD

1

Poland EFDD

1
icon: NI NI
10

Germany NI

2

France NI

2

Poland NI

1

Hungary NI

For (1)

1

History

(these mark the time of scraping, not the official date of the change)

activities
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          title
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        body
        EP
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        docs
        • url
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          title
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        Commission response to text adopted in plenary
      events
      • date
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        type
        Non-legislative basic document published
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        docs
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          Results of vote in Parliament
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      links
      other
        procedure/dossier_of_the_committee
        Old
        ECON/8/06983
        New
        • ECON/8/06983
        procedure/legal_basis/0
        Rules of Procedure EP 111-p3
        procedure/legal_basis/0
        Rules of Procedure EP 105-p3
        procedure/subject
        Old
        • 2.50.03 Securities and financial markets, stock exchange, CIUTS, investments
        • 2.50.05 Insurance, pension funds
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        New
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        • The European Parliament adopted by 602 votes to 4, with 12 abstentions, a resolution objecting to Commission delegated regulation of 30 June 2016 supplementing 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 (PRIIPs) by laying down regulatory technical standards with regard to the presentation, content, review and revision of key information documents and the conditions for fulfilling the requirement to provide such documents.

          Members considered that the delegated act as adopted by the Commission contains flaws in the methodology for the calculation of future performance scenarios and does not therefore fulfil the requirement under Regulation (EU) No 1286/2014 to provide information which is ‘accurate, fair, clear and not misleading’.

          In particular, the delegated act does not show for some PRIIPs, even in the adverse scenario, and even for products which have regularly led to losses over the recommended minimum holding period, that investors could lose money.

          Left unchanged, there is a risk that the rules set out in the delegated regulation go against the spirit and aim of the legislation, which is to provide clear, comparable, understandable and non-misleading information on PRIIPs to retail investors.

          Therefore, Parliament called on the Commission to submit a new delegated act which takes account of the above concerns.  

          It also called on the Commission to consider a proposal postponing the application date of Regulation (EU) No 1286/2014 without changing any other provision of level 1 in order to ensure a smooth implementation of the requirements set out in the Regulation and the delegated regulation, and avoid the application of level 1 without regulatory technical standard being in force in advance.

        activities/3/docs
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          type
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        New
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        activities
        • date
          2016-06-30T00:00:00
          body
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          Initial period for examining delegated act 2 month(s)
        • date
          2016-06-30T00:00:00
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            type
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          links
          other
            procedure
            reference
            2016/2816(DEA)
            title
            Presentation, content, review and revision of key information documents and conditions for fulfilling the requirement to provide such documents
            stage_reached
            Preparatory phase in Parliament
            summary
            • Supplementing
            subtype
            Examination of delegated act
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            DEA - Delegated acts procedure
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