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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:
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Events

2016/12/21
   European Commission - Commission response to text adopted in plenary
Documents
SP(2016)876
2016/09/14
   EP - Decision by Parliament
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.

Text adopted by Parliament, single reading

Documents
T8-0347/2016
2016/09/14
   EP - Results of vote in Parliament
Documents
Results of vote in Parliament
2016/09/05
   European Parliament - Motion for a resolution objecting delegated act
Documents
B8-0974/2016
2016/08/30
   European Parliament - Amendments tabled in committee
Documents
PE587.693
2016/07/06
   EP - Committee referral announced in Parliament
2016/06/30
   European Commission - Non-legislative basic document
Documents
C(2016)03999
2016/06/30
   EC - Non-legislative basic document published
Documents
C(2016)03999
2016/06/30
   Initial period for examining delegated act 3.0 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
48
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
170

Germany S&D

22

Italy S&D

28

France S&D

11

Spain S&D

12

United Kingdom S&D

20

Poland S&D

5

Romania S&D

14

Portugal S&D

8

Belgium S&D

4

Netherlands S&D

3

Sweden S&D

6

Bulgaria S&D

4

Greece S&D

4

Czechia S&D

4

Austria S&D

4

Hungary S&D

2

Ireland S&D

For (1)

Nessa CHILDERS
1

Slovakia S&D

3

Lithuania S&D

2

Finland S&D

2

Denmark S&D

2

Luxembourg S&D

For (1)

Mady DELVAUX
1

Croatia S&D

For (1)

Biljana BORZAN
1

Estonia S&D

For (1)

Marju LAURISTIN
1

Slovenia S&D

For (1)

Tanja FAJON
1

Malta S&D

3

Latvia S&D

1

Cyprus S&D

For (1)

Costas MAVRIDES
1
icon: PPE PPE
171

Germany PPE

26

Italy PPE

13

France PPE

15

Spain PPE

13

Poland PPE

19

Romania PPE

11

Portugal PPE

7

Belgium PPE

3

Netherlands PPE

3

Sweden PPE

4

Bulgaria PPE

6

Greece PPE

2

Czechia PPE

Against (1)

Michaela ŠOJDROVÁ
5

Austria PPE

4

Hungary PPE

10

Ireland PPE

4

Slovakia PPE

4

Lithuania PPE

2

Finland PPE

2

Luxembourg PPE

3

Croatia PPE

3

Estonia PPE

For (1)

Tunne KELAM
1

Slovenia PPE

4

Malta PPE

3

Latvia PPE

3

Cyprus PPE

1
icon: ALDE ALDE
62

Germany ALDE

3

France ALDE

6

Spain ALDE

8

United Kingdom ALDE

1

Romania ALDE

3

Portugal ALDE

2

Belgium ALDE

6

Netherlands ALDE

6

Sweden ALDE

3

Bulgaria ALDE

4

Czechia ALDE

4

Austria ALDE

For (1)

Angelika MLINAR
1

Ireland ALDE

For (1)

Marian HARKIN
1

Lithuania ALDE

4

Finland ALDE

3

Denmark ALDE

1

Luxembourg ALDE

For (1)

Charles GOERENS
1

Croatia ALDE

For (1)

Ivan JAKOVČIĆ
1

Estonia ALDE

3

Slovenia ALDE

For (1)

Ivo VAJGL
1
icon: ECR ECR
56

Germany ECR

3

Italy ECR

2

United Kingdom ECR

19

Poland ECR

12

Romania ECR

For (1)

Monica MACOVEI
1

Belgium ECR

4

Netherlands ECR

2

Bulgaria ECR

2

Greece ECR

For (1)

Notis MARIAS
1

Czechia ECR

2

Slovakia ECR

3

Finland ECR

For (1)

Jussi HALLA-AHO
1

Denmark ECR

3

Croatia ECR

For (1)

Ruža TOMAŠIĆ
1
icon: GUE/NGL GUE/NGL
49

Germany GUE/NGL

8

Italy GUE/NGL

2

France GUE/NGL

4

Spain GUE/NGL

11

United Kingdom GUE/NGL

1

Portugal GUE/NGL

4

Netherlands GUE/NGL

3

Greece GUE/NGL

6

Czechia GUE/NGL

3

Ireland GUE/NGL

4

Denmark GUE/NGL

For (1)

Rina Ronja KARI
1

Cyprus GUE/NGL

2
icon: Verts/ALE Verts/ALE
43

Germany Verts/ALE

11

France Verts/ALE

5

Spain Verts/ALE

4

United Kingdom Verts/ALE

6

Belgium Verts/ALE

2

Netherlands Verts/ALE

2

Sweden Verts/ALE

4

Austria Verts/ALE

3

Hungary Verts/ALE

1

Lithuania Verts/ALE

For (1)

Bronis ROPĖ
1

Finland Verts/ALE

For (1)

Heidi HAUTALA
1

Luxembourg Verts/ALE

For (1)

Claude TURMES
1

Estonia Verts/ALE

For (1)

Indrek TARAND
1

Latvia Verts/ALE

1
icon: ENF ENF
31

Germany ENF

For (1)

Marcus PRETZELL
1

Italy ENF

5

France ENF

17

United Kingdom ENF

Abstain (1)

Janice ATKINSON
1

Poland ENF

1

Romania ENF

1

Belgium ENF

For (1)

Gerolf ANNEMANS
1

Netherlands ENF

2

Austria ENF

2
icon: EFDD EFDD
25

Germany EFDD

1

Italy EFDD

14

France EFDD

1

United Kingdom EFDD

8

Poland EFDD

1
icon: NI NI
10

Germany NI

2

France NI

2

Poland NI

1

Greece NI

4

Hungary NI

For (1)

Zoltán BALCZÓ
1

History

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

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docs/0
date
2016-06-30T00:00:00
docs
url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/actes_delegues/2016/03999/COM_ADL(2016)03999_EN.pdf title: C(2016)03999
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2016-06-30T00:00:00
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EP
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2016-06-30T00:00:00
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Text adopted by Parliament, single reading
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2016-09-14T00:00:00
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Rules of Procedure EP 114-p3
procedure/legal_basis/0
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2016-07-06T00:00:00
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2016-09-14T00:00:00
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Decision by Parliament, 1st reading/single reading
body
EP
docs
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committees/0/date
    2019-07-06Show (12) Changes | Timetravel
    activities
    • date: 2016-06-30T00:00:00 body: EP/CSL type: Initial period for examining delegated act 3 month(s)
    • date: 2016-06-30T00:00:00 docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/actes_delegues/2016/03999/COM_ADL(2016)03999_EN.pdf type: Non-legislative basic document published title: C(2016)03999 body: EC commission: type: Non-legislative basic document published
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    • date: 2016-09-14T00:00:00 docs: url: http://www.europarl.europa.eu/oeil/popups/sda.do?id=27558&l=en type: Results of vote in Parliament title: Results of vote in Parliament url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2016-0347 type: Decision by Parliament, 1st reading/single reading title: T8-0347/2016 body: EP type: Results of vote in Parliament
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    ECON
    docs
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    • date: 2016-08-30T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE587.693 title: PE587.693 type: Amendments tabled in committee body: EP
    • date: 2016-09-05T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=MOTION&reference=B8-2016-0974&language=EN title: B8-0974/2016 type: Motion for a resolution objecting delegated act body: EP
    • date: 2016-12-21T00:00:00 docs: url: /oeil/spdoc.do?i=27558&j=0&l=en title: SP(2016)876 type: Commission response to text adopted in plenary
    events
    • date: 2016-06-30T00:00:00 type: Non-legislative basic document published body: EC docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/actes_delegues/2016/03999/COM_ADL(2016)03999_EN.pdf title: C(2016)03999
    • date: 2016-06-30T00:00:00 type: Initial period for examining delegated act 3 month(s) body: EP/CSL
    • date: 2016-07-06T00:00:00 type: Committee referral announced in Parliament, 1st reading/single reading body: EP
    • date: 2016-09-14T00:00:00 type: Results of vote in Parliament body: EP docs: url: https://oeil.secure.europarl.europa.eu/oeil/popups/sda.do?id=27558&l=en title: Results of vote in Parliament
    • date: 2016-09-14T00:00:00 type: Decision by Parliament, 1st reading/single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2016-0347 title: T8-0347/2016 summary: 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.
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      Rules of Procedure EP 105-p3
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      • 2.50.03 Securities and financial markets, stock exchange, CIUTS, investments
      • 2.50.05 Insurance, pension funds
      • 2.50.08 Financial services, financial reporting and auditing
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      2.50.03
      Securities and financial markets, stock exchange, CIUTS, investments
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      Insurance, pension funds
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      2018-06-17Show (1) Changes | Timetravel
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      Rules of Procedure of the European Parliament EP 105-p3
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      Rules of Procedure EP 105-p3
      2016-12-03Show (2) Changes | Timetravel
      activities/3/docs/0
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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.
      2016-09-17Show (3) Changes | Timetravel
      activities/3/docs
      • url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2016-0347 type: Decision by Parliament, 1st reading/single reading title: T8-0347/2016
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      2016-09-10Show (1) Changes | Timetravel
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      2016-09-14T00:00:00
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      2016-09-07Show (3) Changes | Timetravel
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      2016-07-18T00:00:00
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      Awaiting committee decision
      New
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      2016-08-14Show (1) Changes | Timetravel
      activities/3
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      2016-07-18T00:00:00
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      2016-07-06T00:00:00
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      2016-07-14Show (1) Changes | Timetravel
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      activities
      • date: 2016-06-30T00:00:00 body: EP/CSL type: Initial period for examining delegated act 2 month(s)
      • date: 2016-06-30T00:00:00 docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/actes_delegues/2016/03999/COM_ADL(2016)03999_EN.pdf type: Non-legislative basic document published title: C(2016)03999 body: EC commission: type: Non-legislative basic document published
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      • body: EP responsible: True committee_full: Economic and Monetary Affairs committee: ECON
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        2016/2816(DEA)
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        Presentation, content, review and revision of key information documents and conditions for fulfilling the requirement to provide such documents
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        Preparatory phase in Parliament
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        Examination of delegated act
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        DEA - Delegated acts procedure
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