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
49
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
62

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
43

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)

committees/0/date
    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
    • date: 2016-07-06T00:00:00 body: EP type: Committee referral announced in Parliament, 1st reading/single reading committees: body: EP responsible: True committee_full: Economic and Monetary Affairs committee: ECON
    • 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
    committees/0
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    Responsible Committee
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    committee_full
    Economic and Monetary Affairs
    committee
    ECON
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    committees/0
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    EP
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    True
    committee_full
    Economic and Monetary Affairs
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    ECON
    docs
    • 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 type: Non-legislative basic document body: EC
    • 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.
    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
      • 2.50.08 Financial services, financial reporting and auditing
      New
      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
      procedure/summary
      • Supplementing
      procedure/legal_basis/0
      Old
      Rules of Procedure of the European Parliament EP 105-p3
      New
      Rules of Procedure EP 105-p3
      activities/3/docs/0
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      http://www.europarl.europa.eu/oeil/popups/sda.do?id=27558&l=en
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      Results of vote in Parliament
      activities/3/type
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      New
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      activities/3/docs/0/text
      • 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
      • 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
      activities/3/type
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      New
      Decision by Parliament, 1st reading/single reading
      procedure/stage_reached
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      New
      Procedure completed - delegated act rejected
      activities/3
      date
      2016-09-14T00:00:00
      body
      EP
      type
      Vote in plenary scheduled
      activities/3
      date
      2016-07-18T00:00:00
      body
      unknown
      type
      Initial period for examining delegated act extended at Council's request by 1 month(s)
      procedure/legal_basis
      • Rules of Procedure of the European Parliament EP 105-p3
      procedure/stage_reached
      Old
      Awaiting committee decision
      New
      Awaiting Parliament 1st reading / single reading / budget 1st stage
      activities/3
      date
      2016-07-18T00:00:00
      body
      unknown
      type
      Initial period for examining delegated act extended at Council's request by 1 month(s)
      activities/2
      date
      2016-07-06T00:00:00
      body
      EP
      type
      Committee referral announced in Parliament, 1st reading/single reading
      committees
      body: EP responsible: True committee_full: Economic and Monetary Affairs committee: ECON
      procedure/dossier_of_the_committee
      ECON/8/06983
      procedure/stage_reached
      Old
      Preparatory phase in Parliament
      New
      Awaiting committee decision
      activities/0/type
      Old
      Initial period for examining delegated act 2 month(s)
      New
      Initial period for examining delegated act 3 month(s)
      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
      committees
      • body: EP responsible: True committee_full: Economic and Monetary Affairs committee: ECON
      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
        type
        DEA - Delegated acts procedure
        subject