BETA

Procedure completed - delegated act rejected



2016/2816(DEA) Presentation, content, review and revision of key information documents and conditions for fulfilling the requirement to provide such documents
RoleCommitteeRapporteurShadows
Lead ECON
Lead committee dossier: ECON/8/06983
Legal Basis RoP 105-p3

Activites

  • 2016/09/14 Results of vote in Parliament
    • Results of vote in Parliament
    • T8-0347/2016 summary
  • 2016/07/06 Committee referral announced in Parliament, 1st reading/single reading
  • 2016/06/30 Initial period for examining delegated act 3 month(s)
  • 2016/06/30 Non-legislative basic document published

Documents

History

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

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
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  • 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.
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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
    • 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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    • 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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