BETA


2017/2602(DEA) Key information documents for packaged retail and insurance-based investment products (PRIIPs): presentation, content, review and revision of key information documents and conditions for fulfilling the requirement to provide such documents

Progress: Procedure completed - delegated act enters into force

RoleCommitteeRapporteurShadows
Lead ECON
Lead committee dossier:

Events

2018/05/28
   EC - Document attached to the procedure
Documents
2018/01/26
   EC - Document attached to the procedure
Documents
2017/10/09
   EC - Document attached to the procedure
Documents
2017/07/14
   EC - Document attached to the procedure
Documents
2017/04/21
   EC - Document attached to the procedure
Documents
2017/04/04
   EP - Decision by Parliament, 1st reading/single reading
Details

The European Parliament decided not to object to the Commission delegated regulation of 8 March 2017 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.

In its resolution of 14 September 2016 , Parliament objected to the Commission delegated regulation of 30 June 2016 supplementing Regulation (EU) No 1286/2014 and called on the Commission to submit a revised delegated regulation which addressed its concerns expressed on:

the unclear treatment of multi-option PRIIPS, the insufficient representation of the fact that retail investors may also lose money in adverse scenarios concerning certain products, the lack of detailed guidance as regards the use of the ‘comprehension alert’.

Parliament noted that the provisions of the revised delegated regulation are consistent with the objectives expressed by Parliament:

the revised delegated regulation clarifies that manufacturers of multi-option PRIIPs which include underlying investment options that are Undertakings for Collective Investments in Transferable Securities (UCITS) or non-UCITS funds would not need to provide all information requested under PRIIPs and will be authorised to use UCITS key investor information documents instead as an appropriate means of providing retail investors with more detailed pre-contractual information; an additional fourth performance scenario has been included in the revised delegated regulation; this ‘ stress scenario ’ is intended to set out significant unfavourable impacts of the products that are not covered in the existing ‘unfavourable scenario’; the use of the comprehension alert was clarified by including in its scope of application those PRIIPs that are considered ‘complex products’; the proposed ‘What is this product’ section of the key information document was altered and the section on ‘What are the risks and what could I get in return’ includes a presentation of administrative costs in relation to the biometric components of insurance-based investment products.

In light of these considerations, Parliament declared that it had no objections to the revised delegated regulation.

Documents
2017/04/03
   CSL - Delegated act not objected by Council
2017/04/03
   CSL - Delegated act not objected by Council
2017/03/29
   EP - Recommendation for early non-objection of delegated act
Documents
2017/03/27
   EP - Decision by committee, without report
2017/03/15
   EP - Committee referral announced in Parliament, 1st reading/single reading
2017/03/08
   EC - Non-legislative basic document
Documents
2017/03/08
   EC - Non-legislative basic document published
Documents
2017/03/08
   EP/CSL - Initial period for examining delegated act 3 month(s)

Documents

  • Document attached to the procedure: C(2018)3352
  • Document attached to the procedure: C(2018)0554
  • Document attached to the procedure: C(2017)6796
  • Document attached to the procedure: C(2017)5064
  • Document attached to the procedure: C(2017)2515
  • Decision by Parliament, 1st reading/single reading: T8-0101/2017
  • Recommendation for early non-objection of delegated act: B8-0234/2017
  • Non-legislative basic document: C(2017)01473
  • Non-legislative basic document published: C(2017)01473
  • Non-legislative basic document: C(2017)01473
  • Recommendation for early non-objection of delegated act: B8-0234/2017
  • Document attached to the procedure: C(2017)2515
  • Document attached to the procedure: C(2017)5064
  • Document attached to the procedure: C(2017)6796
  • Document attached to the procedure: C(2018)0554
  • Document attached to the procedure: C(2018)3352

History

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

activities
  • date
    2017-03-08T00:00:00
    body
    EP/CSL
    type
    Initial period for examining delegated act 3 month(s)
  • date
    2017-03-08T00:00:00
    docs
    • url
      http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/actes_delegues/2017/01473/COM_ADL(2017)01473_EN.pdf
      type
      Non-legislative basic document published
      title
      C(2017)01473
    body
    EC
    commission
      type
      Non-legislative basic document published
    • date
      2017-03-15T00:00:00
      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
      2017-03-27T00:00:00
      body
      EP
      type
      Decision by committee, without report
    • date
      2017-04-03T00:00:00
      body
      EP/CSL
      type
      Delegated act not objected by Council
    • date
      2017-04-04T00:00:00
      docs
      • url
        http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2017-0101
        text
        • The European Parliament decided not to object to the Commission delegated regulation of 8 March 2017 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.

          In its resolution of 14 September 2016, Parliament objected to the Commission delegated regulation of 30 June 2016 supplementing Regulation (EU) No 1286/2014 and called on the Commission to submit a revised delegated regulation which addressed its concerns expressed on:

          • the unclear treatment of multi-option PRIIPS,
          • the insufficient representation of the fact that retail investors may also lose money in adverse scenarios concerning certain products,
          • the lack of detailed guidance as regards the use of the ‘comprehension alert’.

          Parliament noted that the provisions of the revised delegated regulation are consistent with the objectives expressed by Parliament:

          • the revised delegated regulation clarifies that manufacturers of multi-option PRIIPs which include underlying investment options that are Undertakings for Collective Investments in Transferable Securities (UCITS) or non-UCITS funds would not need to provide all information requested under PRIIPs and will be authorised to use UCITS key investor information documents instead as an appropriate means of providing retail investors with more detailed pre-contractual information;
          • an additional fourth performance scenario has been included in the revised delegated regulation; this ‘stress scenario’ is intended to set out significant unfavourable impacts of the products that are not covered in the existing ‘unfavourable scenario’;
          • the use of the comprehension alert was clarified by including in its scope of application those PRIIPs that are considered ‘complex products’;
          • the proposed ‘What is this product’ section of the key information document was altered and the section on ‘What are the risks and what could I get in return’ includes a presentation of administrative costs in relation to the biometric components of insurance-based investment products.

          In light of these considerations, Parliament declared that it had no objections to the revised delegated regulation.

        type
        Decision by Parliament, 1st reading/single reading
        title
        T8-0101/2017
      body
      EP
      type
      Decision by Parliament, 1st reading/single reading
    committees/0
    type
    Responsible Committee
    body
    EP
    associated
    False
    committee_full
    Economic and Monetary Affairs
    committee
    ECON
    date
      committees/0
      body
      EP
      responsible
      True
      committee_full
      Economic and Monetary Affairs
      committee
      ECON
      docs
      • date
        2017-03-08T00:00:00
        docs
        • url
          http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/actes_delegues/2017/01473/COM_ADL(2017)01473_EN.pdf
          title
          C(2017)01473
        type
        Non-legislative basic document
        body
        EC
      • date
        2017-03-29T00:00:00
        docs
        • url
          http://www.europarl.europa.eu/sides/getDoc.do?type=MOTION&reference=B8-2017-0234&language=EN
          title
          B8-0234/2017
        type
        Recommendation for early non-objection of delegated act
        body
        EP
      • date
        2017-04-21T00:00:00
        docs
        • title
          C(2017)2515
        type
        Document attached to the procedure
        body
        EC
      • date
        2017-07-14T00:00:00
        docs
        • title
          C(2017)5064
        type
        Document attached to the procedure
        body
        EC
      • date
        2017-10-09T00:00:00
        docs
        • title
          C(2017)6796
        type
        Document attached to the procedure
        body
        EC
      • date
        2018-01-26T00:00:00
        docs
        • title
          C(2018)0554
        type
        Document attached to the procedure
        body
        EC
      • date
        2018-05-28T00:00:00
        docs
        • title
          C(2018)3352
        type
        Document attached to the procedure
        body
        EC
      events
      • date
        2017-03-08T00:00:00
        type
        Non-legislative basic document published
        body
        EC
        docs
        • url
          http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/actes_delegues/2017/01473/COM_ADL(2017)01473_EN.pdf
          title
          C(2017)01473
      • date
        2017-03-08T00:00:00
        type
        Initial period for examining delegated act 3 month(s)
        body
        EP/CSL
      • date
        2017-03-15T00:00:00
        type
        Committee referral announced in Parliament, 1st reading/single reading
        body
        EP
      • date
        2017-03-27T00:00:00
        type
        Decision by committee, without report
        body
        EP
      • date
        2017-04-03T00:00:00
        type
        Delegated act not objected by Council
        body
        CSL
      • date
        2017-04-03T00:00:00
        type
        Delegated act not objected by Council
        body
        CSL
      • date
        2017-04-04T00:00:00
        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-2017-0101
          title
          T8-0101/2017
        summary
      links
      other
        procedure/dossier_of_the_committee
        Old
        ECON/8/09421
        New
        • ECON/8/09421
        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
        • 2.50.10 Financial supervision
        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
        2.50.10
        Financial supervision
        procedure/summary
        • Supplementing
        activities/5/docs/0/text
        • The European Parliament decided not to object to the Commission delegated regulation of 8 March 2017 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.

          In its resolution of 14 September 2016, Parliament objected to the Commission delegated regulation of 30 June 2016 supplementing Regulation (EU) No 1286/2014 and called on the Commission to submit a revised delegated regulation which addressed its concerns expressed on:

          • the unclear treatment of multi-option PRIIPS,
          • the insufficient representation of the fact that retail investors may also lose money in adverse scenarios concerning certain products,
          • the lack of detailed guidance as regards the use of the ‘comprehension alert’.

          Parliament noted that the provisions of the revised delegated regulation are consistent with the objectives expressed by Parliament:

          • the revised delegated regulation clarifies that manufacturers of multi-option PRIIPs which include underlying investment options that are Undertakings for Collective Investments in Transferable Securities (UCITS) or non-UCITS funds would not need to provide all information requested under PRIIPs and will be authorised to use UCITS key investor information documents instead as an appropriate means of providing retail investors with more detailed pre-contractual information;
          • an additional fourth performance scenario has been included in the revised delegated regulation; this ‘stress scenario’ is intended to set out significant unfavourable impacts of the products that are not covered in the existing ‘unfavourable scenario’;
          • the use of the comprehension alert was clarified by including in its scope of application those PRIIPs that are considered ‘complex products’;
          • the proposed ‘What is this product’ section of the key information document was altered and the section on ‘What are the risks and what could I get in return’ includes a presentation of administrative costs in relation to the biometric components of insurance-based investment products.

          In light of these considerations, Parliament declared that it had no objections to the revised delegated regulation.

        procedure/stage_reached
        Old
        Awaiting Parliament 1st reading / single reading / budget 1st stage
        New
        Procedure completed - delegated act enters into force
        activities/3
        date
        2017-03-27T00:00:00
        body
        EP
        type
        Decision by committee, without report
        activities/5
        date
        2017-04-04T00:00:00
        docs
        • url
          http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2017-0101
          type
          Decision by Parliament, 1st reading/single reading
          title
          T8-0101/2017
        body
        EP
        type
        Decision by Parliament, 1st reading/single reading
        procedure/stage_reached
        Old
        Awaiting committee decision
        New
        Awaiting Parliament 1st reading / single reading / budget 1st stage
        activities/3
        date
        2017-04-03T00:00:00
        body
        EP/CSL
        type
        Delegated act not objected by Council
        activities/2
        date
        2017-03-15T00:00:00
        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/8/09421
        procedure/stage_reached
        Old
        Preparatory phase in Parliament
        New
        Awaiting committee decision
        activities
        • date
          2017-03-08T00:00:00
          body
          EP/CSL
          type
          Initial period for examining delegated act 3 month(s)
        • date
          2017-03-08T00:00:00
          docs
          • url
            http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/actes_delegues/2017/01473/COM_ADL(2017)01473_EN.pdf
            type
            Non-legislative basic document published
            title
            C(2017)01473
          body
          EC
          type
          Non-legislative basic document published
          commission
          committees
          • body
            EP
            responsible
            True
            committee_full
            Economic and Monetary Affairs
            committee
            ECON
          links
          other
            procedure
            reference
            2017/2602(DEA)
            title
            Key information documents for packaged retail and insurance-based investment products (PRIIPs): 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