2017/2602(DEA) | [ParlTrack]

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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

Role	Committee	Rapporteur	Shadows
Lead	ECON

Lead committee dossier: ECON/8/09421

Subjects

Links

Activites

2017/04/04 Decision by Parliament, 1st reading/single reading
- T8-0101/2017 summary
  
  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.
2017/04/03 Delegated act not objected by Council
2017/03/27 Decision by committee, without report
2017/03/15 Committee referral announced in Parliament, 1st reading/single reading
2017/03/08 Initial period for examining delegated act 3 month(s)
2017/03/08 Non-legislative basic document published
- C(2017)01473

Documents

Non-legislative basic document published: C(2017)01473
Decision by Parliament, 1st reading/single reading: T8-0101/2017

History

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

2019-07-06Show (10) Changes | Timetravel

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 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: 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.
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

2017-05-25Show (1) Changes | Timetravel

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.

2017-05-10Show (1) Changes | Timetravel

procedure/stage_reached

Old

Awaiting Parliament 1st reading / single reading / budget 1st stage

New

Procedure completed - delegated act enters into force

2017-04-20Show (3) Changes | Timetravel

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

2017-04-09Show (1) Changes | Timetravel

activities/3

date: 2017-04-03T00:00:00

body: EP/CSL

type: Delegated act not objected by Council

2017-03-23Show (3) Changes | Timetravel

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

2017-03-17Show (5) Changes

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 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

Activites

Documents

History

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