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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

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
C(2018)3352
2018/01/26
   EC - Document attached to the procedure
Documents
C(2018)0554
2017/10/09
   EC - Document attached to the procedure
Documents
C(2017)6796
2017/07/14
   EC - Document attached to the procedure
Documents
C(2017)5064
2017/04/21
   EC - Document attached to the procedure
Documents
C(2017)2515
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
T8-0101/2017
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
B8-0234/2017
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
C(2017)01473
2017/03/08
   EC - Non-legislative basic document published
Documents
C(2017)01473
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)

2020-10-14Show (3) Changes | Timetravel
docs/1/docs/0/url
Old
http://www.europarl.europa.eu/doceo/document/B-8-2017-0234_EN.html
New
https://www.europarl.europa.eu/doceo/document/B-8-2017-0234_EN.html
docs/7
date
2020-10-12T00:00:00
docs
title: C(2020)7073
type
Document attached to the procedure
body
EC
events/6/docs/0/url
Old
http://www.europarl.europa.eu/doceo/document/TA-8-2017-0101_EN.html
New
https://www.europarl.europa.eu/doceo/document/TA-8-2017-0101_EN.html
2020-01-05Show (2) Changes | Timetravel
docs/1/docs/0/url
Old
http://www.europarl.europa.eu/sides/getDoc.do?type=MOTION&reference=B8-2017-0234&language=EN
New
http://www.europarl.europa.eu/doceo/document/B-8-2017-0234_EN.html
events/6/docs/0/url
Old
http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2017-0101
New
http://www.europarl.europa.eu/doceo/document/TA-8-2017-0101_EN.html
2019-08-07Show (1) Changes | Timetravel
committees/0/date
    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
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    EP
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    committee_full
    Economic and Monetary Affairs
    committee
    ECON
    date
    committees/0
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    EP
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    True
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    Economic and Monetary Affairs
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    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
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      Securities and financial markets, stock exchange, CIUTS, investments
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      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
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      2017-03-27T00:00:00
      body
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      2017-04-04T00:00:00
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      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
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      Delegated act not objected by Council
      2017-03-23Show (3) Changes | Timetravel
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      2017-03-15T00:00:00
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      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:
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      • body: EP responsible: True committee_full: Economic and Monetary Affairs committee: ECON
      links
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        2017/2602(DEA)
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        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
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