ECON vote indicates PRIIPs delay will finally become law

The Economic and Monetary Affairs (ECON) committee of the European Parliament has approved an amending Regulation to delay PRIIPs for 12 months. This leaves just one final legal step before the process to formally delay the PRIIPs regulation until 2018 can be completed.

The European Commission proposed a 12 month delay to the PRIIPs Regulation on 9 November, citing a need for more legal certainty and more time for firms to prepare for the rules.

The financial industry welcomed the announcement. However, formalising the delay depends on the other EU institutions being able to complete the legal process in a very tight timeframe.

Council has already indicated that it will not object to or amend the Commission's proposal. Today, the Economic and Monetary Affairs (ECON) committee adopted an amending Regulation with a new date of application but with no further amendments to the text.

This clears the way for a Parliament plenary vote to formally delay PRIIPs until 31 December 2017. Originally anticipated in the week of 21 November, Parliament’s draft agenda now schedules this vote for Thursday 1 December.

Under EU law, new Regulations must be filed at least 20 days before they can take effect. If the plenary session accepts the recommendation of the ECON committee as expected, the legal procedure will be completed just in time to put a formal delay into effect. Thursday's vote is therefore much anticipated as it will officially finalize the 12 month delay.  

 

 

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