ESAs propose amendment to PRIIPs Key Information Document to clarify application to investment funds
The European Supervisory Authorities (ESAs) submitted a letter to the European Commission on the draft regulatory technical standards to amend the Delegated Regulation covering the rules for the Key Information Document (KID) for Packaged Retail and Insurance-based Investment Products (PRIIPs).
The amendment clarifies the application of the KID to investment funds where these are offered as underlying investment options to a PRIIP (so-called "multi-option products" or "MOPs"). The amendment follows a recent decision by the European co-legislators to defer the application of the KID to these investment funds by two years from the end of this year until the start of 2022. The aim of the ESAs' proposal is to provide, in good time, legal certainty to market participants before the expiry of the current provision in the PRIIPs Delegated Regulation at the end of 2019.
Before the draft Regulatory Technical Standards (RTS) become binding, they need to be endorsed by the European Commission followed by a period of scrutiny by the European Parliament and the Council.
Latest News from
Tax cooperation between EU Member States receives welcome boost following funding agreement22/03/2019 12:25:00
The Commission has welcomed the provisional agreement to provide funding for the EU's tax cooperation programme (‘Fiscalis') during the next EU budget period of 2021-2027.
The WhiteDoveWay, a path of peace across Europe21/03/2019 16:25:00
The EESC has adopted an opinion proposing an EU-led global peace-building strategy which includes the creation of the WhiteDoveWay, a path of peace from Northern Ireland to Nicosia, to promote dialogue, reconciliation and conflict prevention following in the initial footsteps of the sixth century Irish pilgrim Columbanus.
EC fines Google €1.49bn for abusive practices in online advertising21/03/2019 15:25:00
Google has abused its market dominance by imposing a number of restrictive clauses in contracts with third-party websites which prevented Google's rivals from placing their search adverts on these websites.
A Europe that Protects: 15 out of 22 Security Union legislative initiatives agreed so far21/03/2019 14:25:00
The EC is reporting on progress made towards an effective and genuine Security Union.
Code of practice against disinformation21/03/2019 13:25:00
EC takes note of the progress made by online platforms and urges them to step up their efforts
EU to accede to international agreement on appellations of origin and geographical indications21/03/2019 12:25:14
The EU is acceding to the Geneva Act of the Lisbon Agreement for the protection of appellations of origin and their international registration ('the Geneva Act").
Statement by President Donald Tusk on Brexit21/03/2019 11:26:00
Yesterday’s response to the letter received from UK Prime Minister,Theresa May, requesting to extend Article 50 period until 30 June 2019.
ESMA’s application of the trading obligation for shares following a no-deal Brexit21/03/2019 10:38:00
ESMA has published a statement on the impact on the MiFIR trading obligation for shares (TO) of the UK)leaving the EU on 29 March 2019 without a withdrawal agreement and without an equivalence decision for the UK by the EC.