MEPs veto Priips technical standards

A cross-party group of MEPs has rejected “ill-fitting” measures relating to the Priips regulations. The European Parliament’s economics committee has pushed for veto on proposed standards for the Packaged Retail and Insurance-based Investment Products regulations and says industry concerns have to be heard. The European Commission had proposed regulatory technical standards for Priips under 'delegated acts' powers, giving the European Parliament the opportunity to overturn them. European Conservatives and Reformists chairman and London MEP Syed Kamall said in a statement: “The committee would have preferred not to take this drastic step, but we have been hitting our head against a brick wall with the commission. These standards - as they stand - could hurt high street investors, like the millions of people who go into their bank to set up an ISA account.” The MEP added: "This is not a political decision. A cross-party group of MEPs has come together to say that technical standards need to be accurate.” Kamall said the commission has dismissed all opposition as “industry lobbying” but that the industry also contains fund providers who support the principle of the legislation but have legitimate concerns.  Yesterday, Better Finance criticised members of the European Parliament for, it said, only considering the views of the financial services industry in its proposal for rejecting the draft standards. ©2016 funds europe

Executive Interviews

EXECUTIVE INTERVIEW: This is the year

Feb 16, 2017

Mark Weeks, head of ETF Securities, reflects on Brexit’s trampling of the FTSE and tells Nick Fitzpatrick he hopes to see stock and bond inflows top commodities for the first time this year.

EXECUTIVE INTERVIEW: A natural interest in the topic

Feb 16, 2017

Since 2016, Guillermo Ortiz has been a chairman of Latin America’s BTG Pactual. The former central banker of Mexico talks to Nick Fitzpatrick.

Roundtables

SEC LENDING ROUNDTABLE: Both a borrower and a lender be

Jan 11, 2017

Industry heavyweights, including agent lenders, discuss issues affecting the securities lending sector such as regulation and the types of collateral being used.

EMERGING MARKETS ROUNDTABLE: The re-emergence

Jan 03, 2017

2016 was the year emerging markets returned to the spotlight, as they regained ground since the 2012 sell-off. Funds Europe asked our panel if this appetite will persist in 2017.