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

Sponsored Profiles

SPONSORED FEATURE: Alternative thinking

Mar 16, 2017

Portfolio Manager Davide Cataldo discusses the results of the Pioneer Investments’ survey on liquid alternatives and how investors can be encouraged to increase their allocation.

SPONSORED FEATURE: Interest rate risk hedging: Swapping to other options

Mar 16, 2017

Heightened margin requirements for cleared and uncleared OTC derivatives pose a challenge for legitimate hedging activities and are driving financial institutions to explore alternative hedging...

SPONSORED FEATURE: Why blockchain could be the fund industry’s next Ford Model T

Mar 16, 2017

Blockchain aims to radically change the way investors can access funds, says Olivier Portenseigne, Managing Director and Chief Commercial Officer of Fundsquare.

SPONSORED FEATURE: Open architecture: In need of protection

Mar 16, 2017

Greater efficiency must be embraced to ensure regulatory changes do not destroy choice for fund buyers, says Bernard Tancré of Clearstream.

Executive Interviews

INTERVIEW: Finding managers that can (and do)

Apr 18, 2017

Fabrice Kremer, a fund selector at Banque de Luxembourg Investments, has berated fundamental managers for failing to beat indices, but he remains committed to active funds. He speaks to Nick...

JERSEY INTERVIEW: ‘A steady sort of place’

Mar 21, 2017

The chief executive of Jersey Finance is keen to portray the island as a stable, trustworthy jurisdiction. He talks to George Mitton.

Roundtables

ROUNDTABLE: The issue is perception

Mar 21, 2017

Our panel discuss tax transparency, the elegance of private placement and why Jersey could do more to promote itself. Chaired by Tom Cowsill in Saint Helier.

ASSET SERVICING ROUNDTABLE: Under pressure

Mar 07, 2017

Funds Europe speaks to leading Luxembourg industry figures about the growing regulatory demands on asset servicers and how to remain profitable in spite of major investments in technology.