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

HAVE YOU READ?

THOUGHT LEADERSHIP

Innovative US companies are providing some of the solutions to the climate crisis and transition to a more sustainable economy. We see potential opportunities in areas including renewable energy and…
FIND OUT MORE
This white paper outlines key challenges impeding the growth of private markets and explores how technological innovation can provide solutions to unlock access to private market funds for a growing…
DOWNLOAD NOW

IRELAND SPOTLIGHT

Visit our dedicated Ireland channel for all the latest news and analysis on the country's investment industry.
READ MORE

PRIVATE MARKETS FUND ADMIN REPORT

Private_Markets_Fund_Admin_Report

LATEST PODCAST