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Debates
Wednesday, 14 September 2016 - Strasbourg Revised edition

Commission Delegated Regulation supplementing Regulation (EU) No 1286/2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs) (B8-0974/2016)
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  Liadh Ní Riada (GUE/NGL), in writing. – I voted in favour of the motion and in favour of the oral amendment. My colleague Matt Carthy is a member of the PRIIPs negotiating team. The file is on Packaged Retail Insurance-based Investment Products and relates to level 2 regulatory technical standards (RTS) developed by the Commission to impose disclosure requirements on costs, risk and future performance scenarios on the banks and financial institutions that market these products to retail investors.

While we want to see it implemented as quickly as possible, there are problems with the RTS as they currently stand, particularly in relation to the calculation of future performance (the results are overly optimistic). In the interests of consumer protection we support the revision of the RTSs which will require an objection from the Parliament.

For practical reasons I supported the oral amendment, which ‘Calls on the Commission to consider a proposal postponing the application date of Regulation (EU) No 1286/2014 without changing any other provision of level 1 in order to ensure a smooth implementation of the requirements set out in the Regulation and the delegated regulation, and avoid the application of level 1 without RTS being in force in advance’.

 
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