Progress: Procedure completed - delegated act rejected
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Lead committee dossier:
Legal Basis:
RoP 114-p3
Legal Basis:
RoP 114-p3Subjects
Events
The European Parliament adopted by 602 votes to 4, with 12 abstentions, a resolution objecting to Commission delegated regulation of 30 June 2016 supplementing Regulation (EU) No 1286/2014 of the European Parliament and of the Council on key information documents for packaged retail and insurance-based investment products (PRIIPs) by laying down regulatory technical standards with regard to the presentation, content, review and revision of key information documents and the conditions for fulfilling the requirement to provide such documents.
Members considered that the delegated act as adopted by the Commission contains flaws in the methodology for the calculation of future performance scenarios and does not therefore fulfil the requirement under Regulation (EU) No 1286/2014 to provide information which is ‘accurate, fair, clear and not misleading’.
In particular, the delegated act does not show for some PRIIPs, even in the adverse scenario, and even for products which have regularly led to losses over the recommended minimum holding period, that investors could lose money.
Left unchanged, there is a risk that the rules set out in the delegated regulation go against the spirit and aim of the legislation , which is to provide clear, comparable, understandable and non-misleading information on PRIIPs to retail investors.
Therefore, Parliament called on the Commission to submit a new delegated act which takes account of the above concerns.
It also called 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 regulatory technical standard being in force in advance.
Documents
- Commission response to text adopted in plenary: SP(2016)876
- Results of vote in Parliament: Results of vote in Parliament
- Decision by Parliament: T8-0347/2016
- Motion for a resolution objecting delegated act: B8-0974/2016
- Amendments tabled in committee: PE587.693
- Non-legislative basic document: C(2016)03999
- Non-legislative basic document published: C(2016)03999
- Non-legislative basic document: C(2016)03999
- Amendments tabled in committee: PE587.693
- Motion for a resolution objecting delegated act: B8-0974/2016
- Commission response to text adopted in plenary: SP(2016)876
Activities
- Pervenche BERÈS
Plenary Speeches (1)Institutional Motions (1)
- Tim AKER
- Marie-Christine ARNAUTU
- Jonathan ARNOTT
- Zigmantas BALČYTIS
- Hugues BAYET
- Xabier BENITO ZILUAGA
- Marie-Christine BOUTONNET
- Steeve BRIOIS
- James CARVER
- Nicola CAPUTO
- Alberto CIRIO
- Jane COLLINS
- Therese COMODINI CACHIA
- Javier COUSO PERMUY
- Edward CZESAK
- William (The Earl of) DARTMOUTH
- Mireille D'ORNANO
- Georgios EPITIDEIOS
- Edouard FERRAND
- Doru-Claudian FRUNZULICĂ
- Francisco de Paula GAMBUS MILLET
- Elena GENTILE
- Arne GERICKE
- Tania GONZÁLEZ PEÑAS
- Takis HADJIGEORGIOU
- Brian HAYES
- Marian HARKIN
- Mike HOOKEM
- Cătălin Sorin IVAN
- Diane JAMES
- Marc JOULAUD
- Ivan JAKOVČIĆ
- Barbara KAPPEL
- Giovanni LA VIA
- Marine LE PEN
- Paloma LÓPEZ BERMEJO
- Ivana MALETIĆ
- Dominique MARTIN
- Louis MICHEL
- Bernard MONOT
- Marlene MIZZI
- Sophie MONTEL
- Liadh NÍ RIADA
- Franz OBERMAYR
- Margot PARKER
- Florian PHILIPPOT
- Marijana PETIR
- Franck PROUST
- Julia REID
- Sofia RIBEIRO
- Claude ROLIN
- Fernando RUAS
- Lola SÁNCHEZ CALDENTEY
- Maria Lidia SENRA RODRÍGUEZ
- Branislav ŠKRIPEK
- Monika SMOLKOVÁ
- Beatrix von STORCH
- Patricija ŠULIN
- Eleftherios SYNADINOS
- Tibor SZANYI
- Dubravka ŠUICA
- Claudia ȚAPARDEL
- Pavel TELIČKA
- Mylène TROSZCZYNSKI
- Marco VALLI
- Marie-Christine VERGIAT
- Daniele VIOTTI
- Miguel VIEGAS
Votes
B8-0974/2016 - Résolution #
History
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