Investment - Articles - PRIIPs delayed – a good decision, but no time to rest


John Dowdall, Managing Director of Silverfinch, comments on the decision by the European Parliament to delay the regulatory technical standards (RTS) for PRIIPs:

 “We believe that this is the best course for the industry. The delay to the implementation of PRIIPs is something that the retail sector, investment managers, and manufacturers will welcome as an honest realisation that what had been set out was inadequate. With UCITS KIIDs, it took the industry over a year to implement, so a potential delay will allow the industry to prepare and to get PRIIPS right.

 “The delay provides a welcome breathing space for businesses to assess how they can meet the new rules, but it’s even more important now to press ahead with the steps to be PRIIPs compliant. Many in the industry had feared that the short timeframe between now and January meant that manufacturers would reduce the number of investments on offer due to the data collection burden. That outcome that would have disadvantaged both the investors and the manufacturers – an ironic result from legislation designed to help the retail public. The extended timeframe will hopefully allow those who were in that situation to keep a full range of products.

 “The onus is now on the European Commission to address the understandable concerns of the Economic and Monetary Affairs Committee, and ensure that these new rules will be implemented fairly and efficiently across all markets.”
  

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