Industry urges delay to PRIIPs deadline following European Parliament rejection

Providers could require more time

Trade bodies and regulatory firms have called for an extension of up to 12 months to the PRIIPs implementation deadline of 31 December 2016, to allow time for providers to respond to forthcoming revisions.

Last week, the European Parliament (EP) voted overwhelmingly in favour of rejecting the PRIIPs proposed regulatory technical standards (RTS). It supported a motion put forward by its Committee on Economic and Monetary Affairs in August, which argued Key Investor Documents (KIDs) required under PRIIPs could "mislead" retail investors in areas like performance.  Following the vote, the Parliament's first ever rejection of RTS, London MEP Syed Kamall, one of the leading figures seeking the amendments, said: "We are fully behind giving clear and accurate guidance to investors, but we will...