The joint committee of ESAs submitted to EC, for endorsement, the draft regulatory technical standards proposing an amendment to the Delegated Regulation (EU) 2017/653, which covers rules for the Key Information Document (KID) for Packaged Retail and Insurance-based Investment Products (PRIIPs). The amendment will clarify the application of the KID to investment funds, where these are offered as underlying investment options to a PRIIP.
The amendment will follow a recent decision by the European co-legislators to defer the application of the KID to these investment funds by two years, from the end of 2019 to the beginning of 2022. The proposal is intended to provide legal certainty to market participants before the expiry of the current provision in the PRIIPs Delegated Regulation at the end of 2019. The draft regulatory technical standards need to be endorsed by EC, followed by a period of scrutiny from the European Parliament and the Council, before these standards become binding.
Keywords: Europe, EU, Banking, Insurance, Securities, PRIIPs, KID, Regulatory Technical Standards, ESAs
Previous ArticleEC Amends Delegated Regulation Supplementing Solvency II Directive
PRA published a set of questions and answers (Q&A) covering common queries regarding residential and commercial property valuations, for the purpose of the Capital Requirements Regulation (CRR), during the period of disruption caused by COVID-19 pandemic.
EBA published guidelines on loan origination and monitoring, which bring together prudential standards and consumer protection obligations, along with the anti-money laundering and the Environmental, Social, and Governance (ESG) considerations.
EBA published a consultation paper on the draft amended regulatory technical standards on own funds and eligible liabilities.
EBA published a report on convergence of supervisory practices in 2019.
IOSCO proposed updates to its principles for regulated entities that outsource tasks to service providers.
MAS announced that the first phase of the Veritas initiative will commence with the development of fairness metrics in credit risk scoring and customer marketing.
BoE published the Statistical Notice 2020/4 to update the buy-to-let (BTL) Phase 2 and Phase 3 definitions for the Interest Rate Type data item.
FSI published a brief note that examines challenges facing the banking sector as a result of the payment deferral programs put in place to support borrowers affected by the COVID-19 pandemic.
RBNZ published the financial stability report for May 2020. This review of the financial system in the country highlights that the economic disruption associated with COVID-19 will present challenges to the financial system.
PRA published the policy statement PS14/20, which contains the supervisory statement SS1/20 and the feedback to responses to the consultation paper CP22/19 on expectations for investment by firms in accordance with the Prudent Person Principle, or PPP, as set out in the Investments Part of the PRA Rulebook.