On Wednesday, September 14, the packaged retail and insurance-based investment products (PRIIPs) draft legislation, was rejected overwhelmingly by MEPs. PRIIPs was developed to help investors but MEPs declared that the draft legislation was “flawed and misleading”. PRIIPs will now be sent back for revision at the EU Commission.
Whereas this delay is bad news for individual investors, BETTER FINANCE believes the EP made the right call to reject the misleading and overly complex draft implementation rules ("Regulatory Technical Standards" or RTS) of the "PRIIPs" Regulation, with the elimination of past performance disclosures (including that of the products' benchmarks) being the most crucial and problematic issue for EU citizens as savers.
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