Date: 31st July 2020

Brussels, 31 July 2020 – In a letter to the European Commission’s Directorate General in charge of Financial Stability, Services and Capital Markets Union (DG FISMA) dated 20 June 2020, the European Supervisory Authorities (ESAs) informed that one of their respective Supervisory Boards did not approve the draft level 2 regulatory technical standards  (RTS) for the Delegated Regulation on key information documents (KID) for packaged retail and insurance-based investment products (PRIIPs). This impasse is due to disagreements among the chairs of various national supervisory authorities related to differing views on both the necessity of first undertaking the Level 1 review before the level 2 one, and the design of the performance section of the KID document.

BETTER FINANCE regrets that such a long period (2 years) of intense stakeholder consultations and consumer testing by the ESAs and DG FISMA has finally resulted in a rejection of the draft level 2 amended rules, but is not surprised.