European Commission delays PRIIPs Regulation
On 09 November 2016, the European Commission announced a 12 month delay to the PRIIPs Regulation, which was passed into law on 24 Decemeber 2016 and will come into force on 01 January 2018.
This decision comes after months of debate, culminating in the vote from the European Parliament to reject the current regulatory technical standards. A 12 month delay to the PRIIPs Regulation was supported by many in the industry and most of the EU member states, including the UK, France, Germany and Ireland.
This delay will bring the implementation date of the PRIIPs Regulation in line with that of MiFID2 (which in itself eliminates certain issues such as how to interpret the definition of retail investor in PRIIPs which cross-refers to the MiFID2 definition) and provide much needed time for firms to implement the regime and consider further the significant number of open issues that have been raised by the industry.
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