MiFID II and PRIIPs may have been “just around the corner” forever, but we are about to turn the corner and enter the last quarter before both come into force at the end of the year. And that three-month deadline may be creating a justified feeling of panic.
It took just over six weeks for the European Supervisory Authorities (ESAs) to add 14 new questions to the 72 they answered in early July and they’ve supplemented this version with detailed flow charts of the decision process for the risk and reward calculations. With around four months to go, we expect the pace of updates either to speed up because answers are needed urgently or to dry up completely if everyone is confident they have everything they need. Does anyone believe there are no outstanding questions?
With MiFID II kicking off in January 2018, the European Working Group of asset managers and trade bodies has been putting in a huge effort to produce a standard template to deliver their target market and costs & charges data to distributors.
In February this year, the European Supervisory Authorities (ESAs) issued draft technical advice on EOS PRIIPs, along with a consultation paper (CP) on their proposals. On the back of responses to that CP, they have now submitted their Joint Technical Advice to the European Commission.
Earlier this week, the European Supervisory Authorities (ESAs) published their much-anticipated Q&As on various aspects of the PRIIPs KID and the Commission also issued its draft guidelines on PRIIPs.
The European Working Group (EWG) met last month and has issued an updated European MiFID Template (EMT), which aims to standardise the data to be provided by fund groups to platforms and advisers to help them deliver their client reports under MiFID II.
The investment industry across Europe is preparing for the introduction of two major pieces of legislation, PRIIPs and MiFID II, at the start of 2018.
Further to consultation paper CP16/18 last year, the FCA has now issued policy statement PS17/6.
The latest version of the PRIIPs Regulatory Technical Standards (RTS) were published last month. You would think that, with the amount of thought and debate that have gone into PRIIPs since 2014, the RTS would cover every situation and to have a clear rule for each. But, sadly, that isn’t the case.