PRIIPs – Live date 1 January 2018
On 6 June, the European Securities and Markets Authority (ESMA) published its MiFID II and MiFIR Q&As, covering a wide range of topics on the subject of investor protection.
FE have released a white paper today (15 May) which highlights the challenges facing adviser firms in meeting client reporting requirements under the Markets in Financial Instruments Directive, (MiFID II) - which is to come into effect in January 2018.
At least one prediction has been right today, as the European Commission’s Vice President Valdis Dombrovskis confirmed it has recommended a delay of 12 months to December 2017 for PRIIPs KIDs at its meeting on 9 November. This means that PRIIPs will go live at the same time as MiFID II, which was itself delayed by a year.
On 14 September the European Parliament, as expected, followed the lead of its Economic and Monetary Affairs Committee (Econ) by voting 602 to 4 to reject the Level 2 rules as set out in the Regulatory Technical Standards (RTS) proposed by the Commission.