The European Commission (EC) will wait until 22 November to discuss whether to delay the introduction of controversial PRIIPs regulation, just over a month ahead of its official implementation date.
The move, announced in the Commission’s agenda has been widely anticipated by the industry since the European parliament rejected the regulatory technical standards (RTS) for PRIIPs Key Information Documents (KIDs) at the end of August.
But with PRIIPs legislation due to be implemented on 31 December 2016, just over a month after the meeting, product providers could be left to prepare for the directive with no official guidelines for their compliance if a delay is not announced.
What should we expect?
A one-year delay to the directive has already by backed by more than 20 member countries of the European Union, including the United Kingdom, France, Germany, and Ireland.