ECON Committee rejects PRIIPs proposal

Today in Parliament, the Economic and Monetary (ECON) committee dismissed the Commission’s investor protection proposals as flawed and “misleading” before unanimously voting to send the proposals back to the European Commission for revision. The committee’s rejection of the PRIIPS delegated act was largely fuelled by concerns that proposed formulas within the Key Investment Document for predicting investment performance were flawed and might make performance look far better than it was likely to be.

Shortly afterwards, the S&D Group sent out a press release, in which MEP Pervenche Berès declared that she “will do everything possible to reach an agreement on PRIIPs, because such information is critical in the current environment”.

Eurosif’s Executive Director, Flavia Micilotta, is enthusiastic about the determination MEP Berès has shown in supporting a strong and transparent PRIIPs.