Upcoming Consultations: Capital Markets Union and PRIIPs

CAPITAL MARKETS UNION MID-TERM REVIEW

As part of its efforts to achieve a Capital Markets Union (CMU) with tangible impact, the Commission services are launching today a public consultation on the planned CMU mid-term review. This consultation offers an opportunity for stakeholders to provide targeted input to complement and advance actions put forward in the CMU Action Plan. The results of this consultation will feed into the mid-term review of the CMU Action Plan that the Commission aims to publish in June 2017. The review will seek to strengthen the current policy framework for the development of capital markets by updating the proposed actions and integrating complementary measures in response to key challenges. Respondents are invited to provide evidence-based feedback and specific suggestions by 17 March 2017 through the online questionnaire. A Q&A is available online.

PRIIPS

On 31st May 2016 the European Commission mandated the Joint Committee to provide Technical Advice specifying the details of the procedures used to establish whether a PRIIP targets specific environmental or social objectives, based on Article 8(4) of the Regulation.

The European Commission therefore requests the ESAs to consider whether measures are required to ensure PRIIPs manufacturers have appropriate governance systems in place to ensure that disclosed EOS objectives are met. The ESAs should examine the product governance requirements and validation procedures laid down in existing EU legislation, whether they are also adequate for this purpose, and what extra measures might be considered if shortfalls are identified in the current legal framework.

On the 10th of February 2017, the ESAs issued a Consultation Paper providing stakeholders with an opportunity to comment on the draft Technical Advice already developed on the procedures to be used to establish whether a PRIIP targets specific environmental or social objectives, pursuant to the Regulation (EU) No 1286/2014.

The Consultation Paper is available on the website of the Joint Committee: https://esas-jointcommittee.europa.eu/consultations/. Comments on this consultation can be sent using the response form, to the email address CP-17-002@eiopa.europa.eu under the subject ‘CP-17- 002_on_EOS_PRIIPs’ by 23 March 2017, 18h00 CET.