Local view for "http://purl.org/linkedpolitics/eu/plenary/2016-12-01-Speech-2-285-500"
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"en.20161201.35.2-285-500"2
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"I was shadow rapporteur for this report which extends the deadline for implementation of the Regulation requiring providers of packaged retail insurance investment products (PRIIPs) to give customers a key information document (KID).
PRIIPs are the products usually offered by banks to everyday customers when they want to make an investment – e.g. buying a house. The Commission’s regulation sets the terms on which the PRIIPs industry is required to provide investors with a KID, a mandatory, standardised disclosure document that outlines potential risk, costs and future performance scenarios.
This report postpones the roll-out of the KID by one year while the Commission revises the regulatory technical standards (RTS).
I want the KID requirements to be implemented as soon as possible, but the entry into force of the Regulation in the absence of the RTS would be impractical.
There has not been sufficient justification for delaying the implementation of the KID by a full year. I also have concerns that the Commission has indicated its revision of the RTS will address some of the demands of the industry lobbies instead of sticking to the exact proposals for revision adopted by Parliament in the September plenary. Therefore I abstained."@en1
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