The European Commission has decided to delay the introduction of its Priips regulation by one year, Money Marketing understands.
The European Commission is understood to have announced a 12-month delay of the directive today in a meeting with a Council Working Group.
The Commission will publicly announce the decision on 9 November, despite previously announcing a debate would take place on the 22 November.
The decision comes after months of debates, which culminated in the vote from the European Parliament to reject the current regulatory technical standards for the implementation of Priips’ Key Information Document.
A one-year delay to the directive has already been supported by most of the EU members, including the UK, France, Germany, and Ireland.
A European Commission spokesman said the commission could not comment “at this stage”.
Priips, which will apply to a wide range of firms, including banks, insurers, and investment managers. aims to extend Mifid II standards on consumer protection to insurance-based investment products.
In July, MEPs already objected to the KID rules as being misleading for investors.
A group of asset managers, including BlackRock and Schroders, have also written to the Commission asking to it rethink about excluding past performance data within the KIDs.