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European Parliament vote seals Priips delay

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The European Parliament has agreed to the EU’s Priips legislation by siding with the European Council’s decision to hold fire on the regulations.

MEPs approved the delay with 561 votes in favour to 9 against and 75 abstentions.

The vote approves the so-called silence procedure the Council agreed to after the European Commission, the EU’s executive body, proposed postponing the new rules.

The Parliament and Council are now expected to sign the text of the delay proposal the week of 12 December and publish the proposal before end of the year.

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.

The decision comes after months of debates, in which the Parliament also voted to reject the current regulatory technical standards for the implementation of Priips’ Key Information Document.

On 9 November, the European Commission announced it was seeking a 12-month delay in the introduction of its Priips regulation.

As revealed by Money Marketing in October, the Comission had decided to delay the introduction of Priips by one year to January 2018. 

The Parliament expects the Commission to draft a new delegated act on regulatory technical standards in 2017.

MEPs can then object to a delegated act which will complement initial legislation already approved by the co-legislators.

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