Economic and monetary affairs committee chair and Liberal Democrat MEP Sharon Bowles says European investment disclosure rules could be delayed by years due to EU deadlock.
Debate is focused on the scope of the Prips key information document, which will have to be supplied by providers for all packaged retail investment products, with calls for it to be used on shares and bonds as well. Officials are also exploring whether advisers should produce a second document to give investors extra information about their actions and charging structures.
Bowles says disagreements between the European Council and European Parliament mean it will be impossible to reach trialogue negotiations on the directive in the next year. She says Prips, first consulted on in 2007, has dropped down the priority list as the EU focuses on Mifid II, banking resolution directives and the single supervisory authority, while EU time is limited before parliamentary elections in May 2014.
Bowles says: “[Prips] is well down the list of priorities. I think you are talking years, not months, and if it cannot be done in the remainder of this parliament, it will be down to the next parliament. There is a limit to the things we can do in the time we have left.”
Conservative MEP Syed Kamall says: “We do not yet have a full consensus in parliament, on top of disagreements with the council and it being low priority.
“I do not see how it can be dealt with in this parliament.”