Yesterday, the European Commission proposed to extend the date of application of the PRIIPs Regulation with one year. If this proposal were to be accepted, the PRIIPs Regulation would apply as from 31 December 2017 instead of 31 December 2016.
The one-year extension is being proposed following the rejection on 14 September 2016 by the European Parliament of the Draft RTS and Draft RTS Annexes, which are currently being revised by the European Commission.
This entails another piece of EU legislation that is delayed since the MiFID 2-package has already been postponed for 12 months on 30 June 2016. As a result, the date of application of MiFID 2 and MiFIR have been postponed to 3 January 2018 and the date of implementation of MiFID 2 into national laws to 3 July 2017.
We refer to our previous newsletter dated 16 September 2016.
For more information, see the:
EC's press release of 9 November 2016 and the
Text of the proposal