The PRIIPs Regulation facing a one year delay
Author: Partner | Lawyer Klaus Henrik Wiese-Hansen and associate Heidi Magnussen
The extension is due to the European Parliament expressing concerns about today’s Regulatory Technical Standards (RTS) in the Regulation. The European Commission has asked the three European Supervisory Authorities (ESAs) to make targeted changes in certain areas (i.e. multi-option products, performance scenarios, comprehension alert and presentation of insurance related costs), which will have six weeks to resubmit the revised RTS to the Commission. The European Commission stated that it now expects that a revised PRIIPs framework should be in place during H1 2017 and apply as of 1 January 2018.
As for Norwegian law this implies that implementation of the PRIIPs-regulation is depending on a new proposal for regulations from the Financial Supervisory Authority of Norway to the Ministry of Finance, based on the revised PRIIPs framework which should be in place during H1 2017. The Norwegian PRIIPs-Act (Act on key information about packaged and insurance-based investment products) will presumably enter into force 1 January 2018.