The PRIIPs Regulation facing a one year delay

Monday, November 14, 2016
The European Commission announced 9 November 2016 that it suggests extending the application date of the PRIIPs Regulation by one year, i.e. until 31 December 2017.

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.

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