STATEMENT

 

Brussels, 9 November 2016:

EFAMA welcomes the delay of the PRIIPs Regulation and reiterates its call for investors’ concerns to be taken into account when revising the PRIIPs KID RTSs

EFAMA very much welcomes today’s proposal by the Commission to delay the application date of the PRIIPs Regulation by 12 months.

There is only one reason why we considered a delay absolutely essential, and this is because it is materially impossible and simply unrealistic for product manufacturers and distributors to meet the original 31 December 2016 deadline.

A postponement therefore proved necessary and will now materialise in a more realistic timetable to comply with the Regulation.

Our commitment to the PRIIPs project remains intact, and this delay will allow companies to appropriately implement the new rules.

Equally important is the fact that this postponement will also ensure more time is available for solutions to be found on the revised RTSs. Allowing past performance, and fixing the misleading methodology of transaction costs must absolutely be addressed. This remains a crucial part of ensuring the KIDs' success. 

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About the European Fund and Asset Management Association (EFAMA):

EFAMA is the representative association for the European investment management industry. EFAMA represents through its 28 member associations and 62 corporate members EUR 21 trillion in assets under management of which EUR 12.6 trillion managed by 56,000 investment funds at end 2015. Just over 30,000 of these funds were UCITS (Undertakings for Collective Investments in Transferable Securities) funds, with the remaining 25,900 funds composed of AIFs (Alternative Investment Funds). For more information about EFAMA, please visit www.efama.org