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27 March 2014

MoneyMarketing: PRIPs rules look set to be delayed to next EU parliament

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New European rules which would see the introduction of a key information document are unlikely to be voted through before the end of this European Parliament, according to trade bodies.

European negotiations on the packaged retail investment products regulation were due to conclude last week ahead of a vote into law in April. But at the final trilogue discussion session, EU policymakers failed to come to an agreement on the final version of the text. Trade bodies say it is now unlikely Prips will be voted through before the European elections in May.

Wealth Management Association deputy chief executive John Barrass says policymakers have been trying to come to an agreement this week through a process of written submissions called a technical trilogue. He says: “Technical trilogues are not unusual but the difficulty is the very short timescale, so this is a long shot. In the next parliament, the new MEPs could unpick everything that has been agreed so far.”

Investment Management Association director of regulatory affairs Julie Patterson says: “Given the number of issues still on the table, and that MEPs will soon leave Brussels to run their national election campaigns, it seems unlikely PRIPs will be voted through by the end of this parliament".

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