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MEPs passed a resolution calling for changes to legislation on “packaged retail and insurance-based investment products” (PRIIPs) -- a market worth up to €10 trillion in Europe - by 602 votes to 4, with 12 abstentions.
Parliament backed the view of its Economic and Monetary Affairs Committee that proposed regulatory technical standards (RTS), which investment providers must meet to provide greater transparency and clarity to investors - are inadequate.
The Commission will now have to propose new RTS for implementing the PRIIPs legislation which is due to come into force on 31 December 2016.