The economic and monetary affairs committee in the European Parliament today rejected technical provisions linked to an EU regulation designed to improve the information of nonprofessional investors when they buy structured products (PRIIPs).
The European Parliaments spokesperson for this issue S&D Euro MP Pervenche Berès said after the vote:
"Today’s vote is a strong signal but this is not the end of the story. The regulation on key information for investors can still enter into force 1 January 2017 as planned. The European Commission, the European Parliament and all stakeholders will keep working to modify the text. I am confident that we can reach an agreement before the end of this year.
"We have set out some guidelines. In particular, we made it clear that there can be no reference to past performances, which could be misleading for the nonprofessional investors."