MEPs veto Priips technical standards

A cross-party group of MEPs has rejected “ill-fitting” measures relating to the Priips regulations. The European Parliament’s economics committee has pushed for veto on proposed standards for the Packaged Retail and Insurance-based Investment Products regulations and says industry concerns have to be heard. The European Commission had proposed regulatory technical standards for Priips under 'delegated acts' powers, giving the European Parliament the opportunity to overturn them. European Conservatives and Reformists chairman and London MEP Syed Kamall said in a statement: “The committee would have preferred not to take this drastic step, but we have been hitting our head against a brick wall with the commission. These standards - as they stand - could hurt high street investors, like the millions of people who go into their bank to set up an ISA account.” The MEP added: "This is not a political decision. A cross-party group of MEPs has come together to say that technical standards need to be accurate.” Kamall said the commission has dismissed all opposition as “industry lobbying” but that the industry also contains fund providers who support the principle of the legislation but have legitimate concerns.  Yesterday, Better Finance criticised members of the European Parliament for, it said, only considering the views of the financial services industry in its proposal for rejecting the draft standards. ©2016 funds europe

Sponsored Profiles

SPONSORED FEATURE: Investing for income

May 17, 2017

Portfolio Manager Thomas Kruse examines the findings from Pioneer Investments’ survey on income investing and outlines ways of achieving a target income.

SPONSORED ARTICLE: A radical solution to KYC concerns

May 17, 2017

The 1MDB affair shows that lax know-your-customer and due-diligence procedures are a major risk, says Paolo Brignardello, head of product management and marketing, Fundsquare. New solutions are...

SPONSORED FEATURE: AIFMD - What does Brexit mean?

Apr 18, 2017

An open discussion between funds industry experts and initiated by SGG Luxembourg took place in London to examine  the implications of Brexit for UK fund managers marketing to the EU.

SPONSORED FEATURE: Luxembourg fund reporting – CRS vs FATCA

Apr 18, 2017

Luxembourg funds need clear procedures for CRS compliance, writes Andrew Knight, Partner at M Partners, a member of the Maitland network of law firms.

Executive Interviews

INTERVIEW: Finding managers that can (and do)

Apr 18, 2017

Fabrice Kremer, a fund selector at Banque de Luxembourg Investments, has berated fundamental managers for failing to beat indices, but he remains committed to active funds. He speaks to Nick...

JERSEY INTERVIEW: ‘A steady sort of place’

Mar 21, 2017

The chief executive of Jersey Finance is keen to portray the island as a stable, trustworthy jurisdiction. He talks to George Mitton.

Roundtables

MARKETING & BRANDING ROUNDTABLE: It’s about aspiration

May 17, 2017

With such an intangible product, it can be hard for asset managers to communicate what they do. Having personality and connecting with customer aspirations may be the key, our branding roundtable hears.

ROUNDTABLE: The issue is perception

Mar 21, 2017

Our panel discuss tax transparency, the elegance of private placement and why Jersey could do more to promote itself. Chaired by Tom Cowsill in Saint Helier.