PRIIPs rules under fresh attack as ESAs rebuff performance methodology amendments

Concerns about 'moderate' scenario

The three European Supervisory Authorities (ESAs) responsible for adopting PRIIPs regulatory technical standards (RTS) into legislation have failed to reach an agreement on the European Commission's proposed amendments to the directive, casting doubt over whether they can meet their February 2017 deadline.

In a letter to the European Commission sent on 22 December signed by Gabriel Bernardino, chair of EIOPA, Andrea Enria, chairperson at the EBA, and Steven Maijoor, chair of ESMA, the ESAs stated they "are not in an position to provide an agreed opinion on the amended draft RTS". The letter came after the European Commission presented the three ESAs with a number of suggested changes to the PRIIPs RTS on 10 November to be made within six weeks. They are necessary as the original RTS, first submitted by the ESAs on 6 April 2016, were rejected by the European Parliament in September on co...