On September 14, 2016, the European Parliament objected to the European Commission’s proposed implementation of the Packaged Retail Insurance and Investment Products (“PRIIPs”) Regulation and called for a delay in its entry into force.
The forthcoming PRIIPs regime – including both the substantive regulation as well as its implementing legislation – is scheduled to come into force on December 31, 2016, unless a delay to that implementation date is agreed.