The European Commission adopted the Privacy Shield which is intended to provide a framework for EU-US data transfers. Read here for more detail.
The European Commission adopted a Delegated Regulation and related annexes supplementing the Regulation on key information documents (KIDs) for packaged retail and insurance-based investment products (PRIIPs) (PRIIPs KID Regulation) with regard to regulatory technical standards (RTS) on the presentation, content, review and revision of KIDS and the conditions for fulfilling the requirement to provide such documents.
The RTS specify the exact contents of the KID, which must outline the product's aims, how risky it is, when investors can get their money back, how much it costs and its expected returns. The information must be set out in a standard way, regardless of the type of investment product.
The Parliament and the Council now have a period of scrutiny, and if they do not object the RTS will apply from 31 December 2016. The Joint Committee of the European Supervisory Authorities (the Joint Committee) submitted the draft RTS to the Commission in April 2016.
On 1 July 2016, the Joint Committee published a letter, sent to the European Parliament and the Council of the EU and copied to the Commission, on supervisory convergence work on the PRIIPs KID Regulation and referring to the RTS. The Joint Committee states that timing of implementation has been a key issue arising from consultations with stakeholders, and also with members of the ESAs' Boards. In the light of the technical challenges involved in preparing for implementation, the Joint Committee considers that even a six-month window will be challenging for some. As a result, it has now focused on developing supporting level 3 material to help with implementation and consistent supervision of the KID. The material will mainly take the form of Q&As, and will relate to the technical methodologies included in the draft RTS on risk, reward and cost disclosure requirements.
UCITS will not be obliged to move to producing a PRIIPs KID (which is based on the UCITS KIID) until 2019 at the earliest.