On 9th November the European Commission officially proposed a 12 month delay (see the official Press Release) to the application of the PRIIPs regulation.
While this delay provides much needed breathing space to PRIIPs manufacturers, it should not lead to complacency and the industry must continue with implementation plans.
The ESAs will now have six weeks (up to December 21st) to resubmit the revised RTS to the Commission. The Commission expects that the updated PRIIPs framework should be in place during the first half of 2017 and apply as of 1 January 2018.
If you would like to get a better understanding of the impact of this delay, do not hesitate to contact us.