EFAMA urges 12-month extension to implenting new PRIIPS rules

The European Fund and Asset Management Association (EFAMA) has announced that another extension of the UCITS exemption of twelve months is necessary to ensure proper implementation, citing what it calls a 'flawed review process [that is] not tackling the heart of the issue.' EFAMA has always made it clear that a revision of the PRIIPs Regulatory Technical Standard (RTS) falls short of conducting a proper Level 1 review. A review that is explicitly required by the Level 1 Regulation and is overdue for more than one year, the Association said today. In a statement EFAMA said, "This outs...