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...
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