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| “The EC is using a sledge hammer to crack a nut” |
Work underway at the EC will alter the Packaged Retail Investment Products (Prips) regime, and attempt to create a horizontal directive that cuts across siloed asset classes to provide convergence on, “the form and content of pre-contractual information about the product, and rules governing the sales process”.
The Commission expects to make more information on the proposals available for public consultation by the end of the year. But establishing the same standard of disclosure and documentation across the Prospectus Directive, Undertakings for Collective Investment in Transferable Securities (Ucits) regime and several other existing EC directives will confuse the...