The ESAs have reported to the European Commission on the outcome of their review of the PRIIPs KID. A draft Final Report following public consultation was submitted to the boards of the 3 ESAs for approval, but unfortunately the draft RTS reflecting what were generally considered “balanced and proportionate” proposals were not accepted by all Board Members. The EBA and ESMA boards approved it on qualified majority, but there was no qualified majority at EIOPA. The objections were partly on the basis that a comprehensive review should take place soon, so a partial revision was not appropriate, and there were also some specific objections.
The ESAs could therefore not formally submit draft RTS, but have published the draft Final Report.