PRIIPs KID Service
SIX is a full-service provider offering automated generation, maintenance, distribution, archiving and reporting of PRIIPs KIDs.
The European Commission proposed a 12 month delay to the PRIIPs Regulation on 9 November, citing a need for more legal certainty and more time for firms to prepare for the rules.
The financial industry welcomed the announcement. However, formalising the delay depends on the other EU institutions being able to complete the legal process in a very tight timeframe.
Council has already indicated that it will not object to or amend the Commission's proposal. Today, the Economic and Monetary Affairs (ECON) committee adopted an amending Regulation with a new date of application but with no further amendments to the text.
This clears the way for a Parliament plenary vote to formally delay PRIIPs until 31 December 2017. Originally anticipated in the week of 21 November, Parliament’s draft agenda now schedules this vote for Thursday 1 December.
Under EU law, new Regulations must be filed at least 20 days before they can take effect. If the plenary session accepts the recommendation of the ECON committee as expected, the legal procedure will be completed just in time to put a formal delay into effect. Thursday's vote is therefore much anticipated as it will officially finalize the 12 month delay.
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SIX Financial Information is a leading global provider of data and value-added services for the wealth and asset management industry. Aggregated directly and in real-time from 1500 worldwide sources - covering all the major trading venues - SIX’s database includes reference and market data, corporate actions, regulatory data and pricing information for over 18 million instruments. With offices in 23 countries, SIX combines the advantages of local expertise with global reach to offer financial specialists comprehensive data services for asset servicing and administration, middle office, and investment and portfolio management.
SIX operates Switzerland’s financial market infrastructure and offers on a global scale comprehensive services in the areas of securities trading, clearing and settlement, as well as financial information and payment transactions. The company is owned by its users (approximately 140 banks of various size and orientation) and, with its workforce of more than 4‚000 employees and presence in 25 countries, generated an operating income of 1.8 billion Swiss francs and a Group net profit of CHF 247.2 million in 2014.