The European Parliament ("EP") has voted against the Regulatory Technical Standards ("RTS"), a delegated act intended to supplement the PRIIPs Regulation with detailed Level 2 legislation. The resolution to object was passed with a large majority of 602 votes to 4, on the basis that the RTS would harm the spirit and aim of the Level 1 Regulation. This vote means that the RTS as currently drafted will not enter into force.
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