STATEMENT

Brussels,9 November 2016:

EFAMA welcomes the delay of the PRIIPs Regulation and reiterates its call for investors concerns to be taken into account when revising the PRIIPs KID RTSs

EFAMA very much welcomes todays proposal by the Commission to delay the application date of the PRIIPs Regulation by 12 months.

There is only one reason why we considered a delay absolutely essential, and this is because it is materially impossible and simply unrealistic for product manufacturers and distributors to meet the original 31 December 2016 deadline.

A postponement therefore provednecessary and will now materialise in a more realistic timetable to comply with the Regulation.

Our commitment to the PRIIPs project remains intact, and this delay will allow companies to appropriately implement the new rules.

Equally important isthe fact that this postponement will also ensure more time is available for solutions to be found on the revised RTSs. Allowing past performance, and fixing the misleading methodology of transaction costs must absolutely be addressed. This remains a crucial part ofensuringthe KIDs' success.